The Special Data Dissemination Standard

Transcription

1 February 1998 The Special Data Dissemination Standard Updated Guidance on the SDDS The point of contact in the IMF for the standards initiative is following: Chief Data Dissemination Standards Division Statistics Department International Monetary Fund th Street N.W. Washington, D.C , U.S.A. Telephone: (202) Tlf (202) (202) Updated Guidance on the SDDS - February 1998_v223.DOC October 11, 2002 (2:26 PM)

2 - 2 - International Monetary Fund Washington, D.C.

3 - 3 - INTERNATIONAL MONETARY FUND The Special Data Dissemination Standard Updated Guidance February 1998 Contents Page I. The Data Dimension 5 A. Data Coverage...5 National accounts...5 Production index...6 Labor market indicators...6 Prices...7 Central government operations...8 Central government debt...9 Analytic accounts of the banking sector...9 Analytic accounts of the central bank...10 Interest rates...10 Share prices...10 Balance of payments...11 International reserves...11 Merchandise trade...12 International investment position...12 Exchange rates...12 Population...12 II. Other Aspects of the Data Dimension 13 A. The "As Relevant" Provision...13 B. Flexibility Options...13 III. The Access Dimension 13 A. Advance Release Calendars...13 Simultaneous Release...15 IV. The Integrity Dimension 15 A. Terms and Conditions for Production of Official Statistics...15 Internal Government Access...16 Identification of Ministerial Commentary...16 Revision Policy and Advance Notice of Major Changes in Methodology.16

4 - 4 - V. The Quality Dimension 17 A. Dissemination of Documentation on Methodology and Sources...17 B. Dissemination of... That Support Cross-checks and Provide Assurance of Reasonableness...17 VI. Other Aspects of the SDDS 17 A. Forms of Data Dissemination...17 B. Transition Plans...18

5 - 5 - UPDATED GUIDANCE ON THE SDDS The provisional version of the Guide to the Data Dissemination Standards: Module 1 was completed in May Since that time, the Standard itself and the Guide, complemented by advice from Fund staff, have guided subscribing countries' work toward observance of the Special Data Dissemination Standard (SDDS) and in the preparation and maintenance of metadata for the Dissemination Standards Bulletin Board (DSBB). Rather than issue a revised version of the Guide at this time, we have prepared this supplemental document to provide clarification where experience has shown that this would be useful and to give further explanations and elaborations. The guidance is oriented to practical solutions of the kind often suggested in discussions with Fund staff. It is important to note that this document does not conflict in any way with the prescriptions of the SDDS, as approved by the Fund's Executive Board. The updated guidance first covers topics relating to the Data Dimension of the SDDS (coverage, periodicity, and timeliness) and then topics bearing on the Access, Integrity, and Quality Dimensions. As an aid to readers, the confirmations of practices are cross-referenced to the relevant paragraphs in the Guide. For some topics, language drawn from metadata already on the DSBB is provided in Sample Language boxes to clarify how an SDDS specification is implemented in metadata and as a convenience to SDDS contact persons who do not have ready access in the Internet. National accounts I. THE DATA DIMENSION A. Data Coverage The Standard specifies that component detail of GDP by major expenditure category and/or productive sector is to be disseminated. Such a breakdown should be one that is commonly used in the country (Guide, paragraph 61). The breakdown can be a minimal breakdown; e.g., in the case of a major oil producer, a distinction between oil and non-oil GDP could be disseminated. This specification is to be implemented in the metadata by listing the major components that are disseminated. Sample Language The following breakdowns are disseminated: by expenditure category, by productive sectors, NACE (rev. 1), and by cost components. The breakdown by major expenditure category includes the following components: household consumption, government consumption, gross fixed capital formation by government and by enterprises, changes in stocks and work in progress, and exports and imports of goods and services.

