Analysts find figures for Slovak industry in November disappointing

The November figures of the Slovak industry are disappointing, said UniCredit Bank analyst Lubomir Koršňák on Monday in response to information concerning industrial production in November 2014. As reported by the Slovak Statistics Office the Industrial Production Index (IPP) in Slovakia went down by 3.3 percent year-on-year in November. Koršňák attributes this partly to the high figure posted the year before. However he underlined that it is especially exports that are suffering, influenced partly by the Russian-European sanctions. Fluctuating demand both in East and West is keenly felt. "It could be possible that demand in Europe will gradually recover in 2015; a weaker euro and low oil price should help, as this in turn should be positively reflected in the functioning of Slovak industry," Koršňák adds. According to Home Credit analyst Michal Kozub, the automobile industry had a considerably large negative influence. "Production in electronic devices wasn't going well, nor was production in machines. November was therefore the first month in 2014 to see a decrease in industrial production," he added.