Slovakia’s new industrial orders rise 6.9% y/y in February 2014

By bne IntelliNews April 15, 2014

The total value of new orders in the Slovak industry increased 6.9% y/y to EUR 3.74bn in February 2014, easing from a 9.2% annual growth in January, data from the statistics office showed.

New orders in the vehicles manufacturing industry, which accounts for almost half of total orders, grew by 6.8% y/y in February, after increasing 9.7% y/y the month before. Slovakia hosts car plants run by Germany’s Volkswagen, France’s PSA Peugeot-Citroen and South Korea’s Kia Motors.

The manufacture of computers, electronics and optics, the second most important sector for Slovakia’s export-oriented economy, recorded 18.3% annual growth in orders in February, speeding up from a 12.5% y/y rise the month before.

On a monthly basis, seasonally-adjusted industrial orders fell 2.4% in February after increasing 6.1% in January.

In 2013, the value of new industrial orders rose 3.5% y/y to EUR 42.7bn.

IntelliNews comment: Slovak industrial orders increased for the sixth month in a row in February on the back of the country’s two most important sectors – the auto and computer manufacturing industries. As the new orders data provides an insight into the future, we could expect the manufacturing industry to strengthen further in the near term. Slovakia's industrial output growth eased to 9.1% y/y in February 2014 from 12.8% y/y in January, while the annual growth in industrial sales ticked up to 4.4% from 4.3%. Slovakia’s export-fuelled economic growth is expected to accelerate to between 2.0% and 2.4% in 2014 from 0.9% in 2013.

  Feb-14, EUR mn Feb-14, y/y change Jan-14, y/y change Feb-14, m/m change Jan-14, m/m change 2013, y/y change
Industry, total 3,740.2 6.9% 9.2% -2.4% 6.1% 3.5%
Manufacture of textiles 22.7 14.2% 8.4% 1.1% 10.8% 4.6%
Manufacture of wearing apparel 20.6 11.5% 4.3% 0.9% -1.6% 10.9%
Manufacture of paper and paper products 80.6 -13.2% -1.0% -5.2% -1.2% 0.0%
Manufacture of chemicals and chemical products 146.6 4.3% 0.9% 1.5% -2.8% -21.8%
Manufacture of pharmaceutical products and  preparations 16.7 -27.0% -16.6% 0.9% 40.8% -29.9%
Manufacture of basic metals 299.7 -10.1% -3.8% -2.5% 1.4% 1.2%
Manufacture of fabricated metal products, except machinery and equipment 228.0 14.0% 5.2% 2.6% -4.1% 15.4%
Manufacture of computer, electronic and optical products 439.0 18.3% 12.5% 5.3% 0.4% -8.9%
Manufacture of electrical equipment 238.9 18.1% 7.8% 0.6% 0.1% 16.7%
Manufacture of machinery and equipment 337.8 9.0% 23.1% -11.1% 24.9% 27.2%
Manufacture of motor vehicles, trailers and semi-trailers 1,885.3 6.8% 9.7% -4.0% 8.5% 4.6%
Manufacture of other transport equipment 24.3 46.1% 205.7% -3.0% 20.3% 27.8%
Source: Statistical Office of the Slovak Republic            

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