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Industrial production in April 2024
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Industrial production in April 2024

Last update: 10.06.2024
Ilustračný obrázok
Publisher: Statistical Office of the SR
Topic: Sectoral statistics
Domain: Industry
Publish Date: 10.06.2024

The Slovak industry recovered after a month, manufacture of motor vehicles rose the most significantly

The important sector of the Slovak economy, industry, returned to positive numbers after a significant slump in March. Growth was mainly supported by revived production of motor vehicles and by an increase in energy-related production. However, as many as 11 out of 15 industrial sectors reported a higher year-on-year performance.

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In April 2024, the industrial production of the SR increased by 6.3% year-on-year. After a significant slump in March, the industry thus returned to higher performance, which had persisted since August of last year (after recalculation due to the adjustment of the methodology)1). In total, 11 of the 15 monitored sectors2) recorded a higher performance year-on-year, among them the majority of the main sectors of the Slovak industry.

The most significant impact on industrial production in the fourth month of this year was a significant growth in manufacture of transport equipment by 15.9%. The contribution3) is an indicator that takes into account the rate of growth/decline in combination with the weight of the sector in the structure of the industry and hierarchizes the influences of individual sectors on the entire sector, this was an effect of plus 3.78 percentage points (p.p.) to the sector´s result. The manufacture of motor vehicles showed a growth for the first time this year. While it dropped by almost 15% in March, in April it contributed the most to the growth of industrial production thanks to a double-digit growth.

The continued year-on-year significantly higher performance in energy, i.e. in electricity, gas, steam and air-conditioning supply, positively affected the entire industry. In April, the industry showed a growth by 32.9% (contribution +2.48 p.p.). The manufacture of electrical equipment (contribution +1.25 p.p., growth by 23.5%) and manufacture of food (contribution +1.04 p.p., growth by 21.4%) also showed higher production by higher than a fifth than a year ago. After almost two years, manufacture of rubber and plastic products also reached positive numbers, rising by 4.4% year-on-year (contribution +0.42 p.p.).

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The industry was the most affected by an almost 11% decrease in performance in manufacture of metals (contribution -2.18 p.p.) Furthermore, a significant drop in mining and quarrying continued, where production decreased by up to 39.3% (contribution -0.69 p.p.), mainly due to the closure of mines. The total production was also affected by a decrease by 7.3% in manufacture of machinery and equipment (contribution -0.67 p.p.). 

On a month-on-month basis (compared to March 2024), after seasonal adjustment, industrial production increased by 3.4%.

In April, this increase in production once again raised the industry into slightly positive numbers even in the cumulative balance since the beginning of the year. In total, from January to April, industrial production increased year-on-year by 0.5%. 5 out of a total of 15 monitored sectors (special industrial groupings)3) had a higher performance than in the same period last year. The most significant result was influenced by more than a quarter (27.4%) growth in electricity and gas supply (contribution +2.50 p.p.) and an increase of more than 15% in manufacture of electrical equipment (contribution +0.82 p.p.). Industry was slowed down mainly by manufacture of transport equipment, which recorded a year-on-year decrease of 2.7% in the first four months of 2024 (contribution -0.67%) and also a 40% lower performance in mining (contribution -0.63 p.p.) caused by a decline in mining.

Outputs on industrial production:

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).

Data on industrial production is published by the SOSR on a monthly basis approximately 70 days after the end of the reference period as a set of data in the public DATAcube database. in the chapter 4. 2. Industry and interpretive text in the form of a monthly informative/press release (individual texts for the last year available in the Catalogue of informative reports).

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