Turnover dropped to record levels both in industry and in construction

March´s turnover decreased in 2 out of 5 monitored sectors of the economy, the decline in industry and construction exceeded 11%. Selected market services followed up on the two previous months´ growth, turnover in information and communication rose, but at a slower pace.

Industry, as the largest sector of the economy, recorded a year-on-year turnover decrease in constant prices by 11.4% in March 2024, while such a significant drop had not been recorded for almost four years, since May 2020. Among 16 industrial sectors¹⁾, a turnover drop was recorded in 13 of them.

From January 2024, year-on-year index values were recalculated in connection with changes in the data calculation methodology²⁾.

March´s turnover in selected market services rose by 5.2% year-on-year and continued to grow for the third consecutive month. In transportation and storage enterprises, the turnover growth stopped in March, it remained at the same level as a year ago.

In March 2024, turnover of construction enterprises dropped by 11.5% year-on-year, which was the most significant decrease since June 2022. The pace of year-on-year turnover drops in the construction industry accelerated for the third consecutive month.

Turnover in information and communication activities increased by 0.6% year-on-year. Only this

sector maintained a  long-term growth, but in March it recorded the slowest rate of turnover increase in the last two years.

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Development in March 2024 compared to February 2024

After seasonal adjustment, turnover in the third month of 2024 dropped month-on-month in 4 out of 5 monitored sectors of the economy, most significantly in construction by 5.2%. Turnover in information and communication activities dropped by 0.9%, in selected market services by 0.6% and in industry by 0.5%. In March, turnover rose month-on-month only in transportation and storage, by 2.7%.

Development in the first three months of 2024

In total, for the first three months of 2024, turnover decreased year-on-year in construction by 7.9% and in industry by 6.3%. On the contrary, cumulative turnover in information and communication activities, as well as in selected market services, rose equally by 5.6%. Year-on-year turnover growth of 1.5% was recorded in transportation and storage.