## _cr05161 — Executive Summary (ROSC Data Module for the Slovak Republic) ## Source details **Canonical URL:** [_cr05161 — Executive Summary (ROSC Data Module for the Slovak Republic)](https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr05161.pdf) ## Other formats - [Markdown version](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr05161.pdf.md) - [Structured JSON version](/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr05161.pdf.json) --- ### Overview and mission - Report reviews Slovak Republic data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS) and assesses quality of: national accounts, CPI, PPI, government finance, monetary, and balance of payments statistics. - Agencies assessed: Statistical Office of the Slovak Republic (SOSR), National Bank of Slovakia (NBS), Ministry of Finance (MOF). - Assessment mission: visited Bratislava, Slovak Republic during February 18–March 3, 2004. ### SDDS observance and metadata dissemination - The Slovak Republic subscribed to the SDDS in 1996. - Metadata posted on the DSBB since October 1998; observance of the SDDS since October 1999, meeting specifications for coverage, periodicity, timeliness, and advance release calendars. - Data Template on International Reserves and Foreign Currency Liquidity hyperlinked to DSBB since July 2000. - National Summary Data Page hyperlinked to DSBB since March 2000. - Mission finding: dissemination practices are in observance of the SDDS; some DSBB metadata out-of-date, especially on integrity; DSBB metadata insufficiently detailed for sophisticated users. ### Institutional responsibilities (mandates summarized) - SOSR: national accounts; production; employment/unemployment; wages/earnings; prices; merchandise trade; population; SDDS national coordinator. - NBS: banking system; interest rates; balance of payments; international reserves and foreign currency liquidity; international investment position; external debt; exchange rates. - MOF: central government operations; general government operations; central government debt; stock market/share price index. - MOF legal/institutional environment defines collection/reporting responsibilities but does not provide a clear mandate to disseminate government finance statistics. ### Key mission dates and metadata actions - SDDS metadata posting: DSBB since October 1998. - DSBB hyperlinking: NSDP since March 2000; International Reserves Template since July 2000. - Mission visit: February 18–March 3, 2004. --- ### DQAF-based summary assessment — major themes #### Prerequisites of quality (legal, resources, relevance) - Law on State Statistics No. 540/2001: covers collection, processing, data sharing, confidentiality, legal obligation to report; does not explicitly mandate dissemination. - Resources: - Overall resources adequate for program, but SOSR suffers from lack of competitive salaries and staff retention problems. - National Accounts and Prices Directorate: staff of 60; 48 staff working on national accounts. - CPI staffing: 4 staff Bratislava; 38 collection districts; ~72 regional staff; Trencin processing center has 8 staff. - PPI staffing: 7 staff Bratislava; 11 staff at Trencin processing center. - Relevance and quality management: ongoing user liaison; three-year state program of statistics; quality management via TQM and STN EN ISO 9001:2001 initiatives. #### Assurances of integrity - Agencies demonstrate high professionalism; ethical standards defined (Civil Service Act, NBS employment contract, Governor’s Instruction No. 11/1997). - Advance notification of methodological changes: generally not provided in advance (exceptions instituted since 2004–2005 by agencies). #### Methodological soundness (standards, scope, recording bases) - National accounts: follow 1995 ESA; base year for constant prices: 1995; plan to move to 2000. - CPI: follows 1995 ESA concepts; COICOP classification; price valuation at purchasers’ prices, accrual basis. - PPI: complies with Eurostat requirements; prices at basic prices, accrual basis. - Government finance statistics: compiled under GFSM 1986 methodology; MOF migrating to GFSM 2001 and 1995 ESA Manual on Government Deficit and Debt. - Monetary statistics: two sets— - NMS (national) not fully in line with international standards (e.g., treats some government foreign liabilities as NBS liabilities; excludes money market funds 1.9 percent of M2 as of end-February 2004); - HMS (harmonized) follows ECB methodology. - Balance of payments: compiled in accordance with BPM5; some recording on cash basis (most interest recorded on cash basis), merchandise trade converted using a single fixed exchange rate per month. #### Accuracy and reliability (source data, techniques, validation) - National accounts: generally sound source data; HBS sample not representative historically; quarterly benchmarking uses prorating technique causing a step problem; systematic revision studies not conducted. - CPI: comprehensive price collection; lower-level weights historically based on small nonrandom HBS sample; improvements in HBS sampling implemented January 2004 (new sample ~4,700 households, 2003 sample ~1,600). - PPI: comprehensive timely collection; quality adjustment and weighting techniques could be improved. - GFS: source data from accounting records and NBS banking data thoroughly assessed; MOF has no regular revision schedule or revision studies. - Monetary statistics: detailed NBS and commercial bank balance sheets largely follow international accounting standards; revisions for methodological changes carried out for internal discussion; December data revised when audited statements available. - Balance of payments: ITRS and other sources sufficient; net errors and omissions small as share of gross exports plus imports in recent years; no formal revision studies. #### Serviceability (periodicity, timeliness, consistency, revisions) - Overall: meets SDDS periodicity and timeliness for datasets, but with caveats. - National accounts: - Quarterly GDP disseminated 75 days after quarter. - Independent annual national accounts estimates disseminated about 19–24 months after reference year (long lag). - Annual and quarterly estimates consistent for many years; not reconciled with GFS and BOP. - Revision cycle not stable and not widely publicized. - CPI and PPI: meet SDDS periodicity and timeliness; CPI published within 15 days after reference month; PPI within 28 days. - GFS: - Meet SDDS periodicity and timeliness; quarterly general government statistics compiled but not disseminated. - Monthly and quarterly data presented on cumulative basis, compromising time series analysis. - Not consistent with monetary and BOP financing and debt data due to coverage/classification/valuation differences (examples listed below). - Monetary statistics: - Periodicity and timeliness meet SDDS; December data revised with audited financial statements by March; revisions generally infrequent and small. - Significant differences between monetary net claims on government and GFS domestic bank financing exist. - Balance of payments: - Periodicity and timeliness meet SDDS; monthly and quarterly BOP disseminated three months after reference period. - Internally consistent and with IIP and external debt statistics; not reconcilable by users with national accounts, monetary, or GFS. Key specific inconsistency examples (coverage/classification/valuation differences) - MOF general government data include the National Property Fund (NPF) while NMS monetary survey, until recently, did not. - Monthly and quarterly fiscal statistics cover budgetary central government; monetary data reflect consolidated central government. - MOF records securities issued domestically according to original purchaser; NBS records securities based on current holder. - Valuation/timing: MOF records interest on domestic currency-denominated government bonds on a cash basis; BOP adjusts interest to accrual. #### Accessibility (data and metadata availability, user assistance) - Data widely accessible via websites; simultaneous release to all users; advance release calendars disseminated. - Typically only summary metadata available publicly; detailed metadata often internal or available on request. - Assistance: contact persons published; prompt and knowledgeable assistance generally available. - BOP accessibility: statistics accessible on NBS website and monthly Monetary Policy bulletin; users can subscribe for e-mail notification; two contact persons published. --- ### Staff recommendations — cross-cutting and high priority actions Cross-cutting priority actions - Strengthen dissemination-related metadata on DSBB; ensure up-to-date and sufficiently detailed integrity metadata for sophisticated users. - Make the formal legal mandate to disseminate statistics explicit. - Address SOSR staffing and retention by improving competitiveness of salaries or other retention measures. - Provide additional resources to SOSR and MOF to implement statistical improvements and strengthen transparency. - Enhance advance notification practices for methodological and other changes. - Create an interagency group (core: NBS, MOF, SOSR; include Directorate of Customs, NPF as needed) to address intersectoral inconsistencies and reconciliation procedures. - Ensure users are aware of regular revision cycles for each major dataset; provide advance notice and explanations for significant revisions. Dataset-specific high-priority recommendations - National accounts: - Improve timeliness of annual independent national accounts estimates. - Reconcile national accounts regularly with balance of payments and government finance statistics. - Develop import and export price indices based on direct price surveys; interim use alternative deflators. - Inform users about results of revisions studies. - Consumer Price Index: - Obtain more timely annual household final consumption expenditure estimates to support regular index reweighting. - Review product quality adjustment techniques and weight calculation techniques. - Revalue annual weights to align with price reference period at next reweight and link new reweighted index to 2000-based index at December 2003 (actions partly implemented: since January 2005 CPI compiled as a chain index; reweight linking used December 2004 as link). - Producer Price Index: - Review product quality adjustment techniques. - Consider developing a broader summary PPI by aggregating industrial PPI with construction, agriculture, forestry, and eventually market services indices; revalue annual weights to align with price reference period at next reweight. - Government Finance Statistics: - Continue migration to GFSM 2001. - Disseminate quarterly general government statistics. - Institute a policy, regular schedule, and analysis of revisions; publish subannual data on a discrete basis to demonstrate revision effects. - Maintain a compilation manual and provide background papers explaining compilation practices. - Monetary statistics: - In NMS, discontinue practice of treating foreign liabilities of government as those of the NBS and cover money market funds. - In cooperation with MOF, reconcile government financing data and monetary statistics and carry out regular reconciliations. - Apply market valuation to financial instruments per MFSM recommendations; improve presentation by showing underlying gross data in net credit to government; update metadata on inclusion of nonresident domestic currency deposits in broad money. - Balance of Payments: - Develop methodology to adjust all investment income flows to approximate an accrual basis (adjustment already made for domestic currency-denominated government bonds). - Work with SOSR, MOF, and monetary statistics compilers to develop and disseminate reconciliation tables. - Ensure documentation on sources and methods is readily available and make periodic revision studies available to users. --- ### Implementation status and authorities’ responses (highlights) - Inter-agency arrangements: - Inter-agency committee established in 2004 to appraise foreign trade data; inter-agency working group on GFS (MOF, SOSR, NBS) established to reconcile main government finance aggregates and harmonize datasets. - Skeleton agreements: NBS–SOSR adopted November 15, 2004; MOF–SOSR adopted May 31, 2004; both entered into force on signing. - Metadata and advance notice: - SOSR began publishing in advance on its website radical changes in quarterly national accounts methodology since January 1, 2004. - NBS amended SDDS metadata on NMS and will keep DSBB metadata updated; IMF SDDS metadata regularly updated by SOSR, MOF, NBS. - National Accounts actions: - 2004 household sampling changed to stratified two-degree random selection covering approximately 4,700 households (2003 sample ~1,600 simple random). - SOSR published estimated data for 2003 within ten months after year-end; from 2005 institutional accounts to be disseminated within nine months after year-end to fulfill draft ESA95 Transmission Program requirements. - SOSR implemented reweighting and plans to resolve the quarterly step problem via prorating techniques verified for 2005 implementation. - CPI/PPI actions: - From January 2005 SOSR compiles CPI as a chain index; overlap pricing introduced for PPI quality adjustment in 2004. - New HBS and CPI chaining actions underway; metadata and methodology notes updated. - GFS actions: - MOF submitted general government statistics for 2003 to IMF compiled according to GFSM 2001 on an accrual basis; MOF applying GFSM 2001 functional classifications to total expenditure beginning with 2003 data. - MOF preparing dissemination of quarterly GFS following GFSM 2001 methodology; revision policy and manual development to be addressed in Public Finance Management Reform Project. - Monetary and BOP actions: - NBS introduced additional memorandum items in Monetary Survey since February 2004 (revising back to 2003). - NBS introduced accrual valuation in investment income for the banking sector since 2005; plans to introduce accrual-basis income for other sectors and portfolio investment in near future. - NBS intends to prepare a revision studies document for BOP in 2006. --- ### User survey — key aggregated results - Survey period: questionnaires analyzed February 24, 2004; Total Sent: 86; Total Received: 53; Response rate: 62 percent. - Regular users by domain (counts): NA 37; Prices 41; GFS 34; Monetary 37; BOP 34. - Satisfaction highlights: - Coverage: generally high satisfaction for NA (36/37), Prices (39/43), Monetary (36/36), BOP (34/34); lower for GFS (23/37). - Timeliness: many users requested more timely national accounts and government finance statistics; NA timeliness: Yes 16 / No 22. - Revisions: many users expressed insufficient information about revisions (e.g., NA: Yes 14 / No 20; GFS: Yes 12 / No 21). - Overall quality ratings (1 poor–5 excellent): NA 3.7; Prices 3.9; GFS 3.2; Monetary 4.1; BOP 3.9. --- ### Executive Summary ...................................................................................................... ### Executive Summary ### Overview - This Report on the Observance of Standards and Codes data module reviews the Slovak Republic’s data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS) and provides an in-depth assessment of the quality of national accounts, consumer price index (CPI), producer price index (PPI), government finance, monetary, and balance of payments statistics. - Agencies assessed: Statistical Office of the Slovak Republic (SOSR), National Bank of Slovakia (NBS), and Ministry of Finance (MOF). - Assessment mission: visited Bratislava, Slovak Republic during February 18–March 3, 2004. ### SDDS observance and metadata dissemination - The Slovak Republic subscribed to the SDDS in 1996. - Metadata posted on the Dissemination Standards Bulletin Board (DSBB) since October 1998. - In observance of the SDDS since October 1999, meeting specifications for coverage, periodicity, timeliness, and advance release calendars. - The Data Template on International Reserves and Foreign Currency Liquidity disseminated and hyperlinked to the DSBB since July 2000. - The National Summary Data Page (NSDP) hyperlinked to the DSBB since March 2000. - The Slovak Republic’s dissemination practices are in observance of the SDDS. ### Institutional responsibilities - SOSR: national accounts, production, employment, unemployment, wages/earnings, prices, merchandise trade, population; SDDS national coordinator. - NBS: banking system, interest rates, balance of payments, international reserves and foreign currency liquidity, international investment position, external debt, exchange rates. - MOF: central government operations, general government operations, central government debt, stock market/share price index. ### Data dimension: coverage, periodicity, and timeliness - The Slovak Republic meets SDDS specifications for the data dimension for all data categories without using any flexibility option. - Several series exceed SDDS prescriptions on timeliness or periodicity (examples): national accounts, employment, unemployment, wages/earnings, CPI, PPI, merchandise trade, international investment position, and analytical accounts of the central bank. ### Access, integrity, quality, and monitoring - Access: - Advance release calendars are disseminated on agencies’ websites and presented quarter-ahead on the DSBB. - Data are released simultaneously to all users via agencies’ websites and the Slovak Republic’s NSDP. - Integrity: - Summary methodology descriptions for all SDDS data categories are posted on the DSBB. - Laws, regulations, and decrees governing official statistics are posted on compiling agencies’ websites and available on request. - Internal government access prior to public release is made known to the public, except in the context of government finance statistics. - Major methodological changes are announced in publications after implementation. - Quality: - Summary methodology descriptions for all SDDS data categories are posted on the DSBB. - Monitoring: - IMF staff monitoring of SDDS performance began in July 2000, using advance release calendars and metadata to verify releases against calendars. - The mission found some SDDS metadata to be out-of-date, especially in integrity; DSBB metadata are insufficiently detailed for sophisticated users. ### Summary assessment of data quality (DQAF-based) - Framework used: Data Quality Assessment Framework (DQAF) covering prerequisites, integrity, methodological soundness, accuracy and reliability, serviceability, and accessibility. - The Slovak statistical system has changed substantially in recent years (transition to market economy, separation from Czech Republic in 1993, EU accession May 1, 2004). - Statistical agencies have made substantial improvements to meet Eurostat and ECB requirements. Prerequisites of quality - Legal and institutional environment: - Law on State Statistics (No. 540/2001) provides legal/institutional environment covering collection, processing, data sharing, confidentiality, and legal obligation to report data. - The law does not explicitly state a dissemination obligation, but well-established dissemination practices exist. - Resources: - Overall resources are adequate for the statistical work program. - Lack of competitive salaries for SOSR staff within the public sector mitigates against staff retention. - Additional resources for SOSR and MOF would be required to pursue needed statistical improvements and strengthen related transparency. - Relevance and quality management: - Relevance maintained through ongoing user liaison and annual consultation to update the three-year state program of statistics. - Quality management emphasized via top management commitment, staff training, and processes such as total quality management. Assurances of integrity - All agencies demonstrate a high level of professionalism and provide guidelines on ethical conduct for staff. - Compilers are generally transparent in policies and practices, but advance notification of methodological and other changes is not given. Methodological soundness - Methodological practices generally follow internationally recognized standards. - Minor areas for improvement identified in national accounts and balance of payments statistics. - Migration to the Government Finance Statistics Manual 2001 is in progress. - Monetary statistics: - Two sets of monetary statistics exist: - National monetary statistics not fully in line with international standards. - Harmonized monetary statistics follow the European Central Bank (ECB) methodology. Accuracy and reliability - Source data and statistical techniques are generally sound. - Regular assessments of source data, intermediate data, and statistical outputs contribute to accuracy and reliability. - Areas for improvement: - Household Budget Survey sample (national accounts and prices). - Foreign trade price indices. - Quality adjustments and weight calculation techniques for price indices. - Revision practices: - Formal revision studies are not conducted, but revised data are reviewed to inform statistical processes. Serviceability - Periodicity and timeliness: - Slovak statistics meet SDDS periodicity and timeliness requirements overall. - Annual national accounts statistics are disseminated with a long lag. - Quarterly general government statistics are not disseminated. - Consistency and reconciliation: - In general, data are not consistent across sets of macroeconomic statistics. - Users cannot reconcile data based on available information because of inconsistencies in coverage, classifications, and basis of recording. - Revision policies and practices: - Follow a regular schedule except for national accounts and government finance statistics. - Revision practices and studies are not widely publicized except for price statistics. Accessibility - Data are widely accessible to users, especially via the Web, and are clearly presented. - Typically only summary metadata are available; detailed metadata are not prepared and disseminated to users. - Assistance to users follows good practices. ### Staff’s recommendations (overview) Cross-Cutting Recommendations - Strengthen dissemination-related metadata on the DSBB to ensure up-to-date and sufficiently detailed integrity metadata for sophisticated users. - Make the formal legal mandate to disseminate statistics explicit. - Address staffing and retention issues at the SOSR by improving competitiveness of salaries or other retention measures. - Provide additional resources to SOSR and MOF to implement statistical improvements and strengthen transparency. - Enhance advance notification practices for methodological and other changes. Institutional arrangements - Continue coordination among SOSR, NBS, and MOF to improve consistency across macroeconomic statistics and reconcile coverage/classification/basis differences. Dataset-specific recommendations (high-level) - National accounts: - Address long dissemination lag for annual national accounts. - Improve Household Budget Survey sample issues that affect accounts and prices. - Consumer Price Index: - Improve quality adjustments and weight calculation techniques. - Enhance foreign trade price indices used in price measurement. - Producer Price Index: - Implement improvements related to quality adjustments and weighting where applicable. - Government Finance Statistics: - Continue migration to Government Finance Statistics Manual 2001. - Disseminate quarterly general government statistics. - Publicize revision practices and studies for government finance statistics. - Monetary Statistics: - Reconcile and align national monetary statistics with international standards where feasible; maintain harmonized monetary statistics in line with ECB methodology. - Balance of Payments Statistics: - Address minor methodological improvements identified in the balance of payments assessment. *Source: Report on the Observance of Standards and Codes (ROSC) — Data Module for the Slovak Republic; mission visited Bratislava during February 18–March 3, 2004.* ### 16. The MOF is responsible for government finance statistics. The legal and institutional ### _cr05161 - 16. The MOF is responsible for government finance statistics. The legal and institutional ### Institutional responsibilities, mandates, and integrity - MOF - Responsible for government finance statistics. - Legal and institutional environment defines administrative and accounting data collection and reporting responsibilities but does not provide a clear mandate to disseminate government finance statistics. - Relevance of data for statistical user needs is not actively monitored. - Resources are adequate for current tasks; substantial strengthening of fiscal statistics would require additional resources. - Staff performance reviews ensure efficient use of resources. - Quality awareness is promoted, although there is no declared statistical program. - Professionalism and ethical standards: ethical standards for civil servants are defined in a civil service act; MOF management promotes ethical behavior among staff. - Transparency needs to be upgraded: statistical methodology, techniques, and processes are not notified to the public. - NBS (National Bank of Slovakia) - Compiles balance of payments and monetary statistics. - Comprehensive legal and institutional environment provides a mandate to collect required data and maintain confidentiality of individual reporters’ data. - Data sharing arrangements with SOSR and MOF are in place and work well. - Resources are adequate for data collection and compilation. - Relevance safeguarded by regular consultations with internal and external users. - Quality and integrity emphasized, with recent focus on meeting Eurostat and ECB requirements and other international standards. - No official outside the NBS has access to data prior to publication on the NBS website. - Ethical standards specified in NBS employment contract and Governor’s Instruction to staff. - Advance notice of major methodological changes: not provided for balance of payments, though explanatory notes are given when changes are introduced. - SOSR (Statistical Office of the Slovak Republic) - Maintains a high degree of professionalism; statistics compiled impartially with sources and techniques chosen solely on statistical considerations. - Recruitment and training promote professionalism; Act on Civil Service and staff oath promote ethical behavior. - Transparency: wide availability of the Statistics Law and the program for statistical surveys, and clear identification of SOSR products. - Users are not made aware in advance of major changes in methodology. ### Methodological soundness (standards, scope, recording bases) - National accounts - Concepts and definitions follow the European System of Accounts 1995 (1995 ESA). - Scope includes tables consistent with minimum and recommended requirements for the System of National Accounts 1993 (1993 SNA). - Annual financial accounts compiled. - Classification/sectorization follows international standards, except classification of general government expenditure by function is not available. - Basis for recording follows international standards, but general government transactions are recorded mostly on a cash basis. - Foreign trade data converted into national currency using a single fixed exchange rate for each month instead of the actual transaction date exchange rate. - Consumer Price Index - Follows concepts and definitions of the 1995 ESA. - Scope consistent with international guidelines. - Classification follows the Classification of Individual Consumption by Purpose. - Basis for recording: market prices valued at purchasers’ prices and recorded on an accruals basis. - Producer Price Index - Complies with Eurostat requirements and compatible with the 1993 SNA. - Core scope: domestic and export sales of mining and quarrying, manufacturing, and energy industries by resident market enterprises; PPIs also produced for other sectors. - Classification follows Standard Classification of Economic Activities within the European Communities, Classification of Products by Activity, and Lists of Products of the European Communities. - Basis for recording: market prices valued at basic prices and recorded on an accruals basis. - Government finance statistics - Compiled in accordance with A Manual on Government Finance Statistics, 1986 methodology. - MOF has a plan to progressively migrate to Government Finance Statistics Manual 2001 methodology and the 1995 ESA Manual on Government Deficit and Debt. - Scope: all general government units for annual data; budgetary central government units for monthly and quarterly data. - Classification and sectorization derived from the budget classification via bridge tables. - Basis of recording: cash. - Monetary statistics (NMS and HMS) - Broadly follow concepts and definitions in the Monetary and Financial Statistics Manual (MFSM). - In NMS, foreign liabilities of government are treated as foreign liabilities of the NBS, with counterpart adjustment in NBS claims on the government. - Scope broadly in line with MFSM; NMS does not cover money market funds (1.9 percent of M2 as of end-February 2004). - HMS follows ECB guidelines for classification of financial derivatives and loan-loss provisions. - Basis for recording differs from MFSM because market valuation is not applied to certain financial instruments. - Balance of payments - Compiled in accordance with BPM5 (fifth edition of the IMF’s Balance of Payments Manual). - Scope broadly in line with BPM5; classification and