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The time series data given here provides the indices of industrial production (IP) in a country for 10 consecutive years.

a) Find the IP forecast for 2018.
b) By how much does the IP increase every year?

| Year | IP |
|------|------|
| 2008 | 79.62|
| 2009 | 86.54|
| 2010 | 88.14|
| 2011 | 89.23|
| 2012 | 93.45|
| 2013 | 97.4 |
| 2014 | 99.34|
| 2015 | 96.98|
| 2016 | 100.22|
| 2017 | 103.56|

Answer :

Final answer:

a) The forecasted IP for 2018 can be calculated using methods such as simple moving average, exponential smoothing, or regression analysis.

b) The annual increase in IP can be calculated by finding the difference between consecutive years' values.

Explanation:

To forecast the IP for 2018, we can use various methods such as simple moving average, exponential smoothing, or regression analysis. Let's calculate the IP forecast using the simple moving average method:

  1. Calculate the average of the IP values for the last few years. For example, we can take the average of the IP values for the years 2015, 2016, and 2017.
  2. Add the calculated average to the IP value of the last available year (2017) to get the forecasted IP for 2018.

To calculate the annual increase in IP, we can find the difference between consecutive years' values. For example, to find the increase from 2016 to 2017, subtract the IP value of 2016 from the IP value of 2017.

Learn more about forecasting industrial here:

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