Oslo Børs VPS : Production Index in Industry (2015=100.0), November 2019

HELLENIC REPUBLIC

HELLENIC STATISTICAL AUTHORITY

Piraeus, 09 January 2020

PRESS RELEASE

INDUSTRIAL PRODUCTION INDEX: November 2019, y-o-y decrease of 8.1%

The Hellenic Statistical Authority announces the Industrial Production Index (IPI) with base year 2015=100.0 for November 2019, on the basis of provisional and working day adjusted data, as follows:

The Overall Industrial Production Index in November 2019 recorded a decrease of 8.1% compared with November 2018. The corresponding annual rate of change of the Overall IPI in November 2018 was increase 5.2% (Table 1).

The average Overall Industrial Production Index for the period from January to November 2019 recorded an increase of 0.1% compared with the average IPI of the period from January to November 2018 (Table 2).

The seasonally adjusted Overall Industrial Production Index in November 2019 recorded a decrease of 3.6% compared with October 2019 (Table 4).

Graph 1. Evolution of annual rates of change (y-o-y) of the Industrial Production Index

and the Manufacturing Index (%)

15
10
5
0
-5
-10
1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11
					2017											2018											2019

		Industrial Production Index (y-o-y)				Manufacturing Index (y-o-y)

Information for methodological issues:	Information for data provision:
Business Statistics Division	Tel: [phone], 2308, 2310
Manufacture-Construction Indices and Industrial Products Section	E-mail:[e-mail]
Head of the Section: Diamantaki Aikaterini
Tel: [phone]
Fax: [phone]
E-mail:[e-mail]

1

The following graphs depict the evolution of the seasonally and non-seasonally adjusted Overall Industrial Production Index, as well as the monthly rates of change (m-o-m) of the seasonally adjusted index.

Graph 2. Evolution of the Industrial Production Index

(2015=100.0)

130
120
110
100
90
1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11
					2017											2018											2019

Non seasonally adjusted

Seasonally adjusted

8

6

4

2

0

-2

-4

-6

Graph 3. Evolution of the monthly rates of change (m-o-m) of the seasonally adjusted Industrial Production Index (%)

																																	4.7
						2.3							2.7																														1.7
		1.2					1.9					1.6									1.9
	0.6																				0.7		0.8												0.9			1.0		0.7				1.2
								0.3																0.01
							-0.6											-0.2					-0.3					-0.6									-0.7
													-0.7		-0.4
			-1.3																		-1.6				-1.3					-1.6		-1.9	-1.4	-1.7
																																					-2.5
					-3.2
												-3.3																																		-3.6
	1	2		3	4	5		6	7		8		9	10	11	12		1		2	3		4	5	6	7		8		9		10	11		12	1		2	3	4	5	6	7		8	9		10	11
							2017																2018																2019

Seasonally adjusted Industrial Production Index (m-o-m)

It should be noted that the time series with the seasonally adjusted indices is recalculated every time a new observation is added in the time series. Therefore, the seasonally adjusted data differ from the data published in the previous Press Release.

2

Evolution of the Industrial Production Index in November 2019

I. Annual changes: November 2019/ November 2018 (Table 1)

The 8.1% decrease of the working day adjusted Overall IPI in November 2019, compared with the corresponding index in November 2018, is due to the annual changes of the sub-indices in the following industrial sections:

Decrease of:

• 9.4% in the Mining and Quarrying Index. The decrease was the result of the annual changes of the sub-indices in the following 2-digit divisions: mining of coal and lignite, extraction of crude petroleum and natural gas, mining support service activities, other mining and quarrying.
• 4.9% in the Manufacturing Index. The decrease was the result of the annual changes of the sub-indices in the following 2-digit divisions: wearing apparel, coke and refined petroleum products, machinery and equipment, other transport equipment.
• 20.1% in the Electricity Supply Index.
• 0.7% in the Water Supply Index.

II. Rates of change of the average index in the period January - November 2019 compared with the corresponding index of the period January - November 2018 (Table 2)

The 0.1% increase of the working day adjusted Overall IPI in the 11-month period January - November 2019, compared with the corresponding index in January - November 2018, is due to the corresponding rates of change of the sub-indices in the following industrial sections:

1. Increase of:

• 1.7% in the Manufacturing Index.
• 0.7% in the Water Supply Index.

