Slovakia Industry August 2022

Slovakia

Slovakia: Decline in industrial activity softens in August

October 10, 2022

Industrial output dropped 2.0% year on year in August (July: -6.4% yoy). The smaller drop was largely due to a notable rebound in manufacturing production, particularly in the all-important transport equipment sector. In contrast, electricity, gas and steam production fell again markedly.

On a seasonally adjusted monthly basis, factory output fell 0.9% in August (July: +1.2% mom). Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at an over one-year low of minus 1.7% in August, down from July's minus 1.5%.

FocusEconomics Consensus Forecast panelists project industrial production to contract 3.2% in 2022, which is down 2.0 percentage points from last month’s forecast. For 2023, the panel sees industrial production expanding 2.1%


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Slovakia Industry August 2022

Note: Year-on-year and annual average variation of industrial production index in %.
Source: Statistical Office of the Slovak Republic (SOSR) and FocusEconomics calculations.


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