Turnover in industry and in selected market services mitigated its decline, while construction and transportation resulted in a growth

May´s turnover rose year-on-year in three out of the five monitored sectors of the economy, only information and communication activities maintained higher growth dynamics.

In May 2023, industry, as the most important sector in the structure of the economy, recorded a year-on-year turnover decrease by 2.9%. Although the dynamics of the decline mitigated, the turnover drop compared to the corresponding period last year continued for the fifth month. A real turnover decline (at constant prices) was reflected in 9 out of 16 monitored sectors¹⁾. The total development was most significantly affected by the year-on-year turnover decrease in the supply of electricity and gas by 26.2%, in manufacture of rubber and plastic products by 20.3%, but also in manufacture of metals by 8.5%. A more significant slump in turnover in industry was prevented by year-on-year higher turnover in the major manufacture of transport equipment by 10.6%, manufacture of computer products by 7.7% and manufacture of food by 1.1%.

In May 2023, selected market services achieved a turnover decrease by 12.2%, while lower values ​​than a year ago were recorded for the fifth consecutive month. The result was mainly influenced by administrative and other business activities, with a year-on-year turnover drop by almost 35%. The highest year-on-year growth, at the level of almost 32%, was reported by turnover for other professional, scientific and technical activities. The second highest growth, i.e. by 19.2%, was recorded by the less significant activities of travel agencies. However, they continued to lag behind the pre-pandemic values.

In May 2023, turnover of transportation and storage enterprises increased by 0.2% year-on-year. It reached negative values after two months. Higher overall growth was hampered by a 5% drop in the most significant component in land transport, including pipeline transport.

Information and communication activities are the only ones to maintain a higher rate of turnover growth in the long term, with a year-on-year increase by 10.1% in May 2023. Computer programming, the strongest in terms of volume, contributed most significantly to the overall positive result, with year-on-year growth of 17.6%, and activities for radio and television, with a growth by 13.5%.

After two months, construction companies returned to positive numbers, in May 2023 they realized higher turnover by 1.2% than in the same month last year.

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Development in May 2023 compared to April 2023

After seasonal adjustment, turnover increased month-on-month in all five monitored sectors of the economy. Most significantly, by 4% in transportation, in construction by 3.6% and in industry by 3.4%. In information and communication activities, turnover recorded a month-on-month increase by 2.7% and in selected market activities by 2.5%.

Development for the first five months of 2023

In total for the first five months of 2023, turnover increased the most year-on-year in information and communication activities by 10.6%. Turnover growth was also recorded in transportation and storage by 2.5% and construction by 2.1%. On the contrary, the cumulative year-on-year turnover decline in selected market services deepened to 11.2%, and turnover in industry dropped by 2.6%.