Turnover in industry accelerated the pace of decline, it increased only in information and communication

Of the five monthly monitored sectors of the economy, September´s turnover increased year-on-year only in information and communication activities, but at a slower pace. The industry remained in negative values for the third consecutive month. The trend of year-on-year declines continued in selected market services, as well as transportation and storage. After four months of growth, turnover in construction already reached negative numbers.

Industry, as the most important sector in the structure of the economy, recorded a year-on-year turnover decrease by 5.9% in September 2023, increasing the pace of decline by almost half compared to August. Among the 16 monitored industrial sectors¹⁾, turnover (at constant prices) decreased year-on-year in 9. The overall development was most significantly affected by the decrease in the supply of electricity and gas by 42.6%, in manufacture of metals by 15.9%, as well as in manufacture of rubber and plastic products by 17.9%. The decrease in the turnover volume of industry moderated the growth in manufacture of transport equipment by 7%, in manufacture of coke and petroleum products by 27.8%, as well as in manufacture of computer products by 11%.

September´s turnover in selected market services decreased by 1.1% year-on-year. The turnover decline continued for the ninth consecutive month, but it slowed down significantly in the last two months. The main influence on the overall negative result had mainly the administrative and offer support activities with year-on-year turnover lower by 14.1%. On the contrary, turnover of architectural and engineering activities, with a growth by 16.5%, contributed to slowing down the decline of the entire industry.

In September 2023, the turnover of transportation and storage enterprises decreased by 3.4% year-on-year and remained in negative values ​​for the seventh consecutive month. Lower turnover of the entire industry was mainly the result of the continued turnover drop in the most important land transport, including pipeline transport which was at the year-on-year level by 7.6% in September. The second most important in terms of volume- warehousing and support activities for transport also remained in negative numbers, with turnover dropping by 1.5% year-on-year.

Construction enterprises achieved a year-on-year turnover decrease by 3% in September 2023, which means that they started to decline after four months of growth.

Turnover in information and communication activities increased by 7.8% year-on-year. Thus, they continued the long-term growth trend, although in September 2023 they slowed down the dynamics by almost half. Computer programming, the strongest in terms of volume, repeatedly contributed to the overall positive result, with a growth by 12.4%.

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Development in September 2023 compared to August 2023

After seasonal adjustment, turnover dropped month-on-month in 3 out of the 5 monitored sectors of the economy, most significantly in construction by 4.5%. Turnover also decreased in industry by 1.4%, as well as in information and communication activities by 0.4%. Turnover in selected market services rose by 2.6%, as well as in transportation and storage by 2.4%, at an almost identical rate month-on-month.

Development for the first nine months of 2023

In total, for the first nine months of 2023, turnover decreased year-on-year in 3 sectors of the economy, most significantly in selected market services by 8.7%. In the three quarters of the year, industry´s turnover was lower by a total of 3%, in transportation and warehousing by 1.2%. Turnover growth continued in information and communication activities by 11.3%. Compared to the previous year, turnover in construction also maintained a cumulative growth, though more modestly, by 1.9%.