PRESS RELEASE. INDUSTRIAL PRODUCTION INDEX: November 2017, y-o-y increase of 0.8%

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1 HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY Piraeus, 09 January 2018 PRESS RELEASE INDUSTRIAL PRODUCTION INDEX: November 2017, y-o-y increase of 0.8% The evolution of the Industrial Production (IPI) with base year 2010=100.0 in November 2017, on the basis of provisional and working day adjusted data, is as follows: The Overall Industrial Production in November 2017 recorded an increase of 0.8% compared with November The corresponding annual of the Overall IPI in November 2016 was 2.1% (Table 1). The average Overall Industrial Production for the period from January to November 2017 recorded an increase of 4.4% compared with the average IPI of the period from January to November 2016 (Table 2). The seasonally adjusted Overall Industrial Production in November 2017 recorded a decrease of 0.2% compared with October 2017 (Table 4) Graph 1. Evolution of annual rates of (y-o-y) of the Industrial Production and the Manufacturing Production Industrial Production (y-o-y) Manufacturing Production (y-o-y) Information: Economic and Short-Term Indices Division Production Indices Section Diamantaki Aikaterini, Thymoglou Georgia Tel: , Fax: a.diamantaki@statistics.gr, g.thymoglou@statistics.gr 1

2 The following graphs depict the evolution of the seasonally and non-seasonally adjusted Overall Industrial Production, as well as the monthly rates of (m-o-m) of the seasonally adjusted index. Graph 2. Evolution of the Industrial Production (2010=100.0) Non seasonally adjusted Seasonally adjusted Graph 3. Evolution of the monthly rates of (m-o-m) of the seasonally adjusted Industrial Production Seasonally adjusted Industrial Production (m-o-m) It should be noted that the time series with the seasonally adjusted indices is recalculated every time a new observation is added in the time series. Therefore, the seasonally adjusted data differ from the data published in the previous Press Release. 2

3 Evolution of the Industrial Production in November 2017 I. Annual s: November 2017/ November 2016 (Table 1) The 0.8% increase of the working day adjusted Overall IPI in November 2017, compared with the corresponding index in November 2016, is due to the annual s of the sub-indices in the following industrial sections: 1. Increase of: 0.2% in the Manufacturing Production. The increase was the result of the annual s of the sub-indices in the following 2-digit divisions: coke and refined petroleum products, basic pharmaceutical products and pharmaceutical preparations, computers, electronic and optical products, machinery and equipment. 6.5% in the Electricity Production. 2. Decrease of: 8.4% in the Mining and Quarrying Production. The decrease was the result of the annual s of the subindices in the following 2-digit divisions: mining of coal and lignite, extraction of crude petroleum and natural gas. 4.2% in the Water Supply Production. II. Rates of of the average index in the period January November 2017 compared with the corresponding index of the period January November 2016 (Table 2) The 4.4% increase of the working day adjusted Overall IPI in the 11-month period January November 2017, compared with the corresponding index in January November 2016, is due to the corresponding rates of of the sub-indices in the following industrial sections: 1. Increase of: 8.1% in the Mining and Quarrying Production. 2.9% in the Manufacturing Production. 10.3% in the Electricity Production. 2. Decrease of: 2.4% in the Water Supply Production. III. s: November 2017/ October 2017 (Table 4) The 0.2% decrease of the seasonally adjusted Overall IPI in November 2017, compared with the corresponding index in October 2017, is due to the monthly s of the sub-indices in the following industrial sections: 1. Decrease of: 11.2% in the Mining and Quarrying Production 1.4% in the Manufacturing Production. 1.6% in the Water Supply Production. 2. Increase of: 6.5% in the Electricity Production. 3

4 The following graph depicts the evolution of the Industrial Production and the Industrial Sections Indices. 130 Graph 4. Evolution of the Industrial Production and the Industrial Section Indices (2010=100.0) Industrial Production Manufacturing Water Supply Mining Quarrying Electricity 4

