February´s turnover of five economic sectors rose, construction and transportation even in double digits
The core industry maintained turnover growth, although it decreased in manufacture of transport equipment. High year-on-year growth was also reflected in transport (including warehousing) and information and communication activities. Although construction or selected market services increased, so far failing to catch up with the slumps of last February.
In February 2022, turnover in industry increased by 5.1% year-on-year. The positive trend in the core sector of the Slovak economy continued for the fourth month in a row, but compared to January, the growth dynamics slowed down by more than half. This trend is also pleasing because last year in February 2021, the industry maintained growth and its turnover at the height of one of the waves of the pandemic did not decreased as in other sectors. Year-on-year higher turnover in February 2022 was recorded by a total of 13 of the 16 monitored industries (or special groupings of industries) of industry. And only 1 industrie achieved growth exceeding 20%.
The most significant turnover increase was recorded in manufacture of metals by 13.8%, and in supply of electricity and gas by 11.9%. On the contrary, a better year-on-year result was prevented by a 7% year-on-year decline in manufacture of transport equipment.
On the contrary, in February 2022, transportation and storage enterprises increased the annual growth rate of turnover to 18.5%, while driven up by high growth in land transport (including pipeline transport) as well as in warehousing and support activities.
Turnover of information and communication activities (ICT) was higher by 13.9% in February 2022, while the upward trend was maintained over the last 12 months and the current rate of increase is the second highest in this period. With the exception of telecommunications, growth was recorded by all components of the industry.
After the January slump, year-on-year turnover also rose more dynamically in construction by 11.3%. However, the low benchmark a year ago has to be taken into account, as the industry's turnover dropped by more than 20% during the first two months of 2021. The current values of turnover at constant prices thus remained increasingly significantly below the levels before the pandemic (in February 2020).
Turnover of selected market services maintained year-on-year growth for the second month in a row, currently by 4.9%. They only caught up with part of last year's February slump by more than 4,9%. Developments in individual activities continued to be very fluctuating, in real estate turnover dropped by 7.7% year-on-year.
Development in February 2022 compared with January 2022
In a month-on-month comparison, seasonally adjusted turnover decreased only in industry, i.e. by 2.2%. In other industries they increased in transportation and storage by 3.6% and in information and communication activities by 2.8 in construction by 0.6% and in selected market services by 0.1%.
Development in the first two months of 2022
In total, in the two months of 2022, turnover increased year-on-year in industry by 8.7%, in transportation and storage by 16.2%, in information and communication activities by 11.7%, in selected market services by 5% and in construction by 0.6%.