IFP: Industry Accounted for 50 percent of Job Losses in Private Sector Last Year

Bratislava, February 12 (TASR) - Industry accounted for half of the job losses in the private sector in 2023, Financial Policy Institute (IFP) analysts have stated in a recent analysis, adding that 20 percent of the jobs lost in the sector concerned low-skill services. According to the analysis, the deepening of the decline last year was the result of a combination of several factors. As the unemployment rate has been stable, employees have either changed their employment status or retired. "In December, we recorded a more than threefold increase in applications for early retirement. At the same time, some employees have probably become self-employed. Their number increased most significantly in industry, construction, but also in low-skill services," the analysts explained. IFP added real industrial revenues in December 2023 dropped by 7.3 percent year-on-year. Slovak industry recorded significantly negative figures for the second month in a row, and among the manufacturing industries only food production and the automotive industry didn't decline. In monthly terms and seasonally adjusted, industry improved slightly in December, with revenues rising by 2.2 percent. zel/df