Ukraine
Report on the Observance of Standards and Codes — Data Module; Response by the Authorities; and Detailed Assessments Using the Data Quality Assessment Framework
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International Monetary Fund
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Publication Date:
19 Aug 2003
eISBN:
9781451839029
Language:
English
Keywords:
ISCR; CR; balance of payments; National bank of Ukraine; data category; central government; dissemination practice; weight update; SDDS requirement; Government finance statistics; Special Data Dissemination Standard (SDDS); Monetary statistics; Balance of payments statistics
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The data dissemination module of the Report on the Observance of Standards and Codes (ROSC) provides an in-depth review of Ukraine’s statistical system. The report provides an assessment of Ukraine’s data dissemination practices in relation to the IMF’s Special Data Dissemination Standard (SDDS), and the quality of the data disseminated using the Data Quality Assessment Framework (DQAF) developed by the IMF’s Statistics Department. It also assesses data quality for the national accounts, consumer and producer prices, government finance, monetary, and balance-of-payments statistics.

Abstract

The data dissemination module of the Report on the Observance of Standards and Codes (ROSC) provides an in-depth review of Ukraine’s statistical system. The report provides an assessment of Ukraine’s data dissemination practices in relation to the IMF’s Special Data Dissemination Standard (SDDS), and the quality of the data disseminated using the Data Quality Assessment Framework (DQAF) developed by the IMF’s Statistics Department. It also assesses data quality for the national accounts, consumer and producer prices, government finance, monetary, and balance-of-payments statistics.

I. Introduction

1. This data dissemination module of the Report on the Observance of Standards and Codes (ROSC) provides an in-depth review of Ukraine’s statistical system. The report provides an assessment of Ukraine’s data dissemination practices in relation to the IMF’s Special Data Dissemination Standard (SDDS). In addition, the report provides an in-depth assessment of the quality of the data disseminated using the Data Quality Assessment Framework (DQAF) developed by the IMF’s Statistics Department. The report assesses data quality for the national accounts, consumer and producer prices, government finance, monetary, and balance of payments statistics. This report is based on the information provided to a staff mission during April 3–17, 2002,3

II. Data Dissemination Practices and the Special Data Dissemination Standard

A. Overview of the SDDS

2. Although Ukraine is not yet a subscriber to the SDDS, the authorities have been working closely with the IMF towards subscription.4 Therefore, Ukraine’s data dissemination practices are assessed in terms of the dimensions (data, access, integrity, and quality) of the SDDS (see Box 1). For each dimension, the SDDS prescribes “good practice” elements that can be monitored by users of statistics.5 The IMF’s monitoring of the SDDS as authorized by the Executive Board is limited to the data (the coverage, periodicity, and timeliness) and access (the advance dissemination of release calendar) dimensions.

B. Current Dissemination Practices and Outstanding Issues

3. Ukrainian authorities are planning to subscribe to the SDDS during the second half of 2002. In March 2002, the authorities provided partial draft metadata for 20 of 21 prescribed data categories, advance release calendars (ARCs) for 16 data categories, and summary methodology statements for 13 data categories. In some instances, the metadata provided to the IMF included information on dissemination practices that would be adopted for the purpose of Ukraine’s subscription to the SDDS but have not yet been implemented.6 Therefore, Table 1 assesses Ukraine’s current data dissemination practices in terms of the SDDS requirements. Also, the authorities have posted the National Summary Data Page (NSDP) and ARCs for all data categories on the website of the State Statistics Committee (SSCU). However, the NSDP does not as yet contain data for all SDDS data categories and the ARCs are not regularly updated and, as such, do not fully meet the SDDS requirements. The authorities also are preparing the Data Template on International Reserves and Foreign Currency Liquidity and international investment position (IIP) data, but this information has not been disseminated to the public.7

Table 1.

Ukraine—Data Dissemination Practices Compared to SDDS Requirements

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4. The four agencies responsible for compiling macroeconomic statistics are the SSCU, the Ministry of Finance (MoF), the State Treasury of Ukraine (STU), and the National Bank of Ukraine (NBU).8 With the exception of the STU, access to the data is provided through internet websites: the State Statistics Committee’s website http://www.ukrstat.gov.ua (in Ukrainian); the Ministry of Finance’s website http://www.minfin.gov.ua (in Ukrainian); and the National Bank of Ukraine’s website http://www.bank.gov.ua/ENGL/DEFAULT/htm (in English).

