Slovak industry continued its recovery from the end of last year, in January 2024 it increased by less than 4% year-on-year

The production increased mainly due to a significantly higher supply of electricity, gas and also manufacture of metals. Higher year-on-year growth was prevented by a decline in the most influential sector of Slovak industry –manufacture of transport equipment.

Industrial production¹⁾ of the SR in January 2024 increased by 3.6% year-on-year. After the recalculation of the long-term time series of data due to the transition to the new base period of 2021, industrial production has been increasing for the consecutive sixth month.

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The Statistical Office of the SR points out that starting from the data for January 2024, all the values of the annual indexes of industrial production have been recalculated due to methodological adjustments - the transition to a new base period (from 2015 to 2021)²⁾. The change affected all monthly indicators of industry statistics.

In spite of that, the development in the structures of the industry continued to fluctuate, the year-on-year lower performance was recorded in a total of 8 out of 15 monitored sectors (special industrial groupings)³⁾. The most significant impact on industrial production in the first month of this year was almost 25% growth in electricity, gas, steam and air conditioning supply (+2.92 p.p. contribution). It thus significantly helped to maintain the performance of the industry in positive numbers.

Contribution⁴⁾ is an indicator that takes into account the rate of increase/decrease combined with the weight of the sector in the industrial structure and hierarchizes the effects of individual sectors on the entire sector.

The second most significant impact on the overall result was a 15.6% growth in manufacture of metals (contribution +2.51 p.p.). Significant double-digit growth in this sector was maintained for the fifth consecutive month. The manufacture of electrical equipment also maintained positive figures, rising by 11.9% year-on-year in January (contribution +0.7 p.p.).

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Among the sectors that hampered industrial growth by slowing down performance, the most significant impact was a 6.2% decrease in the significant manufacture of transport equipment (contribution -1.45 p.p.) as well as an almost 6% decrease in manufacture of rubber and plastic products (contribution -0, 52 p.p.). The year-on-year lower performance continues in this sector for the 20th consecutive month.

On a month-on-month basis (compared to December 2023), after seasonal adjustment, industrial production decreased by 2.8%.