Industry grows quickly thus far in 2014

Industrial production in May grew 6.1 percent year-on-year after adjustment due to number of working days.

Industrial production in May grew 6.1 percent year-on-year after adjustment due to number of working days.

“Thus, the industry has been showing its strength so far,” Home Credit analyst Michal Kozub commented for the TASR newswire on the May data published by the Slovak Statistics Office (ŠÚ) July 10. He also said that the economic revival continues during the whole first half-year of 2014. “The big growth of industry is based on the production of vehicles which increased in 6.7 percent, he continued. “The car production is also one of the biggest contributors to the growth; but other sectors join in, which grew markedly in May. For example production of electric devices increased in 28.7 percent, metals 15.2
percent.”

Kozub added, however, that H2 2014 need not be as strong as H1. Already the results of new orders for April show that the growth might slow down in the upcoming months; and this will be translated in overall result, Kozub told TASR.

VÚB bank macroeconomist Andrej Arady agreed that the growth was boosted mainly by the production of cars, metals, and electric devices. "The centre of growth is quite well divided among these segments, which indicates a relatively stable outlook,” he said. “The June poll among companies still hints that the slow-down that core eurozone countries recorded probably with some delay, will not avoid Slovakia, either. The companies expect a mild slow-down of production, Arady summed up.

Tatra banka analyst Boris Fojtík said the industrial growth will slow. “Such a development is in line with our prognosis, when we see rather the risk of slight slow-down in growth for the rest of this year, which would bring the average for the whole year close to 5.5 percent,” he said.

In terms of the main industrial groupings, production of intermediate goods rose by 10.8 percent, production of investment goods by 7.3 percent and the production of durable consumer goods by 2.3 percent. Production of non-durable consumer goods was lower by 5.3 percent and production related to energy by 0.6 percent.

After seasonal adjustment, industrial production grew by 0.7 percent in May, compared to April. Over the first five months, the IPI grew on average by 6.8 percent, year-on-year, and by 8.3 percent in manufacturing. Production was lower in electricity, gas, steam and air-conditioning supply by 2.1 percent, in mining and quarrying by 1.4 percent, the ŠÚ wrote.

(Source: TASR, ŠÚ)
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.

Top stories

UPDATED: Report: Slovakia a finalist to host new car plant

SLOVAKIA and Poland are said to be the last two countries competing for a new unspecified car plant while final decision could be made in the summer 2015.

Monk seal, to be seen in a movie at Ekotopfilm/Envirofilm festival in Bratislava and Banská Bystrica

Countrywide events

Tips for events between May 22 and 31, including a concert of top four world/ethno music Slovak bands, a festival of environmental movies, days of architecture, an opera premiere, a literary festival, two markets of…

The TSS team in 2010: from left,bottom row: Jana Liptáková, Beata Balogová, Ján Pallo, Zuzana Vilikovská; top row: Donald Spatz, Tatiana Štrauchová, Marta Fukasová, Michaela Terenzani, Roman Král, Martina Mišíková, Dáša Košútová, Beata Fojtíková, James Thomson

More independent thought and self-confidence for Slovakia

The Slovak Spectator has been covering the development of Slovakia for two decades now. On the occasion of the celebration of its 20th anniversary it surveyed its founder, head of the Petit Press publishing house as…

Asian tourists in Bratislava

Bratislava tourists good for little more than a three hour tour

IN THE tourist season, the Slovak capital is frequently visited by tourists, including Austrians, Americans and tourists from Asia alike. But most stay just long enough for a brief guided tour, and coffee break…

MOST READ ARTICLES


  1. Drahovská kosa opened the season of scything competitions
  2. UPDATED: Report: Slovakia a finalist to host new car plant
  3. Bratislava tourists good for little more than a three hour tour
  4. Many Slovaks still migrate for work
  5. 4 things to know when drinking in Slovakia
  6. Fine for child’s death lower than selling goods after sell-by date
  7. More independent thought and self-confidence for Slovakia
  8. Levoča altar has been reconstructed to full splendour
  9. Countrywide events
  10. Blog: The state of Services for expats in Bratislava
  1. Volkswagen opens state-of-the-art body shop
  2. Many Slovaks still migrate for work
  3. Levoča altar has been reconstructed to full splendour
  4. Blog: The state of Services for expats in Bratislava
  5. Young Slovak scientists succeed at International Science Fair in Pittsburgh
  6. Bratislava tourists good for little more than a three hour tour
  7. Slovakia will host ice hockey world championship
  8. Slovak Božena minesweepers head to Nigeria and Bangladesh
  9. 4 things to know when drinking in Slovakia
  10. UPDATED: Report: Slovakia a finalist to host new car plant
  1. Many Slovaks still migrate for work
  2. Volkswagen opens state-of-the-art body shop
  3. 4 things to know when drinking in Slovakia
  4. Levoča altar has been reconstructed to full splendour
  5. Slovak Božena minesweepers head to Nigeria and Bangladesh
  6. Young Slovak scientists succeed at International Science Fair in Pittsburgh
  7. Russia's Sberbank considers leaving Slovakia
  8. Slovakia will host ice hockey world championship
  9. Blog: The state of Services for expats in Bratislava
  10. Slovak aid to Nepal remains grounded