Slovak industrial production increased by 4.6% y/y in August

Slovak industrial production increased by 4.6% y/y in August
/ bne IntelliNews
By Albin Sybera October 11, 2023

Slovak industrial output reached this year’s high, with an increase of 4.6% year-on-year and 4.5% month-on-month.

It is only the third month this year that the country’s industry has been doing better y-o-y. Only 6 of the 15 sectors of the Slovak industry registered a higher performance y-o-y, underscoring the fluctuating developments in Slovakia’s key economic segment.

“Industry was supported by a one-fourth y-o-y increase in the manufacture of motor vehicles and slightly positive numbers in the energy sector,” Slovak statisticians highlighted.

“The result of the industry was mainly due to fewer holidays in August and in the manufacture of transport equipment compared to last year,” statisticians pointed out, adding that  “the decline persisted in rubber and metallurgical sectors".

Manufacture of transport equipment, the country’s most important industrial sector, grew by 27% y-o-y, followed by an increase in the supply of electricity, gas, and steam by 7.1%, growth in the manufacture of electrical equipment by 7.6%, and a close to 10% growth in the manufacture of pharmaceutical products.

Other sectors registered negative y-o-y figures, including the manufacture of basic metals and fabricated metal products (-9.5%), the manufacture, repair and installation of machinery (-23.1%), and the manufacture of rubber and plastic products (-7.4%). The manufacture of wood and paper products and manufacture of coke and refined petroleum were also in decline.  

In total, between January – August, industrial production decreased y-o-y by 1.2%, with 10 out of the 15 sectors in decline.