Industrial output in Slovakia slumped 18% in March compared with the same month last year, but slowed from the 25.6% fall in February, according to official data from the country’s statistics office. The February data was also revised down from the previously announced 28.2%.
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Analysts said that output was benefitting from a gradually improving situation in the eurozone while car production at plants run in the country by Volkswagen, PSA Peugeot Citroen and Kia was picking up thanks to scrappage incentive schemes which have boosted sales in a number of major markets including Germany and France. Production of computers, electronic and optical products jumped 50.3% percent in March.
The European Commission said last week it expected Slovakia’s economy to contract 2.6% this year.
