After two fluctuating months, the production of the Slovak industry returned to the previous year´s level
Even the growth in manufacture of motor vehicles and production related to energy could not significantly exceed the decline in manufacture of metals and also machinery and equipment. Lower year-on-year performance in May this year was reported by 8 out of 15 industrial sectors.
In May 2024, the industrial production1) of the Slovak Republic remained at the level of the previous year. After a significant decline in March and, on the contrary, a relatively significant growth in April, its year-on-year performance was lower by only 0.1%. In total, 8 of the 15 monitored sectors2) recorded a year-on-year lower performance, including some important sectors of the Slovak industry.
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The most significant negative impact on industrial production in the fifth month of this year had a decrease in manufacture of metals by more than 15%. 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 minus 2.93 percentage points (p.p.) to the sector´s result. One of the main sectors of the Slovak industry showed a year-on-year decline this year for the fourth time in a row.
The industry was also negatively affected by an almost 18% decrease of performance in manufacture of machinery and equipment (contribution -1.69 p.p.). A significant drop in mining and quarrying continued, in which, due to the closure of mines since the beginning of the year, production is significantly lower year-on-year, in May it was by 31.6% (contribution -0.5 p.b.).
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Higher growth in selected sectors saved the industry from a significant decline. The most significant impact was year-on-year higher performance in the significant manufacture of transport equipment, which continued in May. However, it could not positively affect the industry. The growth rate slowed down by half compared to the previous month, when it reached nearly 8% (contribution +2.06 p.p.).
The continued year-on-year significantly higher performance in energy, i.e. in electricity, gas, steam and air-conditioning supply, contributed to the positive development of the entire industry. In May, the industry showed a growth by 28.7% (contribution +1.91 p.p.). Manufacture of food also showed a higher production by almost 14% than a year ago (contribution +0.69 p.p.). The manufacture of electrical equipment remained in positive numbers for the sixth consecutive month, in May it increased by 7.2% year-on-year (contribution +0.41 p.p.).
On a month-on-month basis (compared to April 2024), after seasonal adjustment, industrial production decreased by 1.4%.
From January to May of this year, industrial production increased by 0.3%. 5 out of a total of 15 monitored sectors (special industrial groupings) had a higher performance than in the corresponding period last year3). The most significant result was affected by over a quarter (27.6%) growth in electricity, gas and air-conditioning supply (contribution +2.38 p.p.) and an increase by more than 13% in manufacture of electrical equipment (contribution +0.73 p.p.). The industry was hampered mainly by manufacture of metals, which in the first five months of 2024 showed a year-on-year decrease by 5.8% (contribution -1.08%) and also over 9% lower performance in manufacture of machinery and equipment (contribution -0.83 p.p.).
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