6 - 6 - The Standard specifies dissemination of quarterly data for at least two of the following: GDP at current prices; GDP at constant prices; associated prices (Guide, paragraph 61). The "associated prices" are identified as implicit price deflators or price indices, which are usually the by-products or co-products of the national accounts compilation process. If this is not the case and another set of price indices is being considered for use in meeting the Standard, the measures chosen should be weighted averages of individual indices that, together, are indicative of the prices covered by GDP. GDP data may refer to something less than "total" GDP --e.g., when non-[sector or commodity] GDP is widely used within the country. Any significant omissions should be described in the metadata. The metadata should, ideally, indicate the reasons for the omissions. Data on GDP should be disseminated as levels rather than as percent changes or indices (Guide, paragraph 61). Production index The chosen index/indices, which could be a sectoral index or a selection of sectoral and/or commodity indices, should be the one (ones) used within the country as a useful indicator (Guide, paragraph 64). Sectoral and/or commodity export volume indices would be considered an acceptable proxy for a production index only in very special circumstances. An index of sales would not, ideally, be a proxy for a production index, but an index of industrial sales would be acceptable if it has traditionally been used to track production activity. Labor market indicators The sectoral coverage of the measures identified for the components of the labor market data category is not prescribed. Subscribers are free to decide on an analytically appropriate coverage based on the indicators most widely used in the country (Guide, paragraphs 72, 76, and 80). While data on Employment and on Wages/earnings should ideally be disseminated as levels, dissemination in the form of indices or changes is acceptable. Unemployment data can be presented in level form or as a percentage rate.

7 - 7 - Prices For consumer prices, the index identified should be the one most widely used in the country. Geographic/income coverage need not be complete (Guide, paragraph 85), but should be indicated in the metadata. For producer or wholesale prices, the index identified should be the one most widely used in the country (Guide, paragraph 88). Sectoral coverage is not specified in the SDDS, nor is it specified that the index must cover all transactions of the chosen sector. An index covering just the domestic market, for example, would be acceptable. The coverage should be indicated in the metadata. General government/public sector operations The SDDS specifies that component detail of Central government/public sector operations is to be disseminated (Guide, paragraph 93). If some or all of the prescribed components are not disseminated but can be derived from disseminated details, the metadata should indicate how the user can derive the prescribed components. A prescribed component need not be disseminated if the data are sufficiently small to not be analytically useful. However, in such cases, the metadata should explain, with some quantification, why the prescribed component is not disseminated. A financing breakdown should be disseminated even if the operations usually generate an overall surplus. Data for the central government should be disseminated as actual or preliminary actual data; data based on projections would not conform to the Standard. Data for state and local governments may include some estimationfor example, they could cover just the major units or could be based on benchmark data updated by actual data from a sample survey, as recommended by the Funds Government Finance Statistics Manual. Data for Public sector operations should include actual data for all "important" nonfinancial public enterprises, as defined by the subscriber (Guide, paragraph 91). Where a residency breakdown of financing is not applicable, financing transactions may be presented by type of instrument, currency of issue, or other relevant characteristics (Guide, paragraph 93). The breakdown is of the subscriber's choice and the reason why a particular breakdown has been chosen need not be stated. General government operations data should be comprehensive (Guide, paragraph 91). The institutional coverage for the central government should be broader than the coverage in central government operations in those cases where these operations

8 - 8 - exclude major institutions. If this is not the case, the metadata should clearly state any omissions in coverage. In such cases, some quantification in the metadata of the significance of the omission should, ideally, be given. General government should include state and local governments where applicable. However, if state governments represent the vast proportion of the rest of the general government (e.g., 95 percent), the inclusion of state governments only would be sufficient for the Standard. Sample Language Although data on local governments are not included, the impact of these governments on the fiscal data is negligible as they are not permitted to borrow and their expenditure are primarily financed by transfers from the statement governments. (A recent survey for indicated that income of local governments amounted to less than 5 percent of total central government revenue, and less than 1 percent of GDP.) For subscribers that choose Public sector operations, the Standard requires that the public enterprise part of the data be disseminated in respect of the borrowing requirement of public enterprises (Guide, paragraph 93). Central government operations The SDDS specifies that component detail of Central government operations is to be disseminated (Guide, paragraph 97). If some or all of the prescribed components are not disseminated but can be derived from disseminated details, the metadata should indicate how the user can derive the prescribed components. A prescribed component need not be disseminated if the data are sufficiently small to not be analytically useful. However, in such cases, the metadata should explain, with some quantification, why the prescribed component is not disseminated. A financing breakdown should be disseminated even if the operations usually generate an overall surplus. As noted above in the case of General government/public sector operations, the breakdown of financing that is required for the Standard does not need to be by residency (Guide, paragraph 97). Data need not include social security and/or extrabudgetary funds, but such omissions should be clearly indicated in the metadata (Guide, paragraph 96). Disseminated data should be based on actual or preliminary actual dataprojections are not acceptable.

