Methodological
Note on the Index of Industrial Production
Scope
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, that is, 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.
Data collection
The collection of data is conducted by the
Statistical Service by telephone enquiries, fax 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. The mining and quarrying sector covers
all major quarrying products but not the support activities for the extraction
of natural gas. For manufacturing, all enterprises with production value
1.700.000 Euros and over or with 20 or more employees are included in the
survey and a sample is selected from enterprises employing less than 20
persons. The Electricity Authority of Cyprus provides production data, while
data are also collected from water distribution and desalination enterprises.
Compilation
methods and dissemination practices
The Industrial Production Index is using 2015 as
base year, meaning that it shows the monthly changes in production in relation
with the monthly average production of the year 2015. 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 2015.
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 (2015) and
reflect the value added of each sub-sector in relation to the total value added
of the Industrial sector.
The compilation of the Industrial Production Index
follows the provisions of Council Regulation (EC) No 1165/98 concerning
short-term statistics. 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). The Index is published at national level only in its
gross form.
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Last Update: 02/11/2021