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

Refugees on a train in Hungary.

Fico government firm on anti-migrant stand

The Slovak government however admitted that “there is a real threat that we will face the pressure of the member states that the migrants are heading to, on our own”.

Prison, illustrative stock photo.

For first time in Slovak History, two lifers may walk out of jail

FOR THE first time in Slovakia’s history, two convicts sentenced to life in prison may be released on parole.

Richnava

Police attacked during skirmish at Roma settlement

POLICE officers came under attack by locals at a Roma settlement near Richňava in Košice Region on September 1. Police were summoned to the settlement by paramedics because of a brawl that erupted between…

PM Robert Fico and his wife Svetlana

Fico has neither account, nor company stake in Belize

SLOVAK Prime Minister Robert Fico and his wife do not have and have never had any banking accounts in Belize, and do not hold any stake and do not have managerial control in any company registered in Belize.

MOST READ ARTICLES


  1. Slovakia and its shameful policy on refugees
  2. Police attacked during skirmish at Roma settlement
  3. Fico has neither account, nor company stake in Belize
  4. Fico government firm on anti-migrant stand
  5. Land speculators tarnish car plant plan
  6. Police stopped extremists’ ride to Gabčíkovo
  7. V4 summit on immigration to take place in Prague on Friday
  8. For first time in Slovak History, two lifers may walk out of jail
  9. SEWS leaves Slovakia for Romania, buying the land under the plant
  10. Language enthusiasts prepare the biggest English lesson
  1. Slovakia and its shameful policy on refugees
  2. SIAF air fest was attended by 140,000 spectators, many pilots
  3. Police stopped extremists’ ride to Gabčíkovo
  4. Fico: Countries on outer Schengen border should protect it properly
  5. Increase in number of Slovak millionaires outpaces the rest of Europe
  6. Thousands join Plea for Humanity
  7. SEWS leaves Slovakia for Romania, buying the land under the plant
  8. Fico has neither account, nor company stake in Belize
  9. Land speculators tarnish car plant plan
  10. Police attacked during skirmish at Roma settlement
  1. Slovakia and its shameful policy on refugees
  2. Slovak grandfather receives birthday wishes from all over the world
  3. SIAF air fest was attended by 140,000 spectators, many pilots
  4. Crooks may land €2 million in land deals for Jaguar Land Rover
  5. Slovak man's story part of Titanic exhibition in Bratislava
  6. Refugees die in a truck near Slovak border in Austria
  7. Police stopped extremists’ ride to Gabčíkovo
  8. Interior Minister surprised by news of refugee camp close to Austrian border
  9. Increase in number of Slovak millionaires outpaces the rest of Europe
  10. A Slovak placed online ad offers money for shooting migrants