Even a quarter growth in manufacture of motor vehicles was not sufficient, thus the Slovak industry stagnated in November
After four months of year-on-year growth, the performance of industrial production slowed down significantly and in November 2024 it only reached the level of the previous year. The development in individual sectors continued to fluctuate considerably, even a significant increase in the key manufacture of motor vehicles could not outweigh the downward trend in other structures of industry.
In November 2024, industrial production1) of the SR remained at the same level as the year before. After four months of continuous growth, it stagnated year-on-year, reaching only a 0.1% growth. Out of a total of 15 monitored sectors2), 8 recorded a year-on-year higher performance. November was also a period when high growth in the key sectors was covered by significant declines in other, also essential, structures of industry.
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For the third consecutive month, the manufacture of transport equipment had the most significant impact on the growth of industrial production in November. Year-on-year growth in this sector increased even more compared to previous months and reached 24.3%. 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 impact of plus 5.6 percentage points (p.p.) on the sector´s result. This key sector of the Slovak industry recorded a year-on-year performance for the sixth time in 2024, but even the highest year-on-year growth since March 2023 was not sufficient to cover double-digit declines in other sectors.
The second most significant impact on the result was therefore an almost 22% year-on-year decrease in output in the production of metals (contribution -3.86 p.p.) and on the third rank in terms of overall importance was an over 25% decrease in manufacture of machinery and equipment (contribution -2.28 p.p.) .
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The positive development of industry in November 2024 was also due to an over 30% increase in other manufacture (contribution +1.23 p.p.). On the other hand, the sector was dragged down by the almost 26% decrease in manufacture of chemicals (contribution -0.71 p.p.).
On a month-on-month basis (compared to October 2024), after seasonal adjustment, industrial production decreased by 1.2%.
In total, for the first eleven months of 2024, industrial production still remained in a year-on-year decrease by 0.7%. 9 out of a total of 15 monitored sectors (special industrial groups) 2) had a lower performance than in the corresponding period of the previous year. Of the sectors that contributed the most to the overall decline in production, the most significant was a decrease in metal production, by more than 8% (contribution -1.5 p.p.). On the other hand, the most significant positive impact on industry was a 5% increase in the key manufacture of transport equipment (contribution +1.23 p.p.). The more than 12% decrease in manufacture of machinery and equipment also had a significant impact (contribution -1.08 p.p.).
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