1. Decrease of:

• 11.8% in the Mining and Quarrying Index.
• 4.3% in the Electricity Supply Index.

III. Monthly changes: November 2019 / October 2019 (Table 4)

The 3.6% decrease of the seasonally adjusted Overall IPI in November 2019, compared with the corresponding index in October 2019, is due to the monthly changes of the sub-indices in the following industrial sections:

Decrease of:

• 4.4% in the Mining and Quarrying Index.
• 2.8% in the Manufacturing Index.
• 8.6% in the Electricity Supply Index.
• 0.4% in the Water Supply Index.

3

The following graph depicts the evolution of the Industrial Production Index and the Industrial Sections Indices.

Graph 4. Evolution of the Industrial Production Index and the Industrial Section Indices

(2015=100.0)

150
140
130
120
110
100
90
80
70
60
50
1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11	12	1	2	3	4	5	6	7	8	9	10	11
					2017											2018											2019

				Industrial Production Index		Mining and Quarrying
				Manufacturing		Electricity Supply
				Water Supply

4

Table 1. Annual rates of change of the Industrial Production Index

(Working day adjusted data, according to the real number of working days)

Base year: 2015=100.0

Code		D i v i s i o n			November			Rate of change (%)
	2019*		2018		2017		2019/2018	2018/2017
		OVERALL INDEX	99.96		108.75		103.34		-8.1	5.2
B		MINING AND QUARRYING	88.29		97.40		105.31		-9.4	-7.5
05-06-09 Mining of coal and lignite - Extraction of crude petroleum and	44.92	87.70	76.65		-48.8	14.4
	natural gas - Mining support service activities
07	Mining of metal ores	154.14	121.39	137.00		27.0	-11.4
08	Other mining and quarrying	72.01	90.58	98.61		-20.5	-8.2
C		MANUFACTURING	104.99		110.42		101.77		-4.9	8.5
10	Food	95.57	97.16	91.22		-1.6	6.5
11	Beverages	71.42	71.52	65.01		-0.1	10.0
12	Tobacco products	130.76	121.70	95.13		7.4	27.9
13	Textiles	109.83	111.66	112.19		-1.6	-0.5
14	Wearing apparel	90.09	100.50	99.36		-10.4	1.2
15	Leather and related products	86.77	92.50	93.60		-6.2	-1.2
16	Wood and products of wood and cork, except furniture	120.14	105.38	107.26		14.0	-1.7
17	Paper and paper products	98.45	103.21	101.72		-4.6	1.5
18	Printing and reproduction of recorded products	108.36	107.47	96.38		0.8	11.5
19	Coke and refined petroleum products	90.43	117.14	113.90		-22.8	2.8
20	Chemicals and chemical products	109.42	113.59	98.70		-3.7	15.1
21	Basic pharmaceutical products and pharmaceutical preparations	172.50	168.13	121.69		2.6	38.2
22	Rubber and plastic products	109.56	110.29	100.65		-0.7	9.6
23	Other non-metallic mineral products	114.86	126.10	124.81		-8.9	1.0
24	Basic metals	120.89	130.35	122.91		-7.3	6.1
25	Fabricated metal products, except machinery and equipment	117.44	114.58	108.33		2.5	5.8
26	Computers, electronic and optical products	172.52	135.52	125.34		27.3	8.1
27	Electrical equipment	103.65	91.93	92.64		12.7	-0.8
28	Machinery and equipment n. e. c.	108.72	120.80	102.46		-10.0	17.9
29	Motor vehicles, trailers and semi-trailers	99.28	98.61	101.89		0.7	-3.2
30	Other transport equipment	73.96	90.80	83.71		-18.5	8.5
31	Furniture	122.49	120.75	100.92		1.4	19.6
32	Other manufacturing	93.25	93.46	98.95		-0.2	-5.6
33	Repair and installation of machinery and equipment	77.55	79.41	70.15		-2.3	13.2
D		ELECTRICITY SUPPLY	85.63		107.23		110.40		-20.1	-2.9
35	Electricity supply	85.63	107.23	110.40		-20.1	-2.9
E		WATER SUPPLY	91.25		91.85		91.88		-0.7	-0.03
36	Water collection, treatment and supply	91.25	91.85	91.88		-0.7	-0.03
		MAIN INDUSTRIAL GROUPINGS
1	Energy	87.70	108.79	109.56		-19.4	-0.7
2	Intermediate goods	106.70	111.01	107.71		-3.9	3.1
3	Capital goods	113.30	114.49	101.30		-1.0	13.0
4	Consumer Durables	113.39	95.51	97.03		18.7	-1.6
5	Consumer Non-Durables	105.34	106.10	93.28		-0.7	13.7
	* Provisional data

Note: The indices are rounded up to two decimal digits when published and percentage changes up to one decimal digit when published.

