Quarterly Update on the Special Data Dissemination Standard

Third Quarter 2007

January 7, 2008

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 third quarter of 2007, all 64 Special Data Dissemination Standard (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 an increase in posted summary methodologies.

Table 1. SDDS Indicators
Indicators	As of September 30, 2006	As of June 30, 2007	As of September 30, 2007
Number of subscribers	64	64	64
Number of countries officially in observance¹	64	64	64
Number of summary methodologies posted²	1,293	1,294	1,304
¹ With respect to SDDS requirements for 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. ² Out of a required total of 1,360 summary methodologies (21 data categories per subscriber, plus 16 subscribers that are currently disseminating an encouraged forward-looking indicator). All subscribers are disseminating summary methodologies for most data categories.

Monitoring Punctuality of Data Releases

The IMF monitors the punctuality of data releases of each of the SDDS subscribers. Punctuality is monitored by comparing the first appearance of new information on the subscriber's National Summary Data Page (NSDP) against the last release date announced in the subscriber's ARC for each of the SDDS data categories. The ARC release dates should meet the SDDS timeliness requirements for the various data categories.

Table 2 contains monitoring results for the third quarter of 2007, showing comparisons with results for the (1) historical average (and standard deviation) since the third quarter of 2000, (2) third quarter of 2006, and (3) second quarter of 2007. In general, in the third quarter of 2007, punctuality improved for monthly and annual data categories, but declined for quarterly data, reflecting some subscribers' delays in the dissemination of data on national accounts, employment, and unemployment.

Table 2. Monitoring Punctuality of Data Releases Quarter 3 2000—Quarter 3 2007¹
Data Categories	Historical Average since Q3/00 (standard deviation)	Q3/06 Revised	Q2/07 Revised	Q3/07
Monthly data	89.5 (4.5)	88.6	90.1	91.0
Production index	91.3 (5.2)	91.6	92.7	91.0
Consumer prices	93.8 (4.5)	92.6	95.8	94.2
Producer prices	92.2 (4.3)	92.9	89.8	91.4
Central government operations	80.3 (5.3)	80.8	79.1	80.8
Analytical accounts of banking sector	88.8 (4.6)	89.4	90.8	92.5
Analytical accounts of central bank	89.0 (5.9)	86.2	91.1	91.1
Official reserves	89.5 (4.3)	88.4	86.5	91.7
Reserves template	90.8 (5.2)	86.7	93.2	92.1
Merchandise trade	90.3 (5.2)	89.0	92.1	94.3
Quarterly data	90.0 (5.9)	90.9	91.5	89.6
National accounts	91.0 (7.8)	90.1	92.1	85.7
¹Percentage of data categories subscribers disseminated on their National Summary Data Pages (NSDP) in accordance with SDDS timeliness requirements (quarterly averages).
Data Categories	Historical Average since Q3/00 (standard deviation)	Q3/06 Revised	Q2/07 Revised	Q3/07
Employment	91.8 (5.8)	93.5	95.3	91.3
Unemployment	92.2 (5.0)	94.4	95.1	89.7
Wages and earnings	90.3 (6.6)	94.5	91.2	91.7
Central government debt	83.3 (7.1)	85.1	84.5	84.1
Balance of payments	91.5 (6.1)	92.6	93.8	94.8
External debt	89.3 (6.2)	86.2	88.6	89.9
Annual data	83.4 (4.1)	78.1	82.1	88.8
General government operations	79.0 (5.3)	75.7	75.0	91.9
International investment position	87.7 (6.7)	80.5	89.1	85.7

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 General Data Dissemination System (GDDS) into the Fund's Data Quality Program by reformatting countries'SDDS/GDDS metadata according to the Data Quality Assessment Framework (DQAF). At the time of his report, the staff had converted the metadata for all 64 countries, and DQAF metadata for 50 countries have been posted on the DSBB. Armenia, Australia, Austria, Belarus, Belgium, Brazil, Bulgaria, Canada, Chile, Colombia, Czech Republic, Denmark, Egypt, Estonia, Finland, France, Germany, Greece, Hong Kong, Hungary,Iceland, India, Indonesia, Ireland, Israel, Italy, Japan, Kazakhstan, Korea, Latvia, Lithuania, Luxembourg, Malaysia, Mexico, Moldova, Morocco, the Netherlands, Norway, Poland, Portugal, Romania, Russia, Singapore, Slovak Republic, South Africa, Spain, Switzerland, Thailand, Tunisia, Ukraine, and the United Kingdom. The DQAF metadata for the remaining 14 SDDS subscribers are being prepared. Upon country authorities' approval, the metadata will be posted on the DSBB.

Research on the Special Data Dissemination Standard

A paper was published during the third quarter of 2007. The paper is described and referenced below. Institutional Arrangements for Producing Macroeconomic Statistics in Countries Subscribing to the Special Data Dissemination Standard (SDDS): Claudia Dziobek and Florina Tanase. International Conference on Statistical Systems for Small Economies Basseterre, St. Kitts and Nevis, September 5–7, 2007.

Summary:

The paper presents the results of a survey of the institutional arrangements for producing official macroeconomic statistics. The survey covers 41 countries subscribing to the IMF's SDDS — with well-developed national statistical systems. It demonstrates the prevalence of multiple institutional responsibilities for producing macroeconomic datasets with an overall lead role for the national statistical agency. Most data-producing agencies work within well-defined legal frameworks, an important basis for integrity and professional independence of statistical agencies.