sectorization mostly follow BPM5. - Long-term construction projects not included as direct investment; a plan exists to include them. - Market prices form basis for recording; some adjustments for accrual interest are made but most interest payments are recorded on a cash basis. - Merchandise trade transactions converted into national currency using a single fixed exchange rate for each month. ### Accuracy and reliability (source data, techniques, validation) - National accounts - Source data for annual and quarterly accounts generally sound and timely; consistent with 1995 ESA methodological requirements. - Household Budget Survey sample is not representative. - Unit value price indices for imports and exports measure price changes for nonhomogeneous goods. - Base year for accounts: 1995 (outdated). - Quarterly benchmarking uses a prorating technique, resulting in a step problem in the time series. - Systematic revisions studies are not conducted. - Consumer Price Index - Prices obtained from comprehensive data collection program. - Lower level weights based on a Household Budget Survey with a small, nonrandom sample and low coverage (being rectified beginning January 2004). - Annual national accounts estimates used for upper level weights are not timely. - Scope for improving quality adjustment processes, weight calculation techniques, and linking reweighted series to previous series. - Producer Price Index - Source data from comprehensive timely collection programs. - Processes to adjust for product quality and weight calculation techniques could be improved. - Government finance statistics - Source data: government accounting records (annual and quarterly) and NBS banking data (monthly). - Assessment of source data is thorough; accounting and banking source data subject to extensive systematic evaluation for completeness and accuracy. - Revision studies are not conducted; MOF revision policy has no regular revisions schedule or revisions analysis. - Monetary statistics - Major source data: detailed balance sheets of NBS and commercial banks, largely following international accounting standards. - For HMS, additional source data for money market funds from asset management companies. - Source data timely and capture full range of instruments and sectors. - Electronic procedures minimize compilation errors. - Revision studies of methodological changes, when they occur, are carried out for internal discussion. - Balance of payments - Source data sufficient to compile in line with BPM5 recommendations. - Regular assessment through internal consistency checks and cross-checking of stocks and flows. - Size of net errors and omissions has remained small (as a share of gross exports plus imports) in recent years. - No formal revisions studies. ### Serviceability (periodicity, timeliness, consistency, revisions) - National accounts - Periodicity and timeliness meet SDDS requirements. - Annual independent estimates are disseminated with a delay. - Consistent annual and quarterly current and constant price series available from 1993. - National accounts not reconciled with government finance statistics and balance of payments. - Revision policy/practice do not follow a regular cycle; users not informed about timing of revisions; studies of revisions not made public. - CPI and PPI - Periodicity and timeliness meet SDDS requirements. - Indices consistent internally, over time, and with other statistical frameworks. - Revision policy/practice follow a regular and transparent schedule. - Government finance statistics - Meet SDDS periodicity and timeliness requirements. - Quarterly general government statistics compiled but not disseminated. - Data consistency for all units and sectors of general government is maintained. - Not internally consistent with monetary and balance of payments financing and debt data due to differences in coverage, classification, and valuation. - Specific inconsistencies: - MOF general government data include the National Property Fund (NPF) while NMS monetary survey, until recently, did not. - Monthly and quarterly fiscal statistics cover budgetary central government, while monetary data reflect consolidated central government. - MOF records securities issued domestically according to original purchaser; NBS records them based on current holder. - Valuation: MOF records interest on domestic currency denominated government bonds on a cash basis; balance of payments adjusts to accrual. - Monetary statistics - Periodicity and timeliness meet SDDS requirements. - Consistent within dataset, but users cannot reconcile with balance of payments. - Significant differences exist between monetary data on net claims on government and government finance statistics on domestic bank financing of government. - Revision policy/practice follow a regular cycle each December; other revisions infrequent and generally small; schedule for revision has begun to be publicized. - Balance of payments - Periodicity and timeliness meet SDDS requirements. - Statistics internally consistent and consistent over time since 1997. - Consistent with international investment position and external debt statistics. - Users cannot reconcile balance of payments with national accounts, monetary, or government finance statistics. - Revision policy/practice follow an established pattern that is well-known; no public statement of the revision policy is available. Preliminary data clearly identified. ### Accessibility (data and metadata availability, user assistance) - National accounts - Readily accessible free of charge on the SOSR website. - Hard copy publications available in Slovak and English. - Releases follow a four-month advance release calendar regularly updated on the SOSR website; data released simultaneously to all users. - Nonpublished, nonconfidential data available on request. - Summary metadata on website; more detailed documentation in hard copy publications. - Departures from 1995 ESA methodological requirements are made available. - Information on data sources such as response rates, nonsampling errors, sample design, and estimation and imputation techniques is not disseminated. - Assistance to users readily available; contact persons and annual catalogs of publications well publicized. - CPI and PPI - Data accessibility good: initial Internet releases follow a preannounced, embargoed schedule, then more comprehensive paper releases. - Unpublished data made available on request. - Metadata accessibility limited to brief summary statements (the SDDS summary); no comprehensive documentation available. - Prompt and knowledgeable assistance to users readily obtainable and publicized. - Government finance statistics - Data released on website to a preannounced schedule. - Monthly and quarterly data presented on a cumulative basis, which compromises time series analysis. - Metadata accessibility needs strengthening; disseminated fiscal metadata and information on compilation methods are incomplete. - Assistance to users provided through e-mail; a list of available fiscal statistics is not disseminated. - Monetary statistics - Generally accessible and presented clearly in the NBS monthly bulletin and website. - Difficulties identifying gross positions of central and general government in NMS; presentation of the NPF can be confusing. - Data released on a preannounced schedule and simultaneously to all users; nonpublished nonconfidential data available upon request. - Metadata available on the NBS website; link to IMF’s DSBB; detailed documentation available for the NBS (in Slovak). - Assistance facilitated by identification of a contact person on the DSBB accessible through the NBS website. *Source: _cr05161 - 16. The MOF is responsible for government finance statistics. The legal and institutional* ### 42. Balance of payments statistics are accessible ### 42. Balance of payments statistics are accessible ### Accessibility and user services (paragraph 42) - Balance of payments statistics are accessible through the NBS website through both the disseminated data page and the monthly Monetary Policy bulletin. - They are released simultaneously to all users, according to the preannounced schedule. - The bulletin contains detailed commentary on the statistics, and users can subscribe to be notified by e-mail. - The NBS provides more detailed nonconfidential data on request, although this policy is not publicized. - SDDS metadata are accessible on the NBS website. - Very detailed documentation has been developed, but this is primarily for internal use. - The ECB publishes a document that provides a description of the sources and methods for compilation of the statistics; however this is not easily accessible by users. - Assistance to users is facilitated by the publication of the names and contact details for two persons on the NBS website. - Information on publications is available through the website. ### Staff’s recommendations — cross-cutting and high priority actions (paragraph 43 and following) - Address intersectoral statistical inconsistencies and reconciliation procedures. Create an interagency group that includes in the core group the NBS, MOF, and SOSR, and as needed, representatives from other agencies (for example, Directorate of Customs, NPF). - Provide users with more detailed metadata. Ensure that metadata are regularly updated and disseminated, and in this context, regularly update the IMF’s SDDS metadata. - Provide users with advance notification of major changes in methodology, source data, and statistical techniques. - Ensure that users are aware of the regular revisions cycles for each major data set, and that advance notice is given prior to all significant statistical revisions. Clearly identify all revisions and provide explanations of the reasons for the changes. ### Other cross-cutting recommendations - Review the legislative arrangements of the SOSR, NBS, and MOF to ensure that the responsibility for dissemination of statistics is clearly specified. - Develop dissemination formats that include long time series of data that can be readily downloaded by users. ### Institutional arrangements — other key recommendation - Review wage levels in the SOSR, with a view to making them competitive with the rest of the public sector. ### National Accounts — high priority - Improve the timeliness of the annual independent national accounts estimates. - Reconcile the national accounts estimates with the balance of payments and government finance statistics on a regular basis. - Develop price indices of imports and exports based on direct surveys of price changes, and in the interim, use alternative deflators for imports and exports. - Inform the users about the results of revisions studies. ### National Accounts — other key recommendation - Improve the quarterly compilation benchmarking technique to avoid the step problem in the time series. ### Consumer Price Index — high priority - Develop (in consultation with National Accounts compilers) mechanisms for obtaining more timely annual household final consumption expenditure estimates to support regular index reweighting. - Review the type and extent of product quality adjustment techniques used. ### Consumer Price Index — other key recommendations - With the next CPI reweight: (i) revalue the annual weights to align with the price reference period, and (ii) link the new reweighted index to the present 2000-year based index at December 2003, at all levels of the index hierarchy. ### Producer Price Index — high priority - Review the type and extent of product quality adjustment techniques used. ### Producer Price Index — other key recommendations - Consider maximizing the index utility by developing a more broadly-based, summary PPI through the aggregation of the industrial PPI with the PPI output indices for the construction, agriculture, and forestry industries; potentially incorporate the market services indices as coverage is extended. - With the next PPI reweight, revalue the annual weights to align with the price reference period. ### Government Finance Statistics — high priority - Regularly compare and reconcile government finance statistics aggregates with equivalent data in monetary and balance of payments statistics, and disseminate reconciliation tables where necessary. - Disseminate quarterly general government statistics. - Institute a policy, regular schedule, and analysis of revisions. Publish subannual data on a discrete basis to demonstrate the effect of revisions. Disseminate this information on the MOF website. - Maintain a manual on fiscal statistics compilation. Provide background papers to explain compilation practices. ### Government Finance Statistics — other key recommendation - Formalize the monitoring of user needs and reflect them in a declared statistical program. ### Monetary Statistics — high priority - In the NMS, discontinue the practice of treating the foreign liabilities of government as those of the NBS and cover money market funds. - In cooperation with MOF, reconcile government financing data and monetary statistics, and carry out a reconciliation exercise on a regular basis. ### Monetary Statistics — other key recommendations - Apply market valuation to financial instruments in line with the recommendations of the MFSM. - Improve the presentation of the NMS monetary survey by showing underlying gross data in net credit to general government and to central government. - Update metadata to indicate that NMS broad money includes nonresident domestic currency deposits in domestic banks, and provide the rationale underlying this practice to users. ### Balance of Payments Statistics — high priority - Work to develop methodology to adjust all investment income flows to approximate an accrual basis (noting that this adjustment is already made for domestic currency-denominated government bonds). - Work with staff of SOSR, MOF and with the compilers of the monetary statistics in the Monetary Policy Department to develop and disseminate reconciliation tables. ### Balance of Payments Statistics — other key recommendations - Ensure that documentation on sources and methods for compiling balance of payments statistics is readily available to users. - Make periodic revisions studies available to users. ### Table 2 — Data Quality Assessment Framework: BOP-related summary points - Key to symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed. - Selected element statuses for Balance of Payments Statistics (BOP) from Table 2: - 0.1 Legal and institutional environment: O - 0.2 Resources: O - 0.3 Relevance: O - 0.4 Other quality management: O - 1.1 Professionalism: O - 1.2 Transparency: LO - 1.3 Ethical standards: O - 2.1 Concepts and definitions: O - 2.2 Scope: O - 2.3 Classification/sectorization: LO - 2.4 Basis for recording: LO - 3.1 Source data: O - 3.2 Assessment of source data: O - 3.3 Statistical techniques: O - 3.4 Assessment and validation of intermediate data and statistical outputs: O - 3.5 Revision studies: O - 4.1 Periodicity and timeliness: O - 4.2 Consistency: LO - 4.3 Revision policy and practice: LO - 5.1 Data accessibility: O - 5.2 Metadata accessibility: LO *Source: IMF staff report content provided in the supplied PDF excerpt.* ### 5.3 Assistance to users ### _cr05161 - 5.3 Assistance to users ### A. Cross-Cutting Recommendations — Statements by all Agencies - High priority recommendations implemented or in progress: - Address intersectoral statistical inconsistencies and reconciliation procedures by creating an inter-agency group including the NBS, MOF, and SOSR (and as needed, Directorate of Customs, NPF). - An Inter-agency committee was established during 2004 to appraise statistical results on foreign trade data before publication. - An Inter-agency working group on government finance statistics (MOF, SOSR, NBS) was established to reconcile main government finance aggregates (deficit and debt) and harmonize national accounts, GFS, monetary, and balance of payments statistics. - Provide users with more detailed metadata and ensure regular updates and dissemination; regularly update the IMF’s SDDS metadata. - Supplementary information on implemented methodological changes is regularly disseminated at time of GFS publication (using GFSM 2001 methodology). - The NBS amended SDDS metadata on the NMS as suggested and will keep SDDS metadata updated for future significant methodological changes. - The IMF’s SDDS metadata are regularly updated by SOSR, MOF, and NBS. - Provide users with advance notification of major methodological changes. - Since January 1, 2004, SOSR publishes in advance on its website all radical changes in quarterly national accounts methodology. - MOF will apply the same approach in GFS; NBS announces advanced notifications of major NMS source data and methodology changes in Monetary Survey monthly bulletins. - Ensure users are aware of regular revision cycles and receive advance notice and explanations of significant revisions. - GFS will provide information on significant revisions regularly following introduction of a revision policy. - NMS major regular revision cycles: updating preliminary data for December 31st of previous year and January 1st of current year, with final data drawn from audited annual financial statements for first half of the current year. - NBS provides identification and reasons for non-regular revisions in Monetary Survey footnotes. - SOSR informs users about revisions specifying reasons in SOSR publications. - Other key recommendations and responses: - Review legislative arrangements to clarify dissemination responsibilities. - Responsibilities: NBS — monetary statistics, balance of payments statistics, interest rates; MOF — government finance statistics compilation according to GFSM 2001; SOSR — compiles and disseminates per “Data Transmission Program Under the ESA 95” and approved Program of State Statistical Surveys. - Agreements signed: - Skeleton agreement NBS–SOSR adopted November 15, 2004; entered into force on signing; indefinite duration; aims to exchange data and information between NBS and SOSR information systems. - Skeleton agreement MOF–SOSR adopted May 31, 2004; entered into force on signing; indefinite duration; aims to exchange data and information between MOF and SOSR information systems. - Develop dissemination formats including long downloadable time series. - MOF website contains GFS time series data since 1999; further improvements planned. - Full Monetary Survey time series available to public on request under Act No 211/2000 Coll. on Free Access to Information; electronic request form on NBS internet page or via webmaster@nbs.sk. - Free public accessible database Slovstat expected during first half of 2005 on SOSR website with long time series including quarterly national accounts. - Institutional arrangements — review SOSR wage levels. - SOSR agrees but issue has not yet been discussed. ### B. National Accounts — Statements by SOSR - Quality and methods: - SOSR participates in Eurostat Project to improve assessments of final consumption of households using family bank accounts, small business data, commodity flow data. - 2004 household sampling changed to stratified two-degree random selection covering approximately 4,700 households (2003 sample ~1,600 households selected by simple random technique). - Implementing Quality Management System based on STN EN ISO 9001:2001 and CAF standards. - High priority recommendations and responses: - Improve timeliness of annual independent national accounts estimates. - SOSR published estimated data for 2003 within ten months after year-end. - From 2005 institutional accounts will be disseminated within nine months after year-end to fulfill draft ESA95 Transmission Program requirements. - Reconcile national accounts with balance of payments and government finance statistics regularly. - SOSR states all data sets use consistent methods per ESA95 and notes multiple bilateral discussions with MOF and NBS for data exchange, verification, and adjustment. - Develop price indices of imports and exports based on direct price surveys; interim use alternative deflators. - National Accounts and Prices Directorate reorganized to include Foreign Trade and Administrative Systems Division responsible for trade price indexes. - Price indexes used to reflate constant price import/export estimates; additional data (producer prices, exchange rates, administrative data) used in revaluation. - SOSR expects to start using prorating techniques in 2005 to resolve the step problem; techniques under verification. - Inform users about results of revision studies. - SOSR agrees and will inform public via website or press release. - Other recommendations and responses: - Improve quarterly benchmarking to avoid step problem. - SOSR implementing benchmark techniques; revised time series expected by end of 2005. - Participates in Eurostat benchmarking project; staff attend Eurostat and OECD workshops; will inform users about methodology changes. ### C. Consumer Price Index — Statements by SOSR - High priority recommendations and responses: - Obtain more timely annual household final consumption expenditure estimates for regular CPI reweighting. - Annual national accounts data now obtained more timely; since January 2005 SOSR compiles CPI as a chain index. - Review type and extent of product quality adjustment techniques. - SOSR will review current quality adjustment techniques and follow Eurostat implementation group on quality adjustment and sampling. - Other recommendations: - Next CPI reweight actions: - (i) Consider aligning annual weights with price reference period beginning January 2006. - (ii) Link new reweighted index to 2000-based index at December 2003 at all levels of index hierarchy; since January 2005 new reweighted index linked to December 2000 index using December 2004 as link at all published levels. ### D. Producer Price Index — Statements by SOSR - High priority recommendations and responses: - Review product quality adjustment techniques. - In 2004 SOSR introduced implicit product quality adjustment technique of overlap pricing. - Other recommendations and responses: - Consider creating a more broadly-based summary PPI by aggregating industrial PPI with PPI output indices for construction, agriculture, forestry and incorporate market services as coverage extends. - SOSR acknowledges inconsistencies among related producer price indices (agriculture indices variable monthly weights; construction indices compiled quarterly). - Plans to introduce market services indices gradually; full coverage not until next PPI revision. - Extending scope would require more staff and funds; not planned in near future. SOSR will use consistent methodology for existing PPI output indices for agriculture and construction. - With next PPI reweight, consider aligning annual weights with price reference period. ### E. Government Finance Statistics — Statements by MOF - Implementation steps: - General government statistics for 2003 submitted to IMF Statistics Department and appear in 2004 Government Finance Statistics Yearbook; prepared according to GFSM 2001 on accrual basis. - MOF began applying GFSM 2001 functional classifications to total expenditure beginning with 2003 data. - High priority recommendations and responses: - Regularly compare and reconcile GFS aggregates with monetary and balance of payments statistics and disseminate reconciliation tables where necessary. - Inter-agency working group on GFS (MOF, SOSR, NBS) established to reconcile deficit and debt and harmonize datasets. - Disseminate quarterly general government statistics. - MOF preparing dissemination of quarterly GFS data following GFSM 2001 methodology. - Institute policy, regular schedule, and analysis of revisions; publish subannual data discretely to show revision effects; disseminate on MOF website. - Implementation of revision policy to be considered through Public Finance Management Reform Project application. - Maintain a manual on fiscal statistics compilation and provide background papers. - Manual to be drafted within Public Finance Management Reform Project application. - Other recommendation: - Formalize monitoring of user needs and reflect in declared statistical program. - Monitoring of user needs is carried out on a regular basis. ### F. Monetary Statistics — Statements by NBS - Implementation and changes: - NBS applied measures from IMF Statistics Department mission (Feb−Mar 2004): since February 2004 (revising back to 2003) introduced additional memorandum items in Monetary Survey to meet mission criteria. - NBS maintains national “country approach” in main Monetary Survey for internal analysis while providing detailed information for external users to distinguish banking sector positions only. - HMS counterparts: net foreign assets; net claims on central government; credit to local government, social security funds and other resident sectors; other items net (interbank balances, fixed assets, longer term deposits—deposits with agreed maturity over two years and deposits redeemable at notices over three months—long term debt securities of depository corporations, and other unclassified assets less unclassified liabilities). - High priority recommendations and responses: - Discontinue treating foreign liabilities of government as those of the NBS and cover money market funds. - Net foreign assets of banking sector (excluding foreign liabilities of government) available in memorandum items including gross positions. - Reliable time series of money market funds available for 2004 only; official reporting obligations for money market funds came into force January 2004. - For 2004, shares/units issued by money market funds covered in memorandum items. - In cooperation with MOF, reconcile government financing data and monetary statistics and carry out regular reconciliation exercises. - Balance of payments and monetary survey data originate from bank balance sheets and are reconcilable; a reconciliation table has yet to be disseminated publicly. - Monetary Survey item “Net Credit to General Government“ reflects cash flows reported by NBS and commercial banks which may differ from MOF methodology; some government units not included before 2005 (deposits of higher territorial units, deposits of government in foreign currency (EU funds), non-budgetary deposits of government agencies in NBS); these were covered in memorandum items. - Other recommendations and responses: - Apply market valuation to financial instruments per MFSM recommendations. - Accounting practices in NBS and other monetary financial institutions follow Slovak accounting legislation and international accounting standards (IFRS/IAS). - Improve presentation of NMS by showing underlying gross data in net credit to general government and central government. - Gross positions are available in memorandum items; net position of National Property Fund included since February 2004 as part of Net Credit to General Government in main table and text. - Update metadata to indicate NMS broad money includes nonresident domestic currency deposits in domestic banks and provide rationale. - NBS updated SDDS metadata as suggested by Data ROSC mission. ### G. Balance of Payments Statistics — Statements by NBS - Data recording and exchange-rate treatment: - From May 1, 2004 SOSR records foreign trade in System Intrastat-SK. Trade products (about 90 percent of trade in system) are converted using actual exchange rate at transaction date (date when tax duty applies). Divergence with Extrastat-SK arises because Extrastat-SK uses “custom exchange rate.” - High priority recommendations and responses: - Develop methodology to adjust investment income flows to approximate accrual basis (adjustment already made for domestic currency-denominated government bonds). - NBS introduced valuation on an accrual basis in investment income for the banking sector since 2005. - For other sectors and portfolio investment (security-by-security database), accrual-basis income planned to be introduced in near future. - Work with SOSR, MOF, and monetary statistics compilers to develop and disseminate reconciliation tables. - Balance of payments fully reconcilable with national monetary statistics as both are based on bank balance sheets. - Other recommendations and responses: - Ensure documentation on sources and methods for BOP compilation is readily available to users. - ECB publishes a document describing sources and methods; links to international organization documents (such as ECB) are on NBS website within SDDS—Balance of payments—category. - Make periodic revision studies available. - There is no substantial user demand for revision studies; NBS regularly monitors revisions between preliminary and subsequent changes. - NBS intends to prepare a revision studies document in 2006. *Source: Response by the Authorities to the Slovak Republic Report on the Observance of Standards and Codes (ROSC)—Data Module; April 29, 2005.