BRATISLAVA, February 8, (WEBNOVINY) – The growth of Slovak industry accelerated at the end of last year. Based on data released by the Statistics Office of the Slovak Republic, the industrial output grew 19.7 percent y/y in December, which was a growth of 2.4 percentage points from November. On an annual basis, the growth in December was 7.8 percentage points faster. Analysts in contrast have expected a slowdown from November’s 17.3 percent to 15.4 percent. A 24.4 percent increase in power, gas, steam and cool air supply, a 19.4-percent increase in industrial manufacturing and a 4.8-percent decline influenced the December’s figures.
ING Bank analyst Eduard Hagara noted that the industry beat the expectations last year. A surprisingly quick return to pre-crisis highs replaced the steep decline in the first half of 2009. Industry capitalized primarily on a quick revival of German economy which has recorded the strongest growth since Germany’s reunification, Hagara commented. Also, the positive figures are attributable to increasing of production capacities in the electrotechnical industry.
Outlooks for 2011 remain positive. The latest figures from Germany indicate persisting strong demand. Based on this, analysts assume that the growth of industry will cling to two-digit pace. The launch of new assembly lines in Volkswagen and AU Optronics could bolster the growth in the second half of the year. The analysts estimate the industrial output growth this year near 9 percent.
The overall figures were most influenced by a 38.1-percent increase in production of transportation means. Production of machinery and equipment not classified elsewhere grew 36.4 percent. The Statistics Office further reported growth in production of computer, electronic and optical devices (+27 percent), supplies of power, gas, steam and cool air (+24.4 percent) and production of metals and metallic structures except for machinery and equipment (+17.8 percent). Production of textile, clothing, leather and leatherware dropped 14.1 percent, mining and extraction of raw mineral materials fell by 4.8 percent and other production, repairs, installation of machinery and devices shrank by 1.3 percent.
Regarding main industrial groupings, production of capital goods went up by 32 percent y/y, output of durable goods rose by 28.5 percent, output in the energy sector swelled 18.6 percent and production of goods for intermediate consumption 12.6 percent. Production of non-durable goods dwindled by 2.8 percent. Net of seasonal influences, industrial output increased 0.4 percent from November in monthly terms.
The 12-month growth of industrial output reached 18.9 percent last year in contrast to a y/y decline by 13.7 percent reported for the whole of 2009.
SITA