Slovak industrial sales rise 4.3% y/y in January 2014

By bne IntelliNews March 13, 2014

Slovak industrial sales increased for the fifth month in a row in January 2014 albeit at a weaker pace than in December, data from the statistics office showed. Sales in the first month of 2014 increased by 4.3%, easing from a revised growth of 5.8% y/y the month before.

The January increase was underpinned mainly by a 8% rise in the manufacturing sector and a 7.1% hike in water supply sector. Sales in the mining sector also edged up by 0.2% y/y, while the utilities sector posted an 11.2% drop.

The auto manufacturing sector (which accounts for more than a quarter of total industrial sales) reported a 13.9% annual growth in January, slowing down from a revised 26.6% y/y in the previous month. Sales of computers, electronics and optics (another important driver of the country’s export-oriented industrial sector) rose by 15.8% y/y, following a revised 9% annual decline in December.

On a seasonally adjusted basis, the industrial sector turnover in January rose by 1.5% m/m, following a 3.2% decline in the previous month.

IntelliNews comment: Despite the fact that Slovakia’s industrial sales grew at a weaker pace in January, we expect the growth to strengthen in the next months helped by a stronger foreign demand. Slovak industrial sales rose 0.5% y/y in 2013, easing from a 6.2% expansion in 2012 mainly due to faltering demand from abroad. Last year, the sales of computers, electronics and optics fell by 4% y/y, while the automotive industry posted a 5.9% annual growth.

y/y change Jan-14 Dec-13 Jan-13 2013, y/y change
INDUSTRIAL SALES 4.3% 5.8% 0.2% 0.5%
Mining 0.2% 0.9% -2.2% -4.6%
Manufacturing 8.0% 10.4% 1.9% 2.2%
--food, beverages and tobacco -4.0% 0.4% 8.1% -2.4%
--textiles, apparel, leather and related products -0.9% -1.7% 3.8% -1.8%
--wood and paper products, printing 2.4% 6.4% 1.9% 0.6%
--coke and refined petroleum products -9.3% 1.9% -6.4% 4.9%
--chemicals and chemical products -2.5% -25.5% -25.6% -23.8%
--pharmaceuticals, medicinal chemical and botanical products -14.8% -58.1% -19.3% -30.7%
--rubber, plastics and other non-metallic mineral products 10.1% 11.6% -5.9% 0.7%
--basic and fabricated metal products, except machinery and equipment 5.8% 12.2% 4.8% 2.1%
--computers, electronic and optical products 15.8% -9.0% -22.8% -4.0%
--electrical equipment 14.2% 36.9% 10.0% 18.3%
--machinery and equipment 10.9% 11.8% 6.2% 12.3%
--transport equipment 13.9% 26.6% 15.5% 5.9%
--other manufacturing, repair and installation of machinery and equipment 5.3% 13.6% -1.7% -0.6%
Electricity, gas, steam and air conditioning supply -11.2% -9.8% -6.8% -8.5%
Water supply 7.1% 16.2% 6.2% 5.0%
Source: Statistical Office of the Slovak Republic        

Related Articles

Evolution Equity Partners closes $125mn cybersecurity-focused fund

Evolution Equity Partners announced on 17 July the final closing of a new fund with total capital commitments of $125mn to make investments in cybersecurity and next generation enterprise software ... more

Slovak celebration of decent grain harvest marred by sheep’s milk protest

Slovakia’s grain harvest is this year likely to amount to 2.5mn tonnes, 20% down year on year, but comfortably enough to cover domestic needs and leave a million tonnes for export, SITA newswire ... more

Central European and Baltic economies shrugging off political uncertainty

Medium-term economic growth forecasts for Central Europe and the Baltics have been raised by The Vienna Institute for International Economic Studies (wiiw) in a report issued on June 29. The most ... more