* ### 1. DQAF (July 2003): Summary of Results for National Accounts Statistics.........................25 ### 1. DQAF (July 2003): Summary of Results for National Accounts Statistics.........................25 ### 0. Prerequisites of quality - Legal and institutional environment (0.1) - Law on State Statistics No. 540/2001: - Articulates criteria for collecting statistical information, roles of public bodies, rights and obligations of reporting units, mechanisms for protecting confidential statistical data, and responsibilities for publishing statistics and ensuring comparability. - Institutional responsibilities: - The Statistical Office of the Slovak Republic (SOSR) is the central body responsible for production and dissemination of statistics and oversees the entire statistical process. - SOSR develops a State program of statistics in collaboration with ministries and State agencies for a three-year period; the President of the SOSR may add or delete surveys and administrative data sets from the program. - SOSR responsible for ensuring comparability, adherence to standards, and elimination of gaps, overlaps, or shortcomings. - Dissemination: - Although the law does not explicitly mandate dissemination, SOSR policy and practice is to disseminate macroeconomic statistics. - Data sharing and coordination (0.1.2) - State program specifies responsibilities and administrative data supplied to SOSR; SOSR may request data from ministries, State agencies, municipal bodies, or public institutions. - Formal interagency agreements exist (e.g., SOSR—NBS—MOF) with addenda updated annually; regular informal meetings support timely flow of source data. - Confidentiality (0.1.3) - Article 30: Individual reporting-unit data that can be directly or indirectly identified are confidential and may not be published or used for non-statistical purposes without written approval of the reporting entity. - Staff confidentiality obligations continue after employment ends. - Breach is an offense subject to a fine of up to Sk 100,000; no instances requiring use of this penalty have occurred. - Respondents informed in questionnaires that information will be used for statistical purposes only; access to individual data restricted to staff with statistical duties; special aggregation rules applied to prevent residual disclosure. - SOSR premises and IT work areas are not publicly accessible. - Reporting mandate and response measures (0.1.4) - Article 18: reporting units obliged to provide complete and accurate data within proscribed deadlines; fines of up to Sk 100,000 may be imposed for noncompliance including misreporting. - SOSR minimizes response burden by using administrative sources; provides respondent assistance via contact points and methodological guidelines; formal procedures for handling complaints. - Resources (0.2) - Staff and organization (0.2.1): - National Accounts and Prices Directorate: staff of 60. - Four main divisions: Annual National Accounts Division, Accumulation Accounts Division, Quarterly National Accounts Division, and Price Statistics Division. - 48 staff working on the national accounts. - National accounts compilers trained in 1995 ESA via Eurostat Training of European Statisticians Program, internal and on-the-job training. - Recruitment is generally high-quality but retention is problematic due to competition and non-fully-competitive salaries. - Financing and computing: - Financial resources planned typically for three years and are commensurate with the program. - Computing resources and upgrades are adequate; software periodically updated; emergency back-up systems provided. - Office facilities and transportation arrangements are satisfactory. - Efficiency measures (0.2.2): - Annual staff performance reviews per Law on State administration. - Coordination role of SOSR reduces duplication and ensures consistency. - External expertise mainly from Eurostat; participation in pilot projects. - Resources costed periodically through Total Quality Management (TQM); use of sample surveys and administrative sources to improve efficiency. - Relevance (0.3) - User engagement: - Users regularly consulted; principal users invited to propose for Schedule of Surveys in April each year. - Statistical Council provides forum for user needs. - Information Services Unit monitors media commentary. - Quarterly meetings with press, academia, and commercial banks. - Participation in international statistical meetings; new requirements identified by Eurostat and the European Central Bank. - Other quality management (0.4) - Quality policy and systems (0.4.1): - “Declaration of the Statistical Office of the Slovak Republic on Quality Policy and Quality Management System” of April 2003 expresses management goals and commitments. - Policy based on STN EN ISO 9001:2001 and other relevant documents; SOSR in final stage of obtaining ISO certificate. - SOSR uses TQM, ISO 2001 processes, and European Statistical System quality initiatives (participating in pilot projects since 1998). - Quality commitments published on SOSR website. - Monitoring quality (0.4.2): - Monitoring via technical project definitions: response rates, imputations, gross-ups, revisions history, timeliness evaluations. - Infostat (SOSR Institute for Information Technology and Statistics) provides expert guidance on methodology and strategies. - Periodic reviews undertaken to maintain quality. - Quality in planning (0.4.3): - Planning addresses validation at entry, form design, definitions, time series and trend checks, internal consistency, and improved imputation techniques. - Survey results and processes reviewed to identify deficiencies and reduce revisions by identifying shortcomings early in processing. ### 1. Assurances of integrity - Professionalism (1.1) - Impartiality (1.1.1): - Article 2: SOSR, ministries and state agencies shall be independent and impartial and guided by principles of reliability, objectivity, transparency, openness and protection of confidential data. - Article 6: President of SOSR cannot be appointed to any other public or private position simultaneously; Article 7: appointment and removal of the President is transparent. - Recruitment and promotion emphasize professionalism via competitive written and oral exams in statistics. - National accounts staff participate in Eurostat task forces and prepare methodological papers for Eurostat, OECD, and United Nations Economic Commission for Europe. - Internal reviews of methods carried out by the Statistical Council; Infostat recognized for methodological development and implementation. - Source and method choices informed by statistical considerations (1.1.2): - Choices of data sources and methods are made by compilers; reasons for methodologies made public through the program for statistical surveys. - Timing and format decisions for dissemination are based solely on statistical considerations. - Right to comment on misuse (1.1.3): - General Director of the National Accounts and Prices Directorate responsible for responding to erroneous interpretation or misuse of national accounts and price data. - Instances of misuse are very rare and are clarified immediately. - SOSR policy is to avoid misunderstandings by providing ample information with data releases; a unit monitors the media daily. *Summary based on the supplied DQAF text for the Slovak Republic’s National Accounts Statistics (July 2003).* ### 1.2 Transparency ### 1.2 Transparency ### Transparency of statistical processes and dissemination - The Statistics Law is publicly available (Slovak and English) and the principles of official statistics are outlined in Article 3 of the Law. - Information publicly available on the SOSR website includes rules for dissemination of statistical information products and services, advance release calendar, and the catalog of statistical publications. - Contact details of the SOSR dissemination unit (address, name, e-mail address, telephone number) are available to users. - The SOSR identifies on its website that the government may have prerelease access to the national accounts and price statistics data. - All national accounts data releases are clearly identified as being produced by the SOSR; in joint publications SOSR data are identified as a product of the statistical office. - SOSR requests attribution when its statistics are used or reproduced. - Major changes in methodology, source data, and statistical techniques are announced at the time of their release; users are not informed in advance about major methodological changes. ### Ethical standards - Ethical standards are set out in the Act on Civil Service. - SOSR staff with direct access to individual and personal data perform duties only after taking an oath. - New staff are made aware of ethical standards on joining; each staff member has a copy of the Code of Ethics and staff are reminded of updates. *Italic line: Source: _cr05161 - 1.2 Transparency* ### 2. Methodological soundness ### Concepts and international standards - National accounts compiled in accordance with the guidelines of the 1995 ESA, consistent with the System of National Accounts 1993 (1993 SNA). - The Slovak Republic adopted the 1995 ESA as the official standard as part of EU preaccession. ### Scope and production/asset boundaries - National accounts cover ISWGNA minimum and recommended tables and accounts including: - annual and quarterly value added and gross domestic product (GDP) at current and constant (1995) prices by activity, - annual and quarterly expenditures of GDP at current and constant (1995) prices, - annual value added components at current prices by activity, - sequence of accounts for the total economy with an annual frequency, - annual rest of world accounts, - annual supply and use tables (SUT). - Residence defined in accordance with the 1993 SNA and the fifth edition of the Balance of Payments Manual; economic territory includes territorial enclaves (embassies, free zones); part-year foreign workers considered residents. - Production boundary includes research and development on own-account; output of goods for own-account fixed capital formation; mineral exploration; production of entertainment, literary or artistic originals; production of computer software; illegal output sold to willing buyers. - SOSR follows 1995 ESA convention limiting own-account household production estimates to production, storage, processing of agricultural products and construction of dwellings. - Asset boundary includes tangible and intangible assets consistent with 1993 SNA and 1995 ESA (defense-related assets usable for civilian purposes; valuables; agricultural work-in-progress for quarterly accounts; mineral exploration; computer system software and databases; entertainment, literary or artistic originals; patented entities; leases and other transferable contracts). ### Classification and sectorization - Classification systems broadly consistent with international standards: - 1995 ESA for institutional units, transactions, and flows. - Slovak Classification of Activities (OKEC), a version of NACE Rev. 1, for enterprises. - Slovak Classification of Goods and Services (a version of CPA) for products. - Classification of Functions of Government being implemented by MOF (none currently in place). - COICOP for household final consumption expenditure. - Slovak Combined Nomenclature (based on EU combined nomenclature) for international transactions. ### Basis for recording and valuation - Valuation rules follow 1993 SNA/1995 ESA, except for foreign trade statistics: - Market output valued at basic prices. - Output for own-use valued at basic prices. - Excise taxes included in valuation of intermediate consumption. - Imports and exports valued on an f.o.b. basis; insurance and freight cost data available. - Value added taxes included in intermediate consumption, excluding the deductible part. - Foreign trade transactions in foreign currency converted to koruny using a fixed exchange rate for one month (rate of the second to the last Wednesday of the month), as prescribed by the Customs Law. - Recording basis: - Accrual accounting followed in principle for all accounts; accounting standards oblige units to record on an accrual basis. - General government expenditure figures are still recorded on a cash basis; national accounts division adjusts taxes and social contributions to accruals using tax authority balance sheet data. - Work-in-progress recorded in the period when produced. - Grossing/netting procedures in accordance with the 1993 SNA; transactions between establishments within the same enterprise recorded on a gross basis. *Italic line: Source: _cr05161 - 1.2 Transparency* ### 3. Accuracy and reliability ### Source data collection programs and coverage - Source data collected via: - annual and quarterly surveys of establishments, - a household survey, - price statistics, - census surveys, - administrative data sources. - Statistical register comprises two subregisters: register of legal entities and register of natural persons; based on court registration (Ministry of Justice) and registrations (Ministry of Interior). - Register contains administrative identifiers and statistical variables; number of active units registered is about 400,000. - Register updated once a year; maintenance follows EU Regulation 2186/93. Since January 2001 the register is linked to registers of the National Labor Office, the Social Security Office, and the VAT register. ### Establishment surveys and stratification - Nonfinancial corporations stratified into: - small-sized units—with up to 19 employed persons, - large-sized units—with more than 19 employed persons. - Large-sized units surveyed exhaustively annually and quarterly; small-sized units surveyed by sample covering about 6,000 units. - Small-unit sample stratified by regions and by activity (four-digit OKEC); scientific random sampling techniques used; imputations use respondent-donors from same sector, size class, and region. - In 2000, Eurostat structural business statistics questionnaires introduced; data detailed enough for output, intermediate consumption, fixed capital formation, changes in inventories, compensation of employees, employment, output by commodity, and balance sheet information. ### Household and other surveys - Unincorporated household activities surveyed annually via sample covering about 12,000 units; sample stratified by region and activity; questionnaires request detailed data for output, intermediate consumption, fixed capital, and changes in inventories. - Financial corporation sector covered by exhaustive surveys annually and quarterly—one for insurance institutions and one for the rest of the sector. - NPISH surveyed annually via sample covering about 3,000 units. - Household Budget Survey (HBS) is a monthly sample survey; each month about 1,600 households (0.1 percent of the total number of households) are surveyed. Survey is not representative; selection based on 2001 Population Census and 1996 Microcensus of Household Income; multi-stage stratified sampling applied but sampling is not random and is quota-based. - About 25 percent of households in the sample are replaced every year. - Sample does not cover one−person households (about 5 percent of total households). - Refusals represent about 10 percent of households from the frame (mostly high income households). - HBS collects detailed income and expenditure data, purchases of consumption goods, production for own-consumption, purchases of valuables, and own-account fixed-capital formation; aggregated by socioeconomic groups, household size, deciles, urban/rural, etc. ### Price statistics, censuses, administrative data - Price sources include industrial PPI, CPI, unit value indices of foreign merchandise trade, sale prices of agricultural products, price indices of purchases by agricultural enterprises, and construction price index for buildings and materials. - Censuses conducted: Population Census (2001), Census of agricultural farms (2001), and Census of small and medium enterprises (2002). - Administrative sources: - MOF compiles central and local government and extrabudgetary funds revenue and expenditure quarterly by economic classification, including defense-related expenditure and sufficiently detailed to measure output, intermediate consumption, fixed-capital formation, and final consumption of government services. - Monthly imports and exports data received from the Customs Office. - Since 2002 national accounts compilers have access to MOF tax returns data. - Annually data on financial statements and profit/loss statements of legal entities and natural persons are made available to SOSR. ### Timeliness and delays - No major problems with timeliness of establishment data, price statistics, foreign trade statistics, and general government data. - Delays experienced with quarterly balance of payments data. - Independent annual account estimates available about 19–24 months after the end of the reference year; processing timetable not timely enough for benchmarking revisions of quarterly national accounts estimates. ### Assessment and validation of source data - Source data routinely assessed for sampling and nonsampling errors; information on errors is available for all surveys. - Quarterly National Accounts unit archives internal problems (misclassification, measurement) and documents imputations made in basic statistics. - Outliers checked and removed if necessary; high-value transactions confirmed with respondents. - Household survey audited to verify individual survey data accuracy. - Source data validated for temporal consistency and consistency with national accounts definitions, valuation, and classifications. - National accounts staff routinely review budgetary data, foreign trade data, price indices, and other secondary data for consistency. ### Statistical techniques and compilation methods - Local statistical offices collect/process source data; SOSR designs data validation software for each questionnaire; further validation in Infostat (headquarters IT center); individual data stored in a database. - Imputations and adjustments for nonresponse, missing observations, and undercoverage follow sound estimation techniques; grossing-up factors derived scientifically; imputation/adjustment procedures well documented. - SOSR participates in Eurostat Project of Exhaustiveness (started in 2000) to compile estimates for nonobserved economy. - Estimates for informal, hidden, and illegal activities compiled using SUT tables, employment method, VAT-based method, and case-by-case specific estimates; procedures well documented. ### Production approach specifics - Output and intermediate consumption estimates compiled at four-digit OKEC level for annual and quarterly accounts. - Fixed ratios/weights used for quarterly data for NPISH and unincorporated household activities and updated annually; otherwise fixed ratios not used. - Owner-occupied dwellings output valued by cost approach (intermediate consumption + consumption of fixed capital + net taxes on production + net operating surplus); estimation based on 2001 Population Census; plans to improve valuation via Eurostat task force participation. - Work-in-progress treated per international guidelines; crops, standing timber, livestock reared for food, large construction projects, and output of large equipment recorded as output; stock of fish excluded as insignificant. - Output and intermediate consumption adjusted for holding gains and losses on inventories using stock level data, inventory structure from recent input/output tables, and SOSR price indices. - Historical revision of consumption of fixed capital: old estimates based on historical costs; new estimates based on replacement-cost revaluation per Eurostat Project on consumption of fixed capital. - General government cash data adjusted to accruals for taxes (VAT, excise, income) and social contributions using coefficients compiled by SOSR for noncollected arrears. ### Constant price and expenditure approach methods - Constant price estimates use double deflation method with SUT; output at current prices (for 60 activities) deflated using PPI, CPI, other price indices, and wage indices (adjusted for labor productivity). - Domestic output and exports deflated separately using PPI and unit value indices for exports. - Intermediate consumption implicit deflators compiled for each activity using recent SUT matched with price indices. - Base year is 1995; SOSR working to move to 2000 and to compile constant price estimates based on 500 commodity groups. - Volume measures of taxes and subsidies on products estimated by applying base-year tax rates to base-year volumes. - Expenditure approach: GDP by expenditure components derived independently, including independent estimates of household final consumption expenditure, gross-fixed capital formation, and changes in inventories. - Household final consumption expenditure compiled for 12 COICOP groups quarterly and for 58 groups annually. - Government final consumption expenditure compiled by activity at four-digit national activity classification. - Gross-fixed capital formation compiled for 60 industries and four types of assets—machinery, transport equipment, buildings and other construction, and others. - Changes in inventories estimated by activity (60 groups) and by types of inventories. - No fixed ratios older than one year used in compiling expenditure components. - Deflation of expenditure components: - Household final consumption deflated using relevant CPI subgroups. - Government final consumption deflated using wage indices and CPI subgroups. - Changes in inventories deflated using PPI and wholesale price indices. - Exports and imports of goods in constant prices deflated using unit value price indices of exports and imports. - Constant price estimates of exports and imports of services deflated by PPI or CPI subgroups. - Specific quarterly techniques: - Benchmarking uses a prorating technique, producing a step problem in quarterly series. - Series derived from seasonally unadjusted source data to provide unadjusted quarterly estimates. - Seasonally adjusted quarterly constant price estimates compiled using TRAMO/SEAT. *Italic line: Source: _cr05161 - 1.2 Transparency* ### 3.4 Assessment and validation of intermediate data and statistical outputs ### 3.4 Assessment and validation of intermediate data and statistical outputs ### Validation practices and cross-checks - Data compiled from main sources for national accounts are checked against other primary and secondary sources. - Survey-derived data are cross-checked against tax data, administrative-source output data, and merchandise trade statistics. - Household expenditure data are checked against retail sales data, imports data, and VAT data from tax authorities. - The commodity flow method is used to reinforce the efficiency of these checks. - Existing and new data sources are continually studied and compared against the national accounts to identify possible biases. - The SOSR does not undertake an evaluation of data against unofficial estimates. ### Assessment and investigation of statistical discrepancies - Systematic procedures exist to assess routinely potential discrepancies in intermediate data, leading to adjustments to remove them. - Example: quarterly assessment of household consumption data is regularly performed to identify discrepancies between various data sources. - Annually, the supply-use framework is used to make GDP estimates by activity and expenditure components consistent through a balancing process comparing detailed supply-use data at current and constant prices. - The first quarterly estimates are reconciled using commodity flow techniques. - The unbalanced remaining value of the GDP is shown as a statistical discrepancy: 0.1 percent of the GDP for 2002. --- ### 3.5 Revision studies ### Revision practice and documentation - The implementation of the 1995 ESA was carried out in several stages; main revisions occurred in 1996, 1999, and 2000. - Official dissemination of the most recent revised time series contains brief information on the results of the revision compared to the previous data. - In current compilation of quarterly and annual national accounts, the direction and magnitude of revisions between various versions are studied; revisions are well documented and include detailed descriptions of adjustments. - However, systematic studies of revisions are not conducted. --- ### 4 Serviceability ### 4.1 Periodicity and timeliness - National accounts statistics are disseminated with quarterly periodicity as prescribed under the Special Data Dissemination Standard (SDDS). - Annual independent estimates are disseminated with a delay. - Quarterly estimates of GDP are disseminated 75 days after the end of the reference quarter. - Independent annual national accounts estimates are disseminated about 19–24 months after the reference year. - The annual and quarterly estimates follow the revisions cycle timetable: - Preliminary estimate: 75 days (sum of four quarters) for annual estimates; 75 days for quarterly estimates. - First revised estimate: 19–24 months for both annual and quarterly estimates. - The revisions cycle for both quarterly and annual estimates is not stable and is different from year to year; timing is not widely disseminated to users. ### 4.2 Consistency - Annual and quarterly GDP estimates by activity and expenditure approach for 1993–2001 are internally consistent. - Consistency is established through balancing procedures using the supply-use framework; constant price estimates, current price estimates, volume measures, and implicit deflators follow the “value = volume × price” framework. - Quarterly GDP estimates add up to annual estimates. - For 2002, the first annual (sum of the four quarters of data) production and expenditure GDP estimates show a statistical discrepancy of 0.1 percent; these will be balanced through the supply-and-use framework once the independent 2002 estimate is compiled. - Quarterly production and expenditure approach sets of estimates for 2003 were not yet reconciled and will be benchmarked to annual data after independent annual estimates are ready. - Consistent annual time series available for 1993–2001; consistent quarterly time series available for 1993–2002 and the first three quarters of 2003. - Major methodological change in 2000: measurement of consumption of fixed assets based on revaluation of fixed assets; household consumption expenditure adjusted for underreporting of high-income families; taxes on production compiled on accrual basis; own account gross fixed capital formation adjusted for profit margins. Data for 2000 were compiled using both old and new methodologies; methodological revision was explained with dissemination. - SOSR reconstructed historical annual series back to 1993. - National accounts and balance of payments are not consistent because the SOSR adjusts trade, services, and income data for undercoverage while the NBS does not incorporate those adjustments in its balance of payments estimates. - National accounts and government finance statistics are not reconciled; for example, movements in 2003 quarterly general government final consumption expenditure data and fiscal expense data on general government are significantly different. ### 4.3 Revision policy and practice - Revised data are published with accompanying brief notes. - New source data are incorporated as early as possible if they do not lead to significant breaks in time series; otherwise their introduction is postponed to the next main revision. - Users are informed in releases that initially published data are preliminary and subject to revision. - Preliminary data are not specially labeled in publications except for the Statistical Yearbook. - Revised data are disseminated with the same level of detail as previously published. - The main methodological revision in 2000 is well documented and reasons explained in detail. - The magnitude of revisions is measured, but results are used for internal purposes and are not made available to the general public. - No analysis of preliminary versus revised data is published to allow assessment of the reliability of preliminary data; some comments on extent and causes of revisions are made in current releases. --- ### 5 Accessibility ### 5.1 Data accessibility (presentation, media, schedule, and provision) - First release: website press release at 9:00 a.m. on the preannounced day, an Information Report of two to three pages containing summary tables and explanatory text including references to revisions. - More detailed tables and longer time series accessible on the website; hardcopy publication available a week or two after press release. - Seasonally adjusted time series are published. Presentation of national accounts statistics is described as clear. - Quarterly and first annual national accounts data are released through the press release and later through the quarterly bulletin, Macroeconomic Indicators of Quarterly National Accounts and Value Added. - A comprehensive annual publication: National Accounts of the Slovak Republic; the most recent issue contains data for 2001. - National accounts data also disseminated through the Statistical Yearbook. - SOSR web page reproduces data from the quarterly statistical bulletin; longer time series can be accessed electronically, but electronic format of time series is in a printout version only. - SOSR publishes a release calendar giving four-month precise release dates for all datasets on its website and the IMF DSBB; annual independent national accounts estimates are not included in the calendar. The calendar is strictly followed. - National accounts data are released simultaneously to all users. - Additional detailed tables (such as supply and use tables) available upon request to the SOSR; a fee may be charged. Contact persons named on website and hardcopy publications. ### 5.2 Metadata accessibility - Detailed documentation on definitions, concepts, and methodology used in compiling national accounts estimates is available in quarterly hardcopy publications and on the website. - Metadata provide brief