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National reference metadata

Greece

Reference metadata describe statistical concepts and methodologies used for the collection and generation of data. They provide information on data quality and, since they are strongly content-oriented, assist users in interpreting the data. Reference metadata, unlike structural metadata, can be decoupled from the data.

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Production in industry (sts_ind_prod)

National Reference Metadata in Euro SDMX Metadata Structure (ESMS)

Compiling agency: Hellenic Statistical Authority (ELSTAT)

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Data are disseminated for the majority of the activities of Sections:

  • B: Mining and quarrying,
  • C: Manufacturing,
  • D: Electricity, gas, steam and air conditioning supply;
  • E: Water supply, sewerage, waste management and remediation activities of the statistical classification of economic activities NACE Rev.2 of EU at the 2-digit, 3-digit and 4-digit level (divisions, groups and classes respectively) and for the main industrial groupings (capital goods, intermediate goods, durable consumer goods, non-durable consumer goods and energy).

No geographical breakdown is made for the above data. Data are monthly and are presented in the form of indices and growth rates. Each month, unadjusted series, working-day-adjusted series and seasonally adjusted series are calculated.

13 June 2024

The objective of the index is to compare the magnitude (volume) of the output in the current month in the mining and quarrying, manufacturing, electricity and water supply divisions with the corresponding output of a given fixed period, which is considered as base period. The Industrial Production Index shows the evolution of the value added of the production factors cost, at constant prices.

Detailed definitions of short-term indicators are described in the Commission Regulation No 2020/1197.

The statistical unit used is the Kind of Activity Unit (KAU).

The statistical population refers to all enterprises classified in the sections of industry and comprises 5,788 enterprises according to the 2015 PRODCOM survey. The corresponding population according to the 2021 Prodcom survey is  4,943 enterprises (2021 will be the new base year).

The survey covers the whole national territory.

No activities outside the national territory are covered. The recorded production is only the production actually carried out in the Greek territory.

The reference period is the month.

For IPI survey, sampling errors are not relevant and thus are not calculated since the sampling method used is not the random sampling but the purposive sampling. As regards non-sampling errors, these are mostly due to erroneous counting (measurement – processing errors) and to the non-response (non-response errors) of some enterprises. In the case of measurement – processing errors, the efforts are mostly focused on identifying, using well-established procedures, and correcting errors during the different stages of the data processing. Regarding response, the percentage of enterprises, which actually report data on time for the first release of the index, is satisfying, taking into account that missing values usually refer to small enterprises.

Concerning accuracy of first estimates, it should be noted that the common practice for routine revisions of IPI is that the data released for the reference month are provisional and are published together with the revised data of the previous months. The index is revised and considered to be final after the yearly correction, which is normally undertaken during the first semester of the year (usually in June) following the reference year.

Index. Monthly and annual changes (percentage %). 

The revised Industrial Production Index refers to Greece total and is calculated by using the Laspeyres formula, as follows:

For every four-digit level, k, the index is calculated using the formula:

 

where:

    : the number of surveyed products at the four-digit level k.

 : the monthly quantity of product i produced by the surveyed enterprises at the four-digit level k during the month t.

 : the average monthly quantity of product i produced by the surveyed enterprises at the four-digit level during the base year (2015), which is computed as follows:

 

Moreover,

: the weighting coefficient of the product i at the four-digit level k, calculated as follows:

 

where:

 : the price of product i at the four-digit level k during the base year 0,

: the quantity of the product i of four-digit level k in the base year 0, according to the survey data PRODCOM year 2015.

The indices at four-digit level refer to calendar months, which are unequal in terms of number of working days, and therefore these indices are not comparable. For comparability reasons, indices are adjusted on the basis of the number of working days and recalculated as typical month indices of equal duration . The adjustment is made by multiplying the indices of four-digit level k by an appropriate correction factor (αt)  which is different for each month and is calculated by dividing the mean monthly number of working days of the current year by the number of working days of month t as follows:

 

 where:

 : the average monthly number of working days, of the current year,

: the number of working days in month t.

The number of working days is distinguished into the following categories according to the working days of the production unit:

1. All the days of the year except Sundays and excludable days (e.g. official holidays, national days, Christmas, Easter, etc).

2. All the days of the year except excludable days.

3. All the days of the year and

4. Seasonal (which have production only in a few months during the year).

These weighting coefficient are reviewed annually.

At the higher levels of NACE Rev.2 (three-level, two-level, Sections, Main Industrial Groupings etc), the unadjusted  and adjusted  for working days index for the month t is compiled as follows:

 

where:

 

  : the four-digit level that belongs to the three-digit  or two-digit and so on level,

: the annual value-added of the enterprises of the four-digit level k for the base year, according to the results of the 2015 SBS Survey.

   : the annual value-added of all the four-digit levels which compose the three-digit or two-digit level etc, according to the results of the 2015 SBS Survey.

 

The backasted monthly and annual indices at each level k for the period January 2000 - December 2014 were calculated on the basis of the average annual indices of sections in 2015, according to the formula:

 

 

where:

 

: the index of the level k during the current period (month, year) t with base year 2015,

 

: the index of the level k during the current period (month, year) t with base year 2010 and

 

: the average annual index of the level k in the year 2015 with the base year 2010.

 

Indices from 2015 onwards have been calculated using the new weights and new production data of products.

More information on the methodology on the compilation of the IPI is available on the portal of ELSTAT and more specifically in the methodological note of the index at this website (Industrial Production Index).

ELSTAT conducts a statistical survey in order to calculate the Industrial Production Index.. The sampling frame is based on the results of the annual survey of the Production and Sales of Industrial Products (PRODCOM), the Annual Industrial Survey, of the year 2015, all carried out by ELSTAT.

The survey for the Industrial Production Index (2015=100.0) covers a total of 325 products. Their selection is based on the results of the production / sales value at 6-digit and 8-digit level of the 2015 PRODCOM survey. The surveyed products are measured either in output quantities or in production value or sales value, according to the specific features in each branch of economic activity.

The sampling unit used is the KAU, which in the majority of cases coincides with the enterprise. The sample size amounts to 1,263 enterprises out of a total population of 5,788 enterprises according to the 2015 PRODCOM survey. The population of enterprices according to the 2021 Prodcom result was 4,943 enterprises (2021 will be the new base year). Most of the enterprises of the sample have employment of 10 persons and more, similar to the PRODCOM survey. However, in some cases, depending on the representativeness of the product and of the turnover, enterprises that employ less than 10 persons are surveyed as well. The units of the sample are selected on the basis of purposive sampling so that they a) produce the selected products and b) represent at least 40% of the total production value at the 4-digit level of economic activity and 70% of the total production value at the 2-digit level of economic activity. The surveyed enterprises of the sample cover more than 85% of total production value of the 2015 PRODCOM survey.

The IPI is disseminated on a monthly basis.

The index is published 40 days after the end of the reference month. 

The EBS Regulations and the STS methodological guidelines are applied for the compilation of the index, thus ensuring a good comparability between the Greek Industrial Production Index and the other national and European indices, taking always into account any special conditions prevailing in each country, which may dictate minor methodological deviations.

The available full time series of the revised Industrial Production Index (2021=100.0) refers to the period 2000 onwards.