The slowdown in car manufacturers and energy already affected the turnover of the entire industry to negative numbers in April

After five months of a year-on-year growth, the core industry's turnover began to decline in April. In the other four sectors concerned, turnover again increased most markedly in transportation and storage. Turnover of information and communication, as well as selected market services, also reached a double-digit year-on-year growth. Turnover of construction rose only slightly.

In April 2022, the slowdown in performance of industry was already reflected in turnover, which fell by 3% year-on-year. A decline in turnover of the strongest component of the Slovak economy was recorded despite rising prices. As for the 16 monitored industries (special industrial groupings¹⁾) 10 industries continued to grow.

The most significant impact on the result was a decrease in turnover in manufacture of transport equipment by 14%, followed by a decline in manufacture of computers by 20.3% and in energy by 5.6%. At the same time, electricity and gas production recorded almost a 40% increase in turnover in March. The negative development of turnover was also significantly affected by a decrease in mining and quarrying by 33.1%. In April 2022, the year-on-year decline in turnover moderated a rise in manufacture of metal by 7.3%, manufacture of food by 16.2%, as well as in manufacture of rubber and plastic products by 7.4%.

At the same time, in the division of transportation and storage, turnover increased year-on-year by as much as 24.2% in April 2022. High growth was recorded by the most important components of the division - land transport and transport via pipelines by 28.2%, warehousing and support activities by 20.6%.

Turnover of selected market services slowed down the growth dynamics, but it also increased in double digits by 10.7% in April. The result was mainly affected by administrative and support service activities, which increased by 34.3%. On the contrary, turnover of legal and accounting activities significantly decreased by 15% and real estate activities by 7.1%

Companies involved in information and communication reached a new record of growth rate by a year-on-year growth of 17.6% in April. Turnover in this sector rose in double digits for the fourth month in a row, thus confirming the long-term increasing trend. Turnover of computer programming contributed the most to it, rising by 23.9%. Only turnover of telecommunications decreased slightly by 2.2%.

On the contrary, turnover of construction continued to fluctuate, after a slight decline in March, it slightly increased by 0,4% year-on-year in April.

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Development in April 2022 compared to March 2022

In a month-on-month comparison, seasonally adjusted, turnover increased only in information and communication, by 1.2%. Turnover of other four monitored sectors of the economy recorded a month-on-month decline - selected market services fell by 5.8%, transportation and storage by 4.6%, industry by 1.9% and turnover in construction were by 1% lower than in March.

Development for the first four months of 2022

In summary, for the first four months of 2022, turnover of transportation and storage increased the most by 21.8% year-on-year. Turnover in information and communication (increased by 13.8%) and in selected market services (increased by 8.4%) followed. In terms of volume of turnover, the most important industry achieved a year-on-year growth of 3.8%. For the first four months of 2022, only construction cumulated a 2.2% drop in turnover.