Republic Of Estonia: Report on the Observance of Standards and Codes (ROSC)—Data Module: Response by the Authorities
Author:
International Monetary Fund
Search for other papers by International Monetary Fund in
Current site
Google Scholar
Close

This report on the Observance of Standards and Codes on Data Module is a summary assessment of Estonia's data practices against the IMF's Special Data Dissemination Standard, complemented by an in-depth assessment of the dimensions of data quality that underlie the national accounts, consumer prices, government finance, monetary, and balance-of-payments statistics. Accuracy and reliability are generally good, but could be improved in a few areas of national accounts and in general government data by strengthening source data and improving statistical techniques.

Abstract

This report on the Observance of Standards and Codes on Data Module is a summary assessment of Estonia's data practices against the IMF's Special Data Dissemination Standard, complemented by an in-depth assessment of the dimensions of data quality that underlie the national accounts, consumer prices, government finance, monetary, and balance-of-payments statistics. Accuracy and reliability are generally good, but could be improved in a few areas of national accounts and in general government data by strengthening source data and improving statistical techniques.

Response by the Republic of Estonia on the Report on the Observance of Standards and Codes (ROSC)—Data Module

I. General Remarks

Bank of Estonia, Ministry of Finance and Statistical Office of Estonia pay much attention to transparency issues as the main aspect of good governance. Estonian authorities share a general perception that transparency issues are especially important for transition and small open economies. Our intention is to follow an open dissemination policy, disseminate good quality data and make freely available a wide variety of data and metadata through official publications, press releases, and on the Internet. Estonia has been a subscriber to Special Data Dissemination System (SDDS) from 1998 and agencies responsible for compiling and disseminating the data are committed to principles of sound and transparent statistical system.

We found the experience of using the Data Quality Assessment Framework (DQAF) on compiling data module of the ROSC most valuable both in general assessment of the statistical system as well as defining areas of concern. We would especially like to stress the importance of each chosen data category in DQAF as we share the Funds view of those being the main data dimensions describing the statistical system. This methodology enables effectively to evaluate the whole system as well as the categories individually. We support the integration of the DQAF into the ROSC and see its benefits in improving the quality of macroeconomic data as well as the transparency of the whole system. To expand the usefulness of the ROSC exercise and increase the commitment, we would support a structured follow up, e.g. to what extent mission recommendations have been implemented. This could, for example be done by sending countries brief questionnaires one or two years after the mission.

As Estonia’s major aim is to join the EU, all the policies and reform agenda, including reform of the statistics, should be seen in the context of EU accession and authorities are working hard to meet those requirements. Bank of Estonia, Ministry of Finance and Statistical Office of Estonia generally agree with the mission’s recommendations and plan to address most of the issues noted in the ROSC in 2002-2003.

A description of the mission’s main recommendations and the authorities’ implementation plans are detailed below.

II. Action Plan from the Estonian Authorities on Fund Staff Proposals

A. National Accounts (Annual and Quarterly)

article image
article image

B. Consumer Price Statistics

article image
article image

C. Balance of Payments Statistics

article image

D. Government Finance Statistics

article image
article image
article image

E. Monetary Statistics

article image
article image
  • Collapse
  • Expand