Industrial Production YoY

Industrial Production YoY is the yearly change of the monthly industrial production index (IPI) versus the same month 12 months earlier. The index tracks value added in industry excluding construction. It covers mining and quarrying, manufacturing, and electricity, gas and steam except group D35.3, while water and waste are out. Activities follow NACE, and the observation unit is the kind-of-activity unit.

Eurostat publishes EU and euro-area aggregates in the same release, and this page tracks the EU figure. It belongs to short-term business statistics, a Principal European economic indicator guiding economic and monetary policy. It spots turning points early and tracks future GDP, with no expansion threshold.

The reference period is the calendar month, with collection during and after that month. Countries send production indices to Eurostat within one month and 10 days. Eurostat issues one Euro-indicators release each month at 11:00 CET or CEST. Dates are announced before the year starts.

Each release shows monthly and yearly change by industry group and country, plus levels and revisions. Monthly change uses calendar- and seasonally adjusted data; yearly change uses calendar-adjusted data. Total industry levels appear in both adjusted forms with base year 2021, with methods notes. European aggregates need 60% weight coverage, and missing country data are estimated.

European aggregates revise every month, and national data change with new information. Routine revisions reflect late data and new seasonal factors. Major revisions come from base-year and weight changes, where new weights can move growth rates but re-referencing moves levels only.

The EU total blends five industry groups plus country results weighted by value-added shares. Its five Main Industrial Groupings regroup all activities without exception at the 3-digit NACE level in widely different sizes.

• Intermediate goods: inputs such as raw materials for other industries, the largest drag in downturns.
• Energy: mining, electricity, gas and steam, excluding water and waste.
• Capital goods: machinery and motor vehicles, the most volatile group.
• Durable consumer goods: long-life appliances and furniture, the smallest group.
• Non-durable consumer goods: everyday food, apparel and pharma, often moving against the headline.

In the August 2024 release (published October 15, 2024), the EU rose 1.3% monthly and 0.2% yearly. The euro area rose 1.8% monthly and 0.1% yearly. Capital goods led with 3.6% monthly and 0.2% yearly gains, while intermediates fell 0.2% monthly and 2.4% yearly.

Durables fell 3.9% yearly, while non-durables rose 3.1% and energy rose 2.2%. Ireland led with a 15.8% yearly rise against an 11.7% fall in Luxembourg. July 2024 was revised from 0.1% monthly drop to 0.3% drop and from 1.7% yearly drop to 1.5% drop.

1. National index: Each country builds a monthly Laspeyres-type index to track value added at basic prices. Exact monthly value added is missing, so offices use deflated turnover, labour input, energy and materials use or physical volumes.
2. European compilation and aggregation: Eurostat turns absolute figures into indices and aligns base years. It fills gaps only at 80% coverage, shares missing weight proportionally and never estimates seasonally adjusted data. Totals are a weighted sum with the same weights for activities and countries, using 2021 shares renewed at least every five years.
3. Adjustment: Countries must send adjusted series built with JDemetra+ version 2.2. Eurostat builds EU totals indirectly from national adjusted series since March 1, 2012, keeping them consistent with national data.
4. Growth rates: Monthly change divides the seasonally adjusted index by the prior month, minus one, times 100. Yearly change does the same with the calendar-adjusted index against the same month 12 months earlier. For example, branch A at weight 0.70 and index 102.0 with branch B at 0.30 and 96.0 gives 100.2. Against 98.0 for the same month a year earlier, yearly growth equals 2.2%.
5. Rebasing: Indices are rescaled so the 2021 average equals 100, which changes levels only, while new weights can change growth rates.