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Concepts and definitions

Proxy variable

As far as possible the volume index of industrial output is calculated using volume data obtained from establishments. However, in some cases an establishment may not be able provide data on the volume of its output. In these cases, the establishment is asked for data on some other variables describing output, in other words proxy variables, that are considered as indicative of its volume. Examples of proxy variables include hours worked, raw materials consumed or value of output.

Volume index of industrial output

The volume index of industrial output describes the relative change in the volume of industrial output when compared with a specific base time period. In the beginning of 2002, the index with fixed weights was replaced with an index with changing weights, which takes the structural change occurring in industry into account better than the index with fixed weights.