5

Table 2. Average indices of the period January - November and rates of change (%) of the Industrial Production Index

(Working day adjusted data, according to the real number of working days)

Base year: 2015=100.0

Code		D i v i s i o n	Average indices of the period Jan.-Nov.	Rate of change (%)
	2019*	2018		2017		2019/2018	2018/2017
		OVERALL INDEX	108.27	108.18		106.50		0.1	1.6
B		MINING AND QUARRYING	93.38	105.89		105.34		-11.8	0.5
05-06-09 Mining of coal and lignite - Extraction of crude petroleum and	59.01	81.55	91.62	-27.6	-11.0
	natural gas - Mining support service activities
07	Mining of metal ores	119.17	134.40	111.99	-11.3	20.0
08	Other mining and quarrying	89.57	99.65	105.06	-10.1	-5.1
C		MANUFACTURING	111.08	109.20		106.12		1.7	2.9
10	Food	105.43	103.55	103.51	1.8	0.04
11	Beverages	101.30	100.98	95.83	0.3	5.4
12	Tobacco products	114.66	93.61	104.17	22.5	-10.1
13	Textiles	104.51	106.85	112.07	-2.2	-4.6
14	Wearing apparel	88.81	94.35	95.17	-5.9	-0.9
15	Leather and related products	103.62	105.86	109.84	-2.1	-3.6
16	Wood and products of wood and cork, except furniture	108.59	104.42	105.79	4.0	-1.3
17	Paper and paper products	101.93	105.81	105.34	-3.7	0.4
18	Printing and reproduction of recorded products	100.39	96.72	94.81	3.8	2.0
19	Coke and refined petroleum products	105.79	115.85	111.47	-8.7	3.9
20	Chemicals and chemical products	125.74	118.66	110.68	6.0	7.2
21	Basic pharmaceutical products and pharmaceutical	164.43	131.73	110.34	24.8	19.4
	preparations
22	Rubber and plastic products	115.55	107.24	104.89	7.8	2.2
23	Other non-metallic mineral products	113.01	119.23	116.44	-5.2	2.4
24	Basic metals	126.86	129.64	124.92	-2.1	3.8
25	Fabricated metal products, except machinery and equipment	119.09	118.03	114.92	0.9	2.7
26	Computers, electronic and optical products	143.44	113.92	98.64	25.9	15.5
27	Electrical equipment	100.93	94.87	103.76	6.4	-8.6
28	Machinery and equipment n. e. c.	102.28	99.75	96.74	2.5	3.1
29	Motor vehicles, trailers and semi-trailers	79.28	80.01	85.53	-0.9	-6.5
30	Other transport equipment	53.63	60.58	64.13	-11.5	-5.5
31	Furniture	117.08	117.77	101.26	-0.6	16.3
32	Other manufacturing	106.28	102.19	99.78	4.0	2.4
33	Repair and installation of machinery and equipment	85.75	81.14	79.91	5.7	1.5
D		ELECTRICITY SUPPLY	102.38	107.00		109.29		-4.3	-2.1
35	Electricity supply	102.38	107.00	109.29	-4.3	-2.1
E		WATER SUPPLY	96.72	96.07		98.45		0.7	-2.4
36	Water collection, treatment and supply	96.72	96.07	98.45	0.7	-2.4
		MAIN INDUSTRIAL GROUPINGS
1	Energy	102.83	108.65	108.87	-5.4	-0.2
2	Intermediate goods	111.11	112.18	110.46	-1.0	1.6
3	Capital goods	106.87	101.60	96.07	5.2	5.8
4	Consumer Durables	105.10	103.41	100.68	1.6	2.7
5	Consumer Non-Durables	113.17	106.46	103.61	6.3	2.8
	* Provisional data

Note: The indices are rounded up to two decimal digits when published and percentage changes up to one decimal digit when published.

