Macroeconomic Forecast Slovakia

Industrial production in Slovakia improved considerably in August, with latest data showing output declining by 'only' 5.7% y-o-y, compared to falls of 21.6% and 18.5% in July and June, respectively. September's print brought the average annual rate of decline to -19.7% y-o-y. A considerable improvement in the production of automobiles was recorded in September, with output declining by only 10.7% y-o-y, compared to a fall of -42.6% in August. Going forward, we maintain our forecast for production to come at -6.0% by end-year, and improve further to 3.0% by end-2010.

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