Statistical Terms

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Definition	Procedure used to remove the seasonal effects (such as four seasons, holidays, business operations, etc.) from statistics (original series) compiled on a monthly (quarterly) basis
Commentary	Original series (index) generally includes cyclical components (trend, cycle) and non-cyclical components (seasonal, irregular). These components distort the trends of short term indexes such as indicators based on data from previous month. Therefore seasonal effects (holidays, operation effect) with one year periodicity should be removed. Seasonally adjusted series refers to original series (index) from which seasonal effects have been removed.
Source	KOSTAT (Monthly Industrial Statistics)