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Industrial Production Up 20.8 percent Y-o-Y in March
Monday 10 May 2010 Zoom in | Print page
Bratislava, May 10 (TASR) - Industrial production in Slovakia in March grew by 20.8 percent year-on-year and by 4.5 percent month-on-month after seasonal effects are taken into consideration, the Statistics Office said on Monday.
"The favourable March figures for German and Czech industry indicated in advance that Slovak industry could exceed expectations in March as well," said ING Bank analyst Eduard Hagara.
"The problems faced by Greece and other countries with high debts are likely to considerably slow down Slovak growth only if they cause problems for European banks. The new assistance package has brought relief to the markets at the moment," said Hagara.
UniCredit Bank analyst David Derenik pointed out that industrial production in Slovakia has been growing slightly since the beginning of 2010. When the figures for February and March are compared, Slovak metallurgy accelerated in particular, almost bridging the pre-crisis 11-percent gap. "The tyre-production industry has also been doing very well," he said, adding that new jobs have been announced in this sector. "The tyre and construction sectors, which are reported under the same category, are still 20 percent below the pre-crisis level, especially due to the contracting construction industry," added Derenik.
According to him, Slovak industry should maintain slight growth in the second quarter of 2010. This is indicated by new orders from Slovakia's biggest business partner - Germany.
"But it's still true that when it comes to the sustainability of growth, the second half of the year will be critical because the global economy will stop being supported by government stimuli," noted Hagara.
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