Data dimension: coverage, periodicity, and timeliness

5. Table 1 compares Ukraine’s data dissemination practices to the SDDS requirements for coverage, periodicity, and timeliness of data and the advance dissemination of release calendars. A preliminary review shows that the coverage for many data categories meets the SDDS requirements; the exceptions being the national accounts, industrial production index, consumer and producer prices, merchandise trade (all not disseminated in time-series format), and general government operations (incomplete coverage of nonbudget pension and social security funds).9 All data categories meet or exceed the prescribed periodicity, and most data categories meet or exceed the timeliness requirements, with the exception of the national accounts, analytical accounts of the central bank, and central government operations.

Access dimension

6. A draft ARC for 2002 for all data categories—except the IIP—has been posted on the website of the SSCU. However, information on the dissemination of the analytical accounts of the central bank and central government operations describes future plans and does not correspond to current practices. In addition, many ARCs show no-later-than dates or a five-day range for release, but are not updated the week prior to the release of the data to identify a precise day of release, as required by the SDDS.

Integrity dimension

7. Metadata (in Ukrainian) in SDDS format have been posted on the website of SSCU for the data categories disseminated by that organization. The authorities have not yet posted metadata for other SDDS data categories. The law on the NBU provides information on the terms and conditions under which monetary and balance of payments statistics, as well as international reserves are produced and disseminated, and the law on the budget code for fiscal statistics. However, for these data categories, there is no publicly available information on internal government access to data prior to release or on the identification of ministerial commentary on the occasion of statistical releases. Information on major changes in methodology is provided to users before implementation for monetary statistics, and usually after implementation for fiscal and balance of payments statistics. No information is publicly available on revision policies.

Quality dimension

8. The Ukrainian authorities have provided draft summary methodology statements for 13 data categories that are being reviewed by the IMF’s Statistics Department. A preliminary review of the metadata shows that, in general, the SSCU and the NBU disseminate information showing component details and relevant data series that facilitate statistical cross-checks and provide assurance of reasonableness of all data categories disseminated by these organizations. However, in this respect the information for data disseminated by the MoF/STU is incomplete.

Ukraine—Dimensions and Elements of the Special Data Dissemination Standard

Data dimension (coverage, periodicity, and timeliness)

  • the dissemination of 18 monitorable data categories (from 21 SDDS data categories inclusive of external debt data), including component detail, covering the four main macroeconomic statistical sectors, with prescribed periodicity and timeliness.

Access dimension

  • the dissemination of advance release calendars providing at least a one-quarter ahead notice of approximate release dates, and at least a one-week ahead notice of the precise release dates; and

  • the simultaneous release of data to all users.

Integrity dimension

  • the dissemination of the terms and conditions under which official statistics are produced and disseminated;

  • the identification of internal government access to data before release;

  • the identification of ministerial commentary on the occasion of statistical release; and

  • the provision of information about revision and advance notice of major changes in methodology.

Quality dimension

  • the dissemination of documentation on statistical methodology and sources used in preparing statistics, and

  • dissemination of component detail and/or additional data series that make possible cross-checks and checks of reasonableness.

Subscribers are required to:

  • post description of their data dissemination practices (metadata) on the IMF’s Dissemination Standards Bulletin Board (DSBB). Summary methodology statements, which describe data compilation practices in some detail are disseminated on the DSBB.

  • maintain an Internet website, referred to as the National Summary Data Page, which contains the actual data described in the metadata, and to which the DSBB is electronically linked.

The Fourth Review of IMF’s Data Standards Initiatives summarizes the transition periods in place for the International Investment Position (IIP) and the external debt data categories.

  • For the IIP, the transition period ends on December 31, 2001. Given the IIP data are to be disseminated with annual periodicity and six months timeliness, data for the end-year 2001 must be disseminated no later than June 30, 2002 (or September 30, 2002 provided the subscriber is disseminating quarterly external debt data with a one-quarter lag). In the event that IIP data are based on a fiscal year that is not the same as the calendar year, the first reference period is the fiscal year ending after June 30, 2001, and the dissemination deadline is six months (or nine months) after the end of the reference period (for example, for IIP data based on the fiscal year ending on September 30, 2001, the dissemination deadline is March 31, 2002 or June 30, 2002 provided the subscriber is disseminating quarterly external debt data with a one-quarter lag).

  • For the external debt data category, the transition period ends on March 31, 2003. For sub-annual data categories, data are to be disseminated for the first reference after the end of the transition period. Given that the external debt data category has quarterly periodicity and one-quarter timeliness, data for the quarter ending June 30, 2003 must be disseminated by end-September 2003.

