Description The Industrial Turnover Index reflects the monthly changes of turnover in the branches of mining and quarrying, manufacturing, electricity supply, water supply and materials recovery.
The aggregated index is broken down to local market and export market index. The index is also compiled by main industrial groupings: intermediate goods, energy, capital goods, durable consumer goods and non-durable consumer goods.
Method The Industrial Turnover Index is using 2021 as base year, meaning that it shows the monthly changes in turnover in relation with the monthly turnover average of the year 2021. In the base year, the average of the turnover indices for the twelve months is 100,0. For example, a monthly turnover index of 112,4 means that the turnover for the specific month has increased by 12,4% in relation to the average monthly turnover of 2021.
The aggregated Industrial Turnover Index is a weighted average of the turnover indices of the various sub-sectors of Industry, as determined in the statistical classification of economic activities NACE Rev. 2. The weights used are derived from the total sales of the enterprises in the base year (2021) and reflect the turnover of each sub-sector in relation to the total turnover 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, electricity supply and water supply and materials recovery all enterprises with turnover 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 also 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 starts five to ten days after the end of the reference period and is normally completed within two months.
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 Turnover.
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 and the Main Industrial Groupings (MIGs).
Legal Framework The compilation of the Industrial Turnover Index follows the provisions of Regulation (EU) 2019/2152 on European business statistics.