In 2023, turnover in industry are in negative figures after two years of growth

In 2023, total turnover decreased year-on-year in the three strongest sectors of the economy in terms of volume – in industry, selected market services and in transportation and storage. Construction reached moderate growth on an annual level, turnover of information and communication activities increased by double digits.

In December 2023, industry recorded a year-on-year decrease in turnover of 7.3% and remained in negative values for the second consecutive month. Among the 16 sectors of industry¹⁾ up to 12 recorded a decline in turnover (in constant prices). The development in the last month of the year was most significantly influenced by the decrease in turnover in electricity and gas supply by 28.4%. A more considerable fall in turnover of the whole sector was mainly prevented by the growth in manufacture of transport equipment by 4.6%.

In December, turnover in selected market services decreased year-on-year by 4.8%, which means that they remained in negative values throughout the year 2023. Transportation and storage enterprises ended with a 3.6% year-over-year decline in turnover in 2023 and decreased for the second consecutive month. At the end of the year, even construction enterprises did not record improving the turnover balance, and they fell year-on-year by 6.2%.

Turnover in information and communication activities increased year-on-year by 12.2% in December, and with growth during all 12 months of 2023, they were the most stable of all five monitored sectors of the economy.

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After adjusting for seasonal effects, in the last month of the year, turnover rose month-on-month in 3 out of 5 monitored sectors of the economy - in industry by 3.8%, in transportation and storage by 1.4% and in selected market services by 1.3%. On the contrary, turnover dropped month-on-month in construction by 6.5%, as well as in information and communication activities by 0.6%.

Development of turnover in selected sectors for 2023

Industry, as a focal sector of the Slovak economy, recorded a year-on-year decrease in turnover by 3.4% for the entire year 2023. The decline occurred after two years of growth, but was lower than in 2020. Negative values in the annual summary were recorded by 10 out of 16 sectors of industry. The final result was most significantly affected by the decrease in turnover in electricity and gas supply by 31.2% and in manufacture of metals by 9%. On the contrary, the result was positively affected by the growth of turnover in manufacture of transport equipment by 11.4% and in manufacture of machinery by 4%.

In 2023, the second strongest sector in terms of volume, selected market services, recorded a decrease in cumulative turnover by 7.8% year-on-year, which after a slightly positive year in 2022 returned to the negative values from the "covid years" of 2020 and 2021. The most significant impact on the result was a decrease in turnover in office administrative and support activities by almost 24%. On the contrary, travel agencies and tour operator recorded the most dynamic increase in turnover of 9%.

Transportation and storage enterprises reported a cumulated 2.1% year-over-year decline in turnover for 2023, which was a change from the previous two years of record double-digit increases. The result was primarily reflected in the negative turn in the development of turnover of the two strongest components – in land transport and transport via pipeline, as well as in warehouse and support activities – which during most months of the year lagged behind the values from 2022

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In 2023, construction enterprises recorded only a moderate year-on-year increase in turnover by 0.3% and after the negative year of 2022, they continued the fluctuating development in this sector of the economy.

Information and communication activities reached a year-on-year growth of 12% in 2023 and thus repeated the double-digit rise from the previous year. This was mainly due to computer programming, with an increase in turnover of 16.9%, and telecommunications, where turnover grew year-on-year by 11.1%.