Statistical Service of the Republic of Cyprus

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Methodological Note on the Industrial Turnover Index

The Industrial Turnover Index reflects the monthly changes of turnover in the branches of mining and quarrying, manufacturing, electricity supply, water supply and materials recovery, that is sections B, C, D and E of the statistical classification of economic activities NACE Rev. 2 of the European Union. The index does not include sewerage, waste collection, treatment and disposal and remediation activities, which are codes 37, 38.1, 38.2 and 39 of section E. The aggregated index is broken down to local market and export market index. The index is also compiled by main industrial groupings: intermediate goods, energy, capital goods, durable consumer goods and non-durable consumer goods.

Data collection
The collection of data for the sub-sectors of mining and quarrying, manufacturing and materials recovery is conducted by the Statistical Service by telephone enquiries, fax or e-mail. The data collection starts five to ten days after the end of the reference period and is normally completed within two months. For mining and quarrying, all enterprises are covered. For manufacturing, all enterprises with turnover 1.700.000 Euros and over or with 20 or more employees are included in the survey and a sample is selected from enterprises employing less than 20 persons. The Electricity Authority of Cyprus, as the only electricity producing enterprise, provides sales data, while data are also collected from water distribution, desalination and purification enterprises.

Compilation method and dissemination practices
The Industrial Turnover Index is using 2005 as base year, meaning that it shows the monthly changes in turnover in relation with the monthly turnover average of the year 2005. In the base year, the average of the turnover indices for the twelve months is 100,0. For example, a monthly turnover index of 112,4 means that the turnover for the specific month has increased by 12,4% in relation to the average monthly turnover of 2005.
The aggregated Industrial Turnover Index is a weighted average of the turnover indices of the various sub-sectors of Industry, as determined in the statistical classification of economic activities NACE Rev. 2. The weights used are derived from the total sales of the enterprises in the base year (2005) and reflect the turnover of each sub-sector in relation to the total turnover of the Industrial sector.
The compilation of the Industrial Turnover Index follows the provisions of Council Regulation (EC) No 1165/98 concerning short-term statistics and its amending Regulations. The Index is transmitted every month to the Statistical Office of the European Communities ( Eurostat).

Contact person
For more information:
Nicos Pavlou
Tel.: 22602180
Fax: 22661313

Last Update: 30/04/2009