| Slovakia's industrial output rose by 16.8% y/y in July, slowing down from the 23.5% y/y in June, the statistics office (SUSR) reported. Manufacturing expanded by 21.5% y/y with almost all manufacturing branches exhibiting positive developments during the month with the exception of food production, refined petroleum and paper products. The traditionally important branch of machinery production registered a strong growth of 50.7% y/y. A significant increase was also observed in the two largest exporting sectors in the country - transport and electrical equipment, of respectively 48.2% y/y and 9.1% y/y for the month, highlighting the favourable impact from the improvement of the external environment. Output in mining contracted by 7.15 y/y while utilities inched down by 0.3% y/y. The dynamics of the industrial output still suggested some influence from the low base in 2009 that significantly contributed for the recovery of the growth rates in the sector. However, there are some encouraging indications of a rebound in the investment activity of companies with production of investment goods increasing with 43.9% y/y and consumer durables swelling by 60%. |
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