Slovakia Industry August 2021

Slovakia

Slovakia: Industrial output records lowest growth since February in August

October 11, 2021

Industrial production rose 0.9% year-on-year in August (July: +7.8% yoy). August's figure marked the worst reading since February. The notable weakening was partly driven by a deterioration in manufacturing output. In addition, mining and quarrying output fell.

On a monthly basis, factory output declined 3.8% in seasonally-adjusted terms in August, contrasting July’s 0.8% expansion and marked the worst result since April 2020. Meanwhile, annual average industrial production growth rose to 10.3% in August (July: +10.1%), signaling an improving trend in the industrial sector.

FocusEconomics Consensus Forecast panelists project industrial production to grow 4.9% in 2022, which is unchanged from last month’s forecast. For 2023, the panel sees industrial production rising 4.2%.


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Slovakia Industry August 2021

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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