9 - 9 - Central government debt The metadata should describe the institutional coverage of the data for Central government debt and any omissions should be noted (Guide, paragraph 100). Disseminated data on Central government debt must be on a gross basis. If central government debt does not exist, the Standard can be observed by indicating this in the metadata and in a relevant high-frequency publication. The metadata should, ideally, indicate an intention to disseminate debt data in accordance with the requirements of the SDDS should such debt arise in the future. Data on government guaranteed debt should be shown separately, with no breakdown required, if it is "analytically useful" (Guide, paragraph 100). Otherwise, the metadata should explain, with some quantification, why such debt is not "analytically useful". The SDDS prescribes a maturity breakdown of central government debt (Guide, paragraph 101). However, the actual breakdown is of the subscriber's choice (although a breakdown between short- and long-term debt is required as a minimum) as is the method of recording (original versus residual maturity) These features of the data should be described in the metadata. In addition to a breakdown by maturity, the SDDS prescribes a further breakdown, for example by residency, instrument, currency, or "indexing" (Guide, paragraph 101). The breakdown is of the subscribers' choice and the reason why a particular breakdown has been chosen need not be stated. Analytic accounts of the banking sector The SDDS specifies that component detail of Analytical accounts of the banking sector is to be disseminated (Guide, paragraph 104). If some or all of the prescribed components are not disseminated but can be derived from disseminated details, the metadata should indicate how the user can derive the prescribed components. A prescribed component need not be disseminated if the data are sufficiently small to not be analytically useful. However, in such cases, the metadata should explain, with some quantification, why the prescribed component is not disseminated. A consolidated presentation of the accounts of the central bank and the accounts of the rest of the banking system (such as a Monetary Survey) is not required by the Standard. However, the prescribed components must cover the relevant assets and liabilities of both the central bank and of other banks. For example, disseminated data on the monetary aggregates must include the liabilities of the central bank and those of other banks.

10 The Standard prescribes a breakdown of domestic claims between claims on the public sector and claims on the private sector. Further, the Guide states that the public sector breakdown should be for general government or public sector, depending on whether general government or public sector operations is the comprehensive framework chosen for the fiscal sector data category. If General government operations is the chosen concept, the metadata should indicate that data on nonfinancial public enterprises are disseminated, either separately or as part of claims on private sector. Analytic accounts of the central bank The SDDS specifies that component detail of Analytical accounts of the central bank is to be disseminated (Guide, paragraph 111). If some or all of the prescribed components are not disseminated but can be derived from disseminated details, the metadata should indicate how the user can derive the prescribed components. A prescribed component need not be disseminated if the data are sufficiently small to not be analytically useful. However, in such cases, the metadata should explain, with some quantification, why the prescribed component is not disseminated. The Standard calls for a breakdown of domestic claims into claims on the public sector and claims on the private sector. Further, the Guide states that the public sector breakdown should be for general government or public sector, depending on whether general government or public sector operations is the comprehensive framework chosen for the fiscal sector data category (Guide, paragraph 111). If General government operations is the chosen concept, the metadata should indicate that data on nonfinancial public enterprises are disseminated, either separately or as part of claims on private sector. Central bank claims on banks should be included in the analytical accounts of the central bank under either claims on public sector or claims on private sector, as applicable, but these claims need not be separately identified. Interest rates If a policy variable rate and/or government borrowing rates do not exist, this should be stated in the metadata. Share prices While a contact person in an official agency must be indicated in the metadata, contact information for a representative of the stock exchange can also be shown. However, contact information for the stock exchange should follow that for the official agency. If the stock exchange is not significant, this fact should be noted in the metadata. The metadata should, ideally, indicate an intention to disseminate data on share prices in