6

Table 3. Monthly rate of change of the Industrial Production Index

(Working day adjusted data, according to the real number of working days)

						Base year: 2015=100.0
Code		D i v i s i o n	November	October		Rate of change (%)
	2019*		2019**		Nov. 2019 / Oct. 2019
		OVERALL INDEX	99.96		105.26		-5.0
B		MINING AND QUARRYING	88.29		105.93		-16.7
05-06-09 Mining of coal and lignite - Extraction of crude petroleum and	44.92	47.17		-4.8
	natural gas - Mining support service activities
07	Mining of metal ores	154.14	144.56		6.6
08	Other mining and quarrying	72.01	101.27		-28.9
C		MANUFACTURING	104.99		109.47		-4.1
10	Food	95.57	97.87		-2.3
11	Beverages	71.42	80.57		-11.4
12	Tobacco products	130.76	135.18		-3.3
13	Textiles	109.83	111.46		-1.5
14	Wearing apparel	90.09	99.45		-9.4
15	Leather and related products	86.77	113.18		-23.3
16	Wood and products of wood and cork, except furniture	120.14	109.72		9.5
17	Paper and paper products	98.45	101.10		-2.6
18	Printing and reproduction of recorded products	108.36	106.83		1.4
19	Coke and refined petroleum products	90.43	99.04		-8.7
20	Chemicals and chemical products	109.42	122.20		-10.5
21	Basic pharmaceutical products and pharmaceutical preparations	172.50	178.64		-3.4
22	Rubber and plastic products	109.56	118.96		-7.9
23	Other non-metallic mineral products	114.86	116.02		-1.0
24	Basic metals	120.89	134.12		-9.9
25	Fabricated metal products, except machinery and equipment	117.44	125.40		-6.3
26	Computers, electronic and optical products	172.52	163.09		5.8
27	Electrical equipment	103.65	97.49		6.3
28	Machinery and equipment n. e. c.	108.72	98.10		10.8
29	Motor vehicles, trailers and semi-trailers	99.28	77.28		28.5
30	Other transport equipment	73.96	61.49		20.3
31	Furniture	122.49	114.83		6.7
32	Other manufacturing	93.25	108.25		-13.9
33	Repair and installation of machinery and equipment	77.55	71.41		8.6
D		ELECTRICITY SUPPLY	85.63		92.13		-7.1
35	Electricity supply	85.63	92.13		-7.1
E		WATER SUPPLY	91.25		97.41		-6.3
36	Water collection, treatment and supply	91.25	97.41		-6.3
		MAIN INDUSTRIAL GROUPINGS
1	Energy	87.70	94.83		-7.5
2	Intermediate goods	106.70	112.87		-5.5
3	Capital goods	113.30	112.15		1.0
4	Consumer Durables	113.39	106.27		6.7
5	Consumer Non-Durables	105.34	110.07		-4.3
	* Provisional data **Revised data

Note: The indices are rounded up to two decimal digits when published and percentage changes up to one decimal digit when published.

7

Table 4. Monthly rate of change of the seasonally adjusted Industrial Production Index