information on departures from the 1995 ESA, weaknesses in data sources, and future improvement plans. - Information on data biases, response rates to main surveys, sample design, estimations, imputations, and linkages with other data systems is not disseminated. - A summary of national accounts methodology is posted on the SOSR website linked to the DSBB and is reviewed and updated regularly. - For annual national accounts, comprehensive descriptions of sources and methods for various methodological improvements were compiled in cooperation with Eurostat but are not available to the general public. ### 5.3 Assistance to users - All statistical releases list contact persons reachable by telephone or e-mail; access points to clients are well advertised. - Assistance to users is not monitored through periodic surveys. - SOSR produces a catalog of publications updated annually listing publications to be released during the year, with brief description, price, periodicity, expected month of release, publication format, and languages of dissemination. --- *Source: _cr05161 - 3.4 Assessment and validation of intermediate data and statistical outputs* ### 0.2 Resources ### _cr05161 - 0.2 Resources ### 0.2 Resources — Staffing, facilities, computing, and financing - The SOSR seeks to ensure sufficient funding is obtained to secure the statistical work program; the overall budget has been constant in recent years but declining in real terms at a time when salaries are growing. - Other funding sources include special purpose surveys and election work; additional computers acquired for such work are retained in the office. - Overall staff numbers are adequate, but turnover is greater than desired owing to low salary levels that are not competitive; it is difficult to retain younger, qualified staff. - CPI staffing and processing: - 4 staff working on the consumer price index (CPI) in Bratislava, all university graduates. - 38 collection districts with an average of 2 staff per district (some have only 1 price collector). - Regional coordinators in each of the 8 regional offices of the SOSR; totaling about 72 staff in the regions. - Processing center in Trencin has 8 staff controlling CPI processing. - Computing resources and upgrades are adequate; software is effective and periodically updated; hardware is distributed effectively; emergency back-up systems and adequate protection for computer resources are in place. - Office buildings, furniture, equipment, and transport arrangements provide satisfactory working facilities. ### 0.2.2 Measures to ensure efficient use of resources - Periodic annual reviews of staff performance are conducted according to the Law on State Administration. - Efficiencies achieved through the SOSR coordinating role: elimination of duplication, use of consistent concepts, classifications, and methodologies. - External expert assistance is sought when necessary, mainly from Eurostat via participation in pilot projects. - Resources used to compile statistics are periodically costed as part of the Total Quality Management (TQM) procedure. - Efficiencies sought by replacing exhaustive surveys with sample surveys and maximizing use of administrative sources. ### 0.3 Relevance — User engagement and monitoring - Users are regularly consulted and invited to submit proposals for the Schedule of Surveys in April each year. - The Statistical Council provides a forum for determining user needs. - The Information Services Unit monitors media commentary; quarterly meetings with press, academia, and commercial banks review usefulness of existing statistics. - SOSR participates in meetings and seminars organized by Eurostat, OECD, International Statistics Institute, and United Nations; new data requirements are identified by Eurostat and the European Central Bank. ### 0.4 Other quality management — Quality policy and systems - “Declaration of the Statistical Office of the Slovak Republic on Quality Policy and Quality Management System” of April 2003 states management goals and commitments. - Quality policy based on user requests and aligned with STN EN ISO 9001:2001; SOSR in final stage of obtaining the certificate. - Legal requirement (Law on State Administration) for continuous improvement in staff skills; part of staff training relates to statistical quality. - SOSR uses at least two sets of independent data as a rule. - Externally recognized processes implemented: TQM, ISO 2001 (final stage), and quality initiatives within the European Statistical System (participation in pilot projects since 1998). - Information on SOSR’s commitment to quality is publicly available on its website. ### 0.4.2 Monitoring and expert guidance - Monitoring processes inform managers on quality of ongoing activities via defined technical projects (response rates, imputations, gross-ups, revisions history, timeliness evaluations). - Infostat (Institute for Information Technology and Statistics) provides expert guidance on methodology and strategies for improving data production. - Periodic reviews identify steps necessary to maintain quality requirements depending on survey types. ### 0.4.3 Quality in statistical program planning - Planning addresses validation at data entry, form design, definitions, time series and trend checks, internal consistency, and improved imputation techniques. - Survey results and processes are reviewed to identify deficiencies and improve subsequent surveys. - New mechanisms introduced to identify shortcomings at early stages of processing to help reduce revisions. ### 1 Assurances of integrity — Professionalism, transparency, and ethics - Legal and institutional safeguards: - Statistics Law (Article 2) requires independence and impartiality in collecting, processing, or evaluating statistical information and guidance by principles of reliability, objectivity, transparency, openness, and protection of confidential data. - Article 6 supports independence of the President of the SOSR by prohibiting simultaneous appointment to other public or private sector positions. - Article 7 makes appointment or removal of the President transparent. - Recruitment and professional development: - Recruitment is competitive and based on aptitude in statistics (written and oral exams). - Statistical expertise enhanced through international exposure (e.g., CPI staff involved in Eurostat HICP working group meetings). - Regular internal reviews of methods by the Statistical Council; Infostat has a well established professional reputation. - Sources, methods, and dissemination decisions are made solely on statistical considerations; information on survey methods is made public through the annual statistical program. - Responsibility for responding to erroneous interpretation or misuse of prices data lies with the General Director of the National Accounts and Prices Directorate and the Head of the Prices Statistics Department; misuses are rare and clarified immediately. - The SOSR identifies on its website that government may have prerelease access to prices data. - All price data releases are clearly identified as produced by the SOSR; SOSR publications request attribution when statistics are reproduced. - Major changes in methodology, source data, and statistical techniques are announced through the statistical program at the time of their release, not in advance. - Ethical standards are laid out in the Act on Civil Service; staff with direct access to personal data take an oath; new staff are made aware of ethical standards and each staff member has a copy of the Law for the State Administration. ### 2 Methodological soundness — Concepts, scope, classification, recording - Concepts and definitions: - Slovak national CPI follows recommendations of the European System of Accounts 1995 (1995 ESA) and complies with Eurostat’s regulations. - The CPI is a consumption index and, from 1997, includes imputed rent of owner-occupied dwellings. - Scope: - National CPI includes imputed dwelling rents of owner-occupied dwellings but excludes households’ consumption from own production. - HICP is produced for Eurostat; HICP excludes imputed dwelling rents of owner-occupied dwellings. - SOSR produces seven separate indices for socioeconomic groups: employees, pensioners, low-income households, employees with one child, employees with two children, employees with three children, and farmers. - No regional indices are produced. - CPI represents entire territory of the Slovak Republic (urban and rural areas) though most prices are collected in urban areas. - Population coverage achieves very high coverage after adjustments to Household Budget Survey (HBS) undercoverage; population strata: employees (manual and nonmanual), self-employed, farmers, pensioners, and institutional households. - Item coverage comprises all goods and services bought by the reference population for final consumption; excluded: direct taxes, cash gifts, gambling, illegal activities, and household consumption from own production. - Classification: - Institutional units and transactions classified according to 1995 ESA. - COICOP classification used for structure and aggregation: 12 divisions, 43 groups, 101 classes. - Basis for recording: - Prices recorded are market transaction prices, inclusive of VAT and discounts; valuation basis is purchasers’ prices, inclusive of trade and transport margins. - Detailed product specifications defined where practicable. - Price collection periodicity: - Prices for goods and services collected once a month over the first twenty days of the month with exceptions: - Fresh fruit and vegetables: pricing spread over the first three weeks under a fixed schedule in one third of regions in each of weeks one, two, and three respectively. - Other food items: priced on the 15th of the month. - Fuel: priced on the 1st, 10th, and 20th of the month. - Prices of goods recorded in the period purchases are made; prices of services recorded in the month consumption commences (e.g., motor vehicle liability insurance recorded in January CPI). - Used car prices are included; they are predominantly imported and netting is not required. ### 3 Accuracy and reliability — Source data, sampling, coverage, timeliness - Weighting and source data: - Upper-level CPI weights based on annual national accounts household final consumption expenditure estimates; lower-level weights from the Household Budget Survey (HBS). - HBS background: - HBSs conducted since mid-1950s using a “quota” sample approach based on microsimulation modeling with inputs from population censuses and microcensuses. - HBS results for 2000 and 2000 national accounts data provided basis for present CPI weights. - Sample for 2000 HBS was 1,606 households (approximately 1 in 1,000) stratified by five main groups: manual workers outside agriculture, nonmanual workers, agricultural workers, the self-employed, and pensioners; further stratified by numbers of children and income level. - The HBS covers 85 percent of total households. - Excluded households: head is a housewife, student, or disabled person, or households consisting of persons not living in dwellings — in total representing 5 percent of total households. - Additional exclusions: households unwilling to submit data (illegal income, very high or low income, frequent employment changes, unwilling to report) representing an additional 10 percent of households. - Transition to a random-sample HBS: - From beginning of 2004 the HBS moved to a random sample−based design for future CPI reweighting. - Features of new HBS: sample size of 4,700 households; stratification by administrative region (8) and size of municipality (8); sampling frame from the Population and Housing Census 2001. - Price collection and sample of outlets/items: - Regular monthly price collection by personal visits to selected outlets or service providers. - Consumer basket comprises 707 representative items (goods and services) selected within COICOP categories per EU regulation threshold of 1/1000 (0.1 percent) of total household expenditure. - Items selected predominantly on share of total household expenditure; specific products/pricing varieties chosen by price collectors in cooperation with outlet representatives, often based on market share. - Outlets selected purposively across about 120 cities, towns, and villages across 38 monitored collection districts on basis of popularity, completeness of product range, cooperation, geography, and outlet type. - Generally 3–5 outlets selected per item in a region, larger sample for Bratislava, smaller samples in regions with fewer outlets. - Current scale: about 8,500 outlets reporting 90,000 price quotations. - Regulated prices (electricity, gas, railway transport, post and telecommunication charges) collected centrally. - Imputed rents derived using prices of cooperative apartments per square meter excluding utility services. - Data quality and timeliness: - CPI and national accounts data are closely coordinated; old HBS broadly met CPI requirements after adjustments; new random-sample HBS expected to meet future needs and provide for an annually chained index. - Source data timeliness: - More than 99 percent of price quotations are received by the 20th of the reference month, so very few imputations are required. - Long time lags for annual national accounts household final expenditure estimates used for high-level CPI weights: 18–24 months after the reference period. *Source: _cr05161 - 0.2 Resources* ### 3.2 Assessment of source data ### _cr05161 - 3.2 Assessment of source data ### Assessment of source data (coverage, sampling, nonresponse) - Sampling errors from the quota sample HBS and the consumer price collection are not available because scientific sampling techniques are not used. - Nonresponse has been an issue for the HBS with coverage falling over time—from about 96 percent to 85 percent over the last ten years. - The HBS excludes households that are not willing to submit data (those with illegal income, very high or very low incomes, or frequent employment changes); these households represent 10 percent of the total number of households in Slovakia. - HBS results are adjusted by national accounts (e.g., for the consumption of very high income earners) and these adjustments are carried through to a very detailed commodity level when calculating the CPI weighting pattern. - Nonresponse is not an issue for the price collection because of the use of personal price collection and minimum respondent burden. ### Statistical techniques (price collection, imputations, quality adjustment, weights) - Price verification and checking use a two-stage approach: electronic capture of observed prices and product characteristics at collection-district level; aggregation to the SOSR eight regional office level for analysis; further national-level analysis at the central computer center with direct queries to outlets as necessary. - Temporarily missing prices are imputed at the 38 region level on the basis of the average price change of observed prices of the same representative item. - For seasonal products, prices are collected only during the season; when out of season, the last reported price is carried forward until the product returns to season and price collection resumes. - Products permanently unavailable are replaced; the list of varieties is continuously reviewed and new products are introduced according to set rules; results from the annual HBS are used to identify new products. - Quality changes are handled by implicit techniques: overlap pricing (especially for planned replacements) and the matched sample approach. No sophisticated, explicit quality adjustment techniques are employed. - CPI weights are based on household consumption expenditure as defined in the System of National Accounts 1993, with the exception that household consumption from own production is excluded. - When there are parallel markets, expenditure weights include purchases in all markets. - For owner-occupied dwellings, consumption is valued at the estimated rentals that tenants would pay for similar accommodation. - Elementary aggregate indices are calculated as the ratio of current period and base period unweighted average prices and are aggregated using the Laspeyres formula. - The weights are updated every five years; the most recent update was introduced in 2002 based on calendar year 2000 weights. - The price reference period is December 2000, which does not align with the weight reference period; the weights have not been revalued to December 2000. - The monthly CPI with the new 2000 based weights was compiled and published (commencing with January 2002) on a retrospective basis for the period January 2001 to December 2001 after the old 1995 weighted index series had already been progressively published for the same twelve months. - From January 2002 the new series continued to be published and replaced the old series without a link to the old series, producing a minor break in the published CPI series despite minimal difference in price change over 2001. ### Assessment and validation of intermediate data and outputs - The CPI is compared with relevant aggregates from the producer price index (PPI) and with prices of centrally regulated items obtained from administrative sources. - Unusual movements in index components are investigated and verified at all stages of index compilation. - There are no internal inconsistencies in the index calculation process because imputations are undertaken once only, and there is a single Total CPI aggregation process. ### Revision studies and policy on revisions - CPI index numbers are final when first released and are not revised. - The five yearly introduction of new weights into the CPI does not, of itself, result in revisions to the index series. - The two series for the 12 months of 2001 (1995 weights and 2000 weights) were analyzed to assess substitution bias and it was found that there was minimal difference; adequate documentation is maintained and includes descriptions of causes of changes. - The five-year cycle of reweighting is predetermined and is known to the public; it is planned to move to annual chaining of the CPI, which will be communicated to users in advance. - Methodological changes associated with a reweight are described in methodological notes in relevant publications; recalculated time series were published for the 12 months of 2001. Analysis of the impact of reweighting is available on request. ### Serviceability: periodicity, timeliness, and consistency - The CPI is published monthly in conformity with the Special Data Dissemination Standard (SDDS). - The CPI is published within 15 days after the reference month, which meets SDDS requirements. - There is a single CPI total aggregation process, so the index is internally consistent. - Consistent CPI index series are available monthly back to 1990 for the total CPI, the 12 main divisions, and 43 groups of the Classification of Individual Consumption by Purpose classification. - The CPI conforms to EU requirements and is broadly consistent with national accounts requirements for deflators and comparable components of the PPI. ### Accessibility: dissemination, metadata, and user assistance - Data are released in “Information Reports,” posted on the Internet website of the SOSR at 9:00 a.m. on the day of release; paper copies are available from the SOSR Press Secretary and the Information Service. - The report presents three tables containing time series for index groups on different bases, brief methodological notes, and a fairly detailed analytical commentary. - A monthly specialist paper, Consumer Price Indices in the SR, provides more detail and is available by the end of the month in which it is released on the web. - CPI data are also contained in the Bulletin of the Statistical Office of the SR and Monitor of the Economy of the SR; all publications are in English as well as Slovak. - An advance release calendar giving precise release dates for the coming four months is disseminated; statistics are released according to the schedule and simultaneously to all interested parties. - Nonconfidential, unpublished data are made available on request; this service is publicized. - Metadata on the IMF’s Dissemination Standards Bulletin Board are replicated on the SOSR website, in English and Slovak. - Different levels of metadata are available, but there is no separate comprehensive SOSR metadata publication for more sophisticated users; the metadata presented in the CPI bulletin are very brief. - Contact points (name, telephone, mail, fax, e-mail) are provided in publications; a prompt and knowledgeable service is provided. - The SOSR produces an annual catalog of publications; Infostat provides publications in electronic form; a list of publications is available on the SOSR website and in their library. ### Key institutional and quality-summary findings (from Table 2) - SOSR budget has been declining in real terms; salaries are not competitive with other agencies, contributing to staff retention problems. - Notice of major changes is given at the time of release, not in advance. - In relation to CPI weighting: (i) the HBS has had a small sample, which was not randomly selected, and represented only 85 percent of households; and (ii) annual national accounts household final consumption expenditure estimates are not available for 18–24 months after the end of the reference period. - Quality adjustment techniques need improving. - The weights have not been revalued to align with the price reference period. - The new 2000-weight based series has not been linked to the old 1995-weight based series. - Metadata are not comprehensive and are inadequate for more sophisticated users. *Source: _cr05161 - 3.2 Assessment of source data* ### 0.2 Resources ### _cr05161 - 0.2 Resources ### 0.2 Resources — Staffing, facilities, computing, and financing - The SOSR seeks to ensure sufficient funding is obtained to secure the statistical work program; the overall budget has been constant in recent years but declining in real terms at a time when salaries are growing. - Other sources of funding are associated with special purpose surveys and election work; additional computers required for such work are retained in the office. - Overall staff numbers are adequate though turnover is greater than desired owing to low salary levels that are not competitive; it is difficult to retain younger, qualified staff. - PPI staffing: - Seven staff working on producer price indices (PPI) in Bratislava: three on the Industrial PPI, one on agriculture, one on construction, and two on the new services collections. - Eleven staff work on the PPI at the Trencin processing center. - Computing resources and upgrades are adequate: - Software is effective and periodically updated. - Hardware is distributed effectively to facilitate collection, processing, and database management. - Adequate protection and emergency back-up systems are provided. - Office buildings, furniture, equipment, and transport arrangements are assessed as satisfactory or adequate. ### 0.2.2 Measures to ensure efficient use of resources - Periodic annual reviews of staff performance are conducted according to the law on State Administration. - Efficiencies achieved through the coordinating role of the SOSR to eliminate duplication in statistical surveys and to use consistent concepts, classifications, and methodologies across datasets. - External expert assistance is sought when necessary, mainly from Eurostat through pilot projects. - Resource costing and efficiency measures: - Resources used to compile statistics are periodically costed as part of Total Quality Management (TQM). - Efforts include replacing exhaustive surveys with sample surveys and maximizing information obtained from administrative sources. ### 0.3 Relevance — Monitoring user needs and outreach - Users are regularly consulted, informed on current programs, and contacted for feedback; principal users are invited to submit proposals for the Schedule of Surveys in April of each year. - The Statistical Council provides a forum for determining user needs. - The Information Services Unit monitors media commentary and reports on statistical matters. - Regular quarterly meetings are held with representatives of the press, academia, and commercial banks to review usefulness of existing statistics. - The SOSR regularly participates in statistical meetings and seminars organized by Eurostat, OECD, the International Statistics Institute, and United Nations; new and emerging data requirements are identified by Eurostat and the European Central Bank. ### 0.4 Other quality management — Quality policies and monitoring - The SOSR's quality policy is formalized in the “Declaration of the Statistical Office of the Slovak Republic on Quality Policy and Quality Management System” of April 2003. - Quality management commitments align with STN EN ISO 9001:2001; the SOSR is in the final stage of obtaining the certificate (referred to as ISO 2001 in the text). - The Law on State Administration requires continuous improvement in staff skills and qualifications; part of staff training relates to statistical quality. - The SOSR participates in TQM, ISO processes, and European Statistical System quality initiatives (participation in pilot projects since 1998). - Quality monitoring processes: - Technical projects define monitoring elements such as response rates, imputations, gross-ups, revisions history, and timeliness evaluations. - The Institute for Information Technology and Statistics (Infostat) provides expert guidance on statistical methodology and strategies to improve data production. - Periodic reviews identify steps necessary to maintain quality requirements depending on survey types. - Quality considerations in planning: - Planning addresses validation at time of entry, form design, definitions, time series and trend checks, internal consistency, and improved imputation techniques. - Survey results and processes are reviewed to identify deficiencies and introduce mechanisms to detect shortcomings at early processing stages to reduce revisions. ### 1. Assurances of integrity — Professionalism, transparency, ethics - Professionalism: - Impartiality is outlined in the Statistics Law; Article 2 requires independence and impartiality and guidance by principles of reliability, objectivity, transparency, openness and protection of confidential data. - Article 6 restricts the President of the SOSR from simultaneous appointment to other public or private positions; Article 7 makes appointment/removal of the President transparent. - Recruitment is competitive and based on aptitude in statistics (written and oral exams). - Statistical expertise of prices staff has been enhanced through international exposure (example: PPI staff trained in the IMF’s Joint Vienna Institute course in Vienna). - Regular internal reviews of methods are carried out by the Statistical Council; Infostat has responsibility for development and implementation of statistical methodology. - Source/technique choices and dissemination: - Choices of data sources, compilation methods, timing, and format of disseminated data are based solely on statistical considerations; information on survey methods is made public through the annual statistical program. - Commenting on misuse: - The General Director of the National Accounts and Prices Section and the Director of Price Statistics are responsible for responding to erroneous interpretation or misuse of prices data; misinterpretations are very rare and clarified immediately. - A unit in the SOSR monitors the media daily. - Transparency: - The Statistics Law is publicly available in Slovak and in English; rules for dissemination, advance release calendars, and contact details for the dissemination unit are available on the website. - The SOSR identifies on its website that the government may have prerelease access to prices data. - All price data releases are clearly identified as produced by the SOSR; joint publications identify SOSR data and request attribution when statistics are used or reproduced. - Major changes in methodology, source data, and techniques are announced through the statistical program at the time of their release, not in advance. - Ethical standards: - Ethical standards are laid out in the Act on Civil Service. - Staff with direct access to individual and personal data perform duties only after taking an oath. - New staff receive the ethical standards upon joining; each staff member has a copy of the Law for the State Administration and are reminded of updates. ### 2. Methodological soundness — Concepts, scope, classification, recording - Concepts and definitions: - The Industrial PPI concepts and definitions comply with Eurostat requirements for short-term statistics. - Weighting concept relates to a subset of the 1993 SNA definition of market output (sales) as stated in the metadata; changes in inventories and work-in-progress are not incorporated. - The index conforms to principles in the draft International PPI Manual regarding pricing basis and selection of product specifications. - Scope: - The SOSR produces separate monthly PPIs for: - output of industrial producers (mining and quarrying, manufacturing, and energy); - output of the forestry industry; - outputs from, and inputs to, construction works; - outputs from, and inputs to, agriculture; and - output of market services (indices under development for real estate services, rental services of machinery and equipment, data processing services, and other business