Slovak industry production rises following five-month slump
Industrial production rose by 2.5% in March after a 4.7% decline in February, with the increase being driven by Slovakia’s key car manufacturing sector, the Slovak Statistics Office said.
According to the figures, industry output rose year-on-year in March, despite overall performance being lower than in March 2021 or the third month of the pre-pandemic year 2019.
At the same time, the performance of individual industries varied, with four registering as much as double-digit year-on-year declines in March.
“The growth of industrial production is a surprise,” said Matej Horňák, an analyst at the Slovenská sporiteľňa bank, adding he expected a year-on-year decline.
The most significant impact on the industry has been the dynamic growth in the production of transport vehicles. It accelerated to 15.6%, the highest since last September.
Horňák believes the industry can achieve solid results in the coming months.
However, the outlook remains uncertain as economic activity is under pressure, inflation remains high and further interest rate hikes by central banks are expected.
On a positive note, gas and oil prices are falling, he added.
(Michal Hudec | EURACTIV.sk)
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