The decline in industrial production continued in Slovakia in November. It fell for the fourth month in a row. In a year-on-year comparison, according to data from the Statistical Office of the Slovak Republic, it decreased by 4.4% in November.

“Slovak industry has recorded year-on-year in the last six months higher production only once, in July, when the numbers will get used to it affect the summer holiday effect. November just confirmed that the problems of Slovak and European industry persist, “he said UniCredit Bank analyst Ľubomír Koršňák. The development was affected by the decline in industrial production by 4.7% and in electricity, gas, steam and air conditioning supply cold air by 4.3% and growth in mining and quarrying by 11.7%.

Of the special groupings of industries that are the most contributed to the overall decline in production, the most significant reduction recorded the manufacture of metals and metal structures except machinery and equipment by 15.5%. The production of rubber and plastic products and others also decreased non-metallic mineral products by 13.1%, manufacture of computer, electronic and optical products by 19.7%, production of transport funds by 2.5% and the manufacture of chemicals and chemical products o 34.3%.

Total production was affected by growth in the manufacture of electrical equipment and production of coke and refined petroleum products by 21.5%, production machinery and equipment nec by 3.7%, mining and quarrying by 11.7% and in the manufacture of food products, beverages and tobacco products o 1.7%.

Since the beginning of 2019, industrial production has increased by 1% year on year. Of this, in the supply of electricity, gas, steam and cold air, it was growth by 6.4%, in mining and quarrying by 4.8% and in industrial production o 0.2%.

Also in the coming months, the Slovak industry will have to Koršňák struggle with weak external demand. Leading indicators moods in Europe, however, at least suggest stabilization and do not signal further deepening of the downturn in European industry. That could according to Koršňák can also help stabilize the numbers of Slovak industry, which Although it should remain in the red even at the turn of the year, the dynamics however, the decline would not have to deepen further.

During the year, UniCredit Bank expects a gradual stabilization of the industry, though especially in the second half of the year, a favorable statistical base effect could gradually return the year-on-year growth of the industry back to positive values. “However, we still do not expect a significant recovery in the industry. Risks they are still tilted, especially downwards, “added Koršňák.

The decline in industrial production continued in Slovakia in November. It fell for the fourth month in a row. In a year-on-year comparison, according to data from the Statistical Office of the Slovak Republic, it decreased by 4.4% in November.

“Slovak industry has recorded year-on-year in the last six months higher production only once, in July, when the numbers will get used to it affect the summer holiday effect. November just confirmed that the problems of Slovak and European industry persist, “he said UniCredit Bank analyst Ľubomír Koršňák. The development was affected by the decline in industrial production by 4.7% and in electricity, gas, steam and air conditioning supply cold air by 4.3% and growth in mining and quarrying by 11.7%.

Of the special groupings of industries that are the most contributed to the overall decline in production, the most significant reduction recorded the manufacture of metals and metal structures except machinery and equipment by 15.5%. The production of rubber and plastic products and others also decreased non-metallic mineral products by 13.1%, manufacture of computer, electronic and optical products by 19.7%, production of transport funds by 2.5% and the manufacture of chemicals and chemical products o 34.3%.

Total production was affected by growth in the manufacture of electrical equipment and production of coke and refined petroleum products by 21.5%, production machinery and equipment nec by 3.7%, mining and quarrying by 11.7% and in the manufacture of food products, beverages and tobacco products o 1.7%.

Since the beginning of 2019, industrial production has increased by 1% year on year. Of this, in the supply of electricity, gas, steam and cold air, it was growth by 6.4%, in mining and quarrying by 4.8% and in industrial production o 0.2%.

Also in the coming months, the Slovak industry will have to Koršňák struggle with weak external demand. Leading indicators moods in Europe, however, at least suggest stabilization and do not signal further deepening of the downturn in European industry. That could according to Koršňák can also help stabilize the numbers of Slovak industry, which Although it should remain in the red even at the turn of the year, the dynamics however, the decline would not have to deepen further.

During the year, UniCredit Bank expects a gradual stabilization of the industry, though especially in the second half of the year, a favorable statistical base effect could gradually return the year-on-year growth of the industry back to positive values. “However, we still do not expect a significant recovery in the industry. Risks they are still tilted, especially downwards, “added Koršňák.