Abstract: Functional data analysis is a modern and dynamically developing field of statistics, which finds its application in many different areas.It can also be used in econometrics.The paper explains the main ideas of functional data analysis and presents its fundamental theoretical background.It also shows an overview of the possibilities of using a functional approach in the analysis of economic and financial data through a search and review of scientific articles.Out of the total number of 1,492 articles dealing with the topic of functional data analysis and meeting the search criteria, 55 articles focusing on the solution of econometric problems are identified.Subsequently, the use of functional data analysis in the exploratory analysis of the industrial production index of the Czech Republic is demonstrated.The so-called phase plane plots are used for the analysis, which make it possible to better examine the dynamics of the development of industrial production.The analysis studies the development of production in individual years and examines the impact of various economic shocks.Using a functional approach, it is possible to answer questions that are difficult to answer using classical statistical methods.