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Information Note – Industrial Production and Turnover (IPT) Index Revision – 2021

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The CSO’s Industrial Production and Turnover (IPT) Index for October 2021 (published on 13 December 2021) contains revisions to the data series. The revisions to the data have impacted the series from January 2015 to April 2022.

Background – Index Calculation

Individual turnover sub-indices are compiled for each detailed NACE class (i.e. NACE 4-digit level). These sub-indices are combined to provide the indices for broader sectoral groupings (NACE 2-digit and groupings of NACE) using the turnover as the weight. The production indices are created in the same way but use the gross value added at factor cost (GVA) as the weight. The production indices are calculated at constant prices, using the Wholesale Price Index (Base 2015 = 100) as deflators. The base-year GVA and turnover weights are from the 2015 Census of Industrial Production (CIP). The weights and base year are updated every five years. 

Scope of the Revisions

Industrial Production Index

Four issues are included in the revisions to the Industrial Production index; these are outlined in Table 1.

Table 1: Scope of revisions to the Industrial Production Index
 IssueAction
Revision to WPI deflators The CSO revised the Wholesale Price Index in October 2020[1]. The Industrial Production Index is calculated using deflators from the WPI. A process was implemented to re-calculate the Industrial Production Index series using the revised deflators.
An error in the application of the deflators in the calculation of the Industrial Production Index When including the revised WPI deflators, an error was found in the implementation of the formula used to apply the deflators in the calculation of the Industrial Production Index. A correction was made to the formula used to apply the deflators in the calculation of the Industrial Production Index.
Revisions to the raw data Specific identified changes to the raw data due to new or updated information received from enterprises. The identified changes were included in the calculation of the index. Note: this is a regular annual revision exercise to include changes in the raw data.
Regular updating of the Seasonal Adjustment Modelling Due to the above changes in the data series, the seasonal adjustment modelling has been updated. The seasonal adjustment modelling has been updated. Note: this is a regular exercise and due to the volatility of the series, seasonal adjustment modelling will continue to be kept under review.

[1] Information Note - Wholesale Price Index Revision 2020

Industrial Turnover Index

In the case of the turnover series, all revisions to the data relate to:

  1. Specific identified changes to the raw data: These are routine revisions and there have not been any other process or technical changes to the calculation of the turnover indices.
  2. Updates to the seasonal adjustment modelling to take account of these changes to the raw data. Please note that as with the production index, the seasonal adjustment modelling will continue to be kept under review.

Impact of the Series

The impact of the revisions on the production and turnover indices over the past 12 months is set out in Tables 2 and 3 respectively. A comparison over the full time period of the indices, from January 2015, is shown in Graphs 1 and 2 below.

Table 2: Industrial Production Index (Base year 2015 = 100): Previously Published and Revised Indices for Manufacturing Industries (Seasonally Adjusted) (NACE 10-33)
 PreviousRevisedDifference
(index points)
November 2020 128.4 171.1 42.7
December 2020 122.3 168.4 46.1
January 2021 121.3 165.5 44.2
February 2021 126.7 158.9 32.2
March 2021 122.9 147.9 25.0
April 2021 123.0 155.2 32.2
May 2021 117.7 145.6 27.9
June 2021 112.6 136.7 24.1
July 2021 122.9 147.4 24.5
August 2021 117.5 141.7 24.2
September 2021 121.7 135.3 13.6
October 2021 .. 91.2 ..
Table 3: Industrial Turnover Index (Base year 2015 = 100): Previously Published and Revised Indices for Manufacturing Industries (Seasonally Adjusted) (NACE 10-33)
 PreviousRevisedDifference
(index points)
November 2020 122.2 116.2 -6.0
December 2020 105.6 107.8 2.2
January 2021 119.9 116.5 -3.4
February 2021 133.6 121.5 -12.1
March 2021 118.6 115.2 -3.4
April 2021 125.3 126.0 0.7
May 2021 126.0 128.2 2.2
June 2021 111.2 119.1 7.9
July 2021 127.9 129.1 1.2
August 2021 131.4 134.2 2.8
September 2021 133.5 131.7 -1.8
October 2021 .. 128.3 ..

