Slovakia Industry June 2022

Slovakia

Slovakia: Industrial activity shrinks in June

August 10, 2022

Industrial production shrank 5.7% year on year in June (May: +1.1% yoy). Looking at the details of the release, the decline was largely due to contractions in the energy and manufacturing sectors. Notably, however, growth in the machinery and equipment subsectors softened the overall downturn in the key manufacturing sector.

On a monthly basis, industrial production fell 1.8% in seasonally-adjusted terms in June, contrasting May’s 2.1% expansion. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at an over one-year low of minus 0.5% in June, contrasting May's plus 1.1% reading.

FocusEconomics Consensus Forecast panelists project industrial production to grow 1.3% in 2022, which is down 1.9 percentage points from last month’s forecast. For 2023, the panel sees industrial production expanding 3.8%


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Slovakia Industry June 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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