Report on the Observance of Standards and Codes-Data Module; Response by the Authorities, and Detailed Assessments Using the Data Quality Assessment Framework

This Report on the Observance of Standards and Codes provides a review of Turkey’s data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS) complemented by an in-depth assessment of the quality of the national accounts, consumer and producer price indices, government finance, monetary, and balance-of-payments statistics. The findings reveal that Turkey subscribes to the SDDS. Turkish statistical agencies in the main have a legal and institutional framework that supports statistical quality. Agencies demonstrate an awareness of quality as the cornerstone of statistical work.


This Report on the Observance of Standards and Codes provides a review of Turkey’s data dissemination practices against the IMF’s Special Data Dissemination Standard (SDDS) complemented by an in-depth assessment of the quality of the national accounts, consumer and producer price indices, government finance, monetary, and balance-of-payments statistics. The findings reveal that Turkey subscribes to the SDDS. Turkish statistical agencies in the main have a legal and institutional framework that supports statistical quality. Agencies demonstrate an awareness of quality as the cornerstone of statistical work.

I. Introduction

1. The data dissemination module of this Report on Observance of Standards and Codes (ROSC) provides a summary of Turkey’s practices on the coverage, periodicity, and timeliness of the data categories specified in the IMF’s SDDS, and of the practices on the provision of Advance Release Calendars for these categories. It is complemented by an assessment of the quality of national accounts, consumer and producer price indices, and government finance, monetary, and balance of payments statistics using the Data Quality Assessment Framework (DQAF) developed by the IMF’s Statistics Department. This report is based on information provided prior to and during a staff mission from October 18-30, 2001,1 as well as publicly available information.

2. Section II includes an overview of the SDDS and an assessment of Turkey’s data dissemination practices against the Standard. Section III presents a summary assessment of the quality of the principal macroeconomic datasets, following the dataset-specific assessment frameworks that were developed by the IMF’s Statistics Department. Finally, Section IV sets out recommendations to achieve further improvements in Turkey’s statistics.

II. Data Dissemination Practices and the Special Data Dissemination Standard

3. Turkey’s data dissemination practices are assessed against the IMF’s SDDS.2 This is a “best practice” standard. It covers four sectors of the economy (real, fiscal, financial, and external) as well as population, and identifies four dimensions (data, access, integrity, and quality) of data dissemination. For each of these dimensions, the Standard prescribes two to four elements or good practices that can be observed, or monitored, by users of statistics (see Appendix I of Volume III). The IMF’s monitoring of the Standard, as authorized by the IMF’s Board of Executive Directors, is limited to the dimensions of data (coverage, periodicity, and timeliness) and access (Advance Release Calendar). The SDDS is a disclosure standard; that is, it focuses on encouraging the authorities to provide information to users, including information that will enable users to assess the data. The SDDS itself does not aim to assess the quality of data for any specific or predetermined use.

4. Turkey has subscribed to the SDDS since August 9, 1996 and started posting its metadata on the IMF’s Dissemination Standards Bulletin Board on September 16, 1996. Turkey has been in observance of the SDDS specifications for the coverage, periodicity, and timeliness of the data, and for the dissemination of Advance Release Calendars, since July 20, 2001. The National Summary Data Page and the Data Template on International Reserves and Foreign Currency Liquidity were hyperlinked to the IMF’s Dissemination Standards Bulletin Board on June 5, 1997 and June 9, 2000, respectively.

5. The institutions responsible for the compilation and dissemination of the SDDS data categories are the State Institute of Statistics (SIS), the Ministry of Finance (MOF), the State Planning Organization (SPO), the Undersecretariat of Treasury (Treasury), and the Central Bank of the Republic of Turkey (CBRT). The SIS compiles and disseminates the national accounts, the manufacturing production index, price indices, labor market, merchandise trade, and population data. The SPO is responsible for data on general government operations. The MOF and the Treasury are responsible for data on operations of the (budgetary) central government, and the Treasury also provides data on central government debt. The CBRT has responsibility for data on the analytical accounts of the banking sector, the analytical accounts of the central bank, private sector debt, interest rates, exchange rates, balance of payments, the international investment position, and the template on international reserves and foreign currency liquidity. Information on share price indices is compiled by the Istanbul Stock Exchange and redisseminated by the CBRT. The authorities provide access to these data through a variety of publication and internet websites:

