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Slovak industrial output growth slows to 1.1 percent

The growth rate of Slovak industrial output slowed in February. In an annual comparison, industrial output adjusted for working days grew by only 1.1 percent, while in January it rose by 3.1 percent. In a monthly comparison, taking into account seasonal effects, Slovak industrial output in February fell by 0.5 percent compared to January, the Slovak Statistics Office (ŠÚ) informed on April 10.

The growth rate of Slovak industrial output slowed in February. In an annual comparison, industrial output adjusted for working days grew by only 1.1 percent, while in January it rose by 3.1 percent. In a monthly comparison, taking into account seasonal effects, Slovak industrial output in February fell by 0.5 percent compared to January, the Slovak Statistics Office (ŠÚ) informed on April 10.

Industrial production in February grew 1.3 percent year-on-year, with production in electricity, gas, steam and cooled air, growing at a similar pace, 1.5 percent, the SITA newswire reported, citing the ŠÚ figures. A significant decline of 10.1 percent was reported in mining and quarrying. The increase in total industrial manufacturing was most affected by an 8.3-percent increase in the production of vehicles, manufacturing of electrical equipment by 30.2 percent, textiles, apparel, leather and leather products by 17.4 percent, manufacture of wood and paper products, and printing by 0.8 percent and in manufacture of machinery and equipment not classified elsewhere by 0.6 percent.

Production decreased mainly in other manufacturing, repair and installation of machinery and equipment, by 25.2 percent; and in manufacture of coke and refined petroleum products, by 20.6 percent. On average over the first two months of the year, industrial production in Slovakia rose by 2.1 percent year-on-year.

The Hospodárske Noviny daily, quoting Tatra Banka analyst Boris Fojtík, wrote that industrial branches in Slovakia are currently in the red and that the latest moderate increase is attributable to just a few successful branches – for example, the automotive sector.

Sources: SITA, Hospodárske Noviny

Compiled by Zuzana Vilikovská from press reports
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