Industry and construction are down
The industrial output was 2.5% lower annually in September, reported the statistics office ŠÚ. Three quarters into the year, the industrial output was up 2.3% annually (+4.4% for all of 2018). Metals output slumped 10.9% and the automotive sector’s output was only up 4.4% despite the production launch in the Nitra car plant of Jaguar Land Rover. The Slovak industry is feeling the slowdown in Germany.
After three months of declines, the construction output was up 2.5% in September. In 1-3Q, the output was down 2.3% annually. Delayed highway and railway tenders are taking their toll on the sector. Its return to growth is not expected until next year.