Data dimension: coverage, periodicity, and timeliness

6. Table 1 compares Turkey’s data dissemination practices with the data dimension (coverage, periodicity, and timeliness) of the SDDS. Turkey meets the specifications of the data dimension for all data categories, except for data on wages and earnings, and the analytical accounts of the banking sector. Turkey is taking its entitled flexibility options on periodicity and timeliness3 for wages and earnings data, and on timeliness for the analytical accounts of the banking sector. Turkey also takes an entitled flexibility option on the Advance Release Calendar for merchandise trade and balance of payments.4

Table 1.

Turkey: Overview of Current Practices Regarding Coverage, Periodicity, and Timeliness of Data Compared to the Special Data Dissemination Standard

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Note: Periodicity and timeliness: (D) daily; (W) weekly or with a lag of no more than one week from the reference dale or the closing of the reference week; (M) monthly or with a lag of no more than one month; (Q) quarterly or with a lag of no more than one-quarter; (A) annually; and (…) not applicable.
Table 2.

Data Quality Assessment Framework: Summary Presentation of Results

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Key to symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed

7. The periodicity and timeliness of the analytical accounts of the central bank, the balance of payments, international reserves, and domestic debt data, and the timeliness of national accounts, the Consumer Price Index (CPI) and the Producer Price Index (PPI), exceed those prescribed by the SDDS (see Table 1).

Access dimension

8. Advance Release Calendars giving at least one-quarter ahead notice of approximate release dates, and at least a one-week ahead notice of the precise release dates, are disseminated on the IMF’s Dissemination Standards Bulletin Board website, as well as on the SIS’s website at http://www.die.gov.tr/turcat/sdds/sdds.htm.

9. Data are released simultaneously to all interested parties, generally on the websites of the relevant agencies, and on Turkey’s National Summary Data Page (http://www.die.gov.tr/TURCAT/turcat.html)

Integrity dimension

10. The SDDS required disclosure of the terms and conditions under which official statistics are compiled and disseminated in Turkey are available to the public on the website of the SIS in both Turkish and English. The main points of the law and decrees have been translated into English and published in a booklet by the SIS.

11. Practices on internal access prior to public release and ministerial commentary are disseminated on the Dissemination Standards Bulletin Board for the data categories to which they apply. SDDS data disseminated by the SIS and the CBRT are not provided to officials outside the respective agencies before their release to the public.5 Data disseminated by the Treasury and the SPO are shared internally, and with the MOF, for data checking purposes, but are not passed outside those agencies before publication.

12. Data are released without ministerial commentary.

Quality dimension

13. Summary methodology statements for all data categories have been provided to the IMF. For all categories, except the international investment position (for which the transition period is in effect until mid-2002), they have been posted on the Dissemination Standards Bulletin Board and are accessible at http://dsbb.imf.org/summeth.htm. Turkey’s statistical agencies also disseminate component details and relevant data series that facilitate crosschecks and checks of reasonableness for all data categories, as prescribed by the Standard.

Monitoring of data

14. In accordance with the Third Review of the Data Standard Initiatives, the IMF staff began monitoring subscribers’ performance under the SDDS in July 2000. Monitoring is limited to the coverage, periodicity, and timeliness of the data and to the dissemination of Advance Release Calendars.6 Since Turkey came into observance, its dissemination practices have been in observance with the Standard’s requirements, and the dissemination of data on the National Summary Data Page has been timely.

III. Summary Assessment of Data Quality

15. Interest in assessing the quality of data derives from the objectives of complementing the SDDS with a consideration of the quality of the data being disseminated and of focusing more closely on the quality of the data that underpin surveillance of countries’ economic policies. Against this background, the Statistics Department of the IMF has developed a tool to provide a structure and a common language to assess data quality. The DQAF comprises a generic framework,7 and a set of dataset-specific frameworks. The frameworks cover five dimensions of data quality—integrity, methodological soundness, accuracy and reliability, serviceability, and accessibility—and a set of prerequisites.8

16. An assessment of six macroeconomic datasets (national accounts, consumer price index, producer price index, government finance, monetary, and the balance of payments statistics) was conducted using the frame of reference provided by the dataset-specific DQAF. The information resulting from the application of this framework to the Turkish statistical system is presented below, following the structure of the DQAF. Conclusions are also presented in the form of standardized summary tables in which the assessment of data practices is made on a qualitative basis, using a four-part scale (Tables 3.1–3.6, in Volume III).