11 accordance with the requirements of the SDDS should the stock exchange become significant in the future. Balance of payments The SDDS specifies that component detail of Balance of payments is to be disseminated (Guide, paragraph 121). If some or all of the prescribed components are not disseminated but can be derived from disseminated details, the metadata should indicate how the user can derive the prescribed components. A prescribed component need not be disseminated if the data are sufficiently small to not be analytically useful. However, in such cases, the metadata should explain, with some quantification, why the prescribed component is not disseminated. The coverage of data need not be comprehensive, but any significant omissions (such as transactions with a specific region or for a specific commodity group) should be described in the metadata. An indication in the metadata as to reasons for the omissions should, ideally, be given. International reserves The metadata should, ideally, indicate the basis for valuing gold and the institutional coverage of reserves data. The metadata should, ideally, indicate, under the "Dissemination of... that support cross-checks and provide assurance of reasonableness" element of the Quality Dimension of the Standard, any broader based measures that are disseminated, perhaps with a lesser periodicity and timeliness than that prescribed. The Standard calls for dissemination of data in U.S. dollars (Guide, Table 1), However, it is acceptable to disseminate data only in national currency as long as the metadata, and a high frequency national publication, indicate clearly how users can obtain exchange rate data to make the conversion into dollars for themselves. Sample Language Total official reserves of Sveriges Riksbank expressed in millions of Swedish Kronor (SEK). The data include foreign exchange, gold, SDRs and the position with the Fund (IMF). The gold is valued at USD per ounce, equivalent to SEK 6, per kilogram. The dollar rate used to value the gold is SEK 4.56/USD. The gold is not revalued. Cross rates SEK/USD in order to convert the figures from SEK to U.S. dollars are available from the Information Center, Sveriges Riksbank.

12 Merchandise trade Data may refer to something less than "total" Exports and Imports, but any significant omissions (such as trade with a specific region or for a specific commodity group) must be described in the metadata. An indication in the metadata as to reasons for the omissions should, ideally, be given. International investment position To be in observance of the Standard, data on the International investment position must follow the Funds Balance of Payments Manual (fifth edition) and this should be indicated in the metadata. Otherwise, the metadata should describe a plan for moving toward this framework in the future. It should be noted that, distinct from all other data categories, these plans for the future may extend beyond the end of 1998 (Guide, paragraph 133). Exchange rates Forward rates should be disseminated if the forward market is significant (Guide, paragraph 134). If there is no such market, or if it is not significant, this should be indicated in the metadata. Population Data based on projections of census benchmark data can be used for this data category. Data Periodicity The metadata should refer to the highest frequency data that meet the SDDS requirements. If data of a lower frequency, but with more detail and lesser timeliness, are disseminated, these should, ideally, be described in the metadata under the "Dissemination of... that support cross-checks and provide assurance of reasonableness" element of the Quality Dimension of the Standard. For data categories other that General government/public sector operations and Central government operations (on which see above), the data that are used to meet the standard need not be based on final data. They can be based on "estimated" or "preliminary" source data, but these source data should refer to real observations. Data Timeliness The metadata should refer to the most timely data that meet the SDDS requirements. If data of a lesser timeliness, but with more detail and lesser periodicity, are disseminated, these should, ideally, be described in the metadata under the "Dissemination of... that

13 support cross-checks and provide assurance of reasonableness" element of the Quality Dimension of the Standard. For purposes of the timeliness prescriptions of the Standard, two weeks means 15 days after the end of the reference period; one month means by the end of the next calendar month; one quarter means 13 weeks after the end of the previous quarter; and six months is understood to be 26 weeks. One year is understood to mean by the end of the next calendar or fiscal year, as relevant. II. OTHER ASPECTS OF THE DATA DIMENSION A. The "As Relevant" Provision In cases where the as relevant provision is utilized in meeting the Standard, the metadata should provide a full explanation for this decision. The use of the as relevant position obviates the need to use a flexibility option (Guide, paragraph 56). While the use of the as relevant provision means that it is not necessary to produce and disseminate data for a given category, in practice the data should be disseminated, albeit with a lesser periodicity and timeliness than called for by the Standard. B. Flexibility Options Subject to the constraints of the Standard, the use of flexibility options can be modified both during and after the transition period. III. THE ACCESS DIMENSION A. Advance Release Calendars 1 Subscribers who indicate that they meet the Standard should report release dates for posting on the DSBB (Guide, paragraph 144). In order that the release dates shown on the DSBB be consistent with those disseminated by national statistical agencies, the Data Dissemination Standards Division (DDSD) of the Funds Statistics Department should be informed of the latest release dates at the same time (or very shortly after) these dates are disseminated by subscribers. In reporting the latest release dates, the subscriber should indicate, in the column of the DSBB calendar page headed "Date of last calendar release," the date on which the public was advised of the release dates in question (not the date on which the information was sent to the DDSD). If the release date provided to the DDSD for a particular data category falls outside the timeliness 1 This information essentially reproduces the text of section C of the companion Guidance Note on Advance Release Calendars (February 1998).

