Slovakia Industry March 2020

Slovakia

Slovakia: Industrial output drops at sharpest rate in over a decade in March

May 11, 2020

Industrial output fell 19.6% compared to the same month a year earlier in March, which followed February's 1.7% decrease. March's reading marked the worst reading since May 2009 and chiefly reflected the impact of the Covid-19 pandemic and its associated containment measures on activity.

The reading was primarily driven by a marked decline in manufacturing output. In addition, electricity, gas and steam supply output also contracted.

After adjusting for seasonal effects, industrial production declined 20.2% month-on-month in March (February: -0.8% month-on-month, seasonally adjusted).

Meanwhile, annual average industrial production decreased 2.9% in March, which was below February’s 0.6% fall. The reading marked the worst result since March 2010.

FocusEconomics Consensus Forecast panelists project industrial production to fall 9.5% in 2020, which is down 5.2 percentage points from last month’s forecast. For 2021, the panel sees industrial production rising 8.4%


Author:, Economist

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Slovakia Industry March 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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