services). - Focus of assessment is the Industrial PPI (Price Indices of Industrial Producers). - Recommendation: following the next cycle of PPI reweightings, consider developing a more broadly based summary PPI by aggregating the Industrial PPI with PPI output indices for forestry, construction, and agriculture, and progressively include market service industries as coverage extends. - The Industrial PPI covers Divisions 10–41 of the Classification of Products by Activity (CPA), corresponding to Sections C, D, and E of NACE Rev.1; all resident market producers specified in the business register are in-scope. - From January 2003, scope extended to compile indices for sales on the export market on an experimental basis; indices now published separately for domestic sales, export sales, and total sales. - Weights and prices relate to gross sales; explicitly excluded: changes in inventories, work-in-progress, own-account production of market goods for own final consumption or capital formation, illegal market goods and services, and market services production for sale, own final consumption, or capital formation. - Classification/sectorization: - The 1993 SNA is followed for classification of institutional units and transactions; CPA is used for statistical units and production activity. - Hierarchical index classification from Industry total down to 1-digit section, 2-digit subsection, and 3- and 4-digits of CPA and NACE Rev.1. - Below 4-digit CPA, weights based on a “One-time Survey for the Purpose of Selection of Representatives for Observation of Price Development of Individual Producers” for the year 2000 with 800 respondents. - Index hierarchy extends to 6-digit CPA, 8-digit PRODCOM, and 10-digit PRODSLOV (national PRODCOM); pricing classification extends to 12 digits. - Reporting units selected on sales values from structural business survey—for establishments with 20 employees or more—by establishment classified at the 4-digit CPA group level; aim to cover 90 percent of sales of each CPA group. - Basis for recording: - Weights and prices are valued at basic prices (ex-factory, ex-mine, etc.) and exclude value added tax, excise duties, and transport costs. - Export market prices are based on prices agreed between domestic producers and foreign purchasers, excluding transport costs, converted to koruny using the prevailing exchange rate of the National Bank of Slovakia. - Product specifications for pricing are fully defined. - Recording timing: prices for major transactions are reported for the period 10th–12th of the month; if no major transactions in that period, transactions for 1st–9th of the month are reported; businesses required to consistently report for one pricing band over time. - Weights are based on actual sales in the year 2000. - Grossing/netting: - The Industrial PPI is a gross sector index with transactions recorded on a gross basis; stage of processing indices are not produced, so no netting procedures are necessary. ### 3. Accuracy and reliability — Source data, conformity, timeliness - Source data collection: - Regular structural business survey harmonized with European standards based on the SOSR Register of Organizations containing all legal entities and natural persons enrolled in business in the Slovak Republic. - The survey relating to big enterprises covers units with 20 or more employees, which account for sales in excess of Sk 731 billion in 2000. - In 2000, the survey covered 3,152 units with an overall response rate of 92.45 percent; after inactive units were accounted for, the response rate was 98.9 percent. - Primary source for updating legal units is the Register of Legal Entities maintained by the Ministry of Justice. - An editorial board within the SOSR oversees survey questionnaire design; forms are field tested, reviewed by regional staff, reviewed by the board, and officially gazetted in laws. - Forms contain built-in validation through cross-checking between data items. - Monthly producer price collection: - Sample of establishments selected using a cut-off approach based on 2000 sales at the 4-digit CPA group level. - Overall aim to achieve an average of 70–80 percent coverage at the 2-digit CPA group level. - Approximately 600 establishments were selected for the survey. - Selected establishments proposed lists of most important products for price observation; selection made using volume of sales as criterion. - A monthly mail questionnaire is sent to respondents in advance for a whole year along with a catalog of representative items containing product codes: first 10 digits represent PRODSLOV, last two digits uniquely define the product to support pricing to constant quality. - Approximately 4,000 products for domestic sales and 1,800 export products are surveyed. - Conformity and timeliness: - Price and weighting source data closely conform to definitions, scope, classifications, time of recording, and valuation required for the Industrial PPI. - In the producer price collection, 80 percent of prices are received by the 25th of the reference month and follow-up ensures virtually 100 percent are received by the end of the month. - Results of the Structural business survey are available within five–six months of the end of the reference year, which is very timely for PPI reweighting purposes. *Source: _cr05161 - 0.2 Resources* ### 3.2 Assessment of source data ### _cr05161 - 3.2 Assessment of source data ### Assessment of source data - Source data assessed for coverage, sample error, response error, and nonsampling error; results are monitored and made available to guide statistical processes. - Structural business survey (weighting data source): - Cut-off sampling is used; sampling errors are not available. - Very high coverage is achieved. - An up-to-date business register supports ongoing conduct of the survey. - Producer price collection: - Purposive sampling; no sampling errors available. - Response rates are close to 100 percent; no adjustments necessary. - Imputation undertaken for the small number of missing observations in a month. - Price quotes carefully checked over time and with related products; unusual figures queried by phone or personal visits by SOSR staff. - Samples of respondents and products maintained to ensure representativeness. - Product specification samples maintained on a monthly basis; collection form invites businesses to suggest replacement items where necessary. ### Statistical techniques (data compilation and processing) - Price data: - Rigorously checked and cross-checked at all stages; amendments and adjustments made as necessary. - Attention to ongoing conformity to international and European standards (e.g., recent extension to include export sales). - Processing system includes built-in relationship checking and testing procedures. - Logical relations in basic product configurations and tables checked visually. - Treatment of missing prices: - SOSR strives to select product specifications with continuous sales. - When a price is missing, one of two techniques is used depending on previous price development: - Impute using the movement of the next level of aggregation in the index, or - Repeat the previous price. - If missing prices persist, a more continuous replacement is sought. - Few seasonal products in the PPI; example: clothing and footwear (low weight). - For seasonal gaps: either carry forward last price of out-of-season product until it returns to season, or splice a summer series onto a winter series. - Permanent unavailability and replacements: - New products selected based on respondent’s advice written on the form; respondent requested to supply specifications with similar quality characteristics and sales condition, and from the same 6-digit CPA group. - Product replacements are carried out monthly. - Quality adjustments: - For heavily weighted items with technical characteristic changes, reporting unit submits an annex comparing old and new product characteristics; difference in value quantified and an explicit quality adjustment applied to the observed price. Such adjustments are relatively infrequent and for major items only. - For all other items, quality change handled by splicing the price of the new product onto the old one (assumes value difference equals price difference). - No other implicit quality adjustment techniques—such as overlap pricing—are applied. - New products introduced within the 6-, 5-, and 4-digit CPA groups before weight revisions. - Weighting and index formula: - Gross sales data used as basis of weighting of the PPI. - Elementary aggregate indices for 6-digit CPA groups calculated as the weighted arithmetic mean of price relatives. - Aggregation to higher levels uses the modified Laspeyres formula. - Weights updated every five years; most recent update based on calendar year 2000 weights. - Price reference period is December 2000; weights have not been revalued to December 2000 and do not align with the price reference period. - Domestic sales PPI: monthly index with new 2000-based weights was linked to the old 1995-based series at December 2000 to form a continuous monthly and annual series back to 1993. ### Assessment and validation of intermediate data and statistical outputs - Validation against other information: - The PPI and its components are carefully checked against consumer price index (CPI) data and against export and import unit value indices. - Investigation of discrepancies: - Unusual movements in index components investigated during Industrial PPI compilation. - SOSR Information Report of the Industrial PPI describes main current movements in the index. - No internal inconsistencies in the index because imputations are undertaken once only and there is a single Industry Total aggregation process. ### Revision studies and practices - Revision policy: - Industrial PPI index numbers are final when first released and are not revised. - Five-yearly introduction of new weights and samples does not, of itself, result in revisions to the published index. - Five-yearly cycle of reweighting is predetermined and is known to the public. - Internal analysis: - Internal analysis of the impact of new weights is conducted to determine effects of substitution bias on the PPI. - Adequate documentation maintained including descriptions of causes of changes. - Changes in methodology associated with a reweight are described in methodological notes in relevant publications. - An analysis of the impact of reweighting is available on request. ### Serviceability — Periodicity, timeliness, and consistency - Periodicity and timeliness: - Industrial PPI published monthly in conformity with the Special Data Dissemination Standard (SDDS) requirements. - Industrial PPI published within 28 days after the reference month, meeting SDDS requirements. - Consistency within dataset: - Single Industry Total aggregation process ensures internal consistency. - Consistent index series for the domestic Industrial PPI available monthly back to 1993 at the three-digit CPA group level and higher. - Indices for export sales, and an industry total PPI including export sales as well as domestic sales, available from January 2003 on an experimental basis; industry total index is consistent with domestic and export sales PPIs. - Consistency with other frameworks: - PPI conforms to EU requirements and is broadly consistent with national accounts requirements for deflators and comparable components of the CPI. ### Revision policy and user notification - Revisions and identification: - Published Industrial PPI index numbers are final when first released and are not revised. - The five-yearly introduction of new weights and samples is predetermined and known to the public. - Preliminary and/or revised data: not applicable because index numbers are final when first released. - Public documentation: - Methodological changes associated with reweighting described in methodological notes in relevant publications. - Analysis of impact of reweighting available on request. ### Accessibility — Data, metadata, and user assistance - Data accessibility and dissemination: - Data released in “Information Reports,” posted on the Internet website of the SOSR at 9:00 a.m. on the day of release. - Hard copies available from the SOSR Press Secretary and the Information Service of the SOSR. - Reports present three tables containing time series at the 2-digit level of the CPA on different bases, brief methodological notes, and a fairly detailed analytical commentary. - Monthly specialist paper Price Indices of Industrial Producers, of Drinking and Drainaged Water in the SR contains detailed tables, text, graphs and charts; bulletin available within three–four days of the data release on the web. - PPI data also contained in the Bulletin of the Statistical Office of the SR and Monitor of the Economy of the SR. - All publications are in English as well as Slovak. - Preannounced schedule and simultaneous release: - Advance release calendar giving precise release dates for the coming four months is disseminated on the Internet website of the SOSR. - The public is informed of availability of the advance release calendar in hardcopy publications. - Statistics are released according to the schedule and simultaneously to all interested parties. - Nonroutine data: - Nonconfidential, unpublished data made available to the public on request; service is publicized. - Metadata accessibility: - Metadata on the IMF’s Data Standards Bulletin Board are replicated on the SOSR website, in English and Slovak. - Different levels of metadata available to meet users’ needs, but there is no separate comprehensive SOSR metadata publication for more sophisticated users. - Metadata presented in the PPI bulletin is very brief. - Assistance to users: - All publications provide the name and telephone number of a staff member available to assist users; contact points by mail, fax, and e-mail are provided. - SOSR provides a prompt and knowledgeable service. - SOSR produces an annual catalog of publications with information on published titles, date of publication, prices, and method of distribution. - Infostat provides publications in electronic form via electronic information services. - A list of publications is available on the SOSR website and in their library. ### Key operational and organizational figures and practices - Sampling and classification: - 6-digit, 5-digit, and 4-digit CPA groups used for product replacement and new product introduction. - Weights and reference periods: - Weights updated every five years; most recent update based on calendar year 2000 weights. - Price reference period: December 2000. - Domestic series linkage: new 2000-based weights linked to old 1995-based series at December 2000 to form continuous series back to 1993. - Timeliness and publication cadence: - Monthly publication; release within 28 days after reference month. - Specialist bulletin available within three–four days of release. - Release time on website: 9:00 a.m. on day of release. - Advance release calendar covers the coming four months. - Staffing and resources (MOF context within supplied text): - Statistical Standards Implementation Department currently has four employees; a recent staff review reduced staff numbers from five to four. - Effective January 1, 2004, wages were increased. - External personnel audit conducted in 2003. - Excel software used for compiling public finance statistics; data backed up by the Informatics Department. ### Summary findings from the Data Quality Assessment Framework table (July 2003) — Producer Price Index - Assessment marks (Key to symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; SDDS = Complies with SDDS Criteria): - 0.1 Legal and institutional environment: X (observed) - 0.2 Resources: X (concern noted: SOSR budget declining in real terms; salaries not competitive; staff retention problems) - 0.3 Relevance: X - 0.4 Other quality management: X - 1.1 Professionalism: X - 1.2 Transparency: X (notice of major changes given at time of introduction, not in advance) - 1.3 Ethical standards: X - 2.1 Concepts and definitions: X - 2.2 Scope: X - 2.3 Classification/sectorization: X - 2.4 Basis for recording: X - 3.1 Source data: X - 3.2 Assessment of source data: X - 3.3 Statistical techniques: X (note: quality adjustment techniques need improving; weights not revalued to align with the price reference period) - 3.4 Assessment and validation of intermediate data and statistical outputs: X - 3.5 Revision studies: X - 4.1 Periodicity and timeliness: X - 4.2 Consistency: X - 4.3 Revision policy and practice: X - 5.1 Data accessibility: X - 5.2 Metadata accessibility: X (note: metadata not comprehensive and inadequate for more sophisticated users) - 5.3 Assistance to users: X *Source: _cr05161 - 3.2 Assessment of source data* ### 0.3 Relevance ### 0.3 Relevance ### 0.3.1 Monitoring of relevance and practical utility - In 2000, a meeting was arranged with analysts from the biggest Slovak banks and journalists dealing with economic coverage, to explain the basic principles of the GFSM 1986 and 1995 ESA methodologies, and their use in the measurement of general government deficits. - Data development needs are monitored by the Public Relations Department through individual requests for data, which are submitted pursuant to the Act on Freedom of Information. - User needs are not actively monitored. - No special studies are undertaken to identify emerging data requirements. - The main source of new data requirements are the international institutions, especially the IMF, Eurostat, and the European Central Bank, or the requirements of particular missions received at the MOF. - Since the users of GFS also include the SOSR and NBS, cooperation with these organizations is important. - A working group on the application of the 1995 ESA, comprising representatives from all three organizations, was established. - A recent meeting of the State Secretary of the MOF with the Chairman of the SOSR and the Vice-governor of the NBS targeted further strengthening of this cooperation. - The MOF regularly participates in meetings, workshops, and seminars on GFS organized by the European Union. Participation in these seminars is coordinated with the SOSR. ### 0.4 Other quality management ### 0.4.1 Processes to focus on quality - Quality of GFS is underpinned by emphasis on the quality of accounting source data provided by individual units of general government. - The accounting practices of these organizations are directed by the MOF, which specifies the accounting standards and procedures. - Data from the accounting systems of state budgetary and extrabudgetary organizations and state funds are monitored by relevant ministries. - Data from municipalities and their budgetary and extrabudgetary organizations are monitored by accounting staff stationed at tax offices, and are examined by auditors. - Annual data from other organizations of general government are examined by auditors. - The Statistical Standards Implementation Department of the Section of National Reporting is responsible for the quality of accounting data generated at the MOF. ### 0.4.2 Processes to monitor quality of the statistical program - Monitoring and review of the quality of the statistical data is the responsibility of MOF senior staff. - There is no declared statistical program. - Oversight of the data which are to be disseminated is the responsibility of the general director of the section whose data are being disseminated; their approval is necessary for the data to be disseminated on the MOF’s website. - Official documents in which the results of public finance management are presented (for example, the State Closing Account) must be discussed and approved by the Meeting of the Leaders of MOF (Porada vedenia MOF). - Other reports on public finance operations are approved by the State secretary (for example, EU notification tables on deficit and debt). ### 0.4.3 Quality considerations in planning the statistical program - Planning the program of GFS development at the MOF involves compromises between the availability of quarterly accounting data and requirements of domestic and foreign users, and internal needs of the MOF. - These sometimes-conflicting requirements are the subject of continuing attention of data compilers, who endeavor to progressively enhance the quality of data. ### 1. Assurances of integrity ### 1.1 Professionalism #### 1.1.1 Impartial production of statistics - The MOF, as the central body of state administration, compiles GFS based on methodologies that follow recognized international statistical standards. - The MOF Section of National Reporting is in charge of the compilation of public finance statistics, and is organizationally separated from the MOF Section of Budgetary Policy, which compiles the budget. - Statistical data are derived from accounting statements of individual organizations of general government. In their compilation, no intervention of state bodies takes place. - Statistical data are disseminated in the State Closing Account, which is discussed and approved by the National Council (parliament) of the Slovak Republic. #### 1.1.2 Source and technique choices guided by statistical considerations - Sources of data for the compilation of GFS are for the most part identical with sources of data which the MOF uses in reporting on budget execution. - Hence, the choices and decisions are guided by administrative and accounting considerations, rather than statistical considerations. #### 1.1.3 Right to comment on erroneous interpretation and misuse - The MOF discloses data on budget execution and other data on GFS by means of media briefings. - Information that is published or reported in the media is monitored by the Press and Public Relations Department. - If necessary, a MOF spokesperson will make a public announcement and provide an explanation to correct erroneous interpretations. ### 1.2 Transparency #### 1.2.1 Public availability of terms and conditions - The public is informed about accounting instructions issued by the MOF, which are published annually in Finančný spravodajca. - Similar information is not provided regarding the processing and dissemination of statistics. #### 1.2.2 Internal governmental access prior to release - Several senior officials of the MOF have access to statistical data on government finances prior to their release. This includes access to quarterly reports on budget execution and annual State Closing Account. - The public is informed about prior access by government officials on the website of the Office of the Government: http://www.finance.gov.sk/mfsr/mfsr.nsf/0/D2B6128ABC10FE0AC1256E320049F6E3?OpenDocument #### 1.2.3 Identification of statistical products - The MOF releases GFS on its website. This method of disseminating information ensures their clear identification as products of the MOF. #### 1.2.4 Advance notice of major changes - The MOF announces changes in the budgetary classification of revenue and expenditure, accounting procedures and system, collection forms and contents of statements, and method and terms of submitting data in its Finančný spravodajca gazette and on its website, before the beginning of the fiscal year. - Similar information is not provided regarding statistical methodology and statistical techniques. ### 1.3 Ethical standards #### 1.3.1 Guidelines for staff behavior - Rules for staff behavior are identified by the Civil Service Act No. 312/2001 (§ 53). - The staff are informed about these rules. - The MOF provides seminars aimed at promoting ethical behavior among its staff. ### 2. Methodological soundness ### 2.1 Concepts and definitions - The compilation of GFS is based on the recommendations of the GFSM 1986. - Currently, steps are being taken for transition to the methodology of the GFSM 2001 and the ESA Manual on Government Deficit and Debt). - In 2003, the MOF provided data compiled according to GFSM 2001 methodology for publication in the IMF’s Government Finance Statistics Yearbook (GFS Yearbook). - The reported data for 2000 through 2002 are on a cash basis and include detailed tables on transactions in revenue, expense, assets and liabilities, and a Statement of Sources and Uses of Cash. - Transactions data on an accrual basis, other economic flows data, and complete balance sheets are not yet available. - The existing, undeclared, GFSM 2001 migration plan includes: gradual application of accrual accounting, market valuation of assets, and analysis of debt data. - Based on this plan, it is expected that GFSM 2001 accrual reporting may be possible for 2006. ### 2.2 Scope - Beginning in 1996, public finance statistics on the operations of the central and general government have been disseminated according to the requirements under the Special Data Dissemination Standard (SDDS). - Data on central government cover the operations of the State budget, excluding extrabudgetary accounts (state funds; and social, employment, health insurance, and privatization funds), and are disseminated on the MOF webpage: http://www.finance.gov.sk/mfsr/mfsr.nsf/0/D2B6128ABC10FE0AC1256E320049F6E3?OpenDocument - Data on the operations of general government cover all activities of general government units. Excluded are quasi-fiscal activities of certain nonfinancial public enterprises. - Data for central, regional, and local governments are not shown separately. - Currently, a minor role is played by regional and local governments, in health, education, and social assistance, but this is expected to grow under the decentralization initiative. - Data are disseminated on the MOF webpage: http://www.finance.gov.sk/mfsr/mfsr.nsf/0/517254B6A86A9C1BC1256D7B004022E0?OpenDocument&ID=PAR684972537044&TYPE=U&LANGUAGE=E&LENGTH=S. - Data on central government debt cover budgetary central government (State budget), excluding extrabudgetary accounts (state funds; and social, employment, health insurance, and privatization funds). Data are disseminated on the MOF webpage: http://www.finance.gov.sk/mfsr/mfsr.nsf/0/CDFC8DD689F523F9C1256D75004283F9?OpenDocument. - General government and budgetary central government (State budget) data disseminated on the MOF website are presented in accordance with GFSM 1986 methodology. - Tables are compiled for central government, local governments, and general government as a whole. - Unconsolidated and consolidated data are available on request, either by inquiry to the MOF’s Press and Public Relations Department or a link on the MOF website. - Revenue and expenditure statistics are compiled annually from 1996 and quarterly from 2000. - Data on the gross debt of the general government, classified by foreign and domestic, short-term and long-term and according to type of debt instrument (bonds, bank loans and other debt instruments), are available on request. - Tables are compiled for central government, local governments, and general government as a whole, on an unconsolidated and consolidated basis. - General government debt statistics are compiled annually from 1996 and quarterly from 2003. - Data on budgetary central government debt (State budget), which is the largest part of general government debt, are reported quarterly from 1998. - Preliminary data are replaced by final data as those become available. ### 2.3 Classification/sectorization - In the Slovak Republic GFS institutional sectors are defined in accordance with the concepts of the System of National Accounts 1993 and the GFSM 2001. - So far, the operations of regional governments have not assumed the character of a separate GFSM 2001 institutional sector. - Data compiled according to the GFSM 1986 methodology include: - Summary Table of Major Components (III.K) - Government Revenue and Grants (Table A) - Classification of the Functions of Government (Table B) - Economic Classification of Government Expenditure and Lending minus Repayments (Table C) - Financing by Type of Debt Holder (Table D) - Financing by Type of Debt Instrument (Table E) - Central Government Debt - Government Guaranteed Debt ### 2.4 Basis for recording #### 2.4.1 Valuation at market prices - Flows are valued on a cash payments basis. - Gross debt is recorded at face value, the amount which the government is obliged to pay on debt maturity. - Transactions are recorded at values that are current when transactions take place. - Balances, at the end of the period, denominated in foreign currency are converted to national currency using the mid-point exchange rate, between the sellers’ and buyers’ market exchange rate. - Securities issued are recorded in the sector of the original purchaser. #### 2.4.2 Basis of recording (accrual vs cash) - Transactions are recorded mostly on a cash basis. - Accrual adjustments are made to certain transactions in the 1995 ESA “notification” tables provided to Eurostat. - For fiscal 2003, these include: corporate and personal income taxes, excises, value added taxes, social contributions, interest paid, wages and salaries, supplies, and other expenses. #### 2.4.3 Grossing/netting procedures - All transactions are reported gross, except corrective transactions such as tax refunds and overpaid expenses. *Source: _cr05161 - 0.3 Relevance (Government Finance Statistics).