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Industrial sales growth quickens to 3.8% y/y in June [IntelliNews - Weekly Reports](IntelliNews - Weekly Reports Via Acquire Media NewsEdge) Slovak industrial sales continued their growth in June, pushed up by higher sales in all sectors except for water supply, data from the statistics office showed. Sales in the sixth month of 2014 increased by 3.8% y/y, accelerating from a 1.9% y/y growth in May. The reading reflected a 4.2% rise in the manufacturing sector, a 6.9% growth in the mining sector and a 1.5% increase in the utilities sector. The water supply sector recorded a 7.3% y/y drop in sales. The auto manufacturing sector (which accounts for more than a quarter of total industrial sales) posted a 4.6% y/y growth in June, accelerating from a 2.8% y/y rise in May. Sales of computers, electronics and optics, another important driver of the Slovakia's export-oriented industrial sector, inched up 0.1% y/y in June, easing from a 4.4% annual growth the previous month. On a seasonally adjusted basis, the industrial sector turnover shrank 0.7% m/m in June, following a 3.5% drop in the previous month. In the first half of the year, industrial sales rose 2.7% y/y. IntelliNews comment: Slovak industrial sales have been rising since September 2013, except from April this year, reflecting improving domestic and foreign demand. We expect the growth to strengthen further this year due to a better than expected revival of exports. The country's finance ministry raised in June the country's export growth outlook to 6.7% from 4.0%, citing positive developments in its main trading partners, chiefly Germany. Industrial output growth also accelerated to 7.5% y/y in June from a revised 4.7% the month before driven by rising mining and manufacturing production. y/y change Jun-14 May-14 Jun-13 2013, y/y change INDUSTRIAL SALES 3.8% 1.9% -1.6% 0.5% Mining 6.9% 1.4% -1.1% -4.6% Manufacturing 4.2% 1.6% 0.2% 2.2% --food, beverages and tobacco 0.9% -7.3% -7.3% -2.4% --textiles, apparel, leather and related products -0.5% 0.1% -1.4% -1.8% --wood and paper products, printing 1.3% -2.0% 0.3% 0.6% --coke and refined petroleum products -34.5% -31.0% 9.8% 4.9% --chemicals and chemical products 0.3% -5.3% -20.6% -23.8% --pharmaceuticals, medicinal chemical and botanical products 15.9% -11.4% -41.0% -30.7% --rubber, plastics and other non-metallic mineral products 4.5% 3.6% 0.2% 0.7% --basic and fabricated metal products, except machinery and equipment 14.8% 10.5% -2.6% 2.1% --computers, electronic and optical products 0.1% 4.4% -0.7% -4.0% --electrical equipment 13.7% 3.4% 27.4% 18.3% --machinery and equipment 7.6% 7.3% 8.8% 12.3% --transport equipment 4.6% 2.8% 0.2% 5.9% --other manufacturing, repair and installation of machinery and equipment 19.6% 9.9% -0.7% -0.6% Electricity, gas, steam and air conditioning supply 1.5% 4.8% -13.0% -8.5% Water supply -7.3% -6.1% -0.4% 5.0% Source: Statistical Office of the Slovak Republic (c) 2014 Emerging Markets Direct Media Holdings LLC Provided by SyndiGate Media Inc. (Syndigate.info). |