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To measure the transition through growth, data about the Industrial Production Index (IPI) has been collected from the Office for National Statistics' (ONS, 2013c) official database since data about the Gross Domestic Product (GDP) or unemployment are announced quarterly or yearly and therefore are not consistent with the frequency of model dataset.
The rationale for using the Industrial production index (IPI) can be also found in the nature of the indicator which is one of the most important short-term statistics indicators.
IPI is used to identify turning points in the economic development at an early stage and to assess the future development of the GDP, thus it is available on a monthly basis in a detailed activity breakdown and with a short delay (1 month and 10 days) (OECD, 2003).
The industrial production index is an essential economic indicator used to monitor and
ONS (2013c) explains the usefulness of industrial production index as:
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