* ### 3.1 Source data ### 3.1 Source data ### Source data collection and legal framework - Data collection program at the MOF is based on the obligation of all organizations belonging to general government to submit data on the management of public finances in accordance with relevant legislation and accompanying regulations. - The obligation to provide information is contained in: - Budgetary Rules Act No. 303/1995, as amended - Accounting Act No. 431/2002, as amended - State Statistics Act No. 540/2001 - Submission requirements and detailed scope, manner, and deadlines for submitting data on execution of the public budget are specified annually in the Instruction of the Ministry of Finance of the Slovak Republic, published in the Finančný spravodajca. - The instruction requires all general government organizations to submit: - data necessary for an assessment of budget execution, - closing summary accounts, - other prescribed data not included in the first two datasets. - Use of the budgetary classification is obligatory under the Budgetary Rules Act; the classification is published annually by the MOF’s Budgetary Policy Section in the Finančný spravodajca and is guided by GFSM 2001 and COFOG. - Closing Summary Accounts consist of: - Profit and Loss Account (submitted by organizations required to use accrual accounting), - Balance Sheet (compiled and submitted by every organization of general government). - MOF Department for Accounting Legislation and Methodology specifies format; recommendations of international accounting standards guide preparation. - DataCentrum Bratislava processes submitted accounts into comprehensive sets for budgetary organizations, semi-budgetary organizations, municipalities, self-governing regions, and state funds. - 38 municipal accounting methodology positions (situated in tax offices) supervise municipal accounting, ensure timely submission, control accuracy, record data on electronic medium (floppy disk), and send data to DataCentrum. - Other units (National Property Fund, Slovak Land Fund, Slovenská konsolidačná, a.s., Sociálna poisťovňa, National Labour Office until 31 December 2003, five health insurance companies) submit accounts directly to the MOF. - Since January 1, 2004: - Operations of the National Labour Office assumed by the Ministry of Labor, Social Affairs and Family and Sociálna poisťovňa; accounts processed through the State Treasury; annual Closing Summary Accounts verified by audit companies. - State Treasury began taking over collection and processing of accounting data for its client organizations; remaining municipalities’ data continue to be collected by DataCentrum. - Remaining general government organizations are required to submit accounting data to the State Treasury using its financial management information system (National Reporting Model); responsibility for data control and accuracy remains with the respective authorities (except health insurance companies, whose data are verified and submitted by the Ministry of Health). - Beginning in 2005, the State Treasury is expected to start providing comprehensive monthly data for all central government units; limited provision began January 2004 and will expand during 2004. - A complete register of general government organizations is maintained by the SOSR; Slovenská konsolidačná, a.s. and Veriteľ, a.s. were included in 2003. ### Coverage, classifications, valuation, and approximation to GFS definitions - Source data follow GFSM 1986 methodology and are based on the economic and functional categories of the budgetary classification. - Scope of budgetary classification is sufficient for compilation of GFS on the cash principle. - Source data allow compilation of GFS with a high level of approximation to GFSM 1986 or GFSM 2001 economic classification, on the cash principle. - COFOG functional classification of expenditure introduced by decree no. 271/2002 (SOSR); reporting under COFOG obligatory for all units of general government since 2003. - Source data on assets and liabilities from Closing Summary Accounts allow compilation of stocks with acceptable approximation to GFSM 2001 and 1995 ESA. - Bridge tables and derivation tables are used to reclassify data into a GFS format; derivation tables identify transactions requiring consolidation and reclassification. ### Timeliness and periodicity of source data - Accounting source data are provided quarterly: - 1st, 2nd, and 3rd quarter data within 30 days after the end of the quarter - Annual data within 35 days after the end of the year - Monthly source data from the NBS are available within 14 days. - Monthly data on central government operations are compiled from NBS bank account records of the state budget and are source data for monthly central government statistics. - Periodicity and timeliness of dissemination: - General government operations (revenue, expenditure, deficit): disseminated annually - Central government (state budget): disseminated monthly - Central government debt: disseminated quarterly - Annual general government operations data disseminated within six months after the end of the year - Monthly central government operations: limited scope within two to four days after the end of the month; greater detail within 10 to 14 days after the end of the month - Quarterly central government debt disseminated within 10 weeks after the end of the quarter ### Assessment, validation, and quality control of source data - Multiple levels of quality control: - First level: relevant ministries for budgetary and semi-budgetary organizations and state funds; 38 accounting methodology experts for municipalities; offices of eight self-governing regions for their jurisdictions. - Second level: DataCentrum Bratislava performs logical links and data consistency checks; Ministry of Education validates public higher education establishments; selected organizations required to have annual data verified by auditors (National Property Fund, Slovak Land Fund, Sociálna poisťovňa, health insurance companies, National Labour Office, Slovenská konsolidačná, a.s.). - Final level: quality control at the MOF. - Source data provide information on transfers among units of general government; matrix views of flows are prepared to ensure accuracy of consolidation. - Compilation procedures are described in working documents, but no compilation manual is maintained. - No other data sources than those in 3.1.1 are used for GFS compilation. - Routine checks are not carried out to verify consistency of comparable series in national accounts, monetary, and balance of payments data (see 4.2.3). ### Statistical techniques, adjustments, and compilation practices - No significant estimates of missing data are made in the compilation of GFS on the cash principle; corrections are made if annual source data change after compilation. - Budget payments to nonbudget general government organizations to cover operating expenses are classified as transfers rather than as final expenditure on wages and salaries, use of goods and services, and other expenses—this limits accuracy of analysis of general government operational costs. - Discrepancies between stocks and flows are not identified under the GFSM 1986 methodology; revaluation of foreign financial assets and liabilities using end-of-period exchange rates leads to a disconnect between changes in stocks and transaction flows, and these differences are not reconciled under GFSM 1986. - Compilation uses bridge and derivation tables (recommended by GFSM 1986) to map budgetary items to GFS items, to derive deficit/surplus and its financing divided into foreign and domestic, and to carry out consolidation; matrices show flows among general government units. - In consolidation matrices, the recommended rule on accepting consolidation flows from the expenditures side is predominantly applied. ### Consistency, reconciliation, and comparability - Same GFSM 1986 classifications used for quarterly and annual statistics. - Units using accrual accounting (Slovak Land Fund and Slovak Consolidation Agency) are required to report on a cash basis to maintain internal consistency. - Time series consistent with GFSM 1986 methodology available for the years 1996–2002; revisions introduced retroactively for entire time series. - Reconciliation: - Quarterly reconciliations between GFSM 1986 and 1995 ESA statistics are produced by MOF and SOSR for European Commission notification tables. - However, September and December 2003 quarter movements in SOSR general government final consumption expenditure and MOF expense series are significantly different and have not been reconciled. - GFS data have not been formally compared with balance of payments data released by the NBS. - Fiscal financing and debt data are not consistent with monetary and balance of payments data due to differences in coverage, classification, and valuation: - MOF general government data includes the National Property Fund, while NBS monetary survey, until recently, did not. - MOF records securities issued domestically according to original purchaser; NBS records them based on current holder. - In GFS, interest on domestic currency denominated government bonds is on a cash basis; in balance of payments statistics, it is adjusted to accrual. ### Revisions, archiving, and use of revision analysis - Quarterly and annual GFS compiled in accordance with GFSM 1986 and the source data are archived. - Annual statistics are held as time series from 1996 to 2002 by individual unit and subsector, and for the entire general government sector, in unconsolidated and consolidated forms. - Data reliability is assessed annually during compilation of the latest year; necessary revisions of preceding years are carried out subsequently and complete revised time series are provided internally within the MOF. - Findings from assessments and revisions are used to modify and add to the data collection program (example: inclusion of Slovenská konsolidačná, a.s. in GFS). - No documentation is maintained on the reasons and magnitudes of historical revisions; revision studies are not conducted. *Source: _cr05161 - 3.1 Source data (Government Finance Statistics).* ### 4.3 Revision policy and practice ### _cr05161 - 4.3 Revision policy and practice ### Revision policy and practice — findings - Historical data revisions are usually made when statistics are compiled for the most recent year (for example, when data are submitted for publication in the IMF’s GFS Yearbook). - There is no regular schedule for carrying out revisions. - Preliminary GFS are compiled by the MOF for internal use; they are made available externally upon request and their preliminary character is clearly stated when provided. - The MOF does not issue a statistical publication presenting the results of revisions and their explanation. - Summary observation from the Data Quality Assessment Framework (Table 4): - 3.5 Revision studies: Revision studies are not conducted. - 4.3 Revision policy and practice: There is no regular revisions schedule or revisions analysis. ### Accessibility — data dissemination and presentation (findings) - GFS are presented on the MOF website according to the GFSM 1986 methodology. - Monthly and quarterly data are presented on a cumulative basis, which compromises analysis of time series. - Annual consolidated data on revenue and expenditure, the deficit and its financing for the sector of general government are published in the Summary Table of Major Components recommended by the GFSM 1986. - Detailed consolidated revenue and expenditure of general government are published in separate tables. - Published data from 1997 to 2002 are methodologically comparable. - Cash data for 2000 through 2002, originally compiled under the GFSM 1986 standard, were transformed into the GFSM 2001 format and provided to the IMF for publication in the 2003 GFS Yearbook. - GFS data dissemination media: - via the www.finance.gov.sk/ website - via e-mail on inform@mfsr.sk/ - The SDDS section on the MOF website is maintained in accordance with the prescribed SDDS dissemination schedule, showing GFSM 1986 framework tables on annual general government data, monthly data on central budgetary government (state budget), and quarterly data on central budgetary government (state budget) debt. - The format of presentations is constant to ensure easy recognition for data users. - In the last three years, the annual State Closing Account report has been published on the MOF’s website after approval by the National Council of the Slovak Republic in June or July; copies are available to the public in the MOF’s library. - Information in the State Closing Account is provided to the public at no cost, pursuant to the Freedom of Information Act No. 211/2000. - The State Closing Account includes data on the deficit of the general government provided on a GFSM 1986 basis and according to the 1995 ESA methodology, together with detailed information on budget execution; the entire document is disseminated on the MOF website. - E-mail dissemination is used for individual requests from universities, banks, unions, and nongovernment organizations. ### Accessibility — release practices and user access (findings) - The MOF uses the SDDS data dissemination schedule (advance release calendar) to notify users when data will be available; data are released punctually in accordance with the preannounced dates. - GFS data are released on dates announced six months in advance, ensuring simultaneous availability to all users. - Statistics not routinely disseminated are made available upon request via the MOF’s Section of National Reporting; requests must be answered within 10 days per the Freedom of Information Act No. 211/2000. - Procedures for obtaining information and the e-mail contact inform@mfsr.sk/ are provided on the website. ### Metadata accessibility and assistance to users (findings) - Metadata on the data disseminated through the MOF website are published on the website www.statistics.gov.sk/. - General information on statistical data is published on www.statistics.gov.sk/, but background papers and working documents are not provided to the public. - The disseminated fiscal metadata and information on compilation methods are incomplete. - Contact point information (contact person, telephone number, fax, and e-mail address) is included on the MOF website www.statistics.gov.sk/. - The MOF does not publish a catalog of publications and documents on GFS and a list of available fiscal statistics is not disseminated. - The scope of services provided to users of GFS is defined under the Freedom of Information Act No. 211/2000, including the obligation to provide, upon request, all types of government information within 10 days. The MOF website includes guidelines on procedures and charges for these services. ### Accessibility — summary observations from Data Quality Assessment Framework (July 2003) - 5.1 Data accessibility: Monthly and quarterly data are presented on a cumulative basis. - 5.2 Metadata accessibility: Fiscal metadata and information on compilation methods are incomplete. - 5.3 Assistance to users: List of available fiscal statistics is not disseminated. *Source: _cr05161 - 4.3 Revision policy and practice (PDF chapter/section)* --- ### Monetary statistics — prerequisites of quality ### Legal and institutional environment (findings) - Monetary statistics are collected, compiled, and disseminated by the National Bank of Slovakia (NBS). - The legal basis for data collection is Article 42 of the Banking Act, obliging banks and branch offices of foreign banks to produce and present returns, notifications, and other reports within specified deadlines; the content, form, arrangement, deadlines, method, and place of presentation are stipulated by the NBS in a decree promulgated in the country’s “Collection of Laws.” - Article 42 requires returns, notifications, and other reports to be comprehensible, supportable, give a true and fair picture, and be presented in a timely manner; noncompliance can trigger requests for supporting material and explanation within a set deadline. - The NBS can require statistical reporting requirements from banks, branches of foreign banks, and asset management companies through NBS decrees (examples in 2003: Decree No. 9/2003 to asset management companies and Decree No. 10/2003 to banks on new statistical reporting requirements). - Article 34a of the NBS Act provides the legal foundation for the NBS to collect information from nonbank entities; the content, form, structure, deadlines and method of presentation are stipulated by the NBS through decrees. ### Data sharing, confidentiality, and reporting compliance (findings) - The NBS is the sole institution compiling monetary statistics and collects requisite source data from all operating commercial banks and banks in liquidation. - The NBS supplies aggregated bank data to the Statistical Office of the Slovak Republic (SOSR) and the Ministry of Finance (MOF) on a regular basis; the NBS obtains GDP and inflation from the SOSR. - Confidentiality of individual reporters’ data is guaranteed by the National Bank of Slovakia Act; Article 40 regulates banking secrecy. - Governor’s Instruction No. 11/1997 (including subsequent amendments) stipulates strict confidentiality of individual bank data and that only aggregated information can be made public. - Respondents are informed their information will be used solely for producing statistics. - Article 42 and Part Nine of the Banking Act mandate statistical reporting and authorize corrective measures including penalties for noncompliance. - The NBS seeks reporters’ cooperation by providing clear reporting instructions and consulting reporters before changes to report forms. ### Resources and organizational capacity (findings) - The Statistics Department (SD) of the NBS comprises four sections: statistics for international institutions; banking statistics; foreign exchange statistics; and statistics on nonbanking subjects. - The statistics for international institutions section has six staff (one in technical support, five in methodology, data compilation, and collection); since January 2004, responsibility for data collection has been shared with the banking statistics division. - The Banking Statistics section collects bank statistics which are forwarded to the Monetary Policy Department for compilation of “national monetary statistics” used for NBS policy making. - Overall staff for monetary statistics compilation is adequate; staff are well qualified and the department emphasizes staff training overseas. - Wages at the NBS are competitive within the public sector and staff turnover is relatively low. - Funding has generally not been a problem; the budget has expanded rapidly related to ECB requirements in statistics. - Two years prior to the assessment, the statistics for international institutions section was created; five new staff were hired recently to manage a new database on entrepreneurs. - Computer resources and software are adequate, periodically updated, and well adapted; hardware and IT support are available, with emergency back-up systems implemented. - Physical facilities and other resources are adequate. ### Resource management and efficiency measures (findings) - Beginning in 2004, half yearly reviews of individual performance accompanied by a personal merit rating system will be implemented; annual reviews to determine education and training needs will also be conducted. - Costing and budgeting practices are in place; the budget must be approved by the Board every September. - Travel must be approved by the Director of the Department; cost savings sought by requiring cheapest economy flights and lowest cost hotel accommodations. ### Relevance and quality management (findings) - The relevance of monetary statistics is monitored through regular consultations: - Within NBS, the SD consults frequently with the Monetary Policy Department. - The SD consults with the SOSR and MOF each May on data needs and prospective revisions to bank report forms. - Interaction with other outside users is channelled via the NBS’s Public Relations Section. - NBS participates in statistical meetings and seminars organized by international organizations. - Processes in place to focus on quality include computerized procedures to check reported data for internal consistency and consistency across reporting institutions, and emphasis on internal verification and checking before release. - Managers are informed on the quality of the statistical program; where local expertise is lacking, management is prepared to seek external expert guidance. - The creation of the statistics for international institutions section reflects efforts to upgrade compilation in line with international methodologies. - In planning the statistical program, SD seeks higher efficiency through greater specialization and reorganization of existing staff to achieve increased resource availability without trade-offs to timeliness, accuracy, and reliability. *Source: _cr05161 - 4.3 Revision policy and practice (PDF chapter/section)* ### 1. Assurances of integrity ### 1. Assurances of integrity ### Professionalism - The NBS is the independent central bank of the Slovak Republic under the NBS Act; it is a legal entity empowered to issue binding regulations and decrees promulgated in the “Collection of Laws” of the Slovak Republic. The Act specifies: "The NBS shall fulfill its tasks independently of instructions from state authorities, local self-government bodies, any other public bodies and from legal persons and natural persons." - Recruitment for SD staff is based exclusively on merit, emphasizing expertise and aptitude in accounting and statistical methods. - New recruits receive hands-on internal training in methodology and compilation of monetary statistics and may participate in training from the Institute of Bank Education, ECB, and international organizations like the IMF. - Decisions on sources, statistical techniques, and timing/mode of dissemination are based solely on statistical considerations and aim to meet international statistical requirements. - The NBS Public Relations Department monitors press reporting; explanatory materials are provided on the NBS website when changes in methodology or significant revisions occur. Regular briefings are organized on key monetary indicators. ### Transparency - Laws and decrees setting terms and conditions for compilation and dissemination, including confidentiality provisions, are available on the NBS website. - "No official outside the NBS has access to the data prior to publication or dissemination on the NBS website." - All NBS publications and website outputs clearly identify the NBS as the data-producing agency; data from other agencies (SOSR, Financial Market Authority, Stock Exchange) clearly identify their sources. - Historically, the NBS had not given advance notice of methodological or source-data changes because major changes required Board approval and were implemented quickly once approved; explanatory notes and articles were provided post-implementation. - A new policy implemented prior to the mission’s departure: advance notice on the NBS website that monetary data compiled according to ECB methodology would be disseminated in five weeks. ### Ethical standards - Ethical standards are part of the NBS employment contract; new staff must sign an agreement to adhere to confidentiality and secrecy rules. - Governor’s Instruction No. 11/1997 establishes rules on confidentiality of individual bank data; Article 40 of the Banking Act establishes secrecy rules on banking operations of the NBS. - Ethical standards are reinforced through training courses providing guidance on staff behavior and expectations. ### Methodological soundness — Concepts and definitions - The NBS compiles two sets of monetary statistics: - "national monetary statistics (NMS)" compiled by the Monetary Policy Department for internal monetary policy use and IMF European Department consultations; - "Harmonized Monetary Statistics (HMS)" compiled by the statistics for international institutions section of SD and submitted to international institutions such as the IMF (Statistics Department) and the ECB. - Both sets use the same bank-reported source data. Differences between NMS and HMS: - NMS covers government foreign liabilities including domestic currency bonds and bills held by nonresidents; HMS includes money market funds (from asset management companies) in addition to bank data. - NMS is largely based on the IMF’s 1984 draft Guide to Money and Banking Statistics (GMBS) and IMF European Department guidance; HMS is based on the ECB framework largely consistent with the IMF’s Monetary and Financial Statistics Manual (MFSM). - NMS liquidity aggregates and definitions: - Narrow money (M1): currency outside banks and demand (transferable) deposits in Sks. - Quasi-money: time, savings, and all foreign currency deposits. - M2 (broad money): M1 plus quasi-money. - Special national feature: NMS includes Sk deposits of certain nonresidents in M2. As of end-January 2004, these deposits were about 0.3 percent of M2. - NMS excludes repo deposits, debt securities of depository corporations with less than two year’s maturities, and money market fund shares held by domestic nonbanks from M2. - NMS counterparts to liquidity: net foreign assets and net domestic assets. NMS includes adjustments rerouting some government liabilities to central bank liabilities with contra-entries in central bank claims on government; these adjustments are inconsistent with MFSM guidelines when government transactions are fiscal in nature. - NMS net domestic assets major components: net claims on general government (net of deposits), credit to households and enterprises (disaggregated by domestic and foreign currency but only domestic currency credit further disaggregated by households and enterprises), and other items (net) including interbank balances, fixed assets, capital and reserves, repo deposits, debt securities of depository corporations, and other unclassified assets less unclassified liabilities. - HMS structure and definitions: - HMS does not include Sk deposits of nonresidents in broad money. - HMS includes repos, debt securities of depository corporations with under two year’s maturity, and money market fund shares in broad money. - HMS definition of net foreign assets does not include rerouting of government foreign liabilities to central bank accounts; HMS definitions are consistent with the MFSM. - HMS liquidity aggregates: M1, M2, and M3 (M3 is the broadest in line with ECB requirements). - M1: currency outside banks and Sk and foreign currency demand deposits, including overnight deposits. - M2: M1 plus Sk foreign currency time deposits of up to two years plus deposits redeemable with notice of up to three months. - M3: M2 plus repos, bank debt securities with a maturity of up to two years, and money market fund shares held by domestic nonbanks. - HMS liabilities include capital and reserves; counterparts include net foreign assets, net claims on central government, credit to state and local governments and other resident sectors, and other items net (interbank balances, fixed assets, repo deposits, long term debt securities of depository corporations, and other unclassified assets less unclassified liabilities). ### Scope - NMS scope: broadly consistent with MFSM recommendations as it includes positions of all resident depository corporations, but deviates by including government foreign liabilities (in foreign and domestic currency) within the monetary sector and by excluding money market funds (recommended for inclusion by MFSM). - HMS scope: mostly consistent with MFSM principles; covers positions of all resident depository corporations plus money market funds. - Both NMS and HMS exclude banks in the process of liquidation from the monetary statistics. MFSM recommends continued coverage of depository corporations under regulatory control even when not dealing with the public; ECB guidelines (legalistic approach) exclude banks whose licenses have been cancelled from the list of monetary financial institutions. ### Classification / sectorization - Sectorization principles under NMS and HMS are largely consistent with MFSM, 1995 ESA, and 1993 SNA; both apply the "center of economic interest" criterion for residency consistent with the IMF’s Balance of Payments Manual, fifth edition, and MFSM. - Nonresident sector: - NMS disaggregates nonresidents into central banks, other monetary financial institutions (equivalent to depository corporations), and all other sectors. - HMS breaks nonresidents into European Monetary Union participating states and the rest of the world, then applies NMS disaggregation to those subsectors. - Resident sectors in NMS: (1) financial corporations (central bank, other monetary financial institutions, other financial corporations), (2) general government (central government, local governments, social security funds, National Property Fund), (3) nonfinancial corporations (public and other), (4) other resident sectors (households and nonprofit institutions serving households). HMS has similar disaggregation but does not require splitting nonfinancial corporations into public and private components. - Instrument classification: - NMS instruments: monetary gold and SDRs; currency and deposits; loans; securities other than shares; shares; other assets/liabilities, net. NMS does not explicitly show financial derivatives and capital and reserves as separate categories (they are included in other items, net). - HMS adds "money market fund shares", shows capital and reserves separately, and indistin guishably includes deposits with loans on the asset side and loans with deposits on the liability side. - Differences from MFSM in HMS/instrument treatment: - Loan-loss provisions: classified with capital and reserves in HMS; MFSM