In November, turnover of industry returned to a decline, it currently exceeded the level of 7%
Out of the five sectors of the economy monitored monthly, turnover again declined in three important sectors of the Slovak economy - in industry, selected market services, and in transportation and storage.
Industry, as the most important sector in the structure of the economy, achieved a year-on-year decrease in turnover of 7.6% in November and recorded the second worst result since the beginning of 2023. Among 16 sectors of industry1), up to 10 recorded a year-on-year decline in turnover (in constant prices). The most significant impact had a decrease in electricity and gas supply by 21.9%, in manufacture of transport equipment by 6% and in manufacture of metals by 13.4%. A decrease in turnover of the whole sector was mainly moderated by a growth in manufacture of coke and petroleum products by 44.9%, in manufacture of machinery and equipment by 6.3%, as well as in manufacture of wood products by 8%.
In November, turnover of selected market services decreased year-on-year by 6.5%, the decline in this sector has continued since the beginning of 2023. The negative result was mostly affected by a year-on-year decrease in turnover in advertising and market research by 25%, as well as in office administrative and support activities by 10.4%. On the contrary, turnover significantly increased in real estate activities by 10.3%.
In November 2023, turnover of transportation and storage companies dropped year-on-year by 9.8%, thus returning to the downward trend after a slight increase in October. The overall negative result was affected by a decrease in turnover in the strongest land transport, including transport via pipeline, by 3.2%, as well as in the second-strongest warehousing and support activities for transportation, which declined by 21.2%.
Construction enterprises recorded a year-on-year increase in turnover of 1.9% in November 2023, growing for the second consecutive month.
Turnover in information and communication activities continued to rise and in November 2023 they were higher by 15.4% year-on-year. The long-term increase in the strongest computer programming contributed to the result, which was currently higher by almost a quarter. The year-on-year increase in turnover of telecommunications by 7.2% was also significant.
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Development in November 2023 compared to October 2023
After adjusting for seasonal effects, turnover decreased month-on-month in 3 out of 5 monitored sectors of the economy, most significantly in industry by 3.6%, in transportation and storage by 2.2%, in construction by 0.4%. In November, turnover rose, or rather stagnated, in selected market services by 0.1%, and it recorded an increase in information and communication activities by 2.2%.
Development for the first eleven months of 2023
In total, for the first eleven months of 2023, turnover decreased year-on-year in three of the five monthly monitored sectors of the economy, most significantly in selected market services by 8.1%. Turnover in industry were also behind year-on-year by 3.1%, in transportation and storage by 2%. On the contrary, construction recorded a slight growth of 2%, cumulative turnover in information and communication activities increased by 12%.