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.
Author: Hanna Andersson, Economist