						Base year: 2015=100.0
Code	D i v i s i o n	November	October		Rate of change (%)
2019		2019			Nov. 2019 / Oct. 2019
	OVERALL INDEX	103.61		107.47			-3.6
B	MINING AND QUARRYING	88.33		92.37			-4.4
05-06-09 Mining of coal and lignite - Extraction of crude petroleum and	-		-		-
	natural gas - Mining support service activities
07	Mining of metal ores	141.20	133.92		5.4
08	Other mining and quarrying	75.15	85.24		-11.8
C	MANUFACTURING	107.56		110.68			-2.8
10	Food	104.86	103.48		1.3
11	Beverages	98.77	100.86		-2.1
12	Tobacco products	120.69	122.24		-1.3
13	Textiles	103.37	104.44		-1.0
14	Wearing apparel	86.35	90.90		-5.0
15	Leather and related products	101.42	109.70		-7.5
16	Wood and products of wood and cork, except furniture	115.74	111.55		3.8
17	Paper and paper products	100.87	100.88		-0.01
18	Printing and reproduction of recorded products	102.96	104.64		-1.6
19	Coke and refined petroleum products	90.19	101.44		-11.1
20	Chemicals and chemical products	120.53	122.26		-1.4
21	Basic pharmaceutical products and pharmaceutical preparations	168.64	180.98		-6.8
22	Rubber and plastic products	111.49	115.89		-3.8
23	Other non-metallic mineral products	108.92	106.05		2.7
24	Basic metals	120.76	131.51		-8.2
25	Fabricated metal products, except machinery and equipment	119.11	125.08		-4.8
26	Computers, electronic and optical products	155.78	161.27		-3.4
27	Electrical equipment	105.69	103.02		2.6
28	Machinery and equipment n. e. c.	105.02	101.87		3.1
29	Motor vehicles, trailers and semi-trailers	84.42	81.73		3.3
30	Other transport equipment	53.38	53.16		0.4
31	Furniture	122.15	120.32		1.5
32	Other manufacturing	99.57	107.64		-7.5
33	Repair and installation of machinery and equipment	88.95	88.95		0.001
D	ELECTRICITY SUPPLY	89.18		97.58			-8.6
35	Electricity supply	89.18	97.58		-8.6
E	WATER SUPPLY	96.06		96.41			-0.4
36	Water collection, treatment and supply	96.06	96.41		-0.4
	MAIN INDUSTRIAL GROUPINGS
1	Energy	90.77	98.64		-8.0
2	Intermediate goods	107.75	109.72		-1.8
3	Capital goods	109.57	113.22		-3.2
4	Consumer Durables	115.53	110.77		4.3
5	Consumer Non-Durables	113.74	114.69		-0.8

Notes:

1. The indices are rounded up to two decimal digits when published and percentage changes up to one decimal digit when published.
2. The whole time-series with seasonally adjusted indices is recalculated every time a new observation is added in the time-series.
3. The composed index of divisions 05-06-09 is not seasonally adjusted, due to the fact that it is calculated from January 2015 and thus the number of observations is not adequate.

8

Table 5. Evolution of the Overall Industrial Production Index

(Working day adjusted data, according to the real number of working days)

Base year: 2015=100.0

					Monthly rate	Annual rate	12-month average	Rate of change
					of the 12-month
Year and month	Overall Index	of change	of change	indices
average indices
					(%)	(%)	(moving average)
					(%)
2017:	1	99.14	-6.5	5.9	103.01	2.7
		2	105.55		6.5		10.5		103.85		3.8
	3	108.22	2.5	8.1	104.52	4.6
		4	101.85		-5.9		-0.3		104.50		4.4
	5	107.43	5.5	6.2	105.03	4.5
		6	111.43		3.7		4.4		105.42		4.3
	7	116.75	4.8	2.1	105.62	4.0
		8	105.23		-9.9		5.1		106.04		4.2
	9	107.39	2.1	2.2	106.24	4.4
		10	105.16		-2.1		1.6		106.38		4.0
	11	103.34	-1.7	1.0	106.46	3.9
		12	106.90		3.5		0.8		106.53		3.9
Annual average	106.53
2018:	1	98.71	-7.7	-0.4	106.50	3.4
		2	104.86		6.2		-0.7		106.44		2.5
	3	109.14	4.1	0.8	106.52	1.9
		4	105.08		-3.7		3.2		106.79		2.2
	5	108.56	3.3	1.0	106.88	1.8
		6	112.90		4.0		1.3		107.00		1.5
	7	120.86	7.0	3.5	107.34	1.6
		8	104.96		-13.2		-0.3		107.32		1.2
	9	110.95	5.7	3.3	107.62	1.3
		10	105.16		-5.2		0.004		107.62		1.2
	11	108.75	3.4	5.2	108.07	1.5
		12	109.38		0.6		2.3		108.28		1.6
Annual average	108.28
2019*:	1	102.80	-6.0	4.1	108.62	2.0
		2	106.65		3.7		1.7		108.77		2.2
	3	108.49	1.7	-0.6	108.71	2.1
		4	107.80		-0.6		2.6		108.94		2.0
	5	108.77	0.9	0.2	108.96	1.9
		6	112.80		3.7		-0.1		108.95		1.8
	7	118.60	5.1	-1.9	108.76	1.3
		8	105.93		-10.7		0.9		108.84		1.4
	9	113.95	7.6	2.7	109.09	1.4
		10	105.26		-7.6		0.1		109.10		1.4
	11	99.96	-5.0	-8.1	108.36	0.3

* Provisional data

Note: The indices are rounded up to two decimal digits when published and percentage changes up to one decimal digit when published.

