Analysts: Industry in September Driven by Cars, Metallurgists Not Doing Well

Bratislava, November 8 (TASR) - The output of the domestic automotive sector in September was the fourth highest ever, growing by 11.3 percent year-on-year, however, Slovak industry came under pressure mainly from the metal, machinery and equipment manufacturing sector, macroeconomic analysts Marian Kocis and Lubomir Korsnak concurred on Friday. "The output of the domestic automotive sector was the fourth highest in history, after adjusting for the traditional season it was even slightly higher only in May this year. Traditionally in recent months, the strong growth of automotive companies has been complemented by the domestic energy sector," said UniCredit Bank analyst Korsnak. Analyst at Slovenska sporitelna bank Kocis added that the production of means of transport has been in the black for three quarters. According to him, the September result, when the year-on-year car production grew by 11.3 percent, also helped. "Thus, we continue to see fluctuating results in the automotive industry," he pointed out. According to Korsnak, the relatively strong year-on-year growth wasn't a result of technical factors, but a real increase in production. Thus, without the growth of the automotive sector, industry as a whole wouldn't have grown either. "Metallurgists took the most out of the overall industrial growth, as many as 2.24 percentage points, despite a slight month-on-month recovery in output," he added. am/mcs