The Slovakian automotive industry posted an annual output decline of 51.6% in April, the steepest fall since the current data series started in 1999, compared with a 30.9% fall in March.
The country’s biggest car factory, Volkswagen, stopped production for two weeks in April.
“We will not see good figures in car production without Volkswagen going on full steam,” a local analyst told Reuters.
Industrial output has fallen for seven months in a row in Slovakia, which joined the euro zone in January, as demand for its cars and electronics goods fades in key western markets.
Reuters noted that the Slovak economy had gone from one of the highest growth rates in the European Union to a 5.6% contraction in gross domestic product in the first quarter.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataThe government has said it expected economic activity to contract by more than 3.5% this year, more than the 2.4% drop currently forecast by the central bank.