After a further contraction in the third quarter, manufacturing output increased in October (seasonally adjusted); in the first 10 months, it rose by 1.2% year-on-year (working day-adjusted). Following a contraction in the third quarter, the strongest increase in production volume was observed in high- and low-technology industries. Production in medium-low-technology industries continued to rise, while medium-high-technology industries experienced a contraction after stagnating in the third quarter (all seasonally adjusted). In most sectors, production increased year-on-year in October. In the first ten months, manufacturing output was on average 1.2% higher than in the same period last year (working day-adjusted). Growth exceeded the average growth in manufacturing in most energy-intensive industries (except for the construction-related manufacture of non-metallic mineral products) and in the manufacture of electrical equipment. Growth in other medium-high-technology industries (manufacture of machinery and equipment n.e.c, manufacture of motor vehicles and other transport equipment) declined year-on-year (by around 2.3%). The low-technology wood and furniture industry, along with the leather industry, fell most significantly below the previous year’s level (by more than 10%).

According to data on the value of construction work put in place, construction activity remained lower year-on-year in October. After last year’s robust growth of construction activity, the value of construction put in place this year has fallen sharply. In October, it was 13% lower year-on-year, and in the first ten months combined, it was down by 11%. In this comparison, the most significant declines were seen in civil engineering (down 14%) and construction of buildings (down 13%), while the smallest decline occurred in specialised construction activities (down 6%). 
This lower activity was partly related to government investment activity. According to the consolidated general government budgetary accounts, capital expenditure fell by 6% in the first ten months of the year, and expenditure on new construction, reconstruction, and renovation, which we consider to be most closely linked to construction activity, was 23% lower.

The current account surplus in the last 12 months (until October) was significantly higher than in the previous 12-month period (by EUR 1.1 billion), reaching EUR 3.4 billion (5.1% of estimated GDP). The higher surplus was mainly attributable to the goods trade balance, as imports of goods fell, while exports of goods stagnated. The services surplus has also increased, particularly in trade in other services (mainly R&D services and technical, trade-related and other business services). Primary and secondary income also contributed to the improvement in the current account balance. The primary income deficit declined year-on-year mainly due to lower net outflows of dividends and profits and higher net interest receipts from abroad, while the secondary income deficit declined due to higher government receipts from transfers from the EU budget and lower outflows of private sector transfers.

Electricity consumption in the distribution network was 2.5% higher year-on-year in November. Industrial consumption rose by 4.7% year-on-year, partly due to a low base effect from last year related to holiday shutdowns following 1 November (which fell midweek). Small business consumption was 1.2% higher year-on-year in November, while household consumption was slightly lower year-on-year (by 0.9%).