9

Table 6. Monthly evolution of the seasonally adjusted Overall Industrial Production Index and Main Industrial Groupings

																												Base year: 2015=100.0
					Overall Index				Energy			Intermediate goods			Capital goods			Consumer durables			Consumer
																non-durables
	Year and month					Monthly					Monthly					Monthly					Monthly					Monthly					Monthly
					rate of					rate of					rate of					rate of					rate of					rate of
					Index				Index				Index				Index				Index				Index
						change				change				change				change				change				change
							(%)					(%)					(%)					(%)					(%)					(%)
2017:	1		107.31	0.6		120.29	4.3		104.59	2.5		93.21	-5.1		90.94	2.4		98.29	-4.7
		2			108.57		1.2			113.30		-5.8			109.55		4.7			106.58		14.3			101.10		11.2			102.98		4.8
		3		107.19	-1.3		106.80	-5.7		110.85	1.2		103.28	-3.1		110.72	9.5		105.66	2.6
		4			103.80		-3.2			107.04		0.2			107.20		-3.3			93.72		-9.3			99.49		-10.1			100.13		-5.2
		5		106.23	2.3		108.59	1.4		109.23	1.9		102.71	9.6		104.45	5.0		102.07	1.9
		6			105.64		-0.6			107.36		-1.1			108.07		-1.1			103.77		1.0			103.90		-0.5			102.27		0.2
		7		105.92	0.3		106.89	-0.4		109.87	1.7		105.30	1.5		100.33	-3.4		102.12	-0.1
		8			107.96		1.9			107.53		0.6			114.50		4.2			98.28		-6.7			100.48		0.1			106.35		4.1
		9		104.37	-3.3		103.30	-3.9		108.62	-5.1		100.81	2.6		102.42	1.9		103.41	-2.8
		10			107.21		2.7			107.69		4.3			111.43		2.6			100.74		-0.1			103.78		1.3			105.24		1.8
		11		106.51	-0.7		112.78	4.7		107.65	-3.4		95.49	-5.2		100.22	-3.4		101.27	-3.8
		12			108.26		1.6			107.41		-4.8			112.08		4.1			100.76		5.5			111.71		11.5			108.14		6.8
	Annual average			106.58					109.08					109.47					100.39					102.46					103.16
2018:	1		107.88	-0.4		104.50	-2.7		113.56	1.3		111.85	11.0		111.86	0.1		106.30	-1.7
		2			107.71		-0.2			109.25		4.5			110.70		-2.5			100.27		-10.4			107.92		-3.5			105.46		-0.8
		3		108.45	0.7		113.84	4.2		108.20	-2.3		102.39	2.1		105.59	-2.2		103.88	-1.5
		4			106.71		-1.6			107.65		-5.4			111.21		2.8			110.35		7.8			107.10		1.4			101.11		-2.7
		5		107.60	0.8		109.38	1.6		109.60	-1.5		106.07	-3.9		106.52	-0.5		104.35	3.2
		6			107.24		-0.3			107.55		-1.7			109.73		0.1			103.52		-2.4			109.46		2.8			105.80		1.4
		7		109.27	1.9		106.53	-0.9		113.85	3.8		106.14	2.5		101.96	-6.9		110.21	4.2
		8			107.90		-1.3			109.40		2.7			113.70		-0.1			105.60		-0.5			103.52		1.5			102.43		-7.1
		9		107.91	0.01		111.87	2.3		109.90	-3.3		107.43	1.7		99.86	-3.5		102.11	-0.3
		10			107.23		-0.6			107.96		-3.5			108.63		-1.2			104.07		-3.1			100.59		0.7			106.44		4.2
		11		112.32	4.7		112.25	4.0		111.24	2.4		109.70	5.4		98.64	-1.9		114.63	7.7
		12			110.50		-1.6			111.25		-0.9			108.60		-2.4			107.78		-1.7			103.38		4.8			112.14		-2.2
	Annual average			108.39					109.29					110.74					106.27					104.70					106.24
2019:	1		111.49	0.9		115.08	3.4		109.06	0.4		109.71	1.8		100.64	-2.7		110.05	-1.9
		2			109.38		-1.9			107.47		-6.6			110.03		0.9			113.92		3.8			101.78		1.1			110.36		0.3
		3		107.84	-1.4		100.87	-6.1		112.77	2.5		112.58	-1.2		99.23	-2.5		111.62	1.1
		4			108.87		1.0			103.65		2.8			111.93		-0.7			109.53		-2.7			105.60		6.4			112.79		1.0
		5		107.02	-1.7		98.78	-4.7		110.73	-1.1		108.92	-0.6		105.62	0.02		113.67	0.8
		6			107.81		0.7			105.10		6.4			109.41		-1.2			110.12		1.1			105.36		-0.2			109.35		-3.8
		7		107.05	-0.7		101.64	-3.3		108.59	-0.7		111.24	1.0		110.69	5.1		111.10	1.6
		8			108.92		1.7			108.16		6.4			108.06		-0.5			110.16		-1.0			103.21		-6.8			110.48		-0.6
		9		110.25	1.2		102.81	-4.9		110.81	2.5		115.00	4.4		109.11	5.7		117.59	6.4
		10			107.47		-2.5			98.64		-4.1			109.72		-1.0			113.22		-1.5			110.77		1.5			114.69		-2.5
		11		103.61	-3.6		90.77	-8.0		107.75	-1.8		109.57	-3.2		115.53	4.3		113.74	-0.8