17. Turkey’s macroeconomic statistics and statistical base are adequate to conduct effective surveillance. Nevertheless, IMF staff identified shortcomings in some statistical practices that have the potential for detracting from the accurate and timely analysis of economic and financial developments and the formulation of appropriate policies.

Prerequisites of quality

This category in the DQAF identifies conditions within the agency in charge of producing statistics that have an impact on data quality. The elements within the category refer to the legal and institutional environment, resources, and quality awareness.

18. The SIS is the centralized agency responsible for the compilation and dissemination of the national accounts, the consumer price index, the producer price index, and various other statistics related to the economic, social and cultural activities of Turkey. Its responsibilities are clearly set out in the Statistics Law No. 53 of 1962 and subsequent legal decrees. Statistical data confidentiality, which is one of the fundamental principles of official statistics, is set forth in Statistics Law No. 53. The SIS also is responsible for establishing the procedures to be followed by other agencies with regard to their major statistical work. Its legal and institutional environment is adequate to support the collection, processing and dissemination of statistics of good quality. Staff resources are adequate, but the available computing technology needs some upgrading, and the departments responsible for the national accounts and price statistics are under-equipped. Quality is a focus in the work of management and staff, as evidenced by the continuous review of current compilations and the various development programs initiated by a dedicated staff. There is some intention to adopt the Total Quality Management Program. Advisory boards composed of representatives from government, academia and the private sector frequently have provided guidance on data quality issues.

19. Government finance statistics are produced by three agencies: the MOF, the Treasury, and the SPO. Data sharing and coordination between the agencies is good, but the lack of clear responsibility for overall compilation and dissemination of statistics leads to a fragmented approach. This problem is to be addressed by a proposed Public Financial Management Law, which is expected to be presented to Parliament in June 2002. Staff and technological resources are adequate, but may need to be supplemented to meet the additional demands that will be entailed by the allocation of principal responsibility for the compilation and dissemination of government statistics to the MOF. Staff involved in compiling government finance statistics need substantial training in the GFS system set out in the Government Financial Statistics Manual, 2001 (GFSM 2001).

20 The compilation and dissemination of monetary statistics and balance of payments statistics are the responsibility of the CBRT and are governed by the terms and conditions of the CBRT Law of 1970 (Law No. 1211), as amended by Law No. 4651 of April 25, 2001. The CBRT Law establishes that data are to be kept confidential and used for statistical purposes only. The Statistics Department of the CBRT is responsible for research on the statistical methodology, compilation, processing, and dissemination of monetary statistics and balance of payments statistics. Staffing is adequate to perform existing tasks, and staff qualifications are adequate. Staff turnover is not high. The Department is equipped with personal computers, which are LAN connected. Computer resources are adequate to perform existing tasks. In September of each year the CBRT undertakes a review of its resources in the context of budgetary planning for the following year. Managers and staff of the CBRT are sensitive to data quality, and conduct their work accordingly. Improvement of data quality is a focus in planning the forward working plan.


Integrity identifies features that support firm adherence to objectivity in the collection, compilation, and dissemination of statistics so as to maintain users’ confidence. Elements refer to the professionalism and ethical standards that should guide policies and practices, which should be reinforced by their transparency.

21. Regarding national accounts and price statistics, the Statistics Law establishes the independence of SIS and provides for measures to ensure the professional integrity of the institution. International standards are referred to in the choice of source data and statistical methods. Professionalism is further promoted by requiring staff to undergo examination before qualifying for promotion. All staff receive formal training in the code of conduct to ensure that ethical standards are understood. The law on Public Servants is also an important ethical standard for the officials of the SIS. It regulates the rights, roles, and responsibilities of public servants as well as prohibitions. The rules governing the collection and dissemination of statistics are published in the Statistics Law and also summarized on the front page of the questionnaires used by the SIS.

