In November, the Slovak industry returned to a decline, it was slowed down mainly by car plants

Alternation of a year-on-year growth with decline in industry continued for the sixth consecutive month. The significant manufacture of vehicles registered its biggest drop since the start of 2023. Higher increases in manufacture of electrical equipment and metals prevented the industry from falling into even more negative values in November 2023.

Industrial production¹⁾ of the SR decreased by 1.9% year-on-year in November. It was the seventh month during the year 2023 when the industry had a lower performance than in the identical month of 2022. The development in the structures of the industry continued to fluctuate, a total of 15 monitored sectors (special industrial groupings)²⁾ recorded a year-on-year lower performance.

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After 3 months of year-on-year growth, the manufacture of transport equipment dropped by 7.1% (-2.11 p.p. contribution to the overall result of the industry³⁾) and thus had the greatest impact on the November result of the entire industry. Contribution³⁾ is an indicator that takes into account the rate of an increase/decrease combined with the weight of the sector in the industrial structure and hierarchizes the effects of individual sectors on the entire sector.

The result was also affected by a drop of more than a quarter (contribution -0.66 p.p.) in manufacture of computer products and also by a 6% year-on-year decrease in manufacture of rubber and plastic (by a contribution of -0.56 p.p.). Other manufacture and installation of machinery also recorded a decrease by 9.8% (contribution -0.38 p.p.).

The industry was prevented from a deeper decline by dynamically developing sectors, especially by a growth in manufacture of electrical equipment by 11.4% (contribution +0.90 p.p.), then also by a year-on-year higher manufacture of metals by 8.2% (contribution +0.84 p.p.) and also by a slight growth in manufacture of machinery by 4.6% (contribution +0.44 p.p.).

On a month-on-month basis (compared to October 2023), after seasonal adjustment, industrial production decreased by 4%.

In total for the first eleven months of 2023, industrial production dropped by 0.6% year-on-year. In total, out of 15 monitored sectors, up to 10 sectors still had a lower performance year-on-year. The result was most significantly affected by the growth over 5% in the significant  manufacture of transport equipment and by a 6.5% increase in manufacture of electrical equipment, which was not sufficient to completely cover the almost 9% decrease in manufacture of rubber and plastic products as well as the decrease more than a fifth in manufacture of computer, electronic and optical products.

The Statistical Office of the SR would like to inform the users that together with the publication of data for June 2023, it has revised the values of industrial production for the previous months (since 2008) based on the supply of new data and the correction of error by reporting units.