Analyst: New Orders of Industrial Companies Falling for Four Months in Row

Bratislava, October 16 (TASR) - The August figure on orders from domestic industrial companies increased by 6.1 percent compared to July, but declined by 3.6 percent year-on-year (y-o-y-y) to €5.28 billion, going down for four months in a row, 365.bank analyst Tomas Bohacek said in his commentary on the August new industrial orders data published by the Statistics Office earlier on Wednesday. "The structure of orders shows that the second half of the summer was favourable for the chemical sector - pharmaceuticals, the IT industry and the production of electrical appliances. On the other hand, orders fell in more than half of the monitored sectors, chiefly in the production of means of transport, clothing and the metal industry," he said. According to Bohacek, the production of motor vehicles amounted to €3.07 billion, which is the level comparable to last year. "The stabilisation of growth in this sector is a positive sign, however, it's not enough to assess the trend and we will have to know the data for the first autumn months. Advanced indicators from Germany indicate continuation of negative figures, with local industrial orders posting the most significant fall since January," he noted. "We expect the spread of negative developments from Western Europe to continue to limit signs of recovery, however, the next autumn months might still bring some progress," added Bohacek. The Statistics Office reported that new orders in Slovak industry went down by 3.6 percent y-o-y to €5.28 billion in August 2024. After seasonal adjustments, new orders in industry increased by 6.1 percent month-on-month (m-o-m). ko