Slovakia Industry July 2020

Slovakia

Slovakia: Decline in industrial output softens in July

September 10, 2020

Industrial output declined 3.6% compared to the same month of the previous year in July, a less pronounced drop than June's 8.5% decrease.

July's weaker decline was largely driven by a more moderate contraction in manufacturing output. Meanwhile, mining and quarrying production rebounded, while electricity, gas and steam supply output rose at a faster pace compared to June.

On a seasonally-adjusted monthly basis, industrial output rose 7.1% in July, a markedly softer increase than June’s 21.7% surge. Meanwhile, the trend deteriorated further, with the annual average variation of industrial production coming in at minus 11.1% in July, down from June’s minus 10.6%.

FocusEconomics Consensus Forecast panelists project industrial production to fall 13.8% in 2020, which is down 0.6 percentage points from last month’s forecast. For 2021, the panel sees industrial production rising 10.6%.


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Slovakia Industry July 20 20 0

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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