In 2024, the Slovak industry dropped only slightly, but the majority of industries deteriorated

The industrial production of the year-long negative result cannot be saved even by the higher manufacture of motor vehicles and energy-related production. Decreases in manufacture of metals and machinery and equipment contributed to the overall result.

In December 2024, industrial production of the SR reached a year-on-year comparable volume, with a balance of a slight decrease by 0.1%. It was the fifth month of 2024 when the industry failed increasing. Of the 15 monitored industries¹⁾, a year-on-year slowdown was recorded in a total of 6. The most significant impact on industrial production in the last month of the year was an almost 19% drop in manufacture of machinery and equipment. The contribution²⁾ 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 -1.58 percentage points (p.p.) on the sector´s result.

The second most significant impact on the result was an over 8% increase in electricity, steam and air-conditioning supply (+1.27 p.p. contribution), which thus helped to maintain the industry's performance at approximately the same level as in December 2023. In third place in terms of overall importance was a more than 22% growth in other manufacture (a +1.12 p.p. contribution).

In the last month of last year, the industry was also dragged down by an almost 15% decrease in manufacture of electrical equipment (contribution -0.78 p.p.), and its performance also slowed down by more than 3% in the key manufacture of transport equipment (contribution -0.74 p.p.).

On a month-on-month basis (compared to November 2024), seasonally adjusted, industrial production increased by 1.1%.

Total development of industrial production in 2024

Industry in Slovakia slowed down its overall performance even for the entire year 2024, year-on-year its production decreased slightly by 0.7%. It was the seventh slowdown of the industry in the last 15 years - that is, since the financial crisis (in 2009), when the industry suffered a double-digit decline. However, the current decrease in 2024 was the mildest.

In total, of the 15 monitored industrial sectors, the slowdown in performance at the annual level was manifested in 9, while the declines in individual industry structures ranged from 2% to 24%. The most dynamic, almost one-quarter decline was in mining, mainly due to the closure of mines. However, this sector did not have a major impact on the industry as a whole. On the contrary, in 2024, six industries were able to increase their performance in the range from 4% to 11%, the highest value of growth was other manufacture and repair of machinery, and this structure belonged to the TOP 5 most significant influences on the overall result.

The most significant contribution to the overall result of the industry for the entire year 2024 was the drop in metal production by 8% (contribution -1.44 p.p.) and almost 13% decline in manufacture of machinery and equipment (contribution -1.12 p.p). The industry was once again supported mainly by car companies, which have long held the most important place in the structure of Slovak industry and, in summary, increased their production by more than 4% for the year 2024 (+1.05 p.p. contribution). The manufacture of transport equipment achieved this positive effect, despite the fact that they showed a year-on-year higher performance only in 6 out of 12 months of the year, especially in the autumn months.

A 5% growth in the electricity and gas supply (contribution +0.53 p.p.) also had a positive effect on the industrial result.