The Industrial Production Index (IPI) measures the monthly evolution of the productive activity of the industrial branches, that is, of the extractive, manufacturing, production and distribution activities of electrical energy, water and gas, and for the first time for base 2010, division 36 as well: Water collection, filtering and distribution, from section E in CNAE-2009.
This indicator reflects the joint evolution of quantity and quality, eliminating the influence of prices.
In order obtain the IPI, a continuous survey is conducted, each month researching more than 11,500 establishments, for which information is obtained on representative products from all branches of activity.
The IPI methodology is fully harmonised with that of European Union countries.
Every five years there is a base change of the IPI, which consists of the review and update of the components that make up the calculation of the index. The objective is to obtain an indicator that adapts to the changes in the diferents activitiesof the industrial sector, so that it measures its evolution more accurately.
The IPI base 2015 has included new activities such as group 268 (Manufacture of magnetic and optical supports) or clases 2612 (Manufacture of assembled printed circuits) and 2813 (Manufacture of other pumps and compressors), among others. Furthermore, the basket of representative products of each branch of activity has been revised to four digits of the CNAE, eliminating those of scarce representativeness and adding new products.
The calendar effect
The IPI is presented as the original series, and as the series adjusted for calendar effects. This adjustment is carried out in order to eliminate the influence on the number of working days and the number of holidays in the different Autonomous Communities, and thus be able to carry out homogeneous comparisons between the months of different years. The seasonality of the series is also corrected with the new base 2010.
The complete weighting structure has been updated at all levels of functional and geographical breakdown, in order to represent industrial activity more precisely. The Structural Business Survey 2015 has been used, which provides information on the added value of each branch of activity to four digits of the CNAE 2009 and the Annual Industrial Product Survey 2015, which reports the production value of each product within each class of the CNAE 2009.
The weightings of the Large Industrial Sectors of the IPI are as follows:
|Non-durable consumer goods