Turnover in industry also increased year-on-year in October, but its growth rate slowed down by almost half

October´s turnover rose year-on-year in three of the five monitored sectors of the economy. Transportation and storage, as well as information and communication, continued the double-digit growth from the previous months. Turnover in industry rose, 13 out of 16 industries were in positive numbers. Selected market services continued their downward trend, and after a monthly rise, construction sector also returned to negative values.

In October 2022, industry recorded a year-on-year increase in turnover by 7%. The turnover of the most important sector in the structure of the economy thus rose for the sixth consecutive month, but the October´s growth rate slowed down by almost half. A positive result was recorded by 13 out of 16 monitored industrial sectors (or special industrial groupings)¹⁾.

The overall positive result of turnover in industry was most significantly influenced by the turnover growth in manufacture of basic metals by 21.1%, in manufacture of transport equipment by 9.2% and in manufacture of electrical equipment by 28.6%. On the contrary, a significant year-on-year turnover decrease was recorded in supply of electricity and gas by 17.8%.

Turnover of selected market services as the second strongest sector by volume declined again and in October 2022 it was lower by 4.8% year-on-year. This result was primarily due to a double-digit turnover decrease of enterprises dealing with legal and accounting activities (by 17.4%), in administrative and business support activities (by 14.2%), as well as in real estate activities (by 11.1%). Turnover in advertising and market research rose significantly with an increase by 28.4%, as well as turnover in the activities of travel agencies. It rose continuously for the ninth consecutive month, in October it increased by 57.4% year-on-year, but after recalculation to constant prices, it lagged almost half behind the corresponding period in the pre-pandemic year 2019.

Transportation and storage enterprises maintained a double-digit pace of year-on-year turnover growth, increasing by 14.8% in October, but the growth dynamics slowed down repeatedly by 10 percentage points for the second month. All five components of this industry rose, and the positive result was mainly contributed by the two most significant components in terms of volume - warehousing and support activities (growth by 17.7%), land transport and transport via pipeline (growth by 9.7%).

The sector of information and communication activities continued for the third consecutive month with double-digit turnover growth, in October 2022 it increased by 17.5% year-on-year. All components of the industry rose, while computer programming had the most significant share in the overall positive result with a year-on-year increase by 25.5%.

Turnover in construction returned to decline after the September´s growth and in October 2022 it decreased by 2.5% year-on-year.

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Development in October 2022 compared to September 2022

After seasonal adjustment, turnover in all five monitored sectors of the economy dropped month-on-month. It decreased most moderately in information and communication activities by 0.7% and in selected market services by 1%. A slightly greater month-on-month decrease was recorded in industry by 1.9%, in construction by 2% and the greatest in transportation and storage by 3.5%.

Development for the first ten months of 2022

In total, for the first ten months of 2022, turnover increased, year-on-year, in double digits in transportation and storage by 25.6%, as well as in information and communication activities by 14.6%. The most significant industry in terms of volume reached a cumulative year-on-year increase in turnover by 7.7%, and turnover of selected market services rose by 1%. A decrease in turnover by 2.5% was recorded in construction.