Slovak industrial production grew by 3.6% y/y in January

Slovak industrial production grew by 3.6% y/y in January
/ bne IntelliNews
By Albin Sybera March 11, 2024

Slovakia’s industrial production increased by 3.6% year-on-year in January. In month-on-month terms, the output decreased by 2.8%.  

“The production increased mainly due to a significantly higher supply of electricity, gas and also the manufacture of metals. Higher y/y growth was prevented by a decline in the most influential sector of Slovak industry – manufacture of transport equipment,” statisticians highlighted.  

The Statistical Office also noted that “after the recalculation of the long-term time series of data due to the transition to the new base period of 2021, industrial production has been increasing for the consecutive sixth month”.

Before the stronger performance at the end of 2023, industrial output in the country fluctuated between decline and growth. Overall, in 2023,  industrial production declined by 0.6%.

In January, a nearly 25% growth in electricity, gas, steam and air conditioning supply had a major positive impact on the overall result, followed by a 15.6% growth in the manufacture of metals and 11.9% y/y growth in the manufacture of electrical equipment.  

The strongest negative influence came from a 6.2% decrease in the country’s decisive sector, the manufacture of transport equipment, followed by an almost 6% y/y decrease in the manufacture of rubber and plastic products, a sector which has declined for the 20th consecutive month.