Real Sector Division IMF Statistics Department The IMFs

Real Sector Division IMF Statistics Department The IMF’s Data Standards Initiatives 10 th Meeting of the Advisory Expert Group on National Accounts April 13 -15, 2016 Paris, France Claudia Dziobek IMF Reproductions of this material, or any parts of it, should refer to the IMF Statistics Department as the source.

Real Sector Division IMF Statistics Department IMF’s Data Standards Initiatives § Special Data Dissemination Standard (SDDS): For countries accessing capital markets ; established in 1996. § Special Data Dissemination Standard Plus (SDDS Plus): SDDS subscribers with systemically important financial systems; established in 2012. § Enhanced General Data Dissemination System (e-GDDS): to assist e-GDDS participants to graduate to the SDDS; established in 2015.

Real Sector Division IMF Statistics Department I: Special Data Dissemination Standard Plus (SDDS Plus) Established in 2012 in the context of the Eighth Review of the Fund’s Data Standards Initiatives, as the third and highest tier of the Data Standards Initiatives Launch took place in November 2014

Real Sector Division IMF Statistics Department Special Data Dissemination Standard (SDDS) Plus Why the SDDS Plus? Ø Highest tier of the IMF’s data standards initiatives Ø Adherents disseminate data necessary to assess and analyze systemic risks to domestic economies Ø Contribute to global financial stability and strengthen bilateral and multilateral surveillance 4

Real Sector Division IMF Statistics Department Modalities of the SDDS Plus Ø Voluntary and open to all SDDS subscribers in full observance of SDDS requirements Ø Includes all SDDS prescribed data categories, plus nine additional data categories Ø Rigorous dissemination requirements including for coverage, timeliness, and time series data Ø No flexibility option (unlike SDDS) but a transition period until end 2019 to meet all nine additional data categories Ø Requires adherents to prepare metadata, ARC, and a “modernized” NSDP (more on this below) 5

Real Sector Division IMF Statistics Department SDDS Plus: Nine additional data categories 6

Real Sector Division IMF Statistics Department SDDS and SDDS Plus: Comparison of Coverage, Periodicity, and Timeliness SDDS Data categories National accounts Production Index Sectoral balance sheets Labor market Consumer price index Producer price index General government operations General government gross debt Central government operations Central government debt Depository corporations survey Central bank survey Other financial corporations survey Financial soundness indicators Debt securities Interest rates Stock market Balance of payments External debt Coordinated portfolio investment survey Coordinated direct investment survey Official reserve assets Template on International Reserves and Foreign Currency Liquidity Currency composition of official foreign exchange reserves Merchandise trade International investment position Exchange rates SDDS Plus Required Periodicity Timeliness Yes Q M 1 Q 6 W Yes Yes Q M M A 1 Q 1 M 1 M 2 Q Yes Yes M Q M M 1 M 1 Q 1 M 2 W Yes Yes D D Q Q … … 1 Q 1 Q Yes M 1 W Yes Yes Yes Yes Yes Yes Q M Q M M Q Q Q D D Q Q SA A M 1 Q 6 W 4 M 1 Q 1 M 1 M 12 M 4 M 1 M 1 Q 1 M 2 W 4 M Q 4 M … … 1 Q 1 Q 7 M 9 M 1 W Yes M 1 M Yes Yes M Q D 8 W 1 Q … Yes Yes Q M Q D Q 8 W 1 Q … 7

Real Sector Division IMF Statistics Department SDDS Plus: Implementation Status § The first cluster of countries met the requirements in February 2015. France, Germany, Italy, the Netherlands, Portugal, Spain, Sweden, and the United States. Japan and Czech Republic expected by end-April 2016. § The priority for the period ahead will be to promote adherence by economies with systemically important financial systems that play a leading role in international capital markets. § Experience with the first cluster of countries indicates that—once the country is producing the required data—adherence takes about 3– 4 months of close collaboration between staff and the authorities. This will involve primarily transitioning all data categories to the revamped NSDP using the Statistical Data and Metadata Exchange (SDMX). 8

Real Sector Division IMF Statistics Department II: Enhanced General Data Dissemination System ( e-GDDS)

Real Sector Division IMF Statistics Department Context § On May 1, 2015, the Executive Board discussed the Ninth Review of the IMF’s Data Standards Initiatives. • • Directors supported staff’s proposals for enhancing the General Data Dissemination System (GDDS). As a result, the successor Enhanced General Data Dissemination System (e-GDDS) was established. § Effective May 1, 2015, the e-GDDS thus superseded the GDDS. • The 112 GDDS participants were moved into the e. GDDS framework’s “baseline” by default. 10

Real Sector Division IMF Statistics Department Why reform the GDDS? § Progress to improve and disseminate macro § § economic and socio- demographic data had stagnated. Insufficient links to the surveillance work of the Fund. Little incentive for countries with data deficiencies to make progress in the production and dissemination of data. No platform for standardized data dissemination. Inadequate links to technical assistance. 11

Real Sector Division IMF Statistics Department How does the e-GDDS address these challenges? § Designed to steer participants to improve data dissemination practices and advance steadily towards higher data dissemination stages. § Focuses on surveillance: 15 data categories aligned with the TCIRS. § Incentives for improving data dissemination. § Standard data dissemination platform. § Allows specification of priorities for capacity development (TA and training) to fill identified data gaps relevant for surveillance. 12

