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INDUSTRIAL PRODUCTION INDEX

Statistics Directorate    
Definition:
An industrial production index is an index covering production in mining, manufacturing and public utilities (electricity, gas and water), but excluding construction.

The exact coverage, the weighting system and the methods of calculation vary from country to country but the divergences are less important than e.g. in the case of the price and the wage indices.

Context:
Production indices are normally compiled at monthly or quarterly frequency to measure increases and decreases in production output. Indices of industrial production that are compiled in all OECD Member countries which are used as a main short-term economic indicator in their own right because of the impact that fluctuations in the level of industrial activity have on the remainder of the economy.

The most relevant international statistical guidelines and recommendations for the compilation of industrial production indices are those published by the United Nations in Studies in Methods – Index Numbers of Industrial Production, (Series F, No. 1 (1950)). Recommendations for the compilation of annual statistics for industry are provided in another UN publication, International Recommendations for Industrial Statistics (UN Statistical Papers, 1983, Series M, No. 48 Rev. 1).

The focus of these recommendations, however, is the compilation of annual statistics for industry, though brief mention is given to sub-annual statistics. More specific guidelines for member countries of the European Union have been published by Eurostat in Methodology of Industrial Short-term Indicators: Rules and Recommendations (Eurostat, 1996).

Source Publication:
The OECD Economic Outlook: Sources and Methods.

Hyperlink:
http://www.oecd.org/eco/outlook/sources-and-methods.htm

Statistical Theme: Industry and services statistics

Created on Tuesday, September 25, 2001

Last updated on Friday, March 28, 2014