Volume index of industrial production
Volume index of industrial production is one of the key indicators characterising development of industrial sector. It measures changes in the industrial production output over time and is influenced by changes in industrial output volume and prices. Influence exerted by the industrial production output in national economy, in turn, is measured by the "weight" thereof, i.e., value added produced by industrial sectors.
The data are collected every month from economically active enterprises which in industrial production employ 20 and more people or the annual turnover whereof reached 500 thousand euros or more in previous year. The data are published on the 34th day after the end of the reference period.
Volume index of industrial production characterises changes in volume of industrial output during the reference period, compared to the base period.
Calculation of the volume index of industrial production is based on the following economic activities (in line with the NACE classification):
- mining and quarrying (B);
- manufacturing (C);
- electricity, gas, steam and air conditioning supply (D), except for steam and air conditioning supply (group 35.3).
Volume index of industrial production is calculated as a chain-linked index where the average monthly volume of the previous year output at constant prices is used as a base and the value added produced two years ago in breakdown by NACE section, division, group and class is used a weights. Production output indicator is recalculated into constant prices with the help of producer price index. The weights are changed every year, thus all changes in the industrial sector structure are taken into account.
Industrial sectors – seasonally adjusted data
Seasonality reflects seasonal fluctuations of data that repeat more or less regularly every year. Seasons, social habits and influence of institutional events are the key factors influencing seasonality.
Seasonal fluctuations and calendar effects may hinder analysis of the time series, as do not allow to get clear understanding of the development of indicators. To eliminate the influence exerted by seasonal fluctuations and calendar effects, time series are seasonally adjusted. Seasonally adjusted data allow to evaluate changes in economic processes more objectively by eliminating seasonal influence. Seasonally adjusted data do not include seasonal fluctuations, thus, for example, data on the running month may be compared to those on the previous month.
Volume indices of industrial production by economic activity (2015=100, seasonally adjusted data)
Main industrial groupings
Main industrial groupings are formed as an intermediate between sections of the industrial sectors (B, C, D and E) by regrouping the respective 3-digit groups of the Statistical Classification of Economic Activities in the European Community (NACE Rev. 2).
There are five main industrial groupings:
- intermediate goods;
- capital goods;
- durable consumer goods;
- non-durable consumer goods.
Volume indices by main industrial grouping (2015=100, seasonally adjusted data)
Volume index of industrial production – tables in database