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Slovak industry slowed down, production fell by 5.7% year-on-year in June

Christian Fernsby |
The slowdown was reflected in most industries during June, increases of small industries could not compensate for the deeper declines in the key energy sector, after the recovery in May, manufacture of transport equipment also slowed down again.

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It was also joined by a slight decrease in manufacture of metal.

In June 2022, industrial production1) decreased by 5.7% year-on-year, it was already the fourth month since the beginning of the year when the key sector of the economy recorded lower performance at constant prices than a year ago.

Indicators of long-term comparison - a comparison of increases and decreases to the average in the base year 2015 showed an assessment of the actual state of the performance of the sector compared to a longer period of time and, for example, to the same period before the pandemic.

Currently, the Slovak industry produced by 12% more value in June, but in June 2019 (before the pandemic) it was by 14% higher than the average in the base year of 2015.

Overall, as for the 15 monitored industries (special industrial groups)2), the most industries, a total of 8, recorded a year-on-year decrease in production, and only 7 recorded a growth, the decisive structures of the Slovak industry recorded negative development.

The current result was most significantly influenced by a decrease in electricity, gas, steam supply by 30.4% (contribution -3.58 percentage points/p. p. to the overall result of the sector 3) and a decrease in manufacture of transport equipment by 6% (contribution -1.50 p.p.).

Also the impact of a slowdown by more than a quarter in manufacture of computer and electronic products (contribution -0.99 p.p.) and a drop of 6.7% in manufacture of metals and fabricated metal products (contribution -0.80 p.p.) was in the third place.

There was also a significant year-on-year decrease of almost 29% in manufacture of coke and refined petroleum products, which contributed to the slowdown of the whole industry by -0.64 p. p..

On the contrary, the fact that the industry as a whole did not achieve an even more significant slump was affected by increased performance in smaller sectors of the Slovak industry, i.e. by a 6.7% rise in the production of enterprises - manufacture of machinery and equipment, which contributed to the overall result of the industry by +0.65 p. p.), further increase in other manufacturing and repair of machinery by 16.6%, which contributed to the balance of 0.60 p. p..

Minor contributions to the growth of the industry were also represented by higher performances in manufacture of electrical equipment, further in manufacture of food, but their year-on-year increases did not exceed the value of 6%, and then the dynamism in manufacture of textiles and leather, which exceeded the level of 10%.

In terms of structure according to the main industrial groupings, production related to energy decreased by more than 30% year-on-year, a decline of more than 15% was reflected in production of durable consumer goods.

Production for intermediate consumption decreased by less than 2%. On the contrary, production of non-durable consumer goods increased by almost 8%.

On a month-on-month basis (compared to March 2022), after taking seasonal effects into account, industrial production declined by 1.9%.

In summary, for the whole first half of 2022, industrial production fell by 3.2% year-on-year.

The dynamics of development was most significantly affected by a decrease in production in energy sector by 21.4% (contribution -2.92 p.p.) and a subsequent slowdown in manufacture of transport equipment by 7.3% (contribution -1.8 p.p.).

On the contrary, production was supported by a growth, primarily in manufacture of electrical equipment by 9.1% (contribution +0.64 p.p., a rise by 9.1%), and by 3.5% in manufacture of rubber and plastic products (contribution +0.35 p.p.).

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