Slovak industry slumps by 0.7% y/y in 2024

Slovak industry slumps by 0.7% y/y in 2024

/ bne IntelliNews

By bne IntelliNews February 7, 2025

Slovakia’s industrial output fell by 0.7% year on year in 2024 after registering a mild drop of 0.1% y/y and an increase of 1.1% month on month in December.

It was the seventh year that the industrial output fell since the financial crisis of 2009, when it suffered a double-digit slump.

“The industrial production of the year-long negative result cannot be saved even by the higher manufacture of motor vehicles and energy-related production,” Slovak statisticians highlighted, adding that “decreases in manufacture of metals and machinery and equipment contributed to the overall result.“

The December development was impacted mainly by the nearly 19% fall in the manufacture of machinery and equipment. An over 8% rise in electricity, steam, and air-conditioning supply helped partially offset the negative development, as did over 22% growth in other manufacturing.

However, the negative development was also contributed to by the nearly 15% drop in the manufacture of electrical equipment and more than 3% in the crucial manufacture of transport equipment.

The nearly 25% fall in mining where closures of mines contributed to the figure, which, however, did not influence the industry significantly.

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