Notes:

1. The indices are rounded up to two decimal digits when published and percentage changes up to one decimal digit when published.
2. The whole time-series with seasonally adjusted indices is recalculated every time a new observation is added in the time-series.

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	METHODOLOGICAL NOTES
Generally	The Industrial Production Index (IPI) in Greece has been compiled by the Hellenic Statistical Authority
	(ELSTAT) from 1959 onwards.
Purpose of the index	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.
Legal framework	The compilation of the IPI is governed by Council Regulation (EC) No 1165/98 concerning short-term
	statistics. Furthermore, the IPI is governed by Regulation (EC) No 1893/2006 of the European Parliament
	and of the Council, by Commission Regulation (EC) No 656/2007 and by Council Regulation (EC) No
	451/2008.
Reference period	Month.
Base year	2015=100.0.
Revision	The IPI is a fixed base index. The Industrial Production Index was currently revised with new base year 2015
	(2015=100.0) according to the provisions of Council Regulation No 1165/98 concerning short-term statistics.
	Short-term indices are revised every five (5) years, particularly in calendar years ending in 0 or 5.
Statistical classifications	At the level of branches of economic activities, the statistical classification of economic activities NACE Rev.2
	of EU was used (Regulation No 1893/2006), while at the level of main industrial groups, the allocation of
	two-digit and three-digit NACE Rev. 2 headings to categories of aggregate classification was used, in
	accordance with Council Regulation No 656/2007. At product level, the statistical classification CPA 2008 of
	EU was used, according to Council Regulation No 451/2008.
Geographical coverage	The index covers the whole Country.
Coverage of economic	The index covers all the sections of industry, the main industrial groups, as well as all levels of economic
activities	activity.
Statistical survey	The data are collected from a sample of 1,263 enterprises. The survey covers 325 products and the
	measurement of the surveyed products is made in terms of output quantities or in terms of production
	value or turnover, according to the specific features in each branch of economic activity.
Seasonal adjustment	Seasonal adjustment is the procedure followed to remove the impact of seasonality on the time-series (i.e.
	the impact of monthly effects, e.g. holidays, tourist period etc.), in order to improve comparability over
	time. The method used is TRAMO-SEATS with the use of JDemetra+ 2.0.0.
	For the seasonal adjustment of the Industrial Production Index at 2-digit level of NACE Rev.2, at section level
	(B - Mining and Quarrying, C - Manufacturing, D - Electricity and E - Water Supply) and for the Main
	Industrial Groupings (MIGs), the direct approach is applied, namely each time-series is seasonally adjusted
	independently. For the overall Industrial Production Index, the indirect approach is applied, with the
	seasonally adjusted IPI being computed by aggregating the seasonally adjusted MIGs using appropriate
	weights.
Publication of data	The revised IPI with the new base year 2015 (2015=100.0) is released since July 2019, with May 2019 as the
	first reference month. Data with base year 2015=100.0 are available from January 2000 onwards.
References	More information about the methodology concerning the compilation and calculation of the index and for
	the time series is available on the website of the Hellenic Statistical Authority (ELSTAT)
	(http://www.statistics.gr/en/statistics/-/publication/DKT21/-).

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