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Statistics glossary

i.i.p.

See

ICPFs

See

IF

See

ILO

International Labour Organization

implied volatility

A measure of expected volatility (standard deviation in terms of annualised percentage changes) in the prices of, for example, bonds and stocks (or of corresponding futures contracts), which can be extracted from option prices.

index of industrial producer prices

See

indicator of negotiated wages

A measure of the changes over time in the direct outcome of collective bargaining in terms of basic pay (i.e. wages and salaries excluding bonuses) at the euro area level. It refers to the implied average change in monthly wages and salaries.

indirect taxes

Taxes on production and imports receivable by general government that are compulsory, unrequited payments, in cash or in kind, levied by general government in respect of the production and import of goods and services, the employment of labour, the ownership or use of land, buildings or other assets used in production (ESA 2010 4.14-4.29). These taxes are not consolidated. For example, taxes on the use of buildings by government entities should be included in both revenue and expenditure.

industrial producer price

The factory-gate price (transportation costs are not included) of any product, excluding imports, sold by industry excluding construction on the domestic markets of the euro area countries.

industrial production

The gross value added created by industry at constant prices.

inflation-indexed government bond

A debt security issued by the central government, the coupon payments and principal of which are linked to a specific consumer price index.

institutional unit

An economic entity that is capable of owning goods and assets, of incurring liabilities and of engaging in economic activities and transactions with other units in its own right. Refer to the definitions provided in the ESA 2010.

insurance corporations and pension funds (ICPFs)

According to the ESA 2010, the insurance corporations subsector consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation as a consequence of the pooling of risks mainly in the form of direct insurance or reinsurance; the pension funds subsector consists of all financial corporations and quasi-corporations which are principally engaged in financial intermediation as the consequence of the pooling of social risks and needs of the insured persons (social insurance). Pension funds as social insurance schemes provide income in retirement, and often benefits for death and disability.

interest rate

The ratio, usually expressed as a percentage per annum, of the amount that a debtor has to pay to the creditor over a given period of time to the amount of the principal of the loan, deposit or debt security.

interest-growth differential

The difference between the annual change in nominal GDP and the nominal average interest rate paid on outstanding government debt (the “effective” interest rate). It is one of the determinants of changes in the government debt ratio. See also

international investment position (i.i.p.)

A statistical statement that shows at a point in time the value and composition of (a) financial assets of residents of an economy that are claims on non-residents and gold bullion held as reserve assets, and (b) liabilities of residents of an economy to non-residents.

international reserves template

A statistical statement used to report the stock of reserve assets, other foreign currency assets and reserve-related liabilities of the Eurosystem on a specific reference date.

intra-euro area trade

The exchange of (i.e. trade in) goods and services between individual euro area countries.

investment fund (IF)

A collective investment scheme that raises funds by issuing shares or units to the public. The proceeds are invested in financial assets and in non-financial assets (usually real estate).