A volume index or quantity index is a numerical time series measure designed to help compare how the production of some class of goods and/or services, taken as a whole, differs between time periods or geographical locations. Compare
price index
A price index (''plural'': "price indices" or "price indexes") is a normalized average (typically a weighted average) of price relatives for a given class of goods or services in a specific region over a defined time period. It is a statistic ...
.
As compared to a price index, a volume index takes into account price changes and reflects the level of production without inflation.
Volume or quantity indexes can be constructed by year-to-year
chaining
Chaining is a type of intervention that aims to create associations between behaviors in a behavior chain. A behavior chain is a sequence of behaviors that happen in a particular order where the outcome of the previous step in the chain serves a ...
just as price indexes can be.
See also
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Gross domestic product
Gross domestic product (GDP) is a monetary measure of the total market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic performanc ...
References
External references
OECD glossary entry
Business indices
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