IMF Standards for Data Dissemination
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The IMF has taken several important steps to enhance transparency and openness, including the establishment and strengthening of data dissemination standards to guide countries. The Special Data Dissemination Standard (SDDS) was established in 1996 to guide members (that have, or that might seek, access to international capital markets) in the provision of their economic and financial data to the public. The General Data Dissemination System (GDDS) was established in 1997 for member countries with less developed statistical systems as a framework for evaluating their needs for data improvement and setting priorities. The IMF assists member countries wishing to participate in the GDDS to prepare metadata and to implement their plans for data improvement. The SDDS and GDDS are expected to enhance the availability of timely and comprehensive statistics and, therefore, contribute to the pursuit of sound macroeconomic policies. As of June 2008 approximately four-fifths of IMF member countries subscribe to the SDDS (64 subscribers) or participate in the GDDS (92 participants). Subscription to the SDDS and participation in the GDDS are voluntary. |
Why are standards for data dissemination important?
Data dissemination standards are important because they help enhance the availability of timely and comprehensive statistics, which contributes to the pursuit of sound macroeconomic policies.
The SDDS is a global benchmark for disseminating macroeconomic data to the public. SDDS subscription indicates that the country meets a test of "good statistical citizenship."
What commitment do countries subscribing to the Special Data Dissemination Standard make?
The SDDS Guide for Subscribers and Users, contains details on commitments undertaken by a subscriber.
Countries that subscribe to the SDDS agree to follow good practices in four areas or SDDS dimensions:
- the coverage, periodicity, and timeliness of data;
- public access to those data;
- data integrity; and
- data quality.
Subscribing countries commit to:
- Disseminate the data required by the SDDS punctually and with the prescribed periodicity and timeliness on a national webpage, the National Summary Data Page (NSDP), which is hyperlinked to the Data Standards Bulletin Board (DSBB) of the IMF;
- Provide to the IMF an advance release calendar (ARC) containing release dates for the current month and at least the following three months for each prescribed category of data for posting on the DSBB;
- Provide detailed information about their statistical practices, or metadata, for dissemination on the DSBB. The metadata follow the rigorous format of the Data Quality Assessment Framework (DQAF). The DQAF was developed by the IMF to assess the quality of countries' economic and financial data. Details about DQAF are available on the Data Quality Reference Site.
- Certify the accuracy of the metadata on a quarterly basis.
The use of standardized electronic reporting procedures to monitor more effectively their observance of the SDDS is also a required undertaking for SDDS subscribers.
How does the IMF advance the credibility of the SDDS?
The IMF monitors SDDS observance and publishes annual observance reports. The reports review the subscribing countries' observance of their SDDS undertakings regarding the data coverage, periodicity and timeliness; the punctuality of data releases against the advance release calendars; the data dissemination on the national NSDP, and the metadata certification during the reference year. The reports also include a link to the data module of the Reports on Observance of Standards and Codes where relevant, and refer to IMF staff assessments of data quality in the most recent Article IV report.
Serious and persistent nonobservance of the SDDS are a cause for action. Procedures to be followed in instances of such nonobservance have been approved by the IMF's Executive Board.
What commitment do countries participating in the General Data Dissemination System make?
The GDDS Guide for Participants and Users contains details on the commitments undertaken by a participant.
IMF members that participate in the GDDS agree to the following steps:
- to commit to using the GDDS as a framework for statistical development;
- to designate a country coordinator; and
- to prepare descriptions of current statistical production and dissemination practices and plans for short-term and medium-term improvements in these practices for posting on the DSBB.
The GDDS is focused on a set of core statistical frameworks and indicators that provide a clear set of links between the GDDS and the SDDS for member countries seeking to improve the quality of their statistics. Many countries are using participation in the GDDS as a step toward subscription to the SDDS. Indeed, the two standards share several common features. For example, both emphasize sound practices in four sectors of macroeconomic statistics: real, fiscal, financial, and external sector data. In some respects the GDDS is more extensive than the SDDS; for example, it also covers socio-demographic data.
What is the role of the IMF's Dissemination Standards Bulletin Board?
The DSBB is a tool for market analysts and others who track economic growth, inflation, and other economic and financial developments in SDDS and GDDS countries. The presentation of the metadata on the DSBB facilitates monitoring of observance of the IMF's data standards initiatives by IMF staff, the financial markets and other data users. The DSBB provides hyperlinks between the SDDS metadata and actual country data shown in a NSDP for all subscribers. A complete list of NSDPs can be accessed by clicking here. The IMF maintains the DSBB.
With the DSBB website users can:
- See advance release calendar (ARC) information for any combination of SDDS countries and data categories on a quarter-ahead basis.
- Access the most recent economic data on NSDPs through hyperlinks to these sites.
- Search both SDDS and GDDS metadata for information on countries' statistical practices by data categories, and by elements of the DQAF.
- Obtain in the "Summary of Observance" page comparative information for any combination of countries and data categories regarding how the SDDS specifications on data coverage, periodicity, and timeliness are being met.
For GDDS countries, search metadata also by countries' Plans for Improvements.