Slovakia Industry May 2022

Slovakia

Slovakia: Industrial output bounces back in May

July 21, 2022

Industrial output rose 1.1% compared to the same month of the previous year in May, which contrasted April's 9.6% decrease. Looking at the details of the release, May's rebound was broad-based. Manufacturing and mining and quarrying production accelerated, while electricity, gas and steam supply activity contracted at a softer rate.

On a seasonally-adjusted monthly basis, factory output rose 2.1% in May (April: -1.1% mom), the best result since November 2021. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at an over one-year low of 1.1%, down from April's 3.3% reading.

FocusEconomics Consensus Forecast panelists project industrial production to grow 0.6% in 2022, which is down 1.9 percentage points from last month’s forecast. For 2023, the panel sees industrial production expanding 5.1%.


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Slovakia Industry May 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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