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Slovakia Industrial production June 2023

Slovakia: Industrial output records quickest growth since May 2022 in June

Industrial production rose 3.6% year on year in June (May: -0.7% yoy). June’s figure marked the best reading since May 2022. The notable turnaround was largely driven by a notable rebound in manufacturing output.

On a monthly basis, factory output dropped 1.2% in seasonally adjusted terms in June, contrasting May’s 2.3% expansion and marking the worst result since June 2022. Meanwhile, the trend improved notably, with the annual average variation of industrial production coming in at minus 3.3% in June, up from May’s minus 4.0% reading.

On the outlook, Marian Kocis, analyst at Erste Group, commented:

“In the last months, we have seen some easing in the supply chain issues, which according to a survey among companies are not as concerning as in the previous months. On the other side, the Slovak industrial sector is more worried about the demand side due to a slowdown in the global economy, especially in Germany. We still expect some positive impetus to come in the second half of this year.”

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