Slovakia Industry March 2022


Slovakia: Industrial output drops at sharpest rate since June 2020 in March

May 10, 2022

Industrial output plunged 7.3% in year on year terms in March, which was a deterioration from February's 0.2% decrease. The outturn marked the worst reading since June 2020. March's notable downturn came on the back of contractions in manufacturing, and mining and quarrying output.

On a monthly basis, industrial output dove 5.3% in seasonally-adjusted terms in March, which was notably greater than February’s 2.2% fall and marked the worst result since April 2020. Meanwhile, the trend pointed down, with the annual average growth of industrial production coming in at 8.0% in March, down from February's 10.9%.

FocusEconomics Consensus Forecast panelists project industrial production to grow 3.7% in 2022, which is down 0.4 percentage points from last month’s forecast. For 2023, the panel sees industrial production expanding 4.5%.


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Slovakia Industry Chart

Slovakia Industry March 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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