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Industrial production in February 2021

Industrial production in February 2021

Last update: 09.04.2021
Ilustratívny obrázok/Illustrative image
Publisher: Headquarters Bratislava
Topic: Sectoral statistics
Domain: Industry
Publish Date: 09.04.2021

Industrial production slightly increased again by 1 % year-on-year in February 2021

In February, Slovak industry returned again to positive figures and showed a year-on-year growth by 1 %, while 8 out of 15 of its components recorded a year-on-year decrease. The most influential component- the manufacture of transport equipment after a sharp January´s slump registered a year-on-year increase by 1,6 %. However, year-on-year changes in the production volume of individual components of industry range between a decline of 23,4 % up to a growth of 18,4 %.

In February the industrial output (IP) rose again by 1 % year-on-year, after the January's recurrent fall in negative figures, which characterized it for most of the previous year. Among the 15 monitored components of industry 1) – sectors or their special groupings – 7 exceeded the level of February 2020 and at the same time 8 showed lower production year-on-year.

As for the special groupings of industries that contributed the most to the total growth of production, the most significant increase was recorded in manufacture of machinery by 18,4 % and a growth in supply of electricity and gas by 7,5 %, while this component is in positive figures since June 2020. A growth in manufacture of metals by 3,2 % and in manufacture of computer products by 15,2 % also contributed to the positive result. The overall growth in industrial output was also due to a lower but proportionally most significant increase in manufacture of transport equipment by 1,6 %. Especially the development in this segment illustrates the volatility of development in several components of industry, manufacture of transport equipment returned in February again to positive figures after the January´s sharp decrease by 15 %.

At the same time, the total production was affected also by decreases mainly in the manufacture of rubber and plastic products by 12,8 %, which for the second month in a row exceeded the value 10 %. There was a year-on-year decrease also in manufacture of coke and refined petroleum products by 23,4 %. From the other proportionally less significant components for example, the manufacture of textiles and apparel was lower by 16,3 %, year-on-year while it was continuously decreasing since June 2018.

According to the main industrial groupings, compared to February 2020, production of durable goods increased by 13,3 %, production of capital goods by 2,2 % and production related to energy by 1,3 %. Production of non-durable goods was lower by 3,3 % and of intermediate consumption by 1 %.

After seasonal adjustments, industrial production remained unchanged in February 2021 compared with January 2021.

In summary, since the beginning of 2020, IP decreased by 1,5 % year-on-year, of which in manufacturing by 3 %. Production increased in supply of electricity and gas by 7,3 % and in mining and quarrying by 0,6 %.

Note: preliminary data; industrial production represents changes in a volume of production in kind. Data are adjusted from an effect the number of working days by program JDEMETRA+ and during processing of every month they are back-casted from the beginning of the time series.
1) According to the Statistical classification of economic activities SK NACE Rev. 2, the structure of the industry consists of three sections – Mining and Quarrying, Manufacturing and Electricity, Gas, Steam and Air Conditioning Supply. Manufacturing is further divided into 13 special groupings of industrial sectors
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