Slovak industrial production declined by 0.6% in 2023

Slovak industrial production declined by 0.6% in 2023
/ bne IntelliNews
By Albin Sybera February 12, 2024

Slovakia’s industrial production declined by 0.6% in 2023 as the country’s robust automobile production kept the industry from registering a more dramatic decline.

The result comes after a year during which the country’s industry oscillated between decline and occasional growth driven by the automobile industry, which performed better in 2023 y/y, outweighing “two-thirds of the monitored sectors which recorded a decline in manufacture over the entire past year”, Slovak statisticians noted.

“Industrial production showed a year-on-year decrease of only 0.6%. It was the lowest drop in 15 years, during which the industry recorded a y/y lower performance a total of four times,” the report by the Statistical Office highlighted. It was also lower than drops in 2022 and 2020.  

The automobile industry registered a y/y growth of 4.9%, the highest since 2018. The manufacture of electrical equipment also had a positive impact at 7.4% growth. The most significant negative influence came from the 8.9% decrease in manufacturing rubber and plastic products and the 22% decrease in manufacturing computer products.

In December alone, the output dropped by 0.1% year-on-year, which was the eighth month of decline registered in 2023, and 3.1% month-on-month, statisticians also reported. Manufacture of electrical equipment, which registered a 20% growth, contributed significantly to the overall y/y result.   

The most impactful declines were registered in the manufacture of rubber and plastic products at almost 11% and the manufacture of installation of machinery at almost 13%.  

Statisticians also reported that Slovak construction increased by 1.1% y/y in 2023, producing works in the amount of €7.1bn. It was also the lowest growth dynamics since 2009 and came mainly on the back of a 4.4% increase in new construction, reconstructions and modernisations.   

In December alone, the construction output dropped by 12.1% y/y, the worst monthly result in 2023. It also dropped by 9.9% m/m.