III. Summary Assessment of Data Quality

9. Since mid-2001, the IMF complements the SDDS elements of the ROSC—Data Module with an assessment of data quality based on the IMF’s DQAF. The DQAF comprises a generic framework,17 and a set of dataset-specific frameworks. The frameworks cover five dimension of data quality—integrity, methodological soundness, accuracy and reliability, serviceability, and accessibility—and a set of prerequisites.

10. 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 Ukraine’s 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 1–6) in the Detailed Assessment.

11. Ukraine’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.

12. The SSCU is responsible for the compilation and dissemination of the national accounts, consumer price index (CPI), the producer price index (PPI), and other economic and socioeconomic statistics. Its role and responsibilities are set out in the Statistics Law of Ukraine. Decrees/resolutions/orders of the President and Cabinet of Ministers clearly specify the responsibility for collecting, processing, and disseminating national accounts and ensure proper coordination among data producing agencies for compiling these statistics. The confidentiality of respondents’ data, including those provided for national accounts and price statistics, is protected in the Statistics Law. Management is sensitive to issues regarding quality of national accounts, as evidenced by the various development programs (such as compiling financial accounts and comprehensive supply-use tables). However, staff and technological resources will need to be supplemented to implement these programs on a timely basis. Further, despite recent measures to ensure the efficient use of resources, the SSCU continues to have excessive staff in the regions, as too many surveys continue to rely on complete census or very large counts and data processing involves some duplication. Such staff could be more effectively utilized in headquarters. Presently, there is no body distinct from the SSCU that provides guidance on the quality of the statistical series and on strategies for improving data production. The high powered Statistical Council previously attached to the office of the President could be revived for this purpose.

13. The responsibilities for collecting, processing, and disseminating government finance statistics (GFS) are formally allocated between the MoF, STU, and the SSCU, with the MoF taking the lead. This division of responsibilities works well and is specified in the Budget Code, enacted on June 21, 2001, the Order of the MoF No. 265 amended, and the Statistics Law. Current staff of the Department for Analysis of Budget Execution and the State Debt Department of the MoF dedicated to producing fiscal and government debt statistics are sufficient for current needs. However, more resources would be needed to carry out the Ministry’s plans for migration to the 2001 GFS Manual and meeting SDDS requirements. The authorities have been introducing in stages a Treasury Single Account (TSA), which is expected to be complete for central government from July 1, 2002. Local government transactions should be fully covered from January 1, 2004. In the STU headquarters and regions, there are some 14,500 staff. The extension of the TSA to cover local government expenditure transactions and the planned implementation of a centralized ledger accounting system by end-2002 are estimated to require an increase of about 4,500 staff and computers. There is concern about the ability of the STU to meet targeted implementation dates and operate an increasingly sophisticated system of accounting with a computer stock that is inadequate and aging. Following the introduction of the TSA and its extension to the finances of local government, and the concomitant large increase in staff, an efficiency review of the STU would be necessary.

14. The compilation and dissemination of monetary and balance of payments statistics are the responsibility of the NBU, and are governed by the terms and conditions of the Law of Ukraine on the National Bank of Ukraine, No. 679-XIV of May 1999, as amended on January 10, 2002. The Law on the NBU establishes that individual data of reporting subjects are to be kept confidential and used for statistical purposes only. The Economic Department of the NBU is responsible for the statistical methodology, compilation, processing, and dissemination of monetary and balance of payments statistics. Staffing is adequate to perform existing tasks; staff are qualified. Turnover is not high. The Department is equipped with sufficient personal computers for existing tasks. However, resources are not sufficient to undertake an expansion of the institutional coverage of the monetary accounts and compile the flow of funds for the financial sector. Managers and staff of the Economic Department are sensitive to data quality, and improvement of data quality is a focus in planning the work program.

Integrity

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.

15. Regarding national accounts and price statistics, the Statistics Law provides the legislative basis for the professional independence of the SSCU and forbids state and local authorities, officials, public associations, and other persons from interfering in the work of the SSCU. Nevertheless, official users have continued to exercise undue influence in determining the dissemination practices or revision policies of national accounts. Price statistics’ publications at present give no advance notice of weight updates and methodology changes.

16. Staff of the MoF and the STU have the appropriate professional independence in compiling GFS, and are free to respond publicly to erroneous interpretation of fiscal statistics. No government ministers or officials have access to the data before their release. The MoF publications are clearly labeled as statistical publications, and the individuals involved in the publication are identified on the inside cover. Advance notice of major methodology changes is not published in a form which is readily accessible to users, although it is published in the annual Budget Law.

