Spain Industrial Production y/y

Spain Industrial Production y/y reflects changes in total outputs of the manufacturing sector (excluding construction) in the reported month compared to the same month of the previous year. This is a quantitative index reflecting changes in the industrial production quantity and quality. The index is calculated relative to the base period, which has the benchmark level of 100 (adopted in 2015).

The main purpose of the index is to display the development dynamics of the gross value added volume depending on the industrial sector factors. The variable is evaluated based on the calculated physical production of the industrial sector. The estimation is based on the aggregated Laspeyers index. This approach enables the identification of economic cycles, which can be extremely useful for tracking large measures, such as the development of the industrial sector and the economic activity in general.

The Industrial Production index strongly depends on the seasonal factor, which is especially noticeable in the summer, when industrial production is experiencing a decline due to employee leaves, especially in August. Therefore, the Industrial Production Index is adjusted for the calendar of holidays and working days without taking into account seasonality, and thus compensating for deviations of less than 1 year.

The methodology used for the final index calculation is harmonized across the European Union countries to enable appropriate comparability. In Spain, the calculation on the state level has been performed by the National Statistics Institute since 1975. Since 2002, such measurements are performed at the level of autonomous regions.

The Industrial Production Index is currently published in accordance with the seasonal adjustment and the basic calendar for 2015. Data for the calendar is collected in a survey of 11,500 manufacturing enterprises regarding the basket of products which are typical for the entire manufacturing sector, excluding the construction sector. The basic statistics used for the calculation of weights of various industries and autonomous regions are provided in the Industrial Questionnaire, which is also compiled by the National Statistics Institute. Industrial production growth can affect the euro quotes positively.