After a month, the industry returned to positive values, mainly affected by the 12% higher manufacture of motor vehicles

In October, a higher production was recorded in nine out of the 15 monitored sectors. In addition to the key sector- manufacture of motor vehicles, the manufacture of electrical equipment, which showed the second highest growth this year, had a positive effect on the result of the entire industry.

Industrial production¹⁾ of the SR increased by 4.3% year-on-year in October. It was the fourth month of the year when the industry´s performance was more favourable than in the corresponding period last year. The development in the structures of industry have been gradually improving over the past four months, while in July only five of the total 15 monitored sectors (special industrial groupings)²⁾ recorded a year-on-year higher performance, in October there were already nine of them.

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The key sector- manufacture of transport equipment, which showed a 12.1% year-on-year growth (contribution +3.23 p.p.), had the greatest impact on the October result of the entire industry. Of the components of industry, the most significant contribution to the result was the growth in manufacture of electrical equipment by 12.1% (contribution +0.99 p.p.), as well as the year-on-year increase in manufacture of metals by 7.2% (contribution +0.80 p.p.). The electricity, gas, steam and air-conditioning supply also increased its growth by 4% (contribution +0.41 p.p.).

Of the special groupings of industries that had lower performance than a year ago, the most significant were the declines in other manufacture and installation of machinery by 17.4% (contribution -0.69 p.p.), further in manufacture of coke and petroleum products by 20.9% (contribution -0.64 p.p). A double-digit decline was also seen in manufacture of textiles, apparel and leather, which had a less significant impact on the development of the industry in the tenth month of this year with a decrease by 17.9% (contribution -0.30 p.p).

On a month-on-month basis (compared to September 2023), after seasonal adjustment, industrial production increased by 0.6%.

In total, for the first ten months of 2023, industrial production dropped by 0.5% year-on-year. Out of a total of 15 monitored sectors, up to 11 sectors still had a lower performance year-on-year. The most significant effect on the result was the drop in manufacture of rubber and plastic, as well as a decrease of more than a fifth in manufacture of computer, electronic and optical products. The industry was mainly affected by a higher performance in manufacture of transport equipment.

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.