17. Monetary and balance of payments statistics are compiled on an impartial basis and staff is free to choose the most appropriate data sources and statistical techniques. Guidelines for ethical standards are set up in the Law on the NBU and in the Law on Banks and Banking Activity. The Law on the NBU is available through the NBU website. Major changes in the methodology, source data, and statistical techniques are announced to the public in advance for monetary statistics, and at the time the changes are introduced for balance of payments. Data are confidential until the issuance of the monthly Bulletin of the NBU and their dissemination on the NBU website; however, there is no public awareness that monetary statistics are released to government officials for internal analysis about 10 days prior to their release to the public.

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.

18. The 1993 SNA is the general framework for compiling national accounts. The classifications used are largely in accordance with internationally recommended systems. The delimitation of the economy, the production, and assets boundaries are observed in principle but are not fully implemented because of source data constraints, e.g., lack of adequate coverage of residents working abroad.

19. The concepts and definitions employed in the CPI fit within the requirements of the 1993 SNA and the guidance in Consumer Price Indices; An ILO Manual (1989). The index covers the urban population, which comprises about 68 percent of the total. However, there is no coverage of owner occupied housing. The concepts and definitions employed in the PPI fit within the requirements of the 1993 SNA and broadly follow internationally accepted good practices. The PPI covers 78 percent of the output of the covered industries, and the industry coverage is conventional, comprising mining, manufacturing, utilities, and energy production, but inclusion of more market services activities would be desirable. Both indices implement international classification standards for goods and services, expenditures, institutional units, and establishments.

20. The fiscal statistics in general follow the concepts and definitions of the 1986 GFS Manual. Plans for migration to the 2001 GFS Manual have been drawn up. From 2002 the revised Classification of Functions of Government is to be used for central government, but has yet to be extended to local government, and privatization receipts are to be treated as financing. Published monthly time series relate to budgetary central government, and quarterly statistics relate to general government. The coverage of the budget has varied over recent years and is significantly less than the GFS Manual coverage in all years. The main deficiency is the exclusion of nonbudget pension and social security funds—about one quarter of general government expenditure—from data published domestically.

21. 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. However, the data do not cover banks in the process of liquidation. Following the publication in September 2000 of the Monetary and Financial Statistics Manual (MFSM), the NBU intends to revise its procedures and formats for the collection, compilation, and dissemination of monetary statistics to comply with the new methodology. This involves expanding the coverage to include the accounts of other financial corporations that issue deposit substitutes, separate identification of financial derivatives on-balance sheet, adoption of the terminology consistent with the 1993 SNA and the MFSM, and the compilation of all components of the flow data.

22. Ukraine’s balance of payments statistics are compiled in broad conformity with the conceptual framework of the BPM5. Sectorization of institutional units and classification of transactions are consistent with the BPM5. However, the component details for current transfers are not provided, and inter-enterprises’ receivables and payables are not broken down between trade credits, direct investment loans, and other. Transactions are recorded at market prices and converted to U.S. dollars using average monthly rates for ITRS data. In principle, data are compiled on an accrual basis. Shuttle trade adjustments are made using a data model for imports and bilateral exchange of information for exports, but their quality would be improved using a travelers’ survey. The coverage of residents working abroad is insufficient.

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 validations.

23. The source data for compiling national accounts come from the extensive survey program of the SSCU, supplemented with data from administrative and other sources. The main survey report forms used for national accounts purposes have been revised significantly in recent years to bring them into line with the definitions, scope, and classifications of national accounts data, and the new chart of accounts of enterprises. The fourth quarter national accounts data are compiled using source data for the whole year and national accounts data of the first three quarters. The quarterly data are not seasonally adjusted. Revision studies are conducted, but the procedures for revising the data are not explained. The volume index for manufacturing is still compiled residually from data reported directly by enterprises in constant prices. There are no proper quarterly price indices for exports and imports.

24. The source data for the CPI and PPI follow standard stratified sample design approaches, with cutoff and purposive selections of establishments and products that produce representative samples of prices. Index calculation methodologies employ standard approaches to the production of Laspeyres indices. In line with recent generally accepted good practice in price index compilation, the SSCU updates the weights of both the CPI and PPI annually with data from the previous year, linking them into the PPI in July and into the CPI in August. There are no formal and routine assessments of sample or nonsampling error, but attention is given to following up on nonrespondents; the procedure for handling missing prices arising from seasonal and temporarily unavailable goods needs improvement.

