Too early for rose-coloured glasses. Why Slovakia's industry dropped the most in Europe

The state supported the automotive industry the most.

The autimotive industry is one of main pillars of the Slovak economy. The autimotive industry is one of main pillars of the Slovak economy. (Source: Courtesy of VW SK)

Industrial companies have been through the worst, but some risks have not disappeared. This could be the summary of the results of industrial production data in most of the EU in May, when anti-epidemic measures were gradually lifted and halted production in automotive plants relaunched.

The reality is still depressing. Industrial production in Slovakia dropped by 33.5 percent in May, the highest drop in the entire EU.

Slovakia was followed by the Hungary (-27,6 percent) and Romania (-27,4 percent). Czechia ended fifth with a more than a quarter drop in its industrial production.

The revival of Slovak industrial production is still promising compared to the bottom it hit in April, but there is no room for being overly optimistic.

"It is too early for rose-coloured glasses. In industrial production or foreign trade, foreign demand plays a role," said Wood & Company analyst Eva Sadovská.

That means Slovakia also needs to look at the situation with the coronavirus pandemic not just at home but also in the countries that are its major trade partners - Germany and the Czech Republic.

The problem

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