5 Table 1. Annual rates of of the Industrial Production (Working day adjusted data, according to the real number of working days) Code D i v i s i o n November Rate of 2017* / /2015 OVERALL INDEX B MINING AND QUARRYING Mining of coal and lignite Extraction of crude petroleum and natural gas Mining of metal ores Other mining and quarrying products C MANUFACTURING Food Beverages Tobacco products Textiles Wearing apparel Leather and related products Wood and cork Paper and paper products Printing and recording services Coke and refined petroleum products Chemicals and chemical products Basic pharmaceutical products and pharmaceutical preparations Rubber and plastic products Other non-metallic mineral products Basic metals Fabricated metal products Computers, electronic and optical products Electrical equipment Machinery and equipment n. e. c Motor vehicles, trailers and semi-trailers Other transport equipment Furniture Other manufactured goods Repair and installation services of machinery and equipment D ELECTRICITY Production and distribution of electricity E WATER SUPPLY Treatment and supply services of natural water MAIN INDUSTRIAL GROUPINGS 1 Energy Intermediate goods Capital goods Consumer Durables Consumer Non-Durables * Provisional data Note: The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 5

6 Table 2. Average indices of the period January November and rates of of the Industrial Production (Working day adjusted data, according to the real number of working days) Code Average indices of the period Jan.-Nov. Rate of D i v i s i o n 2017* / /2015 OVERALL INDEX B MINING AND QUARRYING Mining of coal and lignite Extraction of crude petroleum and natural gas Mining of metal ores Other mining and quarrying products C MANUFACTURING Food Beverages Tobacco products Textiles Wearing apparel Leather and related products Wood and cork Paper and paper products Printing and recording services Coke and refined petroleum products Chemicals and chemical products Basic pharmaceutical products and pharmaceutical preparations Rubber and plastic products Other non-metallic mineral products Basic metals Fabricated metal products Computers, electronic and optical products Electrical equipment Machinery and equipment n. e. c Motor vehicles, trailers and semi-trailers Other transport equipment Furniture Other manufactured goods Repair and installation services of machinery and equipment D ELECTRICITY Production and distribution of electricity E WATER SUPPLY Treatment and supply services of natural water MAIN INDUSTRIAL GROUPINGS 1 Energy Intermediate goods Capital goods Consumer Durables Consumer Non-Durables * Provisional data Note: The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 6

7 Table 3. of the Industrial Production (Working day adjusted data, according to the real number of working days) Code D i v i s i o n November October Rate of 2017* 2017** Nov. 2017/ Oct OVERALL INDEX B MINING AND QUARRYING Mining of coal and lignite Extraction of crude petroleum and natural gas Mining of metal ores Other mining and quarrying products C MANUFACTURING Food Beverages Tobacco products Textiles Wearing apparel Leather and related products Wood and cork Paper and paper products Printing and recording services Coke and refined petroleum products Chemicals and chemical products Basic pharmaceutical products and pharmaceutical preparations Rubber and plastic products Other non-metallic mineral products Basic metals Fabricated metal products Computers, electronic and optical products Electrical equipment Machinery and equipment n. e. c Motor vehicles, trailers and semi-trailers Other transport equipment Furniture Other manufactured goods Repair and installation services of machinery and equipment D ELECTRICITY Production and distribution of electricity E WATER SUPPLY Treatment and supply services of natural water MAIN INDUSTRIAL GROUPINGS 1 Energy Intermediate goods Capital goods Consumer Durables Consumer Non-Durables * Provisional data **Revised data Note: The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 7

8 Table 4. of the seasonally adjusted Industrial Production Code D i v i s i o n November October Rate of 2017* 2017** Nov. 2017/ Oct OVERALL INDEX B MINING AND QUARRYING Mining of coal and lignite Extraction of crude petroleum and natural gas Mining of metal ores Other mining and quarrying products C MANUFACTURING Food Beverages Tobacco products Textiles Wearing apparel Leather and related products Wood and cork Paper and paper products Printing and recording services Coke and refined petroleum products Chemicals and chemical products Basic pharmaceutical products and pharmaceutical preparations Rubber and plastic products Other non-metallic mineral products Basic metals Fabricated metal products Computers, electronic and optical products Electrical equipment Machinery and equipment n. e. c Motor vehicles, trailers and semi-trailers Other transport equipment Furniture Other manufactured goods Repair and installation services of machinery and equipment D ELECTRICITY Production and distribution of electricity E WATER SUPPLY Treatment and supply services of natural water MAIN INDUSTRIAL GROUPINGS 1 Energy Intermediate goods Capital goods Consumer Durables Consumer Non-Durables * Provisional data ** Revised data Notes: 1. The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 2. The whole time-series with seasonally adjusted indices is recalculated every time a new observation is added in the time-series. 8