22. The MOF, the Treasury, and the SPO compile government finance statistics on an impartial basis, and staff are free from political, or other, influences in choosing the most appropriate sources and methods. However, there are no formal published terms and conditions under which the statistics are collected, processed, and disseminated.

23. Monetary and balance of payments statistics are compiled on an impartial basis and staff are free to choose the most appropriate data sources and statistical techniques. The Code of Conduct for the Staff of the CBRT provides broad ethical guidelines for employees. The CBRT Law, which constitutes the base for the compilation and dissemination of monetary and balance of payments data, is available through the CBRT website. Major changes in methodology, source data, and statistical techniques are announced to the public on the CBRT website at the time the changes are introduced. Data are confidential until the issuance of the press release, which is made solely by the CBRT.

Methodological soundness

Methodological soundness refers to the application of international standards, guidelines, and agreed practices. Application of such standards, which are specific to the dataset, is indicative of the soundness of the data and fosters international comparability. Elements refer to the basic building blocks of concepts and definitions, scope, classification and sectorization, and basis for recording.

24. The overall structure of the national accounts follows the previous international standard (1968 SNA). Implementation of the 1993 SNA/1995 ESA is under way. The scope of the accounts, the delimitation of the economy, the production and asset boundaries, and the classifications and the basis for recording are largely in accordance with the 1968 SNA. There are no accounts for the institutional sectors. Due to data limitations, work-in-progress in agriculture is recorded on the basis of harvested crops, and not all government-related transactions are recorded on an accrual basis.

25. The concepts and definition of the CPI follow the standards set by the 1993 SNA and by the International Labor Organization (ILO) Manual. The scope of the CPI covers expenditures of urban households, excluding those earning very high and very low incomes. Expenditures are classified according to Classification of Individual Consumption by Purpose (COICOP). The market basket includes a representative list of 410 goods and services derived from the Household Income and Consumption Expenditure Survey (HICES) of 1994. Prices collected are transaction prices paid by consumers.

26. The PPI also is based on the System of National Accounts (SNA) concepts for recording and valuation of product prices and weights. For agricultural products, wholesale prices are used instead of farm gate prices and the index is therefore called the wholesale price index. The PPI covers all domestic activities, except services and activities in free trade zones and bonded warehouses (these activities will be included in the next revision). The classification of establishments and products is based on the International Standard Industrial Classification of All Economic Activities, Rev. 3 (ISIC, Rev. 3) and the Classification of Products by Activity. Separate indices are provided for private and public corporations. Stage of processing indices are not yet compiled, but they will be introduced in the next revision. Weights and prices are recorded at basic prices including Value Added Tax (VAT).

27. Government finance statistics are currently produced on an approximate GFSM 1986 basis, although there are some departures from GFSM 1986 classification standards and the nonbudget sector data falls well short of GFSM 1986 requirements for classification detail. These deficiencies mean that only budget sector data are available for fiscal analysis. In the past, substantial quasi-fiscal activity (“duty losses”) was carried out by public corporations, but not shown as a memorandum item in the statistics; more recently, the extent of such activities has diminished, and the “duty losses” are shown transparently.

28. The analytical framework used for compiling monetary statistics reflects concepts and definitions that are, in general, based on the IMF’s draft Guide to Money and Banking Statistics in International Financial Statistics, of December 1984. Following the publication in September 2000 of the Monetary and Financial Statistics Manual (MFSM), the CBRT intends to revise its procedures and formats for collection, compilation, and dissemination of monetary statistics to comply with the new methodology. This involves applying market prices to the valuation of financial assets and liabilities, recording financial derivatives transactions and securities repurchase agreements on-balance sheet, and incorporating accrued interest into the outstanding amount of the financial asset or liability. The separate identification of private nonfinancial corporations and households (including nonprofit institutions serving households), as well as financial derivatives, will also need to be introduced to comply with the new methodology. Flow data are currently not compiled for monetary statistics.