Further data requests or statistical queries:

It should be noted that the scale of the revisions depends on the reference period or sector being analysed. The revised data at the most detailed level are available on CSO’s PxStat. While the previously published data are no longer on the CSO website, this data can be made available to users on request. Please contact the CSO team directly, using the email address below, for further data requests or statistical queries.

Appendix

PreviousRevised
Jan 201576.746323109319677.2682384479455
Feb 2015110.4308268079109.987969718086
Mar 2015113.432659041986108.08563215493
Apr 201597.195141605843293.5944232466486
May 201598.696517170112498.705527159369
Jun 2015103.483667420034104.988191348807
Jul 2015100.84001829601699.6782016295524
Aug 2015110.624396577521107.446913381644
Sep 201599.6044018854566101.350966939017
Oct 201592.238992257422993.8722098416198
Nov 201594.561162527478399.1261777439973
Dec 2015102.203372875835107.977112180765
Jan 2016118.000433210518121.399169633153
Feb 201694.216419262434996.5284068785041
Mar 201692.891927392325194.5173331433317
Apr 201695.673000841503899.7394987337243
May 201699.4951296408026102.043533747109
Jun 2016102.04361644331110.324700403458
Jul 2016103.85488784427108.276596724296
Aug 201688.075702033868488.0550575129462
Sep 201696.7114928903246100.380918790698
Oct 2016109.866972881087110.643931335529
Nov 2016102.276950462241104.334452095769
Dec 2016101.870802219203107.227860854133
Jan 201798.33235311066100.143613850086
Feb 2017100.160739490446102.018299796351
Mar 201795.38234775791392.2503238717612
Apr 2017104.217006055085102.036506369892
May 201794.560271748687894.2600000328102
Jun 201783.535770028324185.3091893788361
Jul 2017102.181962644264100.124981805172
Aug 201791.63641544322390.1030763401615
Sep 201797.6953714690821100.235205462252
Oct 201799.4585626302698110.352961176894
Nov 2017106.011441423002122.290079569867
Dec 2017106.258446194053113.389585608497
Jan 2018100.377469061535104.642254543871
Feb 201895.027608088199496.2652129146292
Mar 201878.574513900366479.6961154434226
Apr 201892.106169336818593.334823627625
May 201899.5729307111149103.306690048565
Jun 201895.371643125198698.8599052686364
Jul 201890.239676220206887.2349107221129
Aug 201898.8052964159125100.19109286385
Sep 201896.755725234835103.995384729216
Oct 201897.2604637802995105.745980046902
Nov 201890.408902834782598.8829946043912
Dec 201887.079597793156893.7853318787501
Jan 201993.1879380104959101.238807591115
Feb 201994.258710587368198.5528892107294
Mar 201995.3538679811393100.928524502826
Apr 201994.1774001169057101.893236885811
May 2019101.17754025354498.573206665854
Jun 201993.149684028379996.0007892540065
Jul 201993.889489357518492.0686051367541
Aug 201998.1847636792782101.574306446575
Sep 201999.0814327442448114.830896731252
Oct 2019108.391584497609125.254884301782
Nov 201991.3404756659166105.694667738542
Dec 201990.096711166277995.364274695027
Jan 202094.4373536106299107.548909844551
Feb 202089.219513565447889.6344964270467
Mar 2020121.788947668253129.619910149181
Apr 202096.208731277604108.019310410038
May 202090.021059982759397.9962153802153
Jun 202099.856341714941112.864558489362
Jul 2020105.810918921979115.883330194405
Aug 202092.5694709935799102.240741861821
Sep 202082.862648968995106.640930614571
Oct 202090.9816114385973103.33813563883
Nov 2020128.446752766036171.079151145998
Dec 2020122.281158266261168.444340668356
Jan 2021121.263801308586165.479500938234
Feb 2021126.674351762554158.919494780128
Mar 2021122.893299662777147.928763755989
Apr 2021123.039057210345155.191941695852
