Slovakia Industry May 2020

Slovakia

Slovakia: Industrial activity drops again in May

July 10, 2020

Industrial production slumped 33.5% year-on-year in May, following April’s 42.0% nosedive, which had marked the sharpest decline on record.

May's smaller drop was partly driven by a softer fall in manufacturing output, although, it still continued to contract at a sharp rate.

On a monthly basis, industrial production rose 19.6% in seasonally-adjusted terms in May, contrasting April’s 27.2% fall and marking the best result since January 2008. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 10.1% in May, down from April's minus 6.9% reading.

FocusEconomics Consensus Forecast panelists project industrial production to fall 11.8% in 2020, which is down 1 percentage points from last month’s forecast. For 2021, the panel sees industrial production rising 9.0%


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Slovakia Industry May 20 20

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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