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Industrial production slows

THE GROWTH of industrial production in Slovakia reached 17 percent year-on-year in August, compared to 18.4 percent in July, the Slovak Statistics Office announced on October 9.

THE GROWTH of industrial production in Slovakia reached 17 percent year-on-year in August, compared to 18.4 percent in July, the Slovak Statistics Office announced on October 9.

“The deceleration of growth was especially caused by the transfer of the company-wide holidays in car-manufacturing companies from July to August,” said Slovenská Sporiteľňa analyst Martin Baláž, as quoted by the TASR newswire. Due to the holiday, the year-on-year growth of vehicle production decelerated from 83 percent in July to 77 percent in August.

Baláž added that the car industry is still driving Slovakia's economic growth.

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