Description The Industrial Production Index reflects the monthly changes of the volume of production in the sectors of mining and quarrying, manufacturing, electricity supply, water supply and materials recovery.
Method The Industrial Production Index is using 2021 as base year, meaning that it shows the monthly changes in production in relation with the monthly average production of the year 2021. In the base year, the average of the production indices for the twelve months is 100,0. For example, a monthly production index of 103,4 means that the production for the specific month has increased by 3,4% in relation to the monthly average production of 2021.
The aggregated Index of Industrial Production is a weighted average of the production indices of the various sub-sectors of Industry, as determined in the statistical classification of economic activities NACE Rev. 2. The weights used for the compilation of the index are derived from the value added of the enterprises in the base year (2021) and reflect the value added of each sub-sector in relation to the total value added of the Industrial sector.
Data Coverage The Index covers the sections B, C, D and E of the statistical classification of economic activities NACE Rev. 2 of the European Union. The index does not include sewerage, waste collection, treatment and disposal and remediation activities, which are codes 37, 38.1, 38.2 and 39 of section E.
The mining and quarrying sector covers all major quarrying products but not the support activities for the extraction of natural gas. For manufacturing and materials recovery, all enterprises with production value 2.000.000 Euros and over or with employment 20 or more persons are included in the survey and a sample is selected from smaller enterprises. For electricity supply and water collection, treatment and supply, data is collected from administrative sources.
Frequency The index is compiled on a monthly basis. The collection of data is conducted by the Statistical Service by telephone enquiries or e-mail. The data collection process starts five to ten days after the end of the reference period and is normally completed within a month and a half.
Data Availability The first reference month of the Index is January 2021.
At a national level the Index is published every month in its gross form in a relevant Press Release and in the Online Database CYSTAT-DB on the website of the Statistical Service of Cyprus. In addition to gross data, both seasonally and working day adjusted data are transmitted every month to the Statistical Office of the European Union (Eurostat).
Comparability Over Time The data are comparable over time.
Principal Variables Production of Industrial goods. If not available, deflated sales.
Classification Systems Economic activity: Industrial classification of economic activities within the European Communities (NACE Rev. 2) - Resutls disseminated at the 2-digit level or 2-digit level groupings.
Legal Framework The compilation of the Industrial Production Index follows the provisions of Regulation (EU) 2019/2152 on European business statistics.