Volume index Definition | Volume index
VOLUMEINDEX GlossaryHome About ContactUs DownloadableVersion AdvancedFilter WebService OECDStatistics FrenchEquivalent:IndicedevolumeDefinition:Avolumeindexismostcommonlypresentedasaweightedaverageoftheproportionatechangesinthequantitiesofaspecifiedsetofgoodsorservicesbetweentwoperiodsoftime;volumeindicesmayalsocomparetherelativelevelsofactivityindifferentcountries(e.g.thosecalculatedusingPPPs).Context:Amajoraimofeconomicanalysisistodevelopanunderstandingofchangestakingplaceinaneconomyovertime.Thisincludesthemeasurementofshort-termgrowthordecline.Toachievethisforkeyeconomicvalueaggregates,suchasthevalueofindustrialproductionorthevalueofretailturnover,itisnecessarytodistinguishbetweenchangesarisingsolelyfrompricechangesandthosearisingfromotherinfluencessuchasquantityandquality,whicharereferredtoaschangesinvolume.Volumemovementsaredeterminedbyholdingthepriceconstant.Bykeepingfixedthepricesoneachitemincludedinthevolumeindex,periodtoperiodchangesintheconstantpriceestimatesforaggregatesofitemsreflectchangesinthequantitiesand/orthequalityofthedifferentproducts.Forexample,ifthereisafallinthetotalquantityofgoodsproducedorgoodsconsumed,volumedatawilldecrease.Volumedatawillalsodecreasewheretheproductionorconsumptionpatternischangingtowardscheapergoods(eveniftotalquantityisnotdecreasing).Itshouldbenotedthatalthoughachangeinvolumetermsreflectschangesinquantityandorquality,itcannotinitselftellwhichofthefactorsisresponsible.Furtherinvestigationisrequiredbeforeitcanbeascertainedhowmuchofthechangeisduetoquantityandhowmuchtoqualityinfluences.Theexpressionconstantpricesisoftenusedinterchangeablywithvolume.However,thereisaslightdistinctionbetweenthetermseventhoughbothhavehadtheeffectsofpricechangesremovedfromtheunderlyingvalueseries.Morespecifically,thetermconstantpricesdescribesaggregatedataforseveralperiodscompiledusingafixed-baseLaspeyresformulasothatalltheitemsareexpressedintheirrespectivepricesofthebaseperiodandforwhichthecomponentsandtotalsareadditive.However,f
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