9 Table 5. Evolution of the Overall Industrial Production (Working day adjusted data, according to the real number of working days) Year and month Overall rate of Annual rate of 12-month average indices (moving average) Rate of of the 12-month average indices 2015: Annual average : Annual average : ** * * Provisional data ** Revised data Note: The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 9

10 Table 6. evolution of the seasonally adjusted Overall Industrial Production and Main Industrial Groupings Year and month Overall Energy Intermediate goods Capital goods Consumer durables Consumer non-durables 2015: Annual average : Annual average : Notes: 1. The indices are rounded up to two decimal figures when published and percentage s up to one decimal figure when published. 2. The whole time-series with seasonally adjusted indices is recalculated every time a new observation is added in the time-series. 10

11 METHODOLOGICAL NOTES Generally The Industrial Production (IPI) is compiled since Purpose of the index The IPI is an important business cycle indicator, which shows the monthly activity in the Mining and Quarrying, Manufacturing, Electricity and Water Supply divisions. More specifically, the objective of the Industrial Production is to compare the magnitude (volume) of the output in the current month with the corresponding output in any given period which is considered as base period. The IPI shows the evolution of the value added of the production factors cost, at constant prices. Legal basis Reference period The compilation of the IPI is governed by Council Regulation (EC) No 1165/98 concerning short-term statistics. Furthermore, the IPI is governed by Regulation (EC) No 1893/2006 of the European Parliament and of the Council, by Commission Regulation (EC) No 656/2007 and by Council Regulation (EC) No 451/2008. Month. Base year 2010= Revision Statistical classifications Geographical coverage The IPI is a fixed base index. Pursuant to the provisions of Council Regulation No 1165/98 concerning shortterm statistics, the index is updated every five (5) years, in years ending in 0 or 5. At the level of branches of economic activities, the classification NACE Rev.2 of Eurostat was used (Regulation No 1893/2006), while at the level of main industrial groups, the allocation of two-digit and three-digit NACE Rev. 2 headings to categories of aggregate classification was used, in accordance with Council Regulation No 656/2007. At product level, the classification CPA 2008 of Eurostat was used, according to Council Regulation No 451/2008. The covers the whole Country. Coverage of economic activities The index covers all the sections of industry, the main industrial groups, all levels of economic activities (divisions, groups, and classes) and the level of products. Statistical survey The data are collected from a sample of 1,338 enterprises. The survey covers 354 products and the measurement of the surveyed products is made in terms of output quantities or in terms of production value or turnover, according to the specific situation in each branch of economic activity. Seasonal adjustment Publication of data References Seasonal adjustment is the procedure followed to remove the impact of seasonality on the time-series (i.e. the impact of monthly effects, e.g. holidays, tourist period etc), in order to improve comparability over time. The method used is the TRAMO-SEATS method with the use of JDemetra For the seasonal adjustment of the Industrial Production at 2-digit level of NACE Rev.2, at section level (B Mining and Quarrying, C Manufacturing, D Electricity and E Water Supply) and for the Main Industrial Groupings (MIGs), the direct approach is applied, namely each time-series is seasonally adjusted independently. For the overall Industrial Production, the indirect approach is applied, with the seasonally adjusted IPI being computed by aggregating the seasonally adjusted MIGs using appropriate weights. The IPI with the new base year (2010) is released since August 2014, with June 2014 as the first reference month. Data with base year 2010=100.0 are available from January 2000 onwards. More information about the methodology concerning the compilation and calculation of the index and for the time series is available on the website of the Hellenic Statistical Authority (ELSTAT) ( 11