29. Turkey’s balance of payments statistics are compiled in broad conformity with the conceptual framework of the BPM5, except that free trade zones located in Turkish territory are treated as nonresident. Sectorization of institutional units is consistent with BPM5. Nevertheless, the classification of balance of payments statistics is largely in line with BPM4. Transactions are recorded, where possible, at market prices and converted to U.S. dollars at the exchange rate prevailing on the day of transaction or, when appropriate, at the average exchange rates for the reference period, and where possible, valued on an accrual basis. Nevertheless, most services, interest, dividend, and profits are recorded on a cash basis.

30. Foreign currency deposits held with the CBRT by Turkish citizens residing abroad (“Dresdner deposits”) are not yet adequately treated in Turkey’s template on international reserves and foreign currency liquidity (reserve template). The CBRT includes the full amount of these deposits in the reserve template under official reserves assets, but only registers Dresdner deposits with an original maturity of one year or less as predetermined drains. Deposits with an original and remaining maturity of one year or less should be treated as short-term predetermined drains (classified under Section II of the reserve template), and deposits with a remaining maturity of more than one year should be treated as contingent liabilities (classified in Section III of the reserve template). The authorities have confirmed that they will adopt this approach by mid-2002. In addition, commercial banks’ placements at the CBRT from reserve requirements denominated in foreign currency are included in the reserve template under official reserves assets. These placements should also be recorded as contingent liabilities (classified in Section III of the reserve template). The authorities have also agreed to adopt this approach in the near future.

Accuracy and reliability

Accuracy and reliability identifies features that contribute to the goal that data portray reality. Elements refer to identified features of the source data, statistical techniques, and supporting assessments and validation.

31. The source data for compiling the national accounts come from the extensive survey program of the SIS, supplemented with data from administrative, regulatory and other sources. However, the business register is not updated systematically and annual surveys are not timely. A major effort is under way to make better use of administrative data and, in cooperation with Eurostat, to improve the business register. The SIS conducts its own annual and quarterly surveys on government spending (for extra-budgetary and local governments). This may become redundant with the gradual improvement of government finance statistics (see below).

32. The national accounts are based on a system of periodic benchmarks carried forward on a set of quarterly and annual indicators. The current benchmark year is 1990. Constant value-added ratios have been applied since then to several activities. Estimation of value added for many sectors, and of household consumption in general, is carried out at a very high level of aggregation. As a result, deflation is also performed at a high level of aggregation, despite the availability of a wide range of timely price indices. The base year of estimates at constant prices is 1987. Estimates are not seasonally adjusted.

33. The CPI is compiled using sound procedures and methods, with 1994 as the base year. The weights and prices are obtained from comprehensive data sources. The HICES is based on a multistage probability sample of about 30,000 households, while the monthly CPI price survey collects about 90,000 prices on goods and services (including rent). The CPI market basket and weights are updated every seven years. A new HICES was started in 2001, but had to be discontinued because of the deepening crisis in the Turkish economy. The SIS plans to conduct the survey in 2002 and to change its design to a continuous survey based on a smaller sample. It is not yet clear whether the 2002 survey will be sufficiently large to provide the new weights for the current CPI. Either the geographical coverage of the CPI will have to be reduced, or the revision postponed until three years of more comprehensive HICES data are available. The SIS is considering moving to chain linked indices in the next revision.

34. The PPI also is compiled using sound procedures and methods, with 1994 as the base year. The weights and prices are obtained from a comprehensive data collection program. As with the CPI, the PPI products and weights are updated on a seven-year cycle. As before, the staff plan to use the forthcoming revision of the same base for the PPI as for the CPI. Chain linked indices will be introduced at that time.

35. Detailed and timely government finance statistics are available for the budget sector. Source data collection for the nonbudget sector is very difficult because a variety of nonstandard accounting systems are used. Work is under way on the development of a common accounting standard, based on international standards, to simplify the process of collecting data, and to provide the necessary detail.

