Slovakia Industry April 2020


Slovakia: Industrial production contracts at sharpest pace on record in April

June 10, 2020

Industrial production dropped 42.0% year-on-year in April (March: -19.6% year-on-year). April's result marked the worst reading on record as the impact of the coronavirus pandemic wreaked havoc on activity.

April's reading was largely driven by a sharp decrease in manufacturing output which fell at the sharpest pace on record amid suspension of production at four of the country’s car plants and restrictions at subcontractors in the automotive sector as a whole. In addition, mining and quarrying production also contracted.

On a monthly basis, industrial output dove 26.7% in seasonally-adjusted terms in April, which was notably below March’s 20.3% fall. The reading marked the worst result on record. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 6.9%, down from March's minus 2.9%.

FocusEconomics Consensus Forecast panelists project industrial production to fall 10.8% in 2020, which is down 1.3 percentage points from last month’s forecast. For 2021, the panel sees industrial production rising 8.5%


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Slovakia Industry Chart

Slovakia Industry April 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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