Quarterly Update on the Special Data Dissemination Standard Fourth Quarter 2005

March 24, 2006
 

Morocco's Subscription to the SDDS

On December 15, 2005, Morocco became the 62nd subscriber to the International Monetary Fund's Special Data Dissemination Standard (SDDS), marking a major step forward in the development of the country's statistical system. The Moroccan authorities view subscription as the culmination of many initiatives on the statistical front. Morocco is the third country in the Middle East to subscribe to the SDDS.

Observance Status

As of the end of the fourth quarter of 2005, none of the 62 SDDS subscribers was declared not in observance of the SDDS requirements for the coverage, periodicity, and timeliness of the data and for the dissemination of advance release calendars (ARCs) (Table 1). The IMF's Dissemination Standards Bulletin Board (DSBB) disseminates a complete list of subscribers. Observance of SDDS metadata requirements improved with the increase in posted Summary Methodologies.

Table 1. SDDS Indicators
Indicators As of
December 31, 2004
As of
September 30, 2005
As of
December 31, 2005
Number of subscribers 58 61 62
Number of countries officially in observance1 58 61 62
Number of summary methodologies posted2 1059 1168 1194
1Observance of the requirements of the SDDS with respect to the coverage, periodicity, and timeliness of the data and the use of ARCs. Other elements of the SDDS dealing with the integrity and quality of the data are on a self-disclosure basis, with subscribers providing information on which users can make their own judgments. A subscriber experiencing difficulties in meeting SDDS requirements is not automatically in "nonobservance" of the SDDS. When deviations from SDDS requirements occur, the IMF staff tries to resolve the issue with the subscriber, and then, if necessary, through the Executive Director. If these efforts fail, the matter is brought to the attention of the subscriber's Governor for the Fund. A subscriber is officially declared in "nonobservance" only when a note to that effect is posted on the DSBB.
2Out of a required total of 1,318 summary methodologies (21 data categories per subscriber, plus 16 subscribers that are currently disseminating the encouraged forward-looking indicators). All subscribers are disseminating summary methodologies for most data categories.

Monitoring Data Releases

The IMF monitors the data and access dimensions of the SDDS for each subscriber by comparing the first appearance of new information on the National Summary Data Page (NSDP) against the last release date announced in the ARC, which should meet the SDDS timeliness requirements. Table 2 contains results for the fourth quarter of 2005. Compared with the previous quarter and the same quarter in 2004, the monthly and quarterly data are broadly stable, while there is a mild decline in the seasonal timeliness of annual data arising from late releases of general government operations data against either the ARC or the SDDS requirement.

IMF Executive Board Reviews the Data Standards Initiatives

On November 2, 2005 the Executive Board concluded policy discussions on the Sixth Review of the International Monetary Fund's Data Standards Initiatives. Major points of the Executive Board's discussion are highlighted below:

Directors noted that monitoring subscribers' observance of SDDS requirements is critical for assuring their adherence to those requirements, which, in turn, is the foundation for maintaining the credibility of the SDDS to capital markets and the public. Directors broadly supported requiring as an SDDS undertaking subscribers' use of standardized electronic reporting procedures to monitor more effectively their observance of the SDDS. They encouraged the staff to work with subscribing countries in designing the system to minimize subscribers' reporting burden and cost of observance as well as maximize monitoring efficiency.

Directors noted the staff's intention to assess subscribing countries' observance of their SDDS undertakings annually and post the first results on the DSBB in early 2007, implementing an earlier Executive Board decision. They stressed the reports should give attention to data quality and frequency as well as timeliness and distinguish between major and minor deviations from SDDS requirements. They encouraged the staff to continue to raise with country authorities SDDS observance issues that are central to effective surveillance under Article IV.

Directors broadly endorsed the suggestion that SDDS subscribers and GDDS participants be encouraged to provide additional metadata on oil and gas activities and products under the existing data categories of the SDDS and the General Data Dissemination System (GDDS). They noted this initiative would promote public knowledge and understanding of how countries incorporate oil market information when compiling macroeconomic indicators.

Directors endorsed the further integration of the SDDS and the GDDS into the Fund's Data Quality Program by reformatting countries' SDDS/GDDS metadata according to the Data Quality Assessment Framework (DQAF)—the underlying framework for the data module of the IMF's initiative under the Report of Observance of Standards and Codes (ROSC), which assesses the quality of countries' statistical practices. Directors agreed that using a common metadata structure will increase both the effectiveness and the efficiency of the staff's work on the SDDS, the GDDS, the data ROSC, and statistical technical assistance. At the same time, the staff's work in reformatting SDDS/GDDS metadata would place minimal burden on participating member countries.

Table 2. Monitoring of Data Releases
2004 Quarter 4 – 2005 Quarter 4

Percentage of data categories subscribers disseminated on their National Summary Data Pages (NSDP) in accordance with SDDS timeliness requirements
(quarterly averages)
Data Categories Q4/04 Q3/05 Q4/05
Monthly data 88.5 90.1 89.8
   Production index 90.1 89.7 89.7
   Consumer prices 94.6 92.7 95.0
   Producer prices 94.4 93.7 92.0
   Central government operations 79.0 82.1 81.0
   Analytical accounts of banking sector 85.2 90.4 88.7
   Analytical accounts of central bank 90.5 90.1 89.0
   Official reserves 85.3 89.6 90.2
   Reserves template 84.8 90.2 86.8
   Merchandise trade 92.3 92.2 96.1
Quarterly data 91.7 89.7 89.8
   National accounts 96.7 89.4 93.7
   Employment 93.6 92.3 90.6
   Unemployment 94.7 92.6 93.5
   Wages and earnings 94.2 88.1 86.8
   Central government debt 78.0 84.0 83.2
   Balance of payments 94.4 92.6 90.2
   External debt 90.3 89.3 90.8
Annual data 82.6 89.4 79.9
   General government operations 79.4 86.5 72.7
   International investment position 85.7 92.3 87.1