36. Source data for monetary statistics are derived from accounting records of the CBRT and banks, and based on complete reporting by deposit-taking financial institutions. The source data in principle capture the full range of financial instruments and economic sectors. The data collection system allows timely compilation of monetary statistics. Statistical techniques are automated. The CBRT does not calculate seasonally adjusted monetary data; however, it is examining methods recommended by Eurostat. Within the CBRT there are arrangements in place to ensure the smooth flow of information between the Accounting Department and the Statistics Department. The CBRT verifies that data reporting practices followed by the banks are consistent with the regulations and has systems and procedures in place to ensure quality in the compilation process. The quality of the collection and processing of statistics is monitored through crosschecks.

37. The data sources are broadly sufficient to compile major items of the balance of payments statistics. Based on regulations related to foreign exchange transactions, most of the financial account transactions of the balance of payments can be identified. However, some major transactions of inflows of services, income, and current transfers are not identified and/or properly classified, although banks’ foreign exchange records are periodically reviewed to overcome, to the extent possible, problems of coverage and misclassification. Banks’ foreign exchange records therefore need to be supplemented with estimation techniques and other sources.


Serviceability focuses on practical aspects of how well a dataset meet users’ needs. Elements refer to the extent to which data are relevant, produced and disseminated in a timely fashion with appropriate periodicity, are consistent internally and with other datasets, and follow a predictable revisions policy.

38. The national accounts are consistent internally and through time, timely (exceeding SDDS requirements), and revisions follow a regular schedule. However, the normal revision period is one year, which provides insufficient time to incorporate the results of some surveys. The statistical discrepancy varies between 0.5 percent to 1 percent in the annual GDP estimates at constant prices, and gets progressively larger in the other sets of estimates. The relevance of the program is gauged through an informal national accounts advisory committee, user surveys, and seminars.

39. The CPI and PPI appear to meet users’ needs. The relevance of price statistics is monitored by advisory boards, representatives of the academia, and by Eurostat. They are published promptly and with sufficient detail on the third day of the month following the reference month. Timeliness exceeds SDDS requirements. Consistent time series are available back to 1987.

40. Government finance statistics on the budget sector are adequate to meets users’ needs. There is little knowledge or use of broad-based government finance statistics, possibly because such data cannot be produced easily, or on a sufficiently timely basis. The deficit/surplus and financing figures are compiled on slightly different accounting bases. There is no systematic reconciliation between government finance statistics and related statistics produced in the financial institutions and balance of payments systems. Preliminary and revised data are not clearly identified.

41. Regarding monetary statistics, the analytical accounts of the central bank are disseminated within one week after the reference period, in line with the specifications of the SDDS. A flexibility option is being utilized for the two-month timeliness of the data on the analytical accounts of the banking sector. The central banks’ and commercial banks’ records for claims on, and liabilities to, show discrepancies, because of differences in the time of recording financial transactions. Main breaks and discontinuities in the time series are explained in detail in attached notes/footnotes. Consistency checks with government finance statistics and with balance of payments statistics are rarely conducted. Monthly data of the CBRT are final, whereas banks’ monthly data are subject to revisions throughout the year, and become final the following year.

42. Turkey compiles and disseminates monthly balance of payments statistics, thereby exceeding the periodicity prescribed by the SDDS, with timeliness that meets SDDS requirements. International reserves, the template on international reserves and foreign currency liquidity, and merchandise trade data are compiled and disseminated with the periodicity and timeliness prescribed by the SDDS. Major revisions to balance of payments statistics are announced in the CBRT’s website. There are limited reconciliation processes with other macroeconomic data.


Accessibility deals with the availability of information to users. Elements refer to the extent to which data and metadata are clear and easily available and to which assistance to the user is adequate to help them find and use the data.

43. The national accounts are disseminated via a press release and electronic media simultaneously to all users on the date and time specified in the Advance Release Calendar. The press is not briefed in advance. The Advance Release Calendar for the coming year is posted on the SIS website in September and given in the press release. Data and metadata are made available in various formats. Nonpublished but nonconfidential data are available upon request. Prompt and knowledgeable assistance is provided to users.

44. The CPI and PPI are released on a pre-announced schedule and are made available to all users at the same time. The monthly CPI bulletin and the corresponding SIS website provide the all-item index and detail. User support services are provided for both programs.

