Industrial production accelerated in September, the year-on-year growth reached 2.5%

Slovak industry has been in positive numbers for the third consecutive month. The growth was mainly affected by the revived manufacture of motor vehicles and the higher production related to energy. On the contrary, the most significant slowdown was observed in production of metals.

In September 2024, industrial production¹⁾ of the SR continued its upward trend even after the holidays, when it reached a year-on-year increase by 2.5%. The pace of growth accelerated despite more sectors reporting decreases than increases. Out of a total of 15 monitored sectors²⁾, only 6 achieved a year-on-year growth, but their contribution to overall production growth was significantly higher than that of the sectors with declining performance.

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The most significant impact on the September growth of industrial production was a significant increase in manufacture of transport equipment by 11.3%. 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 2.86 percentage points (p.p.) on the sector´s result. This key sector of Slovak industry recorded year-on-year performance for only the fourth time this year, while September's increase was the second highest in 2024.

On the contrary, the industry was most significantly dragged down by the almost 12% decrease in output in metal production (contribution -2.24 p.p.).

A significant, almost 21% increase in the electricity, gas, steam and air-conditioning supply (contribution +1.66 p.p.) and in other manufacture and repair of machines (contribution +0.76 p.p.) also contributed to the positive development of industry in September. The maintenance of industry in positive values was also affected by over 11% increase in food production (contribution +0.59 p.p.).

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On a month-on-month basis (compared to August 2024), after seasonal adjustment, industrial production increased by 1.3%.

In total for first nine months of this year, industrial production decreased by 1% year-on-year. 8 out of a total of 15 monitored sectors (special industrial groups) had a lower performance than in the corresponding period last year²⁾. Of the industrial sectors that contributed the most to the overall decline in production, the most significant decrease was in manufacture of metals by less than 6% (contribution -1.02 p.p.) and a decrease by more than 10% in manufacture of machinery and equipment (contribution -0.9 p.p.). A higher decline was prevented by a more than 9% cumulative growth in food production (contribution +0.46 p.p.) and by an almost 8% increase in manufacture of electrical equipment (contribution +0.42 p.p.). The key manufacture of transport equipment exceeded the output for the nine months of 2023 by more than 1% (contribution +0.29 p.p.).