Quarterly Update on the Special Data Dissemination Standard
Third Quarter 2008
February 25, 2009Observance 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.
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.
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.