45. Very detailed government finance statistics are published for the budget sector. In addition, less detailed statistics, incorporating data for the nonbudget sector, are published in a variety of documents relating to macroeconomic issues and to the budget planning process. However, there is no single place in which to find complete and comprehensive government finance data. Little information is disseminated to inform users of the conceptual basis of the statistics, the data sources used, or the methods employed to compile the statistics.

46. Monetary statistics are disseminated in hardcopy and in electronic format Weekly provisional data are disseminated for the purpose of monitoring the basic balance sheet aggregates of the banking system. Monthly time series are also disseminated on the website of the CBRT. More detailed quarterly data are disseminated in the Quarterly Bulletin, which is available in the Periodic Publication Section of CBRT’s official website. Monetary statistics are released according to an Advance Release Calendar that is posted on the CBRT’s website. Data are released simultaneously to all interested users. Publications, documents, and other services are free of charge. Unpublished and nonconfidential data are made available upon request free of charge. Prompt and knowledgeable service is provided to users. Periodic publications are disseminated on the website of the CBRT.

47. The detailed and summary monthly balance of payments are released simultaneously to all interested parties on the CBRT’s website and through hardcopy publications. Datasets are published with various levels of detail. Analysis of current period developments is included. An Advance Release Calendar that gives the no-later-than date for the next 12 months is disseminated. Summary methodologies and related metadata are regularly reviewed and updated. Publications, documents, and other services are free of charge. Nonpublished but nonconfidential data are available upon request. Prompt and knowledgeable service is provided to users.

IV. Staff Recommendations

Based on the results of the data quality assessment, discussions with the Turkish authorities in the respective statistics-compiling agencies, and responses from data users, the following measures are proposed to increase further Turkey’s adherence to international statistical standards. While all the high priority actions listed below should be tackled with urgency, those regarding Government Finance Statistics needed to be addressed with the greatest immediacy.

Institutional Arrangements

High priority

  • Reconstitute the Supreme Statistical Council on a more active basis than recently, meeting perhaps twice a year and assuming an overall monitoring role over the ad hoc committees that have been set up to advise on specific statistical issues.

  • Identify overlaps and interactions between the various agencies, and within agencies, in the collection and compilation of statistics, and formalize relationships through protocols or committees that would meet according to a regular schedule.

National Accounts

High priority

  • Rebase constant price estimates to 1996, and for the future rebase estimates more frequently or adopt chain volume indices.

  • Introduce revisions to annual and quarterly estimates back to 1996 that are not dependent on the prospective implementation of 1995 ESA. Emphasis should be given to the following:

  • i) introduction of annual industrial survey results;

  • ii) modification of the commodity flow methodology;

  • iii) more detailed estimation and deflation of output and household consumption;

  • iv) more detailed deflation of trade in services, and inclusion of shuttle trade in exports of goods;

  • v) improvement in the estimation of selected aggregates (for instance, building construction, import duties).

Other key recommendations

  • Eliminate single deflation to the extent possible, and replace by double deflation.

  • Compile annual surveys, especially the industrial survey, on a more timely basis.

  • Adopt a three or four year cycle of annual revisions. This would allow input from annual survey results (output and intermediate consumption) into the revision.

  • Adopt a quadratic minimization technique for benchmarking of quarterly to annual estimates, where warranted, and seasonal adjustment of all quarterly national accounts estimates.

  • Coordinate with the MOF on government finance statistics, to ensure consistency of data on a conceptual basis and avoid duplication of efforts.

Consumer Price Index

High priority

  • Strongly support the SIS staff plan to revise the index as soon as possible. The revision should be carried out already on the basis of the 2002 HICES results, even though this may necessitate a reduction in regional detail.

  • Develop over the coming months, in collaboration with the CBRT and SPO, a core inflation CPI on a trial basis

Other key recommendations

  • Support staff plan to introduce geometric means calculations of price averages and to use chain indexing with annual links for index calculation.

  • Improve efficiency by enhancing personal computer capacity, particularly in regional offices.

Producer Price Index

High priority

  • Strongly support the SIS staff plan to revise and expand the weighting schemes for the PPI, including stage-of-processing indices. This should be undertaken in tandem with the CPI revision.

