Industrial growth fuelled by car production in December

Car production is still fuelling the growth of Slovak industry, recording a rise of 30.4 percent in December 2015.

Illutsrative stock photoIllutsrative stock photo (Source: SME)

Other areas of production contributed to the December growth, too, as did repair and installation of machinery which recorded y-o-y growth of 23.8 percent, Katarína Muchová, market analyst of the Slovenská sporiteľňa bank commented. She added that Slovak industry continued to do well in that month, despite the slow-down of German industry which declined by 1.2% month-on-month and 2.3% y-o-y.

“From the point of view of yearly growth, the key industry in December was the automotive industry, which got a second revival in the end of the year, and despite turbulences caused by the Volkswagen scandal, pushed its production to new historical maximums,” UniCredit Bank Czech Republic and Slovakia analyst Ľubomír Koršňák added, as quoted by the TASR newswire. “The automotive sector was behind up to 88% of total growth of the industry.” On the other hand, producers of consumer electronics fail to prosper in the long term, he said. A negligible, only 0.6% decline in production y-o-y was recorded by food producers, and also the pharmacy sector which is recently very volatile.

“Despite the continuing problems of one of the key industries, metallurgy, we expect Slovak industry to retain its growth trajectory also in the beginning  of 2016,” Koršňák continued. “The development in the coming months will also depend, though, especially on the development of consumer moods in Europe.”

The Slovak Statistics Office (ŠÚ) informed on February 11 that industrial production in December 2015 grew y-o-y by 8.2 percent. The development was impacted by growth in industrial production of 10.3%, and decline in supplies of electric power, gas, steam and cooling by 1.1%, and in mining by 8.6%. After seasonal adjustments, the industrial production in December 2015 declined compared to November by 0.6%.

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