Industry and construction also faced a turnover drop in 2024, market services and transportation and storage recorded an improvement

Turnover in the last month of the year were higher year-on-year in 4 of the 5 sectors monitored monthly. The balance for the whole year was in deficit for the key industry and construction. The year 2024 was favorable for the other three sectors, turnover was able to increase year-on-year most dynamically in selected market services, up to 8%. Transportation and storage, as well as information and communication, remained in positive numbers.

In the key sector of the economy, industry¹⁾²⁾, enterprises´ turnover in December 2024 were lower by 2.7% year-on-year (at constant prices). Among the 16 monitored industrial sectors¹⁾, the year-on-year decline was manifested only in 8. The most significant impact was a turnover decrease in manufacture of transport equipment by 12.2%, the decrease came after three months of turnover growth in this sector.

The other four monthly monitored sectors achieved a turnover growth. Year-on-year values were higher in selected market services²⁾ by 12.9%, further in transportation and storage enterprises by 7.2%, and also in the information and communication sector²⁾ by 16.9%. The last month of the year was also successful for construction enterprises, their turnover²⁾ reached a higher value by 6.6% and the sector achieved an increase after fifteen months of decline.

Turnover in a month-on-month comparison (after seasonal adjustment) increased in 4 out of 5 sectors, i.e. in information and communication activities by 5.4%, selected market services by 3.9%, in transportation and storage enterprises by 3.2% and in construction by 1.6%. It dropped only in industry by 3.6%.

Turnover development of selected sectors for 2024

In total for the entire year 2024, turnover decreased year-on-year in 2 monitored sectors and increased in 3 sectors. According to the preliminary monthly results, industry, as a focal sector of the Slovak economy, recorded a slight year-on-year decrease in turnover by 1.8%, the decline was evident for the second consecutive year. The trend of the entire sector was reflected in only 9 of the 16 monitored industries, the most significant impact was the decrease in manufacture of machinery by 12.1%, in manufacture of metals by 3.8%, and also in the manufacture of vehicles by 1.1%.

Construction enterprises also had lower turnover than in 2023 by 5.2%, turnover growth cannot face the pace of inflation for the third consecutive year.

A positive balance was recorded by enterprises in the sector that has the second highest turnover volume - in selected market services, their turnover increased year-on-year by 8.7%. They recorded a growth after four years of declines. This result was significantly affected by administrative and office support activities, with a turnover growth by 17.1%, as well as a quarter higher turnover value of travel agencies and offices, as well as rental and leasing services. 

Transportation and storage enterprises also had a favorable year, they managed to increase their turnover by 2.4% in 2024. The positive development of almost all components contributed to this. A growth was recorded not only in warehousing and support activities for transportation (by 2.1%), but also in land and pipeline transport (by 1.6%), as well as air transport and postal and courier services.

The information and communication sector also performed well, turnover for the entire year 2024 was higher by 5.9% than in 2023.  A growth was maintained for the third consecutive year, but it was the slowest. It maintained positive values by computer programming with turnover higher by almost 11% and information services by 16.5%.