Industrial production in Slovakia grew by 23.5 percent year-on-year in June, the Statistics Office announced on Monday, August 9 with the increase due mainly to 24.4-percent growth in supplies of electricity, gas, steam and cold air and a 24-percent rise in manufacturing, the TASR newswire wrote.
Of all industrial spheres, the production of computers, electronics and optical products contributed most to overall growth – 89.5 percent y-o-y, followed by the production of machines with an increase of 52.1 percent. Conversely, the production of electric devices fell by around 5 percent y-o-y, while that of refined oil products dropped by 0.4 percent. Industrial production in Slovakia has been rising since November, although in June it did not change compared to May when seasonal effects are taken into account.
“Year-on-year growth should be influenced by holidays in the summer months being timed differently than they were last year. Car manufacturing companies have shifted holidays to August, which should strengthen y-o-y growth in July, which we preliminarily estimate at 27 percent,” Slovenská Sporiteľňa analyst Michal Mušák told the TASR newswire, adding that y-o-y growth could be reduced by last-year's higher comparison basis, however.
Source: TASR
Compiled by Zuzana Vilikovská from press reports
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