treats provisions for loan losses as part of other liabilities. - Financial derivatives: indistinguishably included under other assets/liabilities in HMS; MFSM treats them as a separate category. - Deposits and loans: HMS/ECB framework may include deposits with loans (assets) and loans with deposits (liabilities) indistinguishably; MFSM recommends keeping loans and deposits as separate categories. - Agreement across NMS, HMS, and MFSM: repos should be classified as collateral loans (or as deposits if included in broad money) rather than outright purchases or sales of securities. *Source: _cr05161 - 1. Assurances of integrity* ### 2.4 Basis for recording ### 2.4 Basis for recording ### 2.4.1 Market prices are used to value flows and stocks - Valuation rules for the NMS and HMS largely follow international accounting standards (IAS), in particular IAS 39, which banks in the Slovak Republic were required to implement from January 2003. - IAS 39 prescribes market prices or fair valuation for many instruments but allows certain instruments to be valued at nominal value, historical cost, or amortized cost; hence valuation rules under NMS and HMS vary by instrument. - Financial instruments valued at market prices under the NMS and HMS in line with MFSM recommendations include: - monetary gold, - financial derivatives, - securities (including both securities other than shares, and shares and other equity) that are held in “trading portfolios” or are “available for sale.” - Exceptions and deviations from MFSM recommendations: - securities other than shares deemed to be “held to maturity” are valued at amortized cost, - shares and other equity in subsidiary or affiliated companies are in general valued at historical cost (contrary to MFSM recommendations). - In line with MFSM recommendations: - shares and other equity on the liability side of the balance sheet are valued at historical cost or book value; - loans are recorded gross of provisions; - foreign currency-denominated stocks of assets and liabilities are converted into domestic currency at market exchange rates, that is the mid-point exchange rate quoted by the NBS on the balance sheet date. - Footnote on held-to-maturity securities: Securities other than shares “held to maturity” are valued at historical cost plus an accrued premium or discount, related to whether the security is purchased at a price below or above its face value. ### 2.4.2 Recording is done on an accrual basis - Both the NMS and HMS are derived from accounting records that follow accrual accounting. - Transactions are recorded on the settlement date (in line with ECB guidelines), which may differ marginally from the change of ownership date recommended in the MFSM. - The NMS incorporates accrued interest into the value of loans and deposits in line with MFSM recommendations. - The HMS classifies accrued interest on loans and deposits as part of other assets/liabilities (contrary to MFSM recommendations—but in line with ECB requirements). - Footnote explaining MFSM approach: Incorporating accrued interest provides an economically meaningful measure equal to the discounted value of future payments; the ECB framework can result in inconsistencies in valuation of different types of financial instruments; the MFSM approach is consistent with the 1995 ESA, although the 1995 ESA states that national practices can differ. ### 2.4.3 Grossing/netting procedures - Source data are collected on a gross basis in the NMS and HMS, as recommended in the MFSM. - Claims on particular transactors are not netted against liabilities to those transactors. - Note: While monetary survey data are generally compiled on a gross basis, some categories are presented on a net basis for analytical usefulness (for example, net foreign assets and net claims on central government); when net series are shown, the underlying gross data should also be presented. ### Key implications from 2.4 - Valuation and recording practices generally align with MFSM and IAS 39 but include specific departures (e.g., historical costing of equity in subsidiaries; treatment of accrued interest in HMS) that affect comparability and analytical interpretation. - Gross reporting conventions are applied, supporting detailed analytical breakdowns, subject to selective net presentation for user utility. --- ### 3 Accuracy and reliability ### 3.1 Source data - Comprehensive register of financial sector institutional units exists, drawing from: - register of credit institutions and branches of foreign banks licensed by the NBS, - register of the Financial Market Authority. - Institutional and geographic coverage for depository corporations is complete. - Source data for the NBS balance sheet: accounting records prepared by the Accounting Department; data available on a daily basis. - Source data for commercial banks: report forms transmitted electronically by each bank to the NBS. - Source data for money market funds: report forms submitted by asset management companies. - NBS is legally empowered to collect supplementary information outside the regular reporting cycle as needed. - Decrees underscoring reporting requirements: Decrees No.10/2003 and Decree No. 9 (the latter also covers NMS requirements). ### 3.1.2 Alignment with definitions and classifications - Source data broadly align with MFSM definitions, scope, classifications, valuation, and time of recording. - Decree No. 9 ensures supplementary information from asset management companies adheres to the same statistical reporting requirements as banks. - In general, there has been no need for approximations or other adjustments to source data. ### 3.1.3 Timeliness of source data - NBS balance sheet data: available on a daily basis. - Banks report to NBS by close of business on the 15th calendar date following the end of the reference month. - Delays in reporting are immediately followed up by the NBS; all reporting is electronic via a secure network; delays in updating individual records are not significant. ### 3.2 Assessment of source data - Sample surveys are not used; detailed balance sheet records from bank report forms are the source. - Automated validation procedures: APS STATUS program plus supplementary computerized procedures developed by the Statistics Department (SD). - Validation checks: - internal consistency of institution reports, - consistency across banks (e.g., interbank positions), - identification of out-of-trend movements and missing values. - Findings of inconsistencies or out-of-trend values are immediately followed up with respondents; high-value transactions are confirmed with reporting institutions. - Bank report forms are reviewed and revised on an annual basis in consultation with users (Monetary Policy Division of the NBS, the SOSR, and the MOF). ### 3.3 Statistical techniques - Automated data processes minimize processing errors during coding, editing, and tabulation. - Balance sheet data are reported in full; compilation generally does not require estimated, imputed, or adjusted data. - Aggregation is performed electronically and is robust. - Seasonal adjustments on certain monetary aggregates are performed internally using the ARIMA X12 computer program; seasonally-adjusted series are not part of officially published monetary statistics. ### 3.4 Validation of intermediate data and outputs - Secondary data sources used to verify depository corporations’ balance sheets (e.g., financial market data, NBS Banking Operations Department data on government bonds and bills). - Where reasonable doubt exists (e.g., exceptionally large changes), NBS contacts reporting agents and requires supporting materials and explanations within a set deadline. - Large fluctuations in monetary or credit aggregates are routinely investigated, including classification or sectorization errors; reported financial flow data are reconciled with corresponding stock data. ### 3.5 Revision studies - Monthly monetary statistics in NBS monthly bulletins are usually final; no set revision schedule except for December data, which are revised when audited data become available the following March. - Revisions are undertaken when needed or when accounting system or methodology changes affect compilation; revisions tend to be rare, small in magnitude, and not significant for major aggregates. --- ### 4 Serviceability ### 4.1 Periodicity and timeliness - NMS analytical accounts of the central bank and banking sector (monetary survey) are disseminated on a monthly basis, in line with Special Data Dissemination Standard (SDDS) requirements. - Major aggregates in central bank accounts are disseminated on a 10-day basis, exceeding SDDS requirements. - HMS data are disseminated on a monthly basis. - Timeliness: - Detailed NMS accounts and monetary survey: disseminated within one month following the end of the reference month. - 10-day major aggregates of the central bank: disseminated within two weeks of the reference date. - Timely dissemination for detailed accounts and major aggregates meets SDDS requirements. - HMS data are disseminated in line with ECB requirements. ### 4.2 Consistency - Internal consistency checks are routinely applied to ensure central bank and depository corporations’ mutual positions reconcile; significant discrepancies are investigated immediately. - Since January 2004, banks must complete new report forms to compile monetary flow data (reclassifications, revaluations, exchange rate changes), enabling consistency checks between stocks and flows. - Time series consistency: - Consistent time series available for a period of at least eight years. - Methodological changes prompt revisions as far back as detailed information permits; methodological footnotes are provided when discontinuities occur. - Example: monthly bulletins provided comparable time series including and excluding banks that ceased to operate in 2000, 2001, and 2002. - Reconciliation with other frameworks: - Banking data in the balance of payments cannot be reconciled with monetary stock data given currently available information, though in principle they are reconcilable. - Material differences appear between GFS financing data and corresponding monetary statistics (specifically domestic bank financing of government in GFS vs. net claims on government in monetary statistics). ### 4.3 Revision policy and practice - No regular revision schedule for monthly monetary statistics, except December data revised with audited data available the following March. - NBS implemented a change to announce on its website that December data are regularly revised every year to take into account final data from audited financial statements; the revised data will be published by the end of the second quarter of the following calendar year. - Preliminary data are clearly indicated (preliminary data are indicated with an asterisk (*); typically applies only to monthly data for December). - The NBS does not publish revision studies; such studies are kept for internal analysis. Where revised data reflect methodological or sizeable adjustments, footnotes explain reasons. NBS has published ex-ante and ex-post time series for user comparison. --- ### 5 Accessibility ### 5.1 Data accessibility - Presentation and clarity: - Monetary statistics are presented clearly in the NBS monthly bulletin (Monetary Survey) and on the NBS website. - Monthly bulletin includes charts with tables, explanatory footnotes, time series for the past 13 months, supplementary tables calculating growth rates for M2, and breakdowns of loans and deposits. - Major monetary and credit aggregates are included in a “Selected Indicators” table alongside other economic indicators. - Monthly bulletin provides commentaries analyzing current monetary developments. - NBS website provides monetary survey data, balance sheet and analytical accounts of the central bank, and a monthly “Situation Report” summarizing major developments. - Detailed HMS sectoral data are available on the website; detailed NMS sectoral data are available only in the Slovak version of the website and in the NBS Annual Reports (not in the English website/monthly bulletin). - Data on general and central government are presented only on a net basis in both the monthly bulletin and the website; this limits identification of gross positions. - National Property Fund: discussed as part of general government in analytical text but shown as an entity outside of general government in attached monetary table, which can be confusing. - Dissemination media and format: - Monetary statistics disseminated in hard copy (monthly bulletin) and electronically on the NBS website; entire monthly bulletin is posted online. - Website data are in tabular and time series formats that can be downloaded and redisseminated; monthly data are available for relatively long time periods. - Release schedule: - A preannounced schedule for release of the monetary survey and central bank analytical accounts is prepared annually and disseminated through the NBS website. - Statistics are made available to all users simultaneously through publication on the NBS website following the preannounced schedule. - Additional information on request: - Additional information is available upon request via the NBS website query system or by contacting the Public Relations Department, which forwards inquiries to the relevant department. - In general, queries will be answered in 14 days or less. *Source: _cr05161 - 2.4 Basis for recording* ### 5.2 Metadata accessibility ### 5.2 Metadata accessibility ### Documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques - Documentation on methodological aspects of the analytical accounts of the banking sector and the central bank is available on the NBS website for both the NMS and HMS. - NMS documentation is linked through the NBS website to the SDDS metadata page for the Slovak Republic on the IMF website. - Important additional metadata needed on the SDDS metadata page for NMS: - the net foreign assets of the banking system includes not only “state securities in Sk held by nonresidents” but also other foreign liabilities of the government in foreign currency;12 - the definition of the NMS broad money includes Sk deposits held by nonresidents. - Rationale and detailed metadata are needed to make fully transparent: - the definition of NMS broad money, and - differences in the net foreign assets of the banking system between NMS and HMS owing to the rerouting of foreign liabilities of the government sector to the central bank under NMS. - Prior to the mission’s departure, the NBS provided these more detailed metadata on the definitions of NMS money and net foreign assets in the NMS (the Slovak version). - Footnote: 12 The metadata describing the nature of NMS net foreign assets would no longer be necessary, once the staff’s recommendation to discontinue the practice of treating foreign liabilities of government as those of the NBS is implemented. ### Levels of detail adapted to audience needs - The SD prepared and updated a document on Slovak Republic practices in the compilation of monetary statistics for the ECB’s Money and Banking Statistics in the Accession Countries: Methodological Manual.13 - Footnote: 13 The latest edition of the manual is May 2003. - The HMS presentation on the NBS website contains, through hyperlinks, substantial methodological detail on sectorization and instrument classification as required for monetary analysts in the ECB member countries. ### Assistance to users - Contact points: - Prompt and knowledgeable support is available via the NBS website or the NBS’s Public Relations Department. - SDDS contact persons for monetary statistics (telephone numbers and e-mail addresses) can be accessed through the NBS website. - Catalogs and lists: - Catalogs of publications, documents, and other services are not available. - Lists of available data and documentation are available on the NBS website. ### Summary findings from Table 5 (Data Quality Assessment Framework, July 2003) — Monetary Statistics (Compiling Agency: National Bank of Slovakia) - Assessment framework symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; SDDS = Complies with SDDS Criteria. - Selected summary observations: - 2.1 Concepts and definitions: LNO — In the NMS, government foreign liabilities to nonresidents (in domestic and foreign currency) are treated as foreign liabilities of the NBS. - 2.2 Scope: LNO — Money market funds are excluded from NMS coverage. - 2.4 Basis for recording: LNO — Market valuation is not applied to certain financial instruments. - 4.2 Consistency: LNO — Banking data in the balance of payments cannot be reconciled with currently available monetary stock data. Bank financing of government from monetary data is not consistent with financing data from the GFS. - 5.1 Data accessibility: LNO — Gross positions of government are not shown; sectorization of National Property Fund in table is different from in the text of NBS Monthly Bulletin. - 5.2 Metadata accessibility: LO - 5.3 Assistance to users: LO ### Balance of Payments — Prerequisites of quality - Responsibilities and legal basis: - Balance of payments statistics are collected, compiled, and disseminated by the National Bank of Slovakia (NBS). - Statistics Department (SD) of the NBS collects data; Balance of Payments Section (BPS) of the Monetary Policy Department (MPD) compiles and disseminates. - Legal bases: National Bank of Slovakia Act (No.566/1992) and subsequent amendments, Banking Act (No. 483/2001), and Foreign Exchange Act (No. 202/1995). - Article 34a of the NBS Act requires state authorities, local self-governing bodies, other public bodies, legal persons and natural persons to submit to the NBS, free of charge, complete, correct, true and timely information, reports, statements and other supporting documents and explanation; the content, form, structure, deadlines and method of presentation shall be stipulated by the NBS through decrees promulgated in the Collection of Laws of the Slovak Republic. - Banking Act (Article 42) requires banks (including domestic branch offices of foreign banks) to produce and present to the NBS returns, notifications and other reports within specified deadlines; content, form, arrangement, deadlines, method and place shall be stipulated by the NBS in a directive promulgated in the Collection of Laws. - Foreign Exchange Law (No. 202/1995) Article 8 states residents are obliged to notify authorities of facts related to assets and liabilities vis-à-vis nonresidents and residents abroad; collection from and payments to residents in respects of direct and other investment, financial credits and securities. - NBS may conduct surveys solely in accordance with Article 34 of the NBS Act; statistical reporting requirements and procedures may be set by decrees of the NBS. ### Data sharing, confidentiality, and enforcement - Data sharing and coordination: - Most balance of payments data are obtained directly by SD from respondents; some data are obtained from the Statistical Office of the Slovak Republic (SOSR) and the Ministry of Finance (MOF). - Formal agreement with SOSR contains general principles and specific addenda; agreement updated annually. - NBS provides SOSR with data for the national accounts’ Rest of the World Account, including merchandise trade and compensation of employees; data exchanged free of charge. - Cooperation with MOF and Agency for State Debt Management on government debt statistics is based on provisions in the NBS Act. - No legal obstacles identified to hinder effective cooperation. - Confidentiality safeguards: - Confidentiality of individual reporters’ data is guaranteed by the NBS and widely known. - Article 40 of the NBS Act regulates banking secrecy; Article 41 obliges confidentiality in NBS official matters. - Governor’s Instruction No. 11/1997 (and subsequent amendments) ensures confidentiality of individual bank data; only aggregate information available to the public. - Confidentiality for nonbanking sector respondents guaranteed by the Foreign Exchange Law (Article 8(6)); respondents informed that information will be used only for producing statistics. - NBS has internal rules for authorization to databases, aggregation rules to prevent residual disclosure, and internal rules to secure premises and computer systems. - Enforcement and response encouragement: - NBS Act provides overall legal basis for data collection; NBS may take corrective measures and require penalties for noncompliance via Banking Act Part 9 for banking sector and Foreign Exchange Law Part 3 for nonbanking sector. ### Resources and quality management for balance of payments - Staffing and resources: - Data for balance of payments are collected in two sections of SD (Foreign Exchange Statistics Section and Non-banks Statistics Section). - Twenty-five staff are available to collect the International Transactions Reporting System (ITRS) and other data used to compile balance of payments statistics. - Processed data are passed to the BPS in the MPD. - Current BPS staff resources: nine. These are adequate for existing functions but may need augmentation for EU accession and enhanced ECB requirements for eventual participation in the European Monetary Union. - Appropriate level of funding is available; most staff have more than five years of experience and have participated in domestic and international training. - Staff have appropriate computer resources and technical backup from the Information Technology Department; physical working environment is adequate. - Measures for efficient use of resources: - Periodic staff performance reviews were previously not conducted; beginning in 2004, half yearly reviews with a personal merit rating system will be implemented. - Annual reviews to determine education and training needs of staff will be implemented. - Budgeting practices: travel must be approved by the Director of the Department; cost savings sought via economy flights and low cost accommodation; budget approved by the Bank Board each September. - Major methodological decisions consider implementation costs. - Relevance and user consultation: - Relevance safeguarded by regular consultations with data users: SD consults with MPD; BPS and SD consult with SOSR and MOF as appropriate (for example, when ITRS codes are reviewed). - Interaction with outside users is channeled through NBS’s Public Relations Section. - NBS regularly participates in IMF, ECB, and Eurostat meetings and seminars to monitor new regulations, requirements, and initiatives. - Quality management processes: - Management promotes concern for data quality; computerized and other procedures ensure thorough checking of input data and final statistics. - Monitoring processes measure response rates, editing activities, revisions history, and timeliness. - Adherence to international statistical standards is monitored systematically. - SD planning includes greater specialization of staff; anticipated efficiency gains aim to increase resource availability without trade-offs to timeliness or accuracy/reliability. ### Assurances of integrity — Professionalism and transparency - Professionalism: - Article 12(2) of the NBS Act defines NBS independence to fulfill tasks independently of instruction from state authorities and others. - NBS supports professionalism via recruitment and training policies; staff may participate in Institute of Bank Education courses, IMF Institute courses, and seminars with IMF, Eurostat, and ECB. - Detailed methodological documentation for staff is provided in: - Methodical Handbook for Compilation of Statistical Reports on Banks’ Foreign Exchange Statistics, and - Methodical Handbook for Compilation of Statistical Reports on Business Foreign Exchange Statistics (available in Slovak). - The public is informed of each methodological change in a note in the NBS monthly Monetary Survey bulletin when the change is introduced. - Statistical decision-making: - Choices of source data and statistical methods are generally based on statistical considerations, though Directorate of Customs regulations impact valuation in merchandise trade statistics. - NBS has the right to comment on erroneous interpretation or misuse of balance of payments statistics; Public Relations Department monitors press and issues comments, usually via the department and the monthly Monetary Survey bulletin. - Transparency practices and limitations: - Terms and conditions for collection, processing, and dissemination of balance of payments statistics are available on the NBS website, including legislation, questionnaires and reporting instructions for nonbank enterprises. - NBS provides users with advance notification of dissemination dates, analysis of balance of payments developments and major changes in methodologies; provides assistance to users and responds to requests. - No internal governmental access to statistics prior to their release. - Products are clearly identified as NBS outputs via the NBS website and monthly Monetary Survey bulletin. - When changes in methodology are introduced, NBS explains the change and quantifies the change in statistics due to the methodology change; however, no advance notice of methodological changes is given to users (changes are explained when introduced), and NBS provides additional information and assistance on request. *Source: _cr05161 - 5.2 Metadata accessibility (PDF chapter/section).