Industrial production grew in November, construction output continued falling

The Slovak industrial production grew further in November, despite missing growth in the automotive industry; while the construction sector grew as well, it keeps falling year-on-year, according to an analyst.

Illustrative stock photoIllustrative stock photo (Source: TASR)

Slovakia’s industrial output went up by 2.4 percent year-on-year in November 2016, the Slovak Statistics Office (ŠÚ) announced on January 11. This development was influenced by hikes in electricity, gas, steam and air-conditioning supplies of 6.2 percent; in manufacturing of 2.4 percent; and a drop in mining and quarrying of 14.5 percent. Seasonally adjusted industrial output grew by 1 percent month-on-month in November.

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In the first eleven months of 2016, industrial output rose by 3.4 percent y-o-y, with increases in manufacturing by 3.7 percent and in electricity, gas, steam and air conditioning supplies by 2 percent. Conversely, output in mining and quarrying saw a drop of 3.9 percent.

Construction output continued falling for the ninth consecutive month in November 2016, going down by 11.1 percent year-on-year to stand at €490.8 million, the ŠÚ informed the TASR newswire.

After seasonal effects were taken into account, construction output was 5.6 percent higher month-on-month. Domestic construction output dropped by 11.1 percent y-o-y in November to €468 million, thereby making up 95.4 percent of overall construction output. Noteworthy declines were recorded in the construction of new structures, including modernisation and reconstruction - 15.2 percent y-o-y, and in repairs and maintenance – 3.3 percent.

Construction fell for 11 months of 2016

In the period from January-November, construction output fell by 9.8 percent y-o-y to €4.42 billion, with construction work carried out in Slovakia dropping by 10.4 percent to €4.186 billion.

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The industrial production grew relatively dynamically in November, 1.0 percent month-on-month. Despite this, the dynamics of y-o-y growth in industry slowed down from 3.3% to 4.2%, Ľubomír Koršňák, macro-economic market analyst of the UniCredit Bank, wrote, adding that this was in accordance with earlier expectations.

The most dynamic growth (almost 10 %) was seen in pharmacy – which shows long-term volatility of production, however. It was followed by several export-oriented sectors: metallurgy, engineering, and electro-technical production. Furniture production improved too, as did chemistry, and most low-tech branches wood, textile, food, according to the analyst. The production of the volatile oil refinery industry declined m-o-m, as well as of production of rubber, plastics, glass and construction materials – as well as, slightly surprisingly, the automotive industry which failed to fully use October’s faster growth of car sales in Europe. Thus, the production of the Slovak car industry grew only mildly – 0.4 percent. The main driving engine of y-o-y growth was metallurgy (with 16.8 % y-o-y growth); while four industries, production of rubber, plastics, glass and construction materials, declined both m-o-m and y-o-y, Koršňák wrote.

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