BRATISLAVA, March 8 (Reuters) - Slovak industrial output
rose slightly less than expected by 17.1 percent year-on-year in
January, after 19.7 percent growth in December, the Slovak
Statistics Office said on Tuesday.
Analysts expected a 17.5 percent increase in the first month
of the year.
January output increased by 0.9 percent month-on-month on a
seasonally adjusted basis, the office said.
The key driver behind January's growth was manufacturing
production, which has the biggest weighting in the index and
rose by 20.4 percent after a 19.4 percent December increase, the
office data showed.
Industrial production showed an 18.9 percent rise for the
full year of 2010, after a 13.7 percent decline in the previous
year.
The small euro zone economy was badly hit by the global
downturn in 2009 as European demand for its key exports, such as
cars and electronics, dried up. The global recovery has been
fuelling the rebound since.
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KEY POINTS:
INDUSTRIAL OUTPUT JAN 11 DEC 10 JAN 11 FCAST
pct change yr/yr +17.1 +19.7 +17.5
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ANALYST COMMENTS
BORIS FOJTIK, ANALYST, TATRA BANKA
"The data was in line with our expectations. The car
industry surprised slightly. It seems that car producers will
maintain strong production."
"We expect full-year industrial output at 8 percent, which
means that the dynamics of the growth will slow down, mainly by
the end of the year."
LUBOMIR KORSNAK, ANALYST, UNICREDIT BANK
"It was driven mainly by car production. Industrial
production maintains its dynamic growth seen by the end of the
last year and we expect it to maintain a high dynamics of growth
in the first half of the year."
"It could the slow down due to the annual base effects."
INDUSTRIAL OUTPUT:
- Car production jumps by 50.9 percent from a year ago in
January, its strongest rise since May last year, after a 38.2
percent rise in December.
- Production of other machinery and equipment is up by 28.1
percent, following a 36.4 percent increase in December.
- Production of computer, electronic and optical products drops
by 0.8 percent on the year in January, showing a decline for the
first time since September 2010, after a 26.8 percent increase
in December.
- Mining rises by 2.5 percent, after a 4.8 percent drop in
December.
- Production and distribution of electricity, gas and water
grows 3.4 percent, compared with a 24.4 percent rise in
December.
LINKS:
- For further details on January industrial output 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=>
