PRESS RELEASE. PRODUCTION INDEX IN INDUSTRY: December 2016 y-o-y increase by 2.2%

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1 HELLENIC REPUBLIC HELLENIC STATISTICAL AUTHORITY Piraeus, 9 February 2017 PRESS RELEASE PRODUCTION INDEX IN INDUSTRY: December 2016 y-o-y increase by 2.2% The evolution of the Production in Industry (IPI) with base year 2010=100.0 for December 2016, according to provisional data, is as follows: The Production in Industry (IPI), according to working day adjusted data, in December 2016 compared with December 2015 recorded an increase of 2.2%. In December 2015, the annual rate of of the IPI was 6.9% (Table 1). In the 12-month period from January 2016 to December 2016, according to working day adjusted data, the rate of of the IPI was 2.3%. In December 2015, the corresponding rate of of the IPI was 1.0% (Table 2). The seasonally adjusted Production in Industry (IPI), after eliminating the monthly effects (e.g. holidays, tourist period etc), in December 2016 compared with November 2016 recorded an increase of 2.2% (Table 4). 12% Graph 1. Evolution of Annual Rates of Change (y-o-y) of the Industrial Production and the Manufacturing Production (2010=100.0) 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII 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 seasonally and non-seasonally adjusted overall Industrial Production and the monthly s (m-o-m) of the seasonally adjusted index. Graph 2. Evolution of the Industrial Production (2010=100.0) Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Ι ΙΙΙ V VII IX XI Non seasonally adjusted Seasonally adjusted Graph 3. Evolution of the Changes (m-o-m) of the Seasonally Adjusted Industrial Production (2010=100.0) 6% 4% 2% 0.9% 1.8% 0.9% 2.8% 1.3% 2.7% 0.6% 2.1% 4.8% 4.1% 2.2% 4.4% 3.8% 0.8% 4.5% 2.2% 0% -2% -4% -1.9% -2.1% -0.3% -0.7% -0.6% -1.4% -0.1% -1.9% -2.8% -4.1% -0.8% -1.2% -2.1% -1.2% -4.2% -0.3% -4.0% -0.9% -1.8% -1.0% -6% Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Seasonally Adjusted Industrial Production (m-o-m) It should be noted that the whole series with seasonally adjusted indices is recalculated every time a new observation is added in time series. Therefore, the seasonally adjusted data differ from the published data of the previous Press Release. 2

3 Comparisons of the Industrial Production in December 2016 I. Annual comparison of the Industrial Production (Table 1) The increase of IPI by 2.2%, according to working day adjusted data, in December 2016 compared with the corresponding index in December 2015 is due to the following annual s in the industrial sections: 1. Increases of indices: By 0.6% of the Mining and Quarrying Production. By 15.9% of the Electricity Production. 2. Decreases of indices: By 1.9% of the Manufacturing Production. By 1.0% of the Water Supply Production. 2. Comparison of the average index of the period January - December 2016 with the corresponding index of the period January - December 2015 (Table 2) The increase of IPI by 2.3%, according to working day adjusted data, in the 12-month period January December 2016, compared with the corresponding index in the period January December 2015 is due to the following 12-month in the industrial sections: 1. Increases of indices: By 4.0% of the Manufacturing Production. By 1.4% of the Electricity Production. By 0.2% of the Water Supply Production. 2. Decrease of the index: By 14.8% of the Mining and Quarrying Production. 3. comparison of the Industrial Production (Table 4) The increase of IPI by 2.2%, according to seasonally adjusted data, in December 2016 compared with the corresponding index in November 2016 is due to the following monthly s in the industrial sections: 1. Increases of indices: By 8.0% of the Mining and Quarrying Production. By 10.6% of the Electricity Production. 2. Decreases of indices: By 0.4% of the Manufacturing Production. By 0.6% of the Water Supply Production. 3

4 The following graph depicts the evolution of the Industrial Production and the Industrial Sections Indices. 120 Graph 4. Evolution of the Industrial Production and the Industrial Section Indices (2010=100.0) Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Ι ΙΙ ΙΙΙ IV V VI VII VIII IX X XI XII Industrial Production Manufacturing Water Supply Mining-Quarrying Electricity 4

5 Table 1: Annual of the Industrial Production (working day adjusted data, according to the real number of working days) Branch code Branch name December Rate of 2016* / /2014 OVERALL 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 December and of the Industrial Production, (working day adjusted data, according to the real number of working days) Branch code Average indices of the period Jan.-Dec. Rate of Branch name 2016* / /2014 OVERALL 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: rate of of the Industrial Production (working day adjusted data, according to the real number of working days) Branch code Branch name December November Rate of 2016* 2016** Dec. 16/ Nov. 16 OVERALL 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: rate of of the seasonally adjusted Industrial Production Branch code Branch name December November Rate of 2016* 2016** Dec. 16/ Nov. 16 OVERALL 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: Comparisons of the overall Industrial Production (working day adjusted data, according to the real number of working days) Year and month Overall index rate of % Annual rate of % 12-month average indices (moving average) Rate of of the 12-month average indices % 2014: Annual average : Annual average : * Annual average * Provisional 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 general Industrial Production and Main Industrial Groupings Consumer Overall Energy Intermediate goods Capital goods Consumer Durables Non-Durables Year - month 2014: Annual average : 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. 10

11 2. The whole time-series with seasonally adjusted indices is recalculated every time a new observation is added in the time-series. METHODOLOGICAL NOTES Generally The Industrial Production (IPI) is being compiled since Purpose of the index The IPI is an important business cycle indicator, which shows the monthly activity in the Mining-Quarrying, Manufacturing, Electricity and Water Supply sectors. A more specific object of the Industrial Production is to compare the magnitude (volume) of the current month s output at any given time with the corresponding figure for a given base period. The IPI shows the evolution of value added, at factor cost, of production, at constant prices. Legal basis Reference period The compilation of IPI is governed by Council Regulation (EEC) No.1165/98 concerning short-term statistics. Furthermore, the IPI is governed by the Regulation (EEC) No.1893/2006 of the European Parliament and of the Council, by the Commission Regulation (EEC) No.656/2007 and by the Regulation (EEC) No.451/2008 of the Council. Month Base year 2010= Revision Statistical classifications The IPI is a fixed base index. Pursuant to the provisions of Council Regulation No 1165/98 concerning shortterm statistics, the index in question is updated every five (5) years in years ending in 0 or 5. At the level of categories of economic activities the Eurostat classification NACE Rev. 2 was used (Regulation 1893/2006), while at the level of main industrial groups, the allocation of two-digit and threedigit NACE Rev. 2 headings to categories of aggregate classification was used, in accordance with the Council Regulation 656/2007. At product level, the Eurostat classification CPA 2008 was used, according to the Council Regulation 451/2008. Geographical coverage The covers the whole country. Coverage of economic activities The index covers all the sections of industry, the main industrial groups, all the levels of economic activities (divisions, groups, classes) and the level of products. Statistical survey The data are collected from a sample of 1,338 enterprises. The survey covers a total of 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 in order to improve the 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 Quarrying, C Manuafcturing, 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 being released since August 2014 with June 2014 as 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 Hellenic Statistical Authority (ELSTAT) website ( 11