14 prescribed by the SDDS, the reason why the prescribed timeliness was not met should be given so that this explanation could be posted on the DSBB. During the transition period, subscribers are free to report release dates for posting on the DSBB even though they do not yet disseminate a calendar. Calendars need not be disseminated for the encouraged category of Forward-looking indicators and for Population and when daily data are released on a regular daily basis. The release dates should refer to calendar dates, either as precise dates, a range of dates, or no-later-than dates (Guide, paragraph 142). A statement along the lines of data are released on the first working day of the month would not be considered sufficient to obviate the need for a calendar. If a calendar flexibility option is used, subscribers are not required to provide the weekahead identification of a release date, but they are still required to disseminate a quarter-ahead calendar (Guide, paragraph 143). In other words, the calendar flexibility option refers only to the provision of the week-ahead identification of a precise release date. The metadata should, ideally, indicate why a week-ahead identification of a precise release date is not possible. If a subscriber disseminates calendars only through a national Internet site, notice should be given in a relevant high-frequency publication to this effect. Subscribers can meet the SDDS requirement for release calendars by using the DSBB as the sole means of disseminating calendars. However, notice should be given in a high-frequency publication to this effect. For subscribers that disseminate a year-ahead calendar late in a year (such as in December of the calendar year), the required quarter-ahead dates may not be available for daily, weekly, and monthly data for the first months of the next year. In such cases, subscribers can meet the quarter-ahead requirement in one of two ways: (a) Provide, in accordance with the last point, separate quarter-ahead release dates for the affected periods for posting on the DSBB, or (b) Confirm on the DSBB calendar that the timeliness cell on the base page provides information that is indicative of the release date(s) in those first months of the next year and indicate when the year-ahead calendar will be disseminated. For example, a subscriber might provide a footnote along the following lines: See the timeliness cell on the base page for an indication about the release dates for January and February. The release calendar for 1998 will be published on December 9, 1997.

15 Simultaneous Release Simultaneous release is prescribed by the SDDS (Guide, paragraph 150). If a subscriber gives privileged access to some segment of the public, other than the media, in advance of general release, this practice should cease before the metadata can be posted on the DSBB or it should be stated in the metadata that it will cease before the end of the transition period. If the data are available to all users on request once they have been cleared for publication but before they are actually published, this early availability of data to all should be widely advertised in relevant high-frequency publications and should be noted in the metadata. The metadata should clearly state how simultaneous release is achieved. The statement should refer to the first release of the data. Early access by the media, and any associated embargo practices, should be described. Sample Language Press agencies attending the briefing are given the data approximately 30 minutes prior to publication in order that they may enter the data into their systems. They are not allowed to transmit the data until 9:30 a.m. when the data are released into the public domain. At 9:30 a.m. copies of the "First Release" are available for personal collection, agency data are transmitted and data may be obtained via the telephone. The data are also available to subscribers via Statfax and the Internet IV. The Integrity Dimension A. Terms and Conditions for Production of Official Statistics The metadata should indicate the terms and conditions under which statistical agencies operate (Guide, paragraph 158). In addition to indicating the laws and regulations governing such operations, the metadata should indicate the ways in which the statistical agency is independent (such as concerning the freedom to determine statistical methodologies and the timing and content of statistical releases) as well as practices with respect to the confidentiality of source data. The metadata should also indicate how the public can obtain copies of the laws and regulations referred to. Sample Language Production and publication of statistical results are the task of official statistics and its independent and neutral specialized institutions and by legal definition may not be subject to any influence by other institutions. The consumer price statistics are based on the Price Statistics Law dated August 9,1958 in conjunction with the Law on Statistics for Federal Purposes (Federal Statistics Law -FSL) of The FSL stipulates that the system of federal statistics collects, compiles, processes, presents and publishes the data following the principles of neutrality, objectivity and scientific independence. Users can obtain copies of the legislation from: Bundesanzeiger, Verlagsgesellschaft m.b.h., PO Box 1320, D Bonn.

