For the third consecutive month, industry maintained a turnover growth, construction and services were below last year's level

July´s turnover in 2022 rose year-on-year in three out of the five sectors of the economy, while only transport and storage maintained a high growth dynamics. Selected market services and construction recorded a lower turnover despite the price increase.

Industry, as the most important sector in the structure of the economy, recorded a year-on-year turnover growth by 4.3% in July 2022. A positive result was reflected in 9 out of 16 monitored industries (special industrial groups)1).

Of the sectors that contributed the most to the overall turnover growth, the most significant increase was recorded in the supply of electricity and gas by 19.5%, in manufacture of transport equipment by 6.6%, in other manufacture by 19.9%, in manufacture of machinery by 9.9%, as well as in water supply by 5.4%.

Turnover in manufacture of computer products dropped significantly by 24.8%, and in manufacture of coke and refined petroleum products by 21.9%. There was also a decrease in manufacture of rubber and plastic products by 3.1%, in manufacture of wooden products by 3.4%, as well as in manufacture of food with a decrease by 0.5%.

Selected market services, the second most significant industry in terms of volume, recorded a 1.3% year-over-year decline in July 2022, representing a negative turn after five consecutive months of growth. This result was primarily due to a significant turnover drop in administrative and other business support activities by 12.4% and in real estate activities by 10.9%. On the contrary, an enormous year-on-year turnover growth was recorded in the activities of travel agencies by 126.4%.

Transportation and storage is the only sector to maintain a high rate of turnover growth in the long term, with a year-on-year increase by 30.6% in July 2022. All five components of this industry rose repeatedly, but the positive result was mainly contributed by the two most significant components in terms of volume – land transport, including transport via pipelines (increase by 28.3%),  warehousing and supporting activities (increase by 25.5%).

Information and communication enterprises also maintained their long-term turnover growth trend, although the pace continued to slow in July 2022, increasing by 8.2% year-over-year. Computer programming, with year-on-year growth by 5.3%, and telecommunications, with growth of 5%, contributed most to the overall positive result.

Turnover in construction remained in year-on-year decline for the third consecutive month and was lower by 1.4% in July 2022.

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Development in July 2022 compared to June 2022

Seasonally adjusted turnover rose by 2.5% month-on-month in industry and by 1% in transportation and storage. A turnover decrease was recorded in construction by 1.1%, in information and communication activities by 1.5%, as well as in selected market services by 1.6%.

Development for the first seven months of 2022

In summary, for the seven months of 2022, turnover in transportation and storage increased by 25.9% and in information and communication activities by 13.4% year-on-year. The most significant industry in terms of volume achieved cumulative year-on-year turnover growth by 5.4%, and turnover in selected market services rose by 3.2%. Construction recorded a 2.9% decrease in turnover.