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March 9, 2011updated 08 Apr 2021 8:11am

SLOVAKIA: Car industry drives industrial output

Car output in Slovakia posted a 17% year-on-year surge in January; it grew an annual 19.7% in December as the country's economy grew by 4%, according to the Slovak statistics office.

Car output in Slovakia posted a 17% year-on-year surge in January; it grew an annual 19.7% in December as the country’s economy grew by 4%, according to the Slovak statistics office.

Slovakia’s big three car plants, Kia, Peugeot-Citroen and VW, saw combined production grow by 50.9% year on year but electronics production at factories run by South Korea’s Samsung and Taiwan’s Foxconn, another driving force of the local economy, stagnated with 0.8% growth in January after having grown by 26.8% in December.

Slovakia’s economy shrank by 4.8% in 2009 on low demand for cars and electronics but the finance ministry expects the economy to grow by 3.4% this year.

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