Quarterly Update on the Special Data Dissemination Standard

Third Quarter 2008

February 25, 2009

Observance Status

As of the end of the third quarter of 2008, all 64 SDDS subscribers were 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. Recording the observance of SDDS metadata requirements for summary methodologies is discontinued; it has become obsolete because all metadata are presented using the Data Quality Assessment Framework structure.

Table 1. SDDS Indicators
Indicators As of September 30, 2007 As of June 30, 2008 As of September 30, 2008
Number of subscribers 64 64 64
Number of countries officially in observance1 64 64 64
1 Observance 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.

Monitoring Punctuality of Data Releases

The IMF monitors the punctuality of data releases of each SDDS subscriber. Punctuality is monitored by comparing the first appearance of new information on the subscriber's National Summary Data Page (NSDP) against the last release date announced in the subscriber's ARC for each of the SDDS data categories. The ARC release dates should meet the SDDS timeliness requirements for the various data categories. Table 2 contains monitoring results for the third quarter of 2008, showing comparisons with results for the second quarter of 2008, and those for the third quarter of 2007. Compared with the third quarter of 2007, the punctuality of data releases for the third quarter of 2008 slightly improved for monthly and quarterly data, but declined for annual data. The punctuality of data releases for unemployment and central government operations increased, and declined for international investment position. Compared with the second quarter of 2008, the punctuality of data releases for the third quarter of 2008 increased for monthly, and quarterly data, but decreased for annual data.

Table 2. Monitoring Punctuality of Data Releases
Quarter 3 2000—Quarter 3 20081
Data Categories Historical Average since Q3/00 (standard deviation) Q3/07 Revised Q2/08 Revised Q3/08
Monthly data 92.7
(4.2)
91.0 92.5 92.6
Production index 94.5
(5.0)
91.0 95.0 92.0
Consumer prices 97.0
(4.2)
94.2 95.3 95.2
Producer prices 95.3
(4.0)
91.4 94.7 93.5
Central government operations 83.1
(5.0)
80.8 82.7 86.0
Analytical accounts of banking sector 92.1
(4.4)
92.5 94.1 94.1
Analytical accounts of central bank 92.3
(5.6)
91.1 92.1 94.2
Official reserves 92.6
(4.1)
91.7 91.7 90.6
Reserves template 94.1
(4.9)
92.1 91.1 92.2
Merchandise trade 93.8
(5.0)
94.3 95.8. 95.3
Quarterly data 92.9
(5.5)
89.6 90.0 90.4
National accounts 93.7
(7.4)
85.7 88.2 86.4
Employment 94.8
(5.4)
91.3 86.5 92.6
Unemployment 95.0
(4.7)
89.7 90.5 95.1
Wages and earnings 93.1
(6.2)
91.7 87.8 89.1
Central government debt 86.3
(6.7)
84.1 89.1 83.5
Balance of payments 94.7
(5.8)
94.8 94.3 94.6
External debt 94.5
(5.7)
89.9 93.2 91.5
Annual data 89.3
(4.1)
88.8 85.1 84.5
General government operations 85.0
(6.0)
91.9 77.8 77.4
International investment position 93.3
(6.8)
85.7 92.5 84.5
1Percentage of data categories subscribers disseminated on their NSDP in accordance with SDDS timeliness requirements (quarterly averages).

The Fund's Executive Board conducted the Seventh Review of the Fund's Data Initiatives on December 10, 2008. For the SDDS this review focused on the further development and consolidation of the standard in response to the current financial turmoil, as well as on enhancing its transparency regarding the quality of the disseminated data. Most directors saw merit in identifying relevant additional financial indicators that could be included in the SDDS on an encouraged basis, and they looked forward to considering specific proposals in this regard within a year, along with a proposal for an apprpriate transition period. Directors also supported efforts to enhance the quality aspects of the SDDS by modifying the standard to require subscribers to indicate in their SDDS metadata where statistical practices deviate from internationally accepted statistical methodologies, and they encouraged SDDS subscribers to undertake and publish periodic data quality assessments, using a recognized data quality assessment tool. Directors noted the staff's intention to modify, by July 2009, the treatment of exchange-traded futures (including those settled in domestic currency) in the Reserves Template to bring it in line with the recent discussion on the Review of Data Provision to the Fund for Surveillance Purposes. For further information please see the Public Information Notice on the Seventh Review at http://www.imf.org/external/np/sec/pn/2008/pn08147.htm.