Industrial production is catching up to last year's level, seven out of the 15 monitored components were already growing
Industrial production in Slovakia in August 2020 was lower only by 0,8 % year-on-year, which is the lowest decrease this year. Although the manufacture of transport equipment declined again, the recovery was reflected in seven out of the 15 components of industry 1) (in the previous month, there were only four).
The decrease of the industrial production markedly slowed down in August, with two exceptions, the production has been decreasing since June last year. It decreased by 0,8 % in August, which was the lowest this year. Month-on-month (compared with July), after seasonal adjustments, the industrial production increased by 4,4 % in August.
For the first time since the onset of the Covid pandemic, the manufacture of rubber and plastic products started to grow, in August, it rose by 12,5 %, year-on-year. After ten months of decline, the manufacture of computer products increased by 6,1 %. For the third month in a row, high growth was recorded in electricity and gas supply by 13,1 %. The growth period in the manufacture of coke and petroleum products in August by 14,8 % is influenced by the year-on-year shutdown at one of the producers.
The fact that industrial production did not yet grow in August 2020 , was due to the fact that, after the growth in July, manufacture of transport equipment decreased again by 3 %, year-on-year. The overall decline in industrial production was also influenced by the continuing fall in the manufacture of machinery n.e.c. by 9,2 %. In total, three out of the 15 monitored industry components still had a decrease of more than 10%.
According to the main industrial groupings, compared with August 2019, the production of capital goods decreased by 6,9 % and the production of non-durable goods by 2,1 %. Production related to energy was higher by 12,5 %, production of durable goods by 5,1 % and production of intermediate consumption by 0,4 %.
Since the beginning of the year, in summary, industrial production fell by 14,3 % year-on-year in 2020, of which in manufacturing by 17 %. Production increased in electricity, gas supply by 3 % and in mining and quarrying by 5,3 %.
As for the special groupings of industries that contributed the most to the overall decline in production, the most significant decrease was in the manufacture of transport equipment by 25,3 %, manufacture of machinery and equipment n.e.c by 17,8 % and in manufacture of rubber and plastic products by 14,4 %.
According to the main industrial groupings, production of durable consumer goods decreased by 24,5 %, production of investment goods by 22,6 %, production of non-durable consumer goods by 11,7 % and production of intermediate consumption by 11,5 %. Production related to energy rose by 4,7 %.
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