Real Sector Division IMF Statistics Department Main features of the e-GDDS (cont’d) § Emphasis on dissemination of data: • Standard data dissemination using an NSDP requiring either a cloud-based • Open Data Platform or SDMX to help assess countries’ progress; Disciplined publication of data required for surveillance including through observance of an advance release calendar (ARC). IMF IFIs Data mapping to National Data Portal/NSDP using the ODP or SDMX Country data Public; across government agencies; policy makers Data available to the IMF (DSBB) and a wide array of users/partners 14

Real Sector Division IMF Statistics Department Main features of the e-GDDS (cont’d) § Participants expected to implement the e-GDDS framework and progress through three stages/thresholds towards graduation to the SDDS, where appropriate: • • • Threshold one. Disseminate the 15 encouraged data categories according to coverage, periodicity, and timeliness set in countries’ metadata, at least some of which falls short of the e‑GDDS recommendations; the NSDP updated at least quarterly; Threshold two. Disseminate the 15 encouraged data categories according to coverage, periodicity, and timeliness recommended under the e‑GDDS, with monthly updating of the NSDP, or more often if warranted; and Threshold three. Disseminate the 15 encouraged data categories according to coverage, periodicity, and timeliness equal or better than recommended under the e‑GDDS, while maintaining an up-to-date NSDP and ARC. § Implementation period will go through 2020. 15

Real Sector Division IMF Statistics Department e-GDDS Thresholds for Promoting Readiness to the SDDS GDDS v. Disseminate metadata and plans for improvement. SDDS Threshold 1 Threshold 2 Threshold 3 (IMF quarterly monitoring) (IMF monthly monitoring) v. Disseminate metadata and plans for improvement. v. Disseminate metadata. Disseminate TCIRS data plus production index, labor statistics, producer price index, and the reserves template, according to coverage, periodicity, and timeliness required under the SDDS, which are generally more demanding than under the E-GDDS. v. Disseminate metadata and plans for improvement. v. Disseminate TCIRS data according to coverage, periodicity, and timeliness set in metadata, at least some of which falls short of E-GDDS framework. v. Maintain a National Summary Data Page (NSDP) with quarterly updating, or more often if warranted. v. Disseminate metadata and plans for improvement. v. Disseminate TCIRS data according to coverage, periodicity, and timeliness recommended under the E-GDDS framework. v. Maintain a National Summary Data Page with monthly updating, or more often if warranted. v. Disseminate TCIRS data according to coverage, periodicity, and timeliness equal or better than recommended by the E-GDDS. v. Maintain an up-todate National Summary Data Page. v. Observe an advance release calendar covering all TCIRS data. v. Maintain a National Summary Data Page, with updating consistent with commitments. v. Observe an advance release calendar covering all required data. 16

Real Sector Division IMF Statistics Department Incentives for improvement in data publication and dissemination § STA to assess countries’ implementation of e-GDDS framework STA Preliminary Assessment Matrix (excludes ODP/NSDP/ARC) Baseline 1: Countries that disseminate less than 10 of the 15 data categories. Baseline 2: Countries that disseminate between 10– 14 of the 15 data categories. Threshold 1: Countries that disseminate all the 15 data categories but fall short of at least one e-GDDS recommendations for timeliness and periodicity. Threshold 2: Countries that disseminate all the 15 data categories and meet all e-GDDS recommendations for timeliness and periodicity. Threshold 3: Countries that disseminate all the 15 data categories, meet all the e-GDDS recommendations for timeliness and periodicity, and exceed timeliness or periodicity for at least one data category. 17

Real Sector Division IMF Statistics Department What are the benefits? § Improved data transparency and governance should generate § § § incentives for data quality improvement. With discipline in publication through observance of ARC, there will be less uncertainty for markets, investors, and the public at large (domestic and international). Regular monitoring should stimulate peer competition and interest by stakeholders and markets. Disciplined data publication to help develop domestic financial markets. Better assessment of TA needs, and enhanced donor cooperation. Authorities to be able to use new platform for disseminating other key data—including social demographic data, SDGs, etc. Use of ODP and SDMX to reduce data reporting burden. 18

Real Sector Division IMF Statistics Department What is expected of countries? § Respond favorably to the letter sent by Managing Director § § § Lagarde of May 21, 2015 seeking commitment; Appoint an e-GDDS national coordinator to work with Fund staff on implementing the e-GDDS initiative; Agree that the e-GDDS will be a multi-year project and that e-GDDS missions to countries that commit to implement the new framework would need to be phased-in over time; As the primary purpose of the e-GDDS is publication of data, commit to publish the data in the NSDP after a mutually agreed period following and agreed discipline as regards periodicity and timeliness. This commitment will be a critical factor fielding e-GDDS missions to your country.

Real Sector Division IMF Statistics Department Botswana and Nigeria have Implemented the e-GDDS § Botswana: NSDP § http: //cb. botswana. opendataforafrica. org/nanhvtg/natio nal-summary-data-page-nsdp Press Release http: //www. imf. org/external/np/sec/pr/2015/pr 15499. h tm § Nigeria: NSDP § http: //nso. nigeria. opendataforafrica. org/xvokkfg/nation al-summary-data-page-nsdp Press Release http: //www. imf. org/external/np/sec/pr/2016/pr 1675. ht m