BRATISLAVA, April 8 (Reuters) - Slovak industrial output
rose by a less-than-expected 10.8 percent year-on-year in
February, after a revised 17.3 percent in January, the Slovak
Statistics Office said on Friday.
The reading showed its weakest rise on the year since
November 2009, when industrial production rose by 1.4 percent.
Analysts expected a 15.0 percent increase in February.
Output dropped by 1.3 percent month-on-month on a seasonally
adjusted basis, the office said.
The key driver was manufacturing production, which has the
biggest weighting in the index and rose by 10.6 percent, after a
20.6 percent increase in January, the office data showed.
In a separate data released, the Statistics Office said
February's foreign trade balance showed a smaller-than-forecast
36.8 million euro surplus, following a revised 100.0 million
euro surplus the previous month.
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KEY POINTS:
INDUSTRIAL OUTPUT FEB 11 JAN 11 FEB 10
pct change yr/yr +10.8 +17.3 (+17.1) +20.4
---------------------------------------------------------------
FOREIGN TRADE
(mln euro) FEB 11 FEB 11 FCAST
Balance +36.8 +80.0
(for the full Feb table please see ..... [ID:nBSD002488)
===============================================================
ANALYSTS COMMENTS:
LUBOMIR KORSNAK, ANALYST, UNICREDIT BANK
"The foreign trade balance came in line with our
expectations, but the annual dynamics of growth was slightly
slower, which is related to a slow-down in the rise in
industrial production."
MICHAL MUSAK, ANALYST, SLOVENSKA SPORITELNA
"Germany is still doing well, so this is hard to explain."
"Industrial production, in general, remains the key growth
driver for the economy. We will see in the coming months to what
extent this was a one-off effect."
EDUARD HAGARA, ANALYST, ING BANK
"Industrial production was slightly worse than expected. The
car industry was a key disappointment for me, but this is
nothing extraordinary as this is a volatile sector. This is
likely the key reason for the slowdown."
"We expect to see double-digit growth in the coming months.
It is still a relatively strong growth, mainly thanks to
Germany."
"The foreign trade balance was in line with a
slower-than-expected rise in industrial production."
DETAILS
INDUSTRIAL OUTPUT:
- Car production rose by 16.3 percent from a year ago in
February, after a 50.7 percent rise in January.
- Production of other machinery and equipment was up by 28.4
percent for the second month in a row in February.
- Production of computer, electronic and optical products edged
up 0.1 percent on the year in February, after a 0.1 percent
decline in January.
- Mining dropped by 14.6 percent, after a 2.5 percent rise in
January.
- Production and distribution of electricity, gas and water
jumped by 15.4 percent, compared with a 3.4 percent rise in
January.
LINKS:
- For further details on February industrial output, trade and
other past data, Reuters 3000 Xtra users can click on the Slovak
Statistics Office's website:
http://wwww.statistics.sk/webdata/english/index2_a.htm
- For LIVE Slovak economic data releases, click on......<ECONSK>
- Schedule of upcoming indicator releases............<SK/ECON09>
- Summary of short-term economic data forecasts......<SK/ECON04>
- Slovak benchmark state bond prices .................<0#SKBMK=>
