The revival of the Slovak industry continued, but the year-on-year growth dynamics slowed down to 1.3%

The manufacture of motor vehicles made a significant contribution to the overall positive result for the second consecutive month. However, a significant decrease in manufacture of metals and machinery prevented higher year-on-year growth.

In October 2024, industrial production¹⁾ of the SR maintained an increasing trend for the fourth consecutive month. However, the annual growth rate in October 2024 slowed by almost half compared to September and reached 1.3%. Out of a total of 15 monitored sectors²⁾, only 7 achieved a higher year-on-year performance, but most of the main sectors showed up to double-digit year-on-year growth, so their contribution to the overall production performance was still higher than that of sectors with declining performance.

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For the second month in a row, manufacture of transport equipment had the most significant impact on the growth of industrial production in October. Year-on-year growth in this sector increased even more compared to September and reached almost 20%. 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 4.69 percentage points (p.p.) on the sector´s result. This key sector of the Slovak industry recorded year-on-year higher performance for the fifth time this year, while October's increase was the second highest since June 2023.

The month of October was also a period when growth in selected sectors was masked by significant declines in other structures of the industry. The second most significant impact on the result was therefore over a 17% year-on-year lower performance in metal production (contribution -3.2 p.p.) and in third place in terms of overall importance was an almost 15% decrease in manufacture of machinery and equipment (contribution -1.27 p.p.).

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The positive development of the industry in October 2024 was also due to an increase of more than 10% in electricity, gas, steam and air-conditioning supply (contribution +1.0 p.p.). The maintenance of industry in positive values was also supported by an over 27% growth in other manufacture and repair of machinery (contribution +0.91 p.p.).

On a month-on-month basis (compared to September 2024), after seasonal adjustment, industrial production increased by 0.7%.

In the first ten months of this year, 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 last year. Of the industrial sectors, the most significant was a decrease in manufacture of metals by almost 7% (contribution -1.25 p.p.) and an approximately 11% decrease in manufacture of machinery and equipment (contribution -0.94 p.p.). A higher slump was prevented by a more than 3% cumulative growth in the key manufacture of transport equipment (contribution +0.77 p.p.). and an almost 5% increase in electricity, gas, steam and air-conditioning supply.