Analysts: Slovak Industry Expected to Stay in Red Also During Summer

Bratislava, 8 August (TASR) – Slovakia’s industrial sector is expected to remain in negative figures during the summer, with no significant signs of recovery for now, UniCredit Bank analyst Lubomir Korsnak stated in his commentary on June’s industrial production data released by the Statistics Office on Friday. „A positive sign is that sentiment among Slovakia’s key trading partners has finally bounced back from the bottom. However, the positive effects of recovering external demand may be held back by a partial loss of competitiveness in parts of the domestic industry, as well as by its structure,” said Korsnak. The analyst added that domestic industrial growth will likely remain subdued for the rest of the year due to the lingering impact of the energy crisis, which has driven up energy prices for Slovak businesses more than in some other EU countries. The ongoing transformation of the European automotive industry is also a contributing factor. mf