Other key recommendations

  • Review and enhance procedures for the treatment of quality change and of unique or complex products.

  • Support the SIS staff plan to introduce the same calculation methods as for the CPI.

Government Finance Statistics

High priority

  • Clearly assign the responsibility and authority for collecting, processing, and disseminating government finance statistics to one agency.

  • Extend the scope of sub-annual government finance statistics to cover general government.

  • Develop standardized (accrual) accounting systems, and apply to all general government agencies.

Other key recommendations

  • Compile both annual and subannual government finance statistics (covering general government, and its main sub-sectors) based on GFSM 2001; document and make public the terms and conditions governing the collection, processing, and dissemination of these statistics and reconcile them with other macroeconomic statistics.

  • Disseminate all fiscal data within a single (virtual) document.

  • Fully implement GFS classification standards, especially with respect to loan guarantees and extra-budgetary revenue.

Monetary Statistics

High priority

  • Adopt the guidelines of the MFSM on (i) sectorization of the economy; (ii) classification and valuation of financial assets and liabilities; (iii) treatment of financial derivatives; and (iv) accrual accounting.

  • Improve timeliness of reporting of the analytical accounts of the banking sector to the level specified in the SDDS.

  • Implement steps for the calculation of flows (transactions, revaluations arising from price and exchange rate changes, and other changes in the volume of assets).

Other key recommendations

  • Keep under review future developments of investment and development banks and mutual funds (especially Liquid Funds) in the financial system.

Balance of Payments

High priority

  • Compile and disseminate the monthly balance of payments and annual international investment position according to the classification recommended by BPM5

  • Provide advance notice of major changes in methodology, source data, and statistical techniques.

  • Disseminate the data template on international reserves and foreign currency liquidity (reserve template), including (a) deposits held with the CBRT by Turkish citizens residing abroad (Dresdner deposits) with an original and remaining maturity of one year or less under “short-term predetermined drains;” and (b) Dresdner deposits with a remaining maturity of more than one year under “contingent liabilities.” In addition, record commercial banks’ deposits at the CBRT from reserve requirements denominated in foreign currency as “contingent liabilities.”

  • Request additional information through domestic commercial banks from their customers, and conduct enterprise surveys to supplement available data based on banks’ foreign exchange records.

Other key recommendations

  • Define goods according to the breakdown recommended by BPM5.

  • Evaluate appropriate source data and estimation techniques to estimate transactions of free trade zones, goods procured at ports, financial derivatives, and income transactions based on accrual basis, and the c.i.f/f.o.b. factor for valuing imports.


The mission team was headed by Mr. Charles Enoch and included Messrs. Brian Donaghue, Rainer Koehler, Eduardo Valdivia-Velarde (all STA), Ms. Gylliane Gervais and Mr. John Sundgren (experts), and Ms. Paula Winchester (PDR—Administrative Assistant).


A detailed description of the SDDS can be found on the IMF’s Dissemination Standards Bulletin Board on the Internet at http://dsbb.imf.org.


The SDDS allows subscribers the use of two flexibility options in recognition of differences in economic structures and institutional arrangements across countries, i.e., for up to two data categories, a subscriber may obtain exemption from the prescribed levels of periodicity and timeliness.


For up to two data categories a subscriber may indicate why a specific release date is not possible or not viewed as described.


Statistical information can be provided under strict conditions to the State Minister responsible for the SIS only for information on request, before its release to the public, during the printing process of the press release. Metadata on the IMF’s Data Standards Bulletin Board at the time of the mission described an earlier, less restrictive policy; this has since been corrected


Monitoring is carried out against the release dates stated in the Advance Release Calendars and the metadata, i.e., to verify not only that the data are released according to the calendar but also that the data disseminated correspond to the metadata posted on the Dissemination Standards Bulletin Board. Other elements of the SDDS are on a self-disclosure basis by subscribers, that is, the subscribers are asked to confirm on a quarterly basis that their descriptions of their practices are accurate.


Information on data quality can be found at the IMF website on the “Data Quality Reference Site” (http://dsbb.imf.org/dqrs.index.htm).


See also the Generic Framework set out in Appendix I of the accompanying Detailed Assessments volume to this report.