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Production index

Applying the base 2005 = 100 and adjusted according to working days (EU-harmonised concept), the 2011 year average for the production index in industry (ÖNACE Sections B to E) was 118.0 points, equating to an increase of 7.2% compared with the year 2010. In the construction sector (ÖNACE Section F), the index reached 102.5 points, corresponding to a decrease of 0.4%.

Compared with the previous year, the following changes were recorded in the main industrial groupings: capital goods: 14.2%, energy: 8.3%, intermediate goods: 5.4%, durable consumer goods: -0.2%, non-durable consumer goods: -0.6%.

Results can be found at the bottom of this site. More detailed results are available on the German site, where index figures are recalculated according to ÖNACE 2008 from 1996 onwards while results according to ÖNACE 2003 are available until December 2008.

The production index is an important short term economic indicator, the aim of which is to measure fluctuations in production output in real terms on a monthly basis and, in so doing, to identify in particular turning points in the economic cycle as early as possible.

Results and their publication

Since 1999, the EU-harmonised national production index for industries and construction (current base 2005 = 100) has been calculated and published at the level of the divisions, subsections and Sections B to F of ÖNACE 2008 and for five main industrial groupings (consolidation of economic branches that predominantly produce goods for intermediate consumption, energy, capital goods, consumer durables or non-durables) beginning with reference period 01/1996. In parallel, time series according to the old ÖNACE 2003 were made available until reference period 12/2008. From reference period 01/2009 results are only available according to the new ÖNACE 2008.

In order to satisfy regional requirements, the production index is also compiled for all nine federal provinces. Initial provisional results applying the new base 2005 = 100 are published 55 days after the end of the reference period, and revised values are published after 85 days. The exact dates are given in the Publication calendar (available in German only). EU-harmonised working-day adjusted and seasonally adjusted series and trend series have been compiled since spring 2005 and are available to 1996 backwards according to the new ÖNACE 2008. For the seasonally and working-day adjusted series, there may be slight (methodologically justified) deviations to the entire time series for each new reporting month as a result of EU-harmonised adjustment. The current values are also published monthly in the Statistical Monitoring Reviews (available in German only), the ISIS database (available in German only), the STATAS statistical tables system (available in German only), in the press releases and in Economic barometer for Austria (available in German only) from the Austrian Federal Economic Chamber as well as on the Eurostat website. The old base 2000 = 100 will continue to be calculated and published in parallel until the December 2007.

Definition

The aim of the production index is to measure and depict the development of the monthly production output in real terms of the manufacturing establishments (ÖNACE B to F). It is expressed by the ratio of production volumes (or deflated production values) in the given reporting period to those of the base period, and is presented as an index number. The production index relates to all establishments in ÖNACE Sections B to F that exceed a defined number of employees and is now calculated from base year 2005.

The regulation concerning short term statistics that was passed by the Council of the European Union in May 1998 (Council Regulation (EC) No. 1165/98 of 19 May 1998 concerning short term statistics most recently amended by Regulation (EC) No. 1178/2008 of 28 November 2008) made the calculation of a production index for the EU member states compulsory for the first time. An EU-conform production index (including back-calculations up to January 1996) has been calculated and published since the reference month of January 1999. In terms of production index calculations, production is normally defined as technical total production, i.e. own production intended for sale and for in-house supplies and services plus wage labour. Sold production is used as a substitute in the computation only if own production is not surveyed. For the new base 2005, only deflated production values (technical production or sold production depending on the branch) are used to calculate the production index.

Scope and representativity

Because the reported production of all establishments in the Short Term Statistics Surveys in Industries and Construction is in principle reflected in the index calculations, the scope of these surveys simultaneously determines the representativity of the calculated production index. According to the principle of a concentration survey, the surveys take account only of those establishments and enterprises in the industries and construction sector (ÖNACE Sections B to F) that have a minimum number of employees on a common survey date of the previous year (applicable to all months of the given year), respectively since reference year 2008 turnover exceed a certain threshold (as long as thresholds for employees did not reach representativity criteria). Since the base 2000 ÖNACE divisions with fluctuating employee numbers, respectively with fluctuating turnover (since reference year 2008), standardised and constant workforce limits for the index calculation and its homogenous progression have been defined in order to ensure stable observation masses. In case also adjustments of the base take place.

Implementation of the ÖNACE 2008

According to the revision of the new statistical classifications of economic activities within the “Operation 2007” and the amendment of the national short term statistic regulation a number of substantial adoptions to the monthly Short Term Statistics in industries and construction took place since the reference year 2008. These adoptions like new demarcation of the scope or taking into account the new thresholds since the reference period 01/2008 lead also to methodological changes for the calculation of the short term indicators. An article on this topic will be published in the “Statistischen Nachrichten” in 2009.

Time series from 1996 to 2004 of base 1995=100 and 2000=100 were reclassified according to the new statistical classifications of economic activities ÖNACE 2008 and rebased to the base 2005=100 for all breakdowns. From reference period January 2005 new calculations were made.

Computation

The computation applies the Laspeyres concept (fixed base, fixed weighting). As from base 2005, the basis for the computation has comprised technical total production (TP) or, in those cases where TP is not available, sold production (SP). For each business variable, all deflated production values are added up and the values are allocated to the establishment’s ÖNACE subclass (i.e. the establishment’s main emphasis) (which thus comprises all characteristic and non-characteristic goods). The deflated values of all establishments that belong to a specific ÖNACE subclass (six digits) are then added up and this total is compared to the base value of the ÖNACE subclass. This provides (for Austria and for each federal province) for each ÖNACE subclass an index number that is then weighted and included in the index result. The weightings are determined at the ÖNACE subclass level and above. The differences between the old (base 2000 = 100) and the new concept (base 2005 = 100) can be seen in the table entitled “Differences between the old and new production index concept” (PDF 79KB) (available in German only) and, from the end of November, can also be examined in the “Statistische Nachrichten”.

By eliminating seasonal influences and by standardising the monthly values with respect to working days, the working-day and seasonal adjustments subsequently simplify interpretation of the time series. The adjustments are made in accordance with EU-harmonised specifications using the X-12 RegARIMA program. For the seasonally and working-day adjusted series, there may be slight (methodologically justified) deviations to the entire time series for each new reporting month as a result of EU-harmonised adjustment.

In accordance with the EU regulation concerning short term statistics, the short term indicators specified in the regulation are to be rebased every five years – i.e. in years ending with a 0 or a 5. Therefore the indicators were rebased in September 2007 using the new base year 2005=100.

Other methodological explanatory notes (available in German only)

Explanations in English can be found at: “IMF Dissemination Standards Bulletin Board”.

    
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Results (overview): Short term indicators in industries and construction 2011 (basis 2005), ÖNACE 2008HTMLPDFXLSX

ÖNACE 2008

Production index ÖNACE 2008 (Ø 2005=100), EU harmonised working day adjustedPDFXLSX
Production index ÖNACE 2008 (Ø 2005=100), EU harmonised working day adjusted - 1996 bis 2004PDFXLS

ÖNACE 2003

Production index basis 2005, EU harmonised working day adjustedPDFXLS


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