May 2021117.714311302252145.568880336538
Jun 2021112.646016322929136.703476076318
Jul 2021122.946712350834147.385819370871
Aug 2021117.501973106159141.745004140757
Sep 2021121.720263795134135.25811808565
Oct 202191.2157473671067
PreviousRevised
Jan 201591.248588583403188.68985274847
Feb 2015100.63537349962599.5822834786614
Mar 2015103.789981423153101.250777539669
Apr 2015101.43892917679298.3103952325498
May 201599.777274403552598.1611467284113
Jun 2015105.168162459935103.653517881862
Jul 201598.954958520431497.9226781273802
Aug 2015105.183334985765105.266685252255
Sep 201595.187709770392398.0632928252343
Oct 201596.4162197233958100.047905814907
Nov 201598.5919308212401102.597588439596
Dec 2015102.646641989743104.861492691621
Jan 2016125.282893066925125.181842257979
Feb 201695.274276083399194.9194061851986
Mar 201690.991346208937391.082322940389
Apr 201694.442856325292194.9294883799612
May 201696.864290861194496.9312006456792
Jun 2016103.468414437185104.307195945337
Jul 2016109.409284680905108.960091024563
Aug 201696.466555732829596.5702789774057
Sep 201692.699272883030392.4326319385296
Oct 2016113.457271300121114.494384493361
Nov 2016107.279669763927106.788055291215
Dec 2016104.153791297649104.09294772864
Jan 2017103.337129425962103.031049380922
Feb 201797.165417497634796.080904554753
Mar 201794.306249401923694.0887370510425
Apr 201797.284962554738197.7170151260598
May 201791.057689218152990.8878511810169
Jun 201784.714136198151885.9768591679851
Jul 201795.498384893470294.6873421571915
Aug 201786.770846946892886.6670869779731
Sep 201797.464580004212197.1896801270704
Oct 2017103.337886405373105.680075015915
Nov 2017107.252609158824106.512986891982
Dec 2017108.639223656833109.070716966773
Jan 2018105.402995798795105.214326414293
Feb 201896.321024801258594.1115503915283
Mar 201885.511575517698885.0188391255522
Apr 201891.293518092032991.4699743885729
May 2018103.157946818157102.345978916749
Jun 201896.547636742632699.240014142744
Jul 201895.216449007277793.8999820578614
Aug 2018107.087470621239106.288860021908
Sep 2018102.248991926218101.930482168884
Oct 2018102.538142447897106.947377504947
Nov 201897.106030662761695.6748216581884
Dec 201895.428044280718296.4033532096557
Jan 201995.032509575677995.4763549334692
Feb 201999.769216483240999.1248139677213
Mar 2019101.244593407087104.254915955711
Apr 2019106.75307721886102.876655948051
May 201996.578385485525694.4127936704866
Jun 201988.075390341849593.2029021267503
Jul 201999.708939053305697.1492327764615
Aug 201997.084280189553396.1524622023635
Sep 201999.596259750090899.8476302893725
Oct 2019118.03875533158125.768711597722
Nov 201996.10309108854994.8005329869666
Dec 201991.151707329046793.7949077624296
Jan 2020105.818928349211101.907253777696
Feb 202086.969652787417382.066768844259
Mar 2020127.39039221088121.727720869259
Apr 202099.1033034484586101.002368364763
May 202099.317835070624195.3329688693797
Jun 2020110.532851629402110.243472992599
Jul 2020109.997438691845108.416165041574
Aug 2020105.878150616236100.217356194078
Sep 202084.457271138066780.6478060734889
Oct 202091.8609585164572102.646878839418
Nov 2020122.201519053464116.184033575306
Dec 2020105.555721843341107.810080276104
Jan 2021119.862672295785116.53578808331
Feb 2021133.644073015439121.49183995926
Mar 2021118.560677670195115.187674650017
Apr 2021125.338254936141126.010668201728
May 2021125.954197713399128.173612397904
Jun 2021111.162941792431119.054864861967
Jul 2021127.853123864078129.133827680493
Aug 2021131.421249172349134.241405038777
Sep 2021133.499357821326131.717111407397
Oct 2021128.298028387402