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Industrial Production Grew by 23.5 percent Y-o-Y in June
Monday 09 August 2010 Zoom in | Print page
Bratislava, August 9 (TASR) - Industrial production in Slovakia grew by 23.5 percent year-on-year in June, the Statistics Office announced on Monday.
The increase was mainly due to 24.4-percent growth in supplies of electricity, gas, steam and cold air and a 24-percent rise in manufacturing; along with falls in mining and quarrying, whose outputs dropped by 0.6 percent y-o-y.
Of all industrial spheres, the production of computers, electronics and optical products contributed most to overall growth - 89.5 percent y-o-y, followed by the production of machines - 52.1 percent. Conversely, the production of electric devices fell by around 5 percent y-o-y, while that of refined oil products dropped by 0.4 percent.
Industrial production in Slovakia has been rising since November, although in June it didn't change compared to May when seasonal effects are taken into account.
In the January-June period, meanwhile, overall industrial production rose by 22 percent y-o-y, with manufacturing rising by 24.1 percent, supplies of electricity, gas, steam and cold air by 14.3 percent, and mining and quarrying by 5.5 percent.
"Y-o-y growth should be influenced by holidays in the summer months being timed differently than they were last year. Car-manufacturing companies have shifted holidays to August, which should strengthen y-o-y growth in July, which we preliminarily estimate at 27 percent," said Slovenska Sporitelna analyst Michal Musak, adding that y-o-y growth could be reduced by last-year's higher comparison basis, however.
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