* ### 1.3 Ethical standards ### 1.3 Ethical standards ### Ethical framework and staff awareness - Ethical standards are part of the NBS employment contract. - New NBS staff must sign an agreement to adhere to confidentiality and secrecy rules while working at the NBS. - Governor’s Instruction No. 11/1997 establishes rules relating to the confidentiality of individual bank data. - Confidentiality of data provided by individual respondents in the nonbank sector is guaranteed by the Foreign Exchange Law (Article 8(6)). - Standards are reinforced through induction and training courses that provide guidance on staff behavior and ethical standards expected of NBS staff. ### Key finding - Guidelines for staff behavior are in place and are well known to the staff. --- ### 2. Methodological soundness ### Concepts and definitions - The balance of payments are compiled following the concepts and definitions set out in the fifth edition of the IMF’s Balance of Payments Manual (BPM5). ### Scope - Coverage follows BPM5 in principle; no major component is excluded. - No estimates are made for illegal activities (except compensation of employees includes illegal workers) or for unrecorded trade (shuttle trade is not recorded in Customs data). - Small deviations from BPM5: - No estimates for students who study in another country for more than one year. - Noncash current transfers are not included. ### Classification / sectorization - Institutional units and transactions are for the most part classified according to BPM5. - Disseminated data on the NBS website are more aggregate than BPM5 standard components; more detailed data are available from the NBS on request. - Capital transfers of general government are not separated from those of other sectors in the national presentation (although this information is available). - Major deviation: long-term construction projects by nonresidents are treated as imports of services rather than direct investment; no estimate is made for expenditure in the Slovak Republic by nonresident construction companies. - Plan: once sufficient data are available from the annual survey of direct investment, feasibility of including long-term construction projects in direct investment will be examined. ### Basis for recording: valuation and recording conventions - Imports and exports of goods based on Customs data and valued on an f.o.b. basis. - Foreign currency transactions in goods converted into Slovak crowns (Sk) at the exchange rate for the second to last Wednesday of the reference month. - Current, capital, and financial account transactions recorded through the settlements system, or ITRS, are converted into Sk at the average midpoint exchange rate declared by the commercial bank or NBS prevailing on the day of the transaction. - Enterprise survey respondents instructed to use the exchange rate valid at the day of the transaction and the end-period rate to value stocks in Sk; commercial banks follow this practice. - Financial assets/liabilities traded regularly are valued at market prices using price quotations; book value used when market prices not available; nontradable instruments valued at nominal value; monetary gold at market prices. - Barter transactions: market prices used. - Recording basis: - Merchandise trade: customs data (cash basis for customs timing). - ITRS-recorded transactions: recorded at time of banking intermediation (mostly cash basis). - Income transactions primarily cash basis; adjustment made to estimate accrual of interest on government bonds denominated in domestic currency. - Dividends recorded at date payable or date declared payable. - Except government transactions, transactions in direct investment, portfolio investment, loan disbursements and repayments, and currency and deposits are recorded on an accounting rules basis. - Commercial banks required to apply accrual principles monthly; nonbanks required to follow accrual principles annually. - Final data for nonbank enterprises are on an accrual basis; for banks data are on an accrual basis. - Government transactions are on a cash basis except government bonds denominated in Sk, for which accrual principles are followed. - Grossing/netting: - Current account transactions recorded on a gross basis, except insurance transactions. - Up until end-2003: insurance premiums flows included in services, insurance claims flows included in current transfers. - From 2004: estimate of insurance services to be made using premiums and claims data from the ITRS and an insurance service charge ratio produced by the SOSR. - Financial account transactions recorded on a mixed basis—loans and trade credits recorded on a gross basis (net transactions can be derived); other components on a net basis. - Asset and liability components are separately identified; directional principle for direct investment is applied. --- ### 3. Accuracy and reliability ### Source data: coverage and primary data sources - Primary data sources provide very good coverage of balance of payments transactions. - Cash-based settlements system (ITRS): - Closed system capturing all foreign exchange transactions through the banking system. - Data supplied monthly by each of the 22 commercial banks, classified by detailed codes covering current account, capital account, financial account, and out-of-scope transactions. - Data classified by sector of resident transactor unit (banks, nonfinancial enterprises, financial enterprises, insurance companies and pension funds, general government, self employed individuals, nonprofit institutions serving households, natural persons, and nonresidents). - Coding list updated every two years. - Each commercial bank supplies detailed monthly transaction-level data; no threshold for transaction reporting at present (to be reviewed when Slovakia joins the EU in May 2004). - Report forms have been in place for 11 years and updated regularly; banks report no difficulties. - Supplementary sources: - Information on transactions through accounts held abroad by enterprises; from beginning of 2004, accounts held abroad by individuals (required to register with NBS). - Transactions through accounts held by nonresidents in the Slovak Republic. - Merchandise trade data (f.o.b.) obtained monthly through the SOSR; SOSR makes coverage adjustments for national accounts that are not included in balance of payments. - Business register updated continuously: based on SOSR official register, monthly identification by commercial banks, quarterly SOSR updates, ongoing media review, Ministry of Economy input on new FDI activity, embassy information. - Monthly survey of enterprises covers approximately 4,500 enterprises; covers all transactions and stocks of financial assets and liabilities; reporting units include financial institutions other than banks, securities traders, and nonfinancial enterprises. - Threshold of Sk1 million in holdings of assets or liabilities; threshold to be reviewed during 2005. - Survey has full coverage for enterprises above the threshold. - Quarterly and annual surveys of direct investment enterprises cover 1,500 direct investment enterprises. - Annual survey first conducted for year 2002; enterprises included in monthly survey; quarterly data provide geographic and sector details; annual provides more detailed data including reverse investment and reinvested earnings. - Direct reporting by commercial banks covers own-account transactions in domestic and foreign currency with nonresidents and stocks. - Transactions of the NBS, including reserve assets, obtained directly from the Settlements Department of the NBS. - Supplementary reporting and cross-checks: - Six of the 22 commercial banks act as custodians for nonresident holders of domestic securities and report related activity. - Disbursement and repayment of government borrowing obtained directly from the NBS; MOF provides data on stock of government liabilities for IIP compilation and cross-checks. - Estimates of compensation of employees transactions (credits and debits) obtained from the SOSR; these cover legal and illegal workers, Slovak resident employees of foreign embassies, and nonresidents working in Slovakia; data cross-checked with Eurostat migration project. - Additional data collected as needed (e.g., transit of gas). - Use of data for IIP and participation in Coordinated Portfolio Investment Survey noted. - Close cooperation between BPS and SD to respond to respondents’ queries. ### Timeliness and approximation to standards - Source data reasonably approximate BPM5 definitions, scope, classifications, valuation, and time of recording. - Adjustments made to replace ITRS-based estimates for compensation of employees, current transfers, and travel services to ensure correct counterparty entries and avoid double counting. - For direct investment, imports and exports on a noncash basis (between affiliates) are identified in enterprise surveys. - Year-end adjustments by enterprises reported as revisions in enterprise surveys and published statistics are revised accordingly. - In 2004, NBS staff will review alternatives for travel services compilation; currently ITRS used. Institute of Tourism has carried out some surveys; discussions planned in 2004 with Institute, Ministry of Economy, and Travel Agency Association. ### Timeliness of reporting - ITRS banking data reported monthly, 15 days after reference period; banks generally report on time. - Monthly foreign trade data by SOSR available one month after reference period. - Non-banking entities requested to report within 20 days of end of reference period for most reporting forms. - NBS follows up by telephone with late respondents approximately two weeks after due date; reminder letters sent if necessary. ### Assessment of source data quality and processing checks - ITRS outputs routinely assessed by checking aggregate transactions against change in total positions of banks. - Accuracy of source data from banks assessed by automated procedures using NBS’s APS STATUS (Lotus Notes and Oracle databases) and supplementary computerized procedures. - APS STATUS tests internal consistency of each bank’s data (formal internal and external cross-checks). - Supplementary procedures identify out-of-trend movements (plausibility checks), missing values and internal consistency issues. - Formal inconsistencies and out-of-trend values confirmed with banks. - Source data routinely analyzed for underreporting and misreporting, temporal consistency, and consistency with other sources. High-value transactions confirmed with reporting institutions. - Commercial bank staff contact NBS when unsure about coding; unallocated transactions monitored and remain very small as a percentage of gross transactions in goods and services. - Effects of report form changes assessed by supplementary computerized procedures. Procedures established for addressing compilers’ queries concerning source data and for analyzing revisions. - Survey processing and checking is computerized; high values or inconsistent reporting identified and confirmed with respondents. - SD works with respondents to ensure accurate responses; instructions with enterprise survey questionnaires identify points of contact; surveys and instructions available on NBS website. - Merchandise trade data cross-checked with ITRS aggregates and partner country data (particularly Czech Republic). ### Statistical techniques and adjustments - ITRS reports provided electronically and processed electronically; automated processing minimizes coding, editing, and tabulation errors. - Other reports submitted on paper, typed and processed electronically; comprehensive edit checks minimize transcription risks. - Staff are well trained and required to provide explanations and commentary on the data after consultation with reporters. - Specific adjustments and methodological developments: - Interest from government bonds in Sk recorded on an accrual basis using Central Depository information. - ITRS transactions in compensation of employees adjusted using statistical information on number, professional and territorial structure of Slovak workers abroad and nominal wages; appropriate adjustments made to other current account components. - In 2004, alternatives for improving travel services estimate will be reviewed. - Annual survey of direct investment enterprises introduced for 2002 reference year; reconciliation with monthly data is ongoing. Questionnaires for 2003 to be sent in mid-2004. A new system being developed for reconciliation of monthly and annual data. ### Validation and cross-checks of intermediate results - Validation procedures in place: - Trade statistics from Customs declarations cross-checked with transactions reported by banks and nonbank entities. - ITRS is primary source for most other current account transactions; for nonbank entities these are checked at aggregate level with survey aggregates; aggregate results cross-checked with Customs data and trade credits (for goods) and with enterprise survey (for income). - Financial account data derived primarily from government transactions through NBS and enterprise surveys; cross-checked with ITRS aggregates and reconciled with IIP statements. - Cross-checks between flows and stocks performed for commercial banks’ financial transactions; time series checks for each bank and each main item. - Financial press monitored to verify high-value direct investment and other investment transactions. ### Investigation of discrepancies and indicators of problems - Differences among datasets are small; unusual results checked with commercial banks (for ITRS or banks’ own account transactions) or with survey respondents. - Investment income transactions assessed relative to corresponding stock data in the IIP for commercial banks and nonbank entities. - Reported financial transactions compared with MOF data for government and other sector debt. - Freight earnings from the ITRS reviewed relative to difference between c.i.f. and f.o.b. valuations of imports from merchandise trade data. - Net errors and omissions in the balance of payments statement are monitored monthly as an indicator of unrecorded transactions; absolute size, direction and periodicity used to identify items/sectors to research. - General observation: size of net errors and omissions is small in comparison to gross transactions in goods and services (generally less than one percent). --- *Source: _cr05161 - 1.3 Ethical standards* ### 3.5 Revision studies ### 3.5 Revision studies ### Revision studies — practices and findings - The NBS monitors revisions between preliminary and subsequent changes of data submissions as part of regular data entry and processing. - No formal revision studies are conducted. - Revisions due to improved data are typically small (not disclosed). ### Implication for statistical processes - Revision monitoring is routine and used internally to inform statistical processes (see also 4.3.3), but analyses of revisions are not made public. --- ### 4. Serviceability ### 4.1 Periodicity and timeliness - The NBS compiles monthly balance of payments statistics; quarterly statistics are the sum of the three relevant months. - The SDDS requirement is met. - Monthly and quarterly data are disseminated three months after the end of the reference period on the NBS website. - Monthly data are also disseminated in the monthly Monetary Survey publication. ### 4.2 Consistency - Concepts, definitions, and classifications for monthly, quarterly, and annual data are the same; monthly data are aggregated to give quarterly and annual data. - When annual survey data become available, changes introduced will be allocated back to monthly data. - Transactions in the balance of payments are consistent with IIP data. - Net errors and omissions have not been large in recent years, that is, not more than 1 percent of total transactions in goods and services over the past three years. - Historical data from 1993–96 are not consistent with later periods; historical series are not usually reconstructed when sources/methods change. - Major methodology changes are explained as notes in the monthly Monetary Survey bulletin and twice a year in the Report on Balance of Payments development of the Slovak Republic. - Reconciliation with other datasets: - Balance of payments trade in goods are reconcilable with merchandise trade data. - Balance of payments are consistent with IIP and external debt statistics—common data sources are used where appropriate; statistics are reviewed for consistency on an ongoing basis. - Current account data are an input into the national accounts; national accounts make adjustments to goods and to travel services not included in the balance of payments. Data are reconcilable, although SOSR does not publish detailed data on the adjustments and users cannot reconcile these on their own. - Commercial banks report transactions and positions data separately from the monetary survey; balance of payments reports are reconcilable with banks’ balance sheets, so banks sector BOP statistics are believed consistent with monetary statistics. However, users are not able to reconcile the published statistics. - Government transactions are obtained independently of government finance statistics and may not be consistent; data are not reconcilable and users would not be able to reconcile the published statistics for balance of payments and government finance. ### 4.3 Revision policy and practice - The revision schedule for monthly data is established and has followed the same pattern for several years. - No public statement of this policy is available on the website or in NBS publications. - Data are preliminary when first released and are revised on a monthly basis (for revisions to trade data). - Revision for all items takes place for all monthly cumulative data on an annual basis—the data are revised only once at the end of the next year. - All revisions are allocated to the appropriate month, enabling derivation of discrete monthly and quarterly data. - Extraordinary revisions are made when the need arises, even if data were considered final. - Once annual survey of direct investment enterprises data are introduced, the revision policy will be reviewed. - When new methodology is introduced resulting in level changes, there is no published comparison of old and new series; effects are individually identified in commentary in the monthly Monetary Survey bulletin. - Example: compensation of employees component revision introduced in 2003 — estimates were calculated on both bases for each month of 2003 and effects were published in the bulletin each month, but tables showing “old” and “new” bases are not provided. - The preliminary status of monthly data is clearly indicated in the monthly Monetary Survey bulletin. - Revised status is identified by the date of revision in data tables on the NBS website. - There is no public statement of the revisions policy, and revisions analyses are not made public. --- ### 5. Accessibility ### 5.1 Data accessibility — presentation and dissemination - NBS presents the summary balance of payments on its website. - The monthly Monetary Survey bulletin includes detailed commentary (including charts and tables) on monthly balance of payments developments by major component, the summary table, and detailed tables on foreign direct investment in Slovakia. - The bulletin is available in hard copy in Slovak and published on the NBS website in both Slovak and English. - Semiannual reports on balance of payments developments for the Slovak government are prepared and published regularly. - Balance of payments statistics are included in the report on monetary developments produced twice each year for the Slovak Parliament. - Summary data for balance of payments, IIP, foreign exchange reserves and international reserves and foreign currency liquidity template (this last according to the IMF’s template) are published on the NBS website (either in the SDDS categories or in the monthly bulletin). - Balance of payments statistics are published on a cumulative monthly basis; revisions are allocated to the appropriate month so discrete monthly and quarterly data may be derived by users. - A special database of users automatically notifies users when the latest monthly bulletin is published; a variety of institutional users receive the monthly bulletin in hard copy. - NBS staff provide special tables on request to users. - An advance release calendar for quarterly releases, following SDDS requirements, is published on the NBS website. - Statistics are approved within the NBS by the Bank Board for publication; as the Bank Board meeting schedule is known, users know when data will be published. - Statistics are made available to all users at the same time. - SOSR staff have access to selected data prior to public release. - More detailed data are available on request to the NBS, subject to confidentiality of individual respondent data. ### 5.2 Metadata accessibility - Enterprise survey questionnaires and associated methodology are available on the NBS website. - SDDS metadata are available on the NBS website. - Detailed documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques is available as special material developed for internal NBS use; not generally accessible but may be made available upon individual request. - NBS prepared a chapter in the ECB’s publication Accession Countries: Balance of Payments/International Investment Position Statistical Methods on the Slovak balance of payments and IIP statistics; NBS provides a hyperlink from its balance of payments statistics webpage to this ECB publication and to the IMF’s balance of payments and IIP webpage. The ECB publication is also available in hardcopy. - Some specialized information (such as background papers) is available to the public. - General use information is not available in written form, although NBS staff provide guidance to users on request. ### 5.3 Assistance to users - Two contact persons are identified, with contact details, on the NBS website. - No hard copy catalog of publications is available—information is available through the website or by request to the NBS. --- *Source: _cr05161 - 3.5 Revision studies* ### 3.1 Source data – Source data ### 3.1 Source data – Source data ### Source data availability and timeliness - Source data available provide an adequate basis to compile statistics. - 3.1.3 Source data are timely. ### Assessment of source data - 3.2 Assessment of source data—Source data are regularly assessed. - 3.2.1 Source data—including censuses, sample surveys, and administrative records—are routinely assessed, for instance, for coverage, sample error, response error, and nonsampling error; the results of the assessments are monitored and made available to guide statistical processes. ### Statistical techniques - 3.3 Statistical techniques—Statistical techniques employed conform to sound statistical procedures. - 3.3.1 Data compilation employs sound statistical techniques to deal with data sources. - 3.3.2 Other statistical procedures (e.g., data adjustments and transformations, and statistical analysis) employ sound statistical techniques. ### Assessment and validation of intermediate data and outputs - 3.4 Assessment and validation of intermediate data and statistical outputs—Intermediate results and statistical outputs are regularly assessed and validated. - 3.4.1 Intermediate results are validated against other information where applicable. - 3.4.2 Statistical discrepancies in intermediate data are assessed and investigated. - 3.4.3 Statistical discrepancies and other potential indicators or problems in statistical outputs are investigated. ### Accuracy, reliability, and revisions - Source data and statistical techniques are sound and statistical outputs sufficiently portray reality. - 3.5 Revision studies—Revisions, as a gauge of reliability, are tracked and mined for the information they may provide. - 3.5.1 Studies and analyses of revisions are carried out routinely and used internally to inform statistical processes (see also 4.3.3). --- ### 4 Serviceability ### Periodicity, timeliness, and consistency - 4.1 Periodicity and timeliness—Periodicity and timeliness follow internationally accepted dissemination standards. - 4.1.1 Periodicity follows dissemination standards. - 4.1.2 Timeliness follows dissemination standards. - 4.2 Consistency—Statistics are consistent within the dataset, over time, and with major datasets. - 4.2.1 Statistics are consistent within the dataset. - 4.2.2 Statistics are consistent or reconcilable over a reasonable period of time. - 4.2.3 Statistics are consistent or reconcilable with those obtained through other data sources and/or statistical frameworks. ### Revision policy and practice - 4.3 Revision policy and practice—Data revisions follow a regular and publicized procedure. - 4.3.1 Revisions follow a regular and transparent schedule. - 4.3.2 Preliminary and/or revised data are clearly identified. - 4.3.3 Studies and analyses of revisions are made public (see also 3.5.1). --- ### 5 Accessibility ### Data accessibility and presentation - 5.1 Data accessibility—Statistics are presented in a clear and understandable manner, forms of dissemination are adequate, and statistics are made available on an impartial basis. - 5.1.1 Statistics are presented in a way that facilitates proper interpretation and meaningful comparisons (layout and clarity of text, tables, and charts). - 5.1.2 Dissemination media and format are adequate. - 5.1.3 Statistics are released on a preannounced schedule. - 5.1.4 Statistics are made available to all users at the same time. - 5.1.5 Statistics not routinely disseminated are made available upon request. ### Metadata accessibility - 5.2 Metadata accessibility—Up-to-date and pertinent metadata are made available. - 5.2.1 Documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques is available, and differences from internationally accepted standards, guidelines, or good practices are annotated. - 5.2.2 Levels of detail are adapted to the needs of the intended audience. ### Assistance to users - 5.3 Assistance to users—Prompt and knowledgeable support service is available. - 5.3.1 Contact points for each subject field are publicized. - 5.3.2 Catalogs of publications, documents, and other services, including information on any changes, are widely available. --- ### Users’ survey — Summary of results (Slovak Republic) ### Survey scope and response - With the assistance of the authorities and the IMF’s Resident Representative in Bratislava, a survey was conducted among users of macroeconomic statistics. - Out of 86 questionnaires sent, the mission received 53 responses, a response rate of 62 percent. - A follow-up meeting was held with users who participated in the survey. ### General findings from survey and follow-up - Most users were satisfied with coverage, periodicity, timeliness, and underlying methodology of official statistics. - Several users requested more timely national accounts and government finance statistics, even if identified as preliminary. - Several users requested more detailed national accounts and government finance data be disseminated. - For most aspects, there was more dissatisfaction with government finance statistics than with other statistics. - Users were familiar with advance release calendars and generally felt statistics were accessible. - Almost all respondents noted the use of the internet to obtain data; several wanted more detailed data available through websites and the option to download time series. - Many users also use hardcopy publications and make special data requests. - Most users believed official macroeconomic statistics of the Slovak Republic were about the same level of quality as those of other countries in the region. - Users generally consider official statistics to be unbiased and accurate. - Major deficiencies noted by users relate to revisions to data: - In general, there is no advance notification of revisions to methodology. - Many users felt there is not sufficient information available about revisions (both reasons for revisions and comparisons of revised and previously published statistics). --- ### Survey tables — key counts and percentages ### Table 7: Questionnaire Results Analyzed by Type of User (February 24, 2004) - Total Sent: 86 - Total Received: 53 - Response rate: 62 Breakdown by type (Total Sent / Total Received / In % Received): - Banks and insurance companies: 10 / 8 / 80 - Press agencies accredited in the Slovak Republic, auditing and consulting companies, and financial companies: 23 / 8 / 35 - Chambers of commerce and industry, and embassies: 9 / 3 / 33 - Academic community and research institutions: 10 / 13 [note: two organizations provided more than one response] - Associations and unions, confederations, and institutes: 8 / 3 / 38 - Enterprises and other: 16 / 7 / 44 - Ministries, government of the Slovak Republic, Parliament, and other central government authorities: 10 / 9 / 90 Notes: - An additional three respondents indicated that they did not use statistics. - Two organizations provided more than one response. ### Table 8: Results of the Slovak Republic’s User Survey (February 24, 2004) — General use counts - Which official statistics do you use regularly? - a. National accounts (NA): 37 - b. Prices: 41 - c. Government finance statistics (GFS): 34 - d. Monetary statistics (Monetary): 37 - e. Balance of payments (BOP): 34 - f. Other: - Production indices: 32 - Labor market: 35 - Merchandise trade: 25 - International reserves and foreign currency liquidity: 15 - External debt: 24 - International investment position: 18 - Other: (count not specified) - Where do you obtain the official statistics? - Official press releases and publications on macroeconomic statistics: 47 - Private sector summaries and analyses: 19 - Official policy papers: 25 - Publications from international organizations about the country: 29 - Other sources: 12 - Do you refer to official descriptions of the sources and methods used to compile official statistics? - Yes: 42 - No: 6 - For what purposes do you use official statistics? - Analysis of current developments for short-term decision making: 37 - Analysis of trends for longer-term policy formulation: 32 - Econometric model building and forecasting: 25 - Economic research: 19 - Comparison with economic developments in other countries: 35 - General economic background: 34 - Other: 9 ### Table 8: Selected satisfaction and access items (by statistical domain) - Coverage — "In general, are you satisfied with the coverage of official statistics?" - NA: Yes 36 / No 1 - Prices: Yes 39 / No 4 - GFS: Yes 23 / No 14 - Monetary: Yes 36 / No 0 - BOP: Yes 34 / No 0 - Other: Yes 11 / No 3 - Level of detail — "Are you satisfied with the official statistics in terms of their level of detail?" - NA: Yes 33 / No 5 - Prices: Yes 38 / No 4 - GFS: Yes 20 / No 14 - Monetary: Yes 34 / No 0 - BOP: Yes 31 / No 3 - Other: Yes 10 / No 3 - Frequency of compilation — "Are you satisfied with the frequency of compilation?" - NA: Yes 30 / No 7 - Prices: Yes 39 / No 2 - GFS: Yes 28 / No 8 - Monetary: Yes 36 / No 1 - BOP: Yes 33 / No 2 - Other: Yes 14 / No 0 - Timeliness — "Are the official statistics disseminated with appropriate timeliness?" - NA: Yes 16 / No 22 - Prices: Yes 33 / No 7 - GFS: Yes 19 / No 15 - Monetary: Yes 29 / No 6 - BOP: Yes 21 / No 13 - Other: Yes 11 / No 1 - Knowledge of publicly disseminated release calendar — "Do you know if there is a publicly disseminated calendar?" - NA: Yes 30 / No 11 - Prices: Yes 32 / No 8 - GFS: Yes 21 / No 20 - Monetary: Yes 30 / No 8 - BOP: Yes 25 / No 11 - Other: Yes 10 / No 2 - Are statistics released on announced dates (if calendar exists)? - Across domains: Yes responses reported (e.g., NA Yes 29 / No 0; Prices Yes 31 / No 0; GFS Yes 19 / No 0; Monetary Yes 29 / No 0; BOP Yes 22 / No 0; Other Yes 9 / No 0) - Information about revisions — "Is there enough information about revisions to official statistics?" - NA: Yes 14 / No 20 - Prices: Yes 19 / No 14 - GFS: Yes 12 / No 21 - Monetary: Yes 17 / No 12 - BOP: Yes 14 / No 16 - Other: Yes 6 / No 3 - Accessibility — "Can you easily access the official statistics?" - NA: Yes 32 / No 7 - Prices: Yes 34 / No 5 - GFS: Yes 22 / No 15 - Monetary: Yes 34 / No 2 - BOP: Yes 31 / No 4 - Other: Yes 10 / No 0 - Access to methodological information — "Can you easily access information (explanatory notes, methodological descriptions)?" - NA: Yes 24 / No 12 - Prices: Yes 27 / No 11 - GFS: Yes 19 / No 15 - Monetary: Yes 22 / No 10 - BOP: Yes 23 / No 11 - Other: Yes 9 / No 1 - Is methodology sufficiently clear and adequate in detail to be useful? - Yes: 27 - No: 16 - How do you get access to official statistics (counts) - Official releases: 29 - Hard copy publications: 40 - Data specifically requested: 22 - Official website: 51 - Other: 3 - E-mail requests: 23 ### Overall assessment and comparisons - Underlying methodology sound and appropriate? - NA: Yes 32 / No 0 - Prices: Yes 32 / No 1 - GFS: Yes 28 / No 2 - Monetary: Yes 30 / No 0 - BOP: Yes 29 / No 0 - Other: Yes 10 / No 2 - Are official statistics unbiased and accurate? - NA: Yes 22 / No 6 - Prices: Yes 26 / No 2 - GFS: Yes 21 / No 4 - Monetary: Yes 26 / No 0 - BOP: Yes 23 / No 1 - Other: Yes 6 / No 1 - How do you compare the quality with other countries in the region? (Better / Same / Worse) - NA: 2 / 12 / 5 - Prices: 4 / 15 / 1 - GFS: 3 / 13 / 6 - Monetary: 3 / 16 / 0 - BOP: 3 / 13 / 2 - Overall quality rating (1 = poor, 5 = excellent) - NA: 3.7 - Prices: 3.9 - GFS: 3.2 - Monetary: 4.1 - BOP: 3.9 *Source: _cr05161 - 3.1 Source data – Source data* --- _Source: https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/scr/2005/_cr05161.pdf_