16 Internal Government Access The metadata should indicate the officials (or institutions or groups of officials) who have pre-release access and how far in advance of public release they receive the data (Guide, paragraph 164). Sample Language The release of this data is subject to embargo except that the Release is made available, under strict guidelines, to certain Government offices two days before publication at 5:00 p.m. A complete list is available from the Press Office of the ONS in London (see dissemination formats page). A copy for internal briefing purposes is released to Her Majesty's Treasury at 9:30 a.m. on the day before. Subscribers may use the DSBB as the sole means of disseminating information on prerelease access. In such cases, there should, ideally, be a reference in a high frequency publication to the availability of this information on the DSBB. Identification of Ministerial Commentary There are no issues for this element of the Standard. Revision Policy and Advance Notice of Major Changes in Methodology The revision cycle, if there is one, should be clearly stated in the metadata, together with an indication of how the public is informed of the revision policy. If there is no policy, or the public is not informed of the policy, a statement should, ideally, be made in the metadata that a revision policy will be developed and/or made public. Sample Language The press release and the quarterly bulletin indicate that data for the most recent 8-12 quarters are provisional. The quarterly accounts are normally open for revisions in the following 2 quarters. Thereafter, they are open to revision once a year in connection with the compilation of final national accounts for the year T-3. It should be clearly stated in the metadata as to when notice of major changes in methodology is given, i.e., before, at time of implementation, or after implementation. Ideally, advance notice of major changes in methodology should be given (Guide, paragraph 174).

17 V. THE QUALITY DIMENSION A. Dissemination of Documentation on Methodology and Sources If methodological descriptions are published, information should be provided in the metadata on how these materials can be obtained. If a methodology is not published, a contact person who can answer methodological questions and/or provide internal documentation should be identified in the metadata. B. Dissemination of... That Support Cross-checks and Provide Assurance of Reasonableness The metadata should indicate that at least one of the three prescribed practices is followed (Guide, paragraph 182). Sample Language The quarterly balance of payments include details for imports and exports of goods (including a reconciliation account with the merchandise trade data), services, transfers, and investments as called for by the fourth edition of the IMF's "Balance of Payments Manual". AND The Canadian Balance of Payments is fully integrated with the remaining systems of the National Accounts, which ensures consistency across the accounts. The current account data are reconciled annually with the U.S. Bureau of Economic Analysis and most of the results are incorporated into the published estimates. The metadata should refer to information that is available to the public, rather than to information internal to the compiling agency that is used as a check on reasonableness. VI. OTHER ASPECTS OF THE SDDS A. Forms of Data Dissemination If data are disseminated only through the Internet, the availability of data by this medium should be noted in a relevant high-frequency hard copy publication since the Internet is in many cases a very new way of disseminating data. Dissemination of data solely through on-line commercial systems (such as Reuters) is not acceptable except when it can be demonstrated that this is done at the instigation and control of an official agency (Guide, paragraph 32). For Share prices, redissemination of data through a hyperlink from an official Internet site to a stock exchange site is acceptable. This would also apply to other privately compiled data.

18 While the availability of data on Exchange rates, Interest rates, and Share prices solely through devices such as recorded messages is acceptable (since data are at least daily and widely available), this form of dissemination, as well as dissemination of data only on request, would be less appropriate for other data categories. B. Transition Plans A clear statement that the Standard will be observed by the end of 1998 is required and, for the Data dimension, a statement in the metadata detailing a subscriber's plans for coming into observance of the Data dimension should, ideally, be given. For advance release calendars, a simple statement that the Standard will be met by the end of 1998 is sufficient. For National accounts and Balance of payments statistics, the Standard can be observed if quarterly data are disseminated for the first quarter of For General government/public sector operations, fiscal year data for the periods ending September 1998, December 1998, March 1999, and June 1999 would be expected to be published with a timeliness of six months.