Quarterly Index of Industrial Production (IIP) at the 2-digit level of ISIC Revision 4

(available online)

Index of Industrial Production (IIP) measures the growth of the volume of industrial production in real terms, free from price fluctuations. Users should take note that while annual industrial growth rates generally refer to changes in manufacturing value added (MVA), i.e. output net of intermediate consumption, the monthly or quarterly indices reflect the growth of gross output. Given the temporal nature of estimates, output growth provides the best approximation of value added growth, assuming that the input-output relationship is relatively stable during the observation period.

In general, this Index of Industrial Production (base year 2015) is based on observed index numbers of industrial production collected by UNIDO Statistics Division from national statistical sources. The figures are published based on seasonally adjusted index numbers. In case of missing seasonal adjusted data, UNIDO conducts seasonal adjustment were appropriate. Since 2017, seasonal adjustments are made using the TRAMO/SEATS method in the JDemetra+ software. The purpose of seasonal adjustment is to filter out any fluctuations or calendar effects within time series shifts.

The present data implements Revision 4 of the International Standard for Industrial Classification of All Economic Activities (ISIC Rev 4). For countries that publish monthly/quarterly index numbers based on ISIC Rev 4, national data are used in their original form. For countries still producing index numbers based on ISIC Rev 3, figures are estimated at the 2-digit level of Rev 4 using correspondence tables. In both cases, data on index numbers are derived from national statistical sources. In case of missing data, UNIDO conducts imputations or projections, where appropriate. These estimates are generally replaced as soon as the officially reported values become available in national statistical publications.

Users can find further information on the methodology of index numbers or estimation procedure in a methodological document which is available on the statistical pages of UNIDO's website. The indices themselves are published and regularly updated in Quarterly IIP database (available on the UNIDO Statistics Data). Additionally, every quarter a report on World Manufacturing Production based on quarterly data is published.

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