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Index of Industrial Production

Description

The Index of Industrial Production (IIP) is an economic indicator used to gauge the productivity of a country over a period of time. It measures the relative change in the production of Industrial commodities. The measurement is related to a fixed year, which is referred to as the base-year. The base-year is normally expressed in the form 1994=100.

The commodities or products are classified under the following headings: Mining and Quarrying, Manufacturing, Electricity, Water and Gas generation.

The source of data for the Index is the monthly Survey of Production and Sales. This covers the major establishments within each industry group and provides data on the output indicators used in the Index. Selection of establishments surveyed is based on the establishments' contribution to Net Value Added as derived from the Industrial Census 1994. It is the difference between an establishment’s gross receipts (i.e. the value of its products sold plus all tangible income received from other sources) and its intermediate consumption (which is, the value of raw materials used plus expenditure on other goods and services utilized).

The Index is calculated primarily on the fixed base method, according to Laspeyres formula - i.e. as a base-weighted average of quantity relatives.

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