Volume index of industrial output

Producer: Statistics Finland
Homepage: http://www.stat.fi/til/ttvi/index_en.html
Main topic: Manufacturing
Related topics:
Official Statistics of Finland (OSF): Yes
European Statistical System (ESS): Yes

Description

The volume index of industrial output describes the change in the monthly volume of industrial output at fixed prices. The purpose of the statistics is to provide fast and reliable information on the cyclical development in manufacturing at a detailed industry level.

Data content

The population comprises all manufacturing establishments and enterprises. All enterprises are included in industries using turnover. Statistics Finland's own data collection for the volume index of industrial output is based on a sample made of industries, which includes enterprises of industries with the biggest value added.

The volume index of industrial output is based on a sample, as concerns Statistics Finland's own data collection. For turnover data, the volume index utilises total data. The data suppliers selected to the sample are inquired monthly about the production volumes of the commodities produced by the establishment or legal unit or alternatively, the value of total output, the value of the produced industrial services and the commercial trading margin. With respect to enterprises with fewer than 50 employees, Statistics Finland's own data collection is supplemented with data obtained from the Tax Administration's self-assessed tax data (previously periodic tax return data).

On the industries where turnover data or indices are used, the calculation is based on estimation of change. Data cannot be calculated directly by summing, because the data are incomplete for the latest months: only part of enterprises are included. Comparable observations for the examined month and for the corresponding month of the previous year are compared in the method by observing enterprise reorganisations and changes in reporting practices related to bookkeeping. The indices are recalculated monthly until the data are final.

Methodological time series modelling has been used to aid in the calculation of the latest months’ indices. This reduces the revision caused by the slow accumulation of data. The most recent month of the statistics is released at a delay of around six weeks. As concerns retail trade and daily consumer goods trade, the most recent month is released as early as at a delay of under one month. (A more detailed description in the quality and methodological descriptions of the index of turnover in industry.)

Calculation of the statistics starts by calculating the changes in the volume of individual establishments or legal units. This is done in order to create an unambiguous figure from volume and value data that describes the development of the establishment or legal unit. Commodity-specific data are weighted together by using as the weight for each commodity the value of production from the previous year. Value data are deflated at this stage.

In Finland, the volume index of industrial output is calculated as a chain index with variable weights where the weight structure used in calculation is updated annually. The benefit of continuous updating is that the statistics reflect the structural changes in manufacturing as quickly as possible. The drawback is, for example, that the index point figures may become revised nearly two years backwards.

The volume index of industrial output is published according to the following industrial classification:

Industry TOL2008 2015=100

BCD Total industry B Mining and quarrying 07 Mining of metal ores C Manufacturing C Manufacturing excl. Electrical and electronics industry (26-27) 10 Manufacture of food products 10-11 Food industry 11 Manufacture of beverages 13 Manufacture of textiles 13-15 Manufacture of textiles, wearing apparel and leather 14 Manufacture of wearing apparel 15 Manufacture of leather and related products 16 Manufacture of wood and of products of wood and cork, except furniture; manufacture of articles of straw and plaiting materials 16-17 Forest industry 17 Manufacture of paper and paper products 18 Printing and service activities related to printing 19-22 Chemical industry 23 Manufacture of other non-metallic mineral products 24 Manufacture of basic metals 24-30 Metal industry 24-30_33 Metal industry Metal industry (24-30) excl. manufacture of electrical and electronic products (26-27) 25 Manufacture of fabricated metal products, except machinery and equipment 25,28,29,30,33 Mechanical and metal product industry 26-27 Electrical and electronics industry 28 Manufacture of machinery and equipment n.e.c. 28_33 Manufacture of machinery 29-30 Manufacture of transport equipment 31 Manufacture of furniture 32 Other manufacturing 33 Repair and installation of machinery and equipment D Electricity, gas, steam and air conditioning supply Raw materials and output commodities Investment goods Durable goods Other consumption goods 07_24 Mining of metal ores and manufacture of basic metals 07_24- 30_33 Technology industry

Classifications used

Three classifications are used in the volume index of industrial output: An application based on the harmonised PRODCOM nomenclature of the European Community made for the needs of statistics on manufacturing trends, the Standard Industrial Classification (TOL 2008) and the classification by main industrial grouping (MIG). The classification by main industrial grouping classifies the most detailed industry levels by the purpose for which the products typical for them are used. The classification has five groups: Energy, intermediate goods, capital goods, consumer durables and consumer non-durables. In addition, a few summary levels viewed as important are formed from the categories of the Standard Industrial Classification Examples of these are the forest industry, chemical industry, metal industry and other metal industry.

Standard Industrial Classification 2008: Handbooks 4, Statistics Finland 2008.

Data collection methods and data sources

The statistics cover the main groups B Mining and quarrying, C Manufacturing, D Electricity, gas steam and air conditioning supply in the Standard Industrial Classification 2008. Apart from a few exceptions, the sub-series of the main groups are also published, at least at the 2-digit level of the standard industrial classification. In addition to the original index series, working day adjusted series, seasonally adjusted series and trend series are also published. Seasonal adjustment is made with the Tramo/Seats method.

Data collections

Updating frequency

Monthly.

Time of completion or release

The 10th weekday of the month following the end of the statistical reference period.

Time series

The base year of the index is 2015 (2015=100). Time series starting from 1954 are available to special order.

Keywords

Commodities, indices, cyclical variations, manufacturing, industries, production, products, volume indices

Contact information

http://tilastokeskus.fi/til/ttvi/yht_en.html


Last updated 07.03.2019