Turnover in industry moderated the pace of decline, it continued to grow in construction as well as in information and communication

Of the five monthly monitored sectors of the economy, August´s turnover increased year-on-year only in information and communication activities, as well as in construction. The negative values from July continued in industry, although with a more moderate decline. Selected market services, as well as transportation and storage, continued the trend of year-on-year declines.

Industry, as the most important sector in the structure of the economy, recorded a year-on-year turnover decrease by 3.2% in August 2023, but the dynamics of the decrease significantly dropped compared to July. Among the 16 monitored industrial sectors¹⁾, turnover (at constant prices) decreased year-on-year in 8. The overall development was most significantly affected by the year-on-year turnover decrease in the supply of electricity and gas by 46.5%, in metal production by 14.1%, as well as in manufacture of rubber and plastic products by 19.7%. Growth in the production of transport equipment by 13.6%, in manufacture of coke and petroleum products by 43%, as well as in manufacture of computer products by 14% had a positive impact on the turnover volume of industry.

In selected market services in August 2023, turnover dropped by 5.1% year-on-year, their lower volume at constant prices persisted for the eighth consecutive month. The negative result was primarily influenced by year-on-year lower turnover in administrative and other business support activities by 18.5%, as well as in activities of head offices by 11.6%. The overall decrease slowed the turnover growth in the real estate sector by 3.4%.

In August 2023, the turnover of transportation and storage enterprises dropped by 8.4% year-on-year and remained in negative values for the sixth consecutive month. The turnover decrease of the entire industry was mainly the result of a significant turnover decrease in the most important land transport, including pipeline transport, by 14.4%. The second most important in terms of volume, warehousing and support activities for transportation, also remained in negative numbers and dropped by 3.1% year-on-year.

In August 2023, construction enterprises reached a year-on-year growth of turnover by 6.2% and balanced or they maintained a growing trend for the fourth consecutive month.

Turnover in information and communication activities continued in the long-term trend of double-digit growth, increasing year-on-year by 13.5% in August 2023. Computer programming, the strongest in terms of volume, repeatedly contributed the most to the overall positive result, with a growth of 20.1%.

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Development in August 2023 compared to July 2023

After seasonal adjustment, turnover rose month-on-month in all 5 monitored sectors of the economy. They increased most significantly in industry and construction equally by 2.3%, and in selected market services as well as in information and communication activities by 1.5%. In transportation and storage, turnover increased month-on-month by 0.3%.

Development for the first eight months of 2023

In total, for the first eight months of 2023, turnover rose year-on-year in information and communication activities by 11.8%, as well as in construction by 2.8%. In other three monitored sectors of the economy on a monthly basis, overall turnover dropped most significantly in selected market services by 9.7%. Turnover in industry decreased year-on-year by 2.7% in eight months, as well as in transportation and storage by 0.9%.