25. Regarding GFS, the budgetary system, which provides the source data for central and general government operations, operates on a cash basis. Data compilation is by way of aggregating accounting data and no special statistical techniques are required. Revisions are minuscule. Since 1998, data on arrears of revenue and expenditure (amounts receivable and payable), classified by economic category and functions have been collected. Data on outstanding debt are taken from the debt database of the State Debt Department.

26. Source data for monetary statistics are derived from accounting records of the NBU and commercial banks and capture the full range of financial instruments and economic sectors. The NBU does not calculate seasonally adjusted monetary data; however, it is examining methods recommended by EUROSTAT. Within the NBU there are arrangements in place to ensure the smooth flow of information between other departments and the Economic Department. The NBU has systems and procedures in place to ensure quality in the compilation process; quality is monitored through cross-checks. The data are final when first published; as such, revision studies are not relevant.

27. The NBU’s data collection program for balance of payments statistics is based on banks’ reporting for international transactions conducted through resident banks and on direct reporting of enterprises for transactions conducted through nonresident banks, supplemented with survey information compiled by the SSCU. High-value transactions reported by banks are systematically monitored, but the reporting threshold for banks to provide payment order information to the NBU does not allow monitoring the accuracy of the classification of transactions below $250,000. The NBU is expected to shortly implement a $50,000 threshold. Merchandise trade data are based on customs reporting procedures. A survey on the stock of inter-enterprises’ receivables and payables is used to derive selected other investment flows. However, the absence of survey information on debt instruments, currency composition, debt maturity, and write-offs for bad debts reduces the quality of these estimates. While the NBU investigates the sources of errors and revisions, no studies are made available on these investigations or on explaining the methods of revising the data.

Serviceability

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.

28. Regarding national accounts, feedback is obtained from the data users, either officially, within the context of various working groups established by the SSCU, or informally. However, users’ surveys are not conducted on a regular basis. The data for the fourth quarter are disseminated more than three months after the end of the reference quarter and need to be made more timely to meet SDDS requirements. Periodicity meets SDDS requirements. Revisions follow a regular schedule. However, the revision period of one year for national accounts does not permit the incorporation of the latest balance of payments statistics that are finalized after 15 months. Similarly, the quarterly national accounts are unable to use the latest results of the household survey that are prepared four months after the end of the reference quarter. Aggregate supply-use tables are used to identify major discrepancies and to improve the consistency of the estimates. The statistical discrepancy is often less than 2 percent of GDP; it is not shown explicitly, but is removed through adjustments in production sectors and expenditure components that have weaker data source base. The national accounts for 2000–2001 have been compiled using the new national classification of economic activities but there were no retrospective adjustments for previous years’ data. The feedback from the users’ survey called for consistent time-series data for a longer period for analysis and model building. Finally, the deflation methodology for quarterly GDP is not consistent with the dissemination of volume measures of GDP expressed in terms of a fixed reference period.

29. Price statistics meet SDDS requirements for periodicity and timeliness, and a variety of breakdowns by product and time comparisons are produced. The CPI’s treatment of seasonally available items could be improved, however, as the current methodology could lead to drift in the index, particularly should these items, mainly fresh fruits and vegetables, increase in relative importance as economic conditions improve. Although a recent Presidential Order on price statistics is aimed at facilitating, among other things, collaboration with users, there is no formal advisory group or users’ survey to assess the relevance of the price programs. There is no published study of the impact of annual CPI-PPI weight updates.

30. The usefulness of the GFS is diminished by the changes in coverage from year to year; nevertheless, the trend has been toward increasing coverage. The feedback from the users’ survey called for more consistent series for analysis and model building. Periodicity and timeliness meet SDDS requirements, except for central government operations that are available with a lag of 25 days but only released after 35 days. There are no formal surveys of user requirements.

31. Regarding monetary statistics, both the analytical accounts of the central bank and the analytical accounts of the banking sector are disseminated with a lag of about 30 days after the end of the reference month. However, the NBU would be able to meet the prescribed SDDS timeliness for the analytical accounts of the central bank, as preliminary aggregates, namely the foreign positions, reserve money, and domestic credit, are available within two weeks after the end of the reference period. Consistency checks with balance of payments statistics are done regularly, while consistency checks with government finance statistics are not undertaken. Moreover, frequent changes in the charts of accounts of the NBU and the commercial banks adversely impact on the consistency of monetary statistics over time.

