BRATISLAVA: Slovakia's industrial production grew by a solid 7.5 per cent in September on an annual basis after adding 4.5 per cent in August amid improvement in the eurozone, official data showed Monday.
"The strongest industrial output so far this year in September was driven by recovery in the eurozone markets where most of the goods produced in Slovakia are headed," said Martin Balaz, an analyst with the leading Slovenska Sporitelna bank.
The strong showing was driven by a 58.1 per cent spike in electrical equipment output and a 31.5 per cent rise in textile production, the Slovak Statistics Office said.
Meanwhile the usual engines of this eurozone economy -- car output at plants owned by Germany's Volkswagen, France's PSA Peugeot Citroen and South Korean Kia -- increased output by 3.5 per cent following 7.9 per cent-growth in August.
Electronics production, mainly flat screens made by South Korea's Samsung and the Taiwanese group Foxconn, shrank by 3.9 per cent after a one per cent contraction in August. On a monthly basis, Slovakia's industry grew by 1.0 per cent in September after adding 0.7 per cent in August.
A member of the eurozone since 2009, the Slovak economy expanded by two per cent last year in large part thanks to foreign investment in the auto sector. The finance ministry has forecast 0.8 per cent growth for this year.
indiatimes.com
"The strongest industrial output so far this year in September was driven by recovery in the eurozone markets where most of the goods produced in Slovakia are headed," said Martin Balaz, an analyst with the leading Slovenska Sporitelna bank.
The strong showing was driven by a 58.1 per cent spike in electrical equipment output and a 31.5 per cent rise in textile production, the Slovak Statistics Office said.
Meanwhile the usual engines of this eurozone economy -- car output at plants owned by Germany's Volkswagen, France's PSA Peugeot Citroen and South Korean Kia -- increased output by 3.5 per cent following 7.9 per cent-growth in August.
Electronics production, mainly flat screens made by South Korea's Samsung and the Taiwanese group Foxconn, shrank by 3.9 per cent after a one per cent contraction in August. On a monthly basis, Slovakia's industry grew by 1.0 per cent in September after adding 0.7 per cent in August.
A member of the eurozone since 2009, the Slovak economy expanded by two per cent last year in large part thanks to foreign investment in the auto sector. The finance ministry has forecast 0.8 per cent growth for this year.
indiatimes.com
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