In October, the year-on-year turnover decline accelerated in all sectors, markedly in construction

Due to the second wave of the corona crisis, in October, turnover in the Slovak economy lagged even more behind the last year's level. In industry, transport, as well as in information and communication sector and in selected market services, the year-on-year decrease of turnover was below 5 %. The only exception was construction, with a decrease of 20,3 %, which is the highest in the last four years.

After a favorable development in September, when turnover rose in most of the major industries, reducing their year-on-year lag and were catching up to last year's level, they increased their negative numbers again in October. Travel agencies and offices were the least successful. The end of the tourist season was thus marked by a 74,3 % decline in their turnover, reaching only a quarter of the last year's turnover. On the contrary, the activities of gaming and betting offices were successful, with turnover exceeding last year's volume for the second month in a row by more than 25 %.

Development in October 2020 compared to September 2020 ¹⁾

The October turnover levels lagged behind September, most notably in construction by 5 %. They also recorded a decrease in information and communication by 1,9 %, or in transport and storage by 1,6 %. Month-on-month turnover dropped the most in industry, by only 0,6 %.

Development in October 2020 compared to October 2019

Turnover in industry decreased by 3 % year-on-year in October. Of the 16 surveyed components – branches or special groupings of industries, turnover exceeded the last year's level in only three of them. The most significant decrease was recorded in manufacture of coke and petroleum products by 29,1 % and in electricity, gas, steam and air conditioning supply (by 7,1 %). However, the majority of industrial production had their turnover lower up to 8 %, year-on-year. The year-on-year increase of turnover from industrial production was recorded only in the manufacture of transport equipment by 1,8 %, but the growth was slower than in September (by 4,7 %). The year-on-year increase of turnover was also achieved in the manufacture of electrical equipment by 2,1 %. Here, also, the growth slowed down compared to the previous month. After a six-month year-on-year decline, turnover in water and waste supply also increased by 0,6 % for the first time.

Turnover drop in construction have intensified, with the October drop of 20,3 % being the largest in the last four years (since October 2016). After the growth from the beginning of the year, construction turnover fell for the eighth month in a row.

In October, the turnover in transportation and storage ²⁾ , decreased in current prices, thus deepening again after a decrease of 1,3 % in September. The overall development was mostly influenced by the year-on-year drop in warehousing and support activities for transportation by 7,5 %, which, however, was the least in the last eight months. Turnover in air transport also declined, and after two months of growth, turnover in land and pipeline transport also dropped again.

For the sixth consecutive month, turnover in information and communication activities ³⁾ also decreased, similarly as in other sectors of the economy, after the improvement in September, turnover fell more sharply by 4,3 % in October. The decline was mainly due to a year-on-year decrease of turnover in the two most important activities, namely in computer programming and in telecommunications.

In October, the turnover in selected market services ⁴⁾ decreased year-on-year by 5 %.The biggest turnover drop continued in the activities of travel agencies and offices, in October they reached only a quarter of last year's volume of turnover. Gaming and betting activities did well, with turnover exceeding the last year's volume by more than a quarter for the second month in a row, rising by 25,3 % in October.

Development over the ten months of 2020 compared to the same period in 2019

In the ten months of 2020, turnover decreased in industry by 11,8 % year-on-year, while it decreased the most in manufacture of transport equipment by 16,5 %.

In the ten months, turnover decreased in construction by 12,5 % compared to the corresponding period in 2019.

In transportation and storage, turnover decreased by 9,5 % year-on-year, while it dropped in all activities, except postal and courier services.

The turnover increased in information and communication by 0,2 % a growth was maintained only in computer programming by 4,7 %.

In selected market services, turnover decreased by 5,7 % since the beginning of the year up to October, mostly due to lower turnover in activities of travel agencies and tour operator activities, while the decrease already exceeded 60 %.