Major economic indicators
The Slovak Statistical Office will publish data for a number of economic indicators by the end of the year, starting with foreign trade data for October. We have seen a slowdown of the foreign trade dynamics in the recent months and we do not expect this trend to change at the moment. Yet, foreign trade balance should still remain positive, at about €486 mil. in October.
Industrial production growth has been slowing down. In September, the growth rate reached 1.2% y/y which is significantly below the January value of 6.4% y/y. We expect the October numbers to show a 0.9% y/y growth of industrial production. The outlook remains weak mainly due to the slowdown of Germany as well as the lukewarm growth of Eurozone overall.
Consumer price growth has been very weak this year, dipping also into the negative values. We do not expect a significant improvement of inflation in November, albeit some improvement is expected. Our forecast for both CPI and HICP inflation is at 0.2% y/y. Core inflation could reach 0.4% y/y in November. However, we do not expect inflation to start picking up more convincingly until the beginning of next year.
Producer prices should continue to decrease in November, albeit at a possibly slower rate of -3.8% y/y.
The Slovak Statistical Office will publish data for a number of economic indicators by the end of the year, starting with foreign trade data for October. We have seen a slowdown of the foreign trade dynamics in the recent months and we do not expect this trend to change at the moment. Yet, foreign trade balance should still remain positive, at about €486 mil. in October.
Industrial production growth has been slowing down. In September, the growth rate reached 1.2% y/y which is significantly below the January value of 6.4% y/y. We expect the October numbers to show a 0.9% y/y growth of industrial production. The outlook remains weak mainly due to the slowdown of Germany as well as the lukewarm growth of Eurozone overall.
Consumer price growth has been very weak this year, dipping also into the negative values. We do not expect a significant improvement of inflation in November, albeit some improvement is expected. Our forecast for both CPI and HICP inflation is at 0.2% y/y. Core inflation could reach 0.4% y/y in November. However, we do not expect inflation to start picking up more convincingly until the beginning of next year.
Producer prices should continue to decrease in November, albeit at a possibly slower rate of -3.8% y/y.
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