Industrial Production y/y reflects the volumes of manufactured goods and industrial sector activity in the given month compared to the same month of the previous year. Growth rates are based on seasonally adjusted parameters. The index calculation includes manufacturing industry, mining and utilities. Construction is not included.
The index is to reflect a value added change in different industries. This means that prices received by companies at different stages of production must be deducted from the gross price in order to prevent double counting of production. In practice, production data are collected from different sources including deflated turnover, physical production data, intermediate consumption of raw materials and energy, labor input, etc. Most often the basic index calculation is based on the gross value of the output.
The index is benchmarked to a basis of 2010, where the Industrial Production Index for 2010 is set to 100. The Industrial Production Index is one of the most important indicators of short-term economic statistics for the euro area. Analysts use it to evaluate early changes in economic development, as well as to forecast the eurozone's GDP.
The indicator growth can have a positive effect on euro quotes.
The chart of the entire available history of the "European Union Industrial Production y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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