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2.4.4 Industrial production
The car industry represents a massive 40% of industrial production and was a major contributor to fluctuating industrial performances throughout 2023. Industrial output returned to growth in October with 4.3% y/y, while in the same month automobile production increased by 12.1% y/y.
The country still manages to attract international car industry actors including Volvo, which is in the process of expanding plans for its new plant in eastern Slovakia.
Wars in Ukraine, Israel and Palestine, also benefited the country's defence industry which is concentrated between MSM Group and DMD Group.
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