Slovakia: Industrial output drops in June
Industrial output decreased 2.4% in year-on-year terms in June, deteriorating from the previous month’s flat reading. Looking at the details of the release, manufacturing plus mining and quarrying declined at a steeper pace, outweighing an over-50% surge in energy supply.
Accordingly, the trend pointed down, with the annual average growth of industrial production coming in at 1.4% in June, down from May’s 2.0%.
Lastly, the industry sector rebounded 2.1% in seasonally adjusted month-on-month terms in June (May: -1.4% s.a. mom).
Erste Bank’s Marian Kocis commented:
“The Slovak industrial sector will continue to be supported by the third block of the Mochovce nuclear power plant in the coming months. The anticipated launch of the fourth block next year could further enhance the attractiveness and competitiveness of the Slovak economy, particularly in terms of energy supply for potential expansion of our industrial capacities. Further developments in Slovakia will be significantly influenced by the performance of the key German economy.”