Quarterly Update on the Special Data Dissemination Standard

Second Quarter 2007

August 24, 2007

New SDDS Guide

The Special Data Dissemination Standard: Guide for Subscribers and Users has been released (in English). It replaces the May 1996 provisional document entitled Guide to the Data Dissemination Standards (Module 1: The Special Data Dissemination Standard). It incorporates updates to the SDDS made by the IMF Executive Board in its reviews of the Standard since 1996. It delineates key features and operational characteristics of the SDDS. It aims to foster the observance of the SDDS consistently across subscribing countries to uphold the Standard's credibility for policymakers, capital market participants, and the public. In addition, it aims to assist countries participating in the IMF's General Data Dissemination System (GDDS) to move toward subscribing to the SDDS, as well as other member countries seeking subscription to the SDDS.

Observance Status

As of the end of the second quarter of 2007, all 64 SDDS subscribers were in observance of the SDDS requirements for the coverage, periodicity, and timeliness of the data and for the dissemination of advance release calendars (ARCs) (Table 1). The IMF's Dissemination Standards Bulletin Board (DSBB) disseminates a complete list of subscribers. Observance of SDDS metadata requirements improved with the increase in posted summary methodologies.

Table 1. SDDS Indicators
Indicators As of June 30, 2006 As of March 31, 2007 As of June 30, 2007
Number of subscribers 64 64 64
Number of countries officially in observance1 64 64 64
Number of summary methodologies posted2 1,253 1,293 1,294
1Observance of the requirements of the SDDS with respect to the coverage, periodicity, and timeliness of the data and the use of ARCs. Other elements of the SDDS dealing with the integrity and quality of the data are on a self-disclosure basis, with subscribers providing information on which users can make their own judgments. A subscriber experiencing difficulties in meeting SDDS requirements is not automatically in "nonobservance" of the SDDS. When deviations from SDDS requirements occur, the IMF staff tries to resolve the issue with the subscriber, and then, if necessary, through the Executive Director. If these efforts fail, the matter is brought to the attention of the subscriber's Governor for the Fund. A subscriber is officially declared in "nonobservance" only when a note to that effect is posted on the DSBB.
2Out of a required total of 1,360 summary methodologies (21 data categories per subscriber, plus 16 subscribers that are currently disseminating the encouraged forward-looking indicators). All subscribers are disseminating summary methodologies for most data categories.

Monitoring Data Releases

The IMF monitors the data and access dimensions of the SDDS for each subscriber by comparing the first appearance of new information on the National Summary Data Page (NSDP) against the last release date announced in the ARC, which should meet the SDDS timeliness requirements. Table 2 contains results for the second quarter of 2007. Compared with the same quarter in 2006, there was a slight decline in timeliness of the monthly data, including data on central government operations. However, the timeliness for data disseminated on a quarterly basis improved by 1.9 percentage points, especially for data in the labor market categories. Moderate delays were recorded for annual data including those on general government operations. Compared with the first quarter of 2007, the timeliness of reporting improved slightly for monthly data, largely remained unchanged for quarterly data, and declined for annual data including those on general government operations and international investment position.

Table 2. Monitoring of Data Releases
2006 Quarter 2—2007 Quarter 21
Data Categories Q2/06 Revised Q1/07 Revised Q2/07
Monthly data 91.3 89.2 90.1
    Production index 93.2 91.7 92.7
    Consumer prices 94.6 92.0 95.8
    Producer prices 92.8 92.4 89.8
    Central government operations 85.0 77.8 79.1
    Analytical accounts of banking sector 90.7 90.9 90.8
    Analytical accounts of central bank 91.4 89.9 91.1
    Official reserves 92.0 89.4 86.5
    Reserves template 90.9 90.1 93.2
    Merchandise trade 91.4 88.4 92.1
Quarterly data 89.6 91.6 91.5
    National accounts 93.5 90.3 92.1
    Employment 87.6 96.3 95.3
    Unemployment 90.2 95.3 95.1
    Wages and earnings 85.5 91.9 91.2
    Central government debt 84.4 82.7 84.5
    Balance of payments 92.7 94.8 93.8
    External debt 92.9 90.1 88.6
Annual data 85.9 89.2 82.1
    General government operations 80.4 81.6 75.0
    International investment position 91.5 96.8 89.1
1Percentage of data categories subscribers disseminated on their National Summary Data Pages (NSDP) in accordance with SDDS timeliness requirements (quarterly averages).

DQAF Conversion of Metadata

During the Sixth Review of the IMF's Data Standards Initiatives, the Executive Board of the International Monetary Fund endorsed the further integration of the SDDS and the GDDS into the IMF's Data Quality Program by reformatting countries' SDDS/GDDS metadata according to the Data Quality Assessment Framework (DQAF). At the time of this report, the staff had converted the metadata for 46 countries, and DQAF metadata for 44 countries have been posted on the DSBB. These countries are: Australia, Austria, Belarus, Belgium, Brazil, Bulgaria, Canada, Chile, Czech Republic, Denmark, Egypt, Finland, France, Germany, Greece, Hong Kong, Iceland, India, Ireland, Israel, Italy, Japan, Kazakhstan, Korea, Latvia, Lithuania, Luxembourg, Malaysia, Mexico, Moldova, Morocco, the Netherlands, Norway, Poland, Portugal, Romania, Singapore, Slovak Republic, Spain, Switzerland, Thailand, Tunisia, Ukraine, and the United Kingdom. The posting of the remaining two countries' DQAF metadata is pending on their review and approval by the respective national authorities.