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Turnover in selected sectors of economy in March 2024
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Turnover in selected sectors of economy in March 2024

Last update: 13.05.2024
Ilustračný obrázok/Illustrative image
Publisher: Statistical Office of the SR
Topic: Sectoral statistics
Domain: Comprehensive products
Publish Date: 13.05.2024

Turnover dropped to record levels both in industry and in construction

March´s turnover decreased in 2 out of 5 monitored sectors of the economy, the decline in industry and construction exceeded 11%. Selected market services followed up on the two previous months´ growth, turnover in information and communication rose, but at a slower pace.

Industry, as the largest sector of the economy, recorded a year-on-year turnover decrease in constant prices by 11.4% in March 2024, while such a significant drop had not been recorded for almost four years, since May 2020. Among 16 industrial sectors1), a turnover drop was recorded in 13 of them.

From January 2024, year-on-year index values were recalculated in connection with changes in the data calculation methodology2).

March´s turnover in selected market services rose by 5.2% year-on-year and continued to grow for the third consecutive month. In transportation and storage enterprises, the turnover growth stopped in March, it remained at the same level as a year ago.

In March 2024, turnover of construction enterprises dropped by 11.5% year-on-year, which was the most significant decrease since June 2022. The pace of year-on-year turnover drops in the construction industry accelerated for the third consecutive month.

Turnover in information and communication activities increased by 0.6% year-on-year. Only this

sector maintained a  long-term growth, but in March it recorded the slowest rate of turnover increase in the last two years.

Illustration image - Graph

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Development in March 2024 compared to February 2024

After seasonal adjustment, turnover in the third month of 2024 dropped month-on-month in 4 out of 5 monitored sectors of the economy, most significantly in construction by 5.2%. Turnover in information and communication activities dropped by 0.9%, in selected market services by 0.6% and in industry by 0.5%. In March, turnover rose month-on-month only in transportation and storage, by 2.7%.

Development in the first three months of 2024

In total, for the first three months of 2024, turnover decreased year-on-year in construction by 7.9% and in industry by 6.3%. On the contrary, cumulative turnover in information and communication activities, as well as in selected market services, rose equally by 5.6%. Year-on-year turnover growth of 1.5% was recorded in transportation and storage.

  • 1) structure of industry according to the Statistical Classification of Economic Activities, SK NACE Rev. 2 consists of three sections - Mining and quarrying, Manufacturing and Electricity, Gas, Steam and Air conditioning Supply. Manufacturing is further divided into 13 manufacturing industries, or individual industrial groupings
  • 2) Due to the change of the methodology - transition to a new base period (from 2015 to 2021), the entire time series of data was recalculated from the publication of data for January 2024 – more in the document Change of the base period and the classification according to activity units (PDF - 183 kB).

Outputs on the topic Turnover in selected industries:

The Statistical Office of the Slovak Republic implemented a methodological change - a transition to a new base period (from 2015 to 2021) from the publication of data for January 2024. This change also affected indicators of industrial production. In order to monitor the data over a long period of time, the data were recalculated to a new base in the entire time series – more in the document Change of the base period and the classification according to activity units (PDF - 183 kB).

Since 2022, selected market services include business entities that are classified into the divisions 68 to 82 according to the main economic activity of SK NACE. Due to decreasing the burden of the business environment, data are not available on turnover for subjects classified into SK NACE divisions 85 to 96. Turnover therefore do not include information for education (SK NACE division 85), arts, entertainment and recreation, including gaming and betting activities (SK NACE divisions 90 - 93). Also, turnover of enterprises for other activities (SK NACE 95 and 96) to which they belonged among others laundry and dry cleaning, hairdressing and beauty treatment, funeral services, well - being services and other services of predominantly personal nature.

Data source: DATAcube. database:

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  • Slovak Republic
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