Index of Industrial Production (IIP) is an indicator that evaluates the growth rate of industrial production every month, quarter and year. The index is calculated by the quantity of production, therefore it is also called “the index of quantity of industrial production”. The IIP is an important indicator quickly reflecting the situation of industrial production growth in general and the growth rate of each commodity in particular; satisfying the information needs of the State agencies, investors and other users.
The IIP is calculated as the percentage of the quantity of industrial production generated in the current and base periods.
The calculation of the IIP begins with the calculation of production index of commodity. From the production index of commodity, production indexes of VSIC
4-digit classes, VSIC 2-digit divisions, VSIC 1-digit sectors and the whole industry can be calculated and so can the IIP for a certain province or the whole country.
The production index at 1-digit sector of VSIC industry is the weighted average index of the production indices of VSIC 2-digit divisions under the VSIC 1-digit sectors.
The index of industrial shipment of manufacturing is the index comparing the rate of industrial shipment between reference time and base time.
The base time of the index of industrial shipment of manufacturing are the average month of base year, the previous period and the same period of last year
The index of industrial shipment of manufacturing reflects the situation of changing in industrial shipment (increase, decrease) of each commodity, groups of commodities, each industrial activity or in general.
The index of industrial shipment of manufacturing is calculated for only enterprise sector, not individual sector.
The index of industrial inventory is an indicator reflecting the status and situation of inventory fluctuations products processing industry and manufacturing in general and of each product processing industries, manufacturing in particular.
The index of industrial inventory is the index comparing the rate of industrial inventory between reference time and base time. The base time of the index of industrial inventory is the change in inventory of base year (average of the beginning and the end of 2015), the previous period and the same period of last year.
The index of industrial inventory reflects the situation of changing in industrial inventory of each commodity, groups of commodities, VSIC 4-digit industry, VSIC 2-digit industry and whole manufacturing.
The index of industrial shipment is calculated for only enterprise sector, not individual sector.
Industrial product is an indicator reflecting the direct results generated by industrial production in a given time including industrial physical products and services.
Industrial physical products are industrial products generated by using working instruments acting upon object to turn the original mode of materials into new products with new utilization value or products explored from mines. Industrial physical products include: (1) Finished products are industrial products manufactured conformable with specifications and technical standards; (2) Secondary products are industrial products still having utilization value and being consumed (accepted on the market) though they fail to meet the standards of specifications and quality; (3) Auxiliary products (or also called by-products) are produced together with finished products during the process of industrial production.
Industrial service product is a kind of industrial product which is processed or increased their utilization value without changing the initial value of the products.