32. The major aggregates for balance of payments are consistent over time and introduction of new data sources or methodologies leads to backward revisions to the previous two years, according to the revision policy of the NBU. While it has decreased during the last two years, the net errors and omissions component was significant during 1997–99 and, because of difference in timing of revision policies, balance of payments and national accounts data are sometimes inconsistent. Data for the current and previous year are considered to be preliminary and subject to revision. While this policy has been in place for some time, there is no publicly available information describing it. The NBU does not conduct users’ survey to assess the relevance of its statistics. Significant revisions to the series are highlighted using footnotes to the statistical tables, although there is a need for the provision of additional information on various adjustments and revisions to the data.

Accessibility

Accessibility deals with the availability of information to users. Elements refers 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.

33. The dissemination of the national accounts, the CPI, and the PPI, and the corresponding metadata is not fully adequate; the data are not disseminated in time-series format, i.e., volume measures and index series are not disseminated in relation to a fixed reference period. The national accounts data and metadata are available in a range of publications and in electronic form. Documentation for the CPI and PPI is available but is not timely and could be more comprehensive. Nonpublished but nonconfidential data are available upon request from the contact persons for the national accounts and price statistics.

34. An advance release calendar is being developed by the SSCU, which will include fiscal data release dates, but it is not yet operational. The format of the monthly fiscal statistics is aimed at the short-term requirements for monitoring the execution of the budget in the current year. Users would need to make a substantial effort to assemble the data required for broader fiscal analysis, and long-term analysis would be virtually impossible. Data are released simultaneously to all interested parties and unpublished sub-aggregates are made available upon request, although their availability is not publicized. Documentation exists only in the form of the Budget Code and Laws, and summary notes in some of the periodicals; there is no comprehensive presentation of methodology. Metadata in the SDDS format have not been posted on the MoF’s website. Compilers in the MoF are named as contact points in statistical publications, but no catalogue of publications has been issued.

35. Monetary statistics are disseminated in hard copy and in electronic format. More detailed data are disseminated in the monthly Bulletin of the NBU. There is no ARC to provide information on the release of monetary statistics; however, the NBU strictly follows an internal publication schedule, of which users are aware. Data are released simultaneously to all interested users. Unpublished and nonconfidential data are made available upon request free of charge. The monthly Bulletin of the NBU contains a short description of all terms used in the tables for monetary statistics; however, this does not provide users with information on the framework for the compilation and presentation of monetary statistics.

36. The NBU’s Balance of Payments of Ukraine publication contains quarterly balance of payments data according to the BPM5 standard presentation with additional statistical tables on merchandise trade and shuttle trade. An analysis of recent trends as well as notes on sources and methods are provided in the publication. An advance release calendar is not provided to users, although they are generally aware that the quarterly data are disseminated with a lag of 75–80 days. The data are released simultaneously to all interested parties. Few additional details are available for balance of payments, but details can be provided by the SSCU on direct investment and merchandise trade, although these data are not consistent with those included in the balance of payments because of adjustments made by the NBU to comply with the recommendations of the BPM5.

IV. Staff’s Recommendations

37. Based on the results of the data quality assessment, discussions with Ukraine’s authorities in the statistics-compiling agencies, and responses from data users, the following measures are proposed to increase further Ukraine’s adherence to international statistical standards.

General Recommendations:

  • Take remaining measures to be able to subscribe to the SDDS, including regularly updating the information contained in the NSDP and ARCs posted on the SSCU’s website; disseminating the Data Template on International Reserves and Foreign Currency Liquidity and the IIP; establishing an interagency committee to determine the assignment of roles and responsibilities for the compilation and dissemination of quarterly external debt data; disseminating volume measures and index series in relation to a fixed reference base.

  • Conduct users’ surveys on a regular basis to review the relevance and practical utility of existing statistics in meeting users’ needs.

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

National Accounts

High priority

  • Further revamp the data collection and production environment, in particular, in terms of greater use of sample surveys and improving data flow management and processing.

  • Revive the high powered Statistical Council to provide guidance on the quality of the statistical series and on strategies for improving data production.

  • Strengthen the independence of the SSCU to prevent official users from unduly influencing decisions on methodological issues such as dissemination practices and revision policies.

  • Compile seasonally adjusted measures of GDP.

Other key recommendations

  • Compile the fourth quarter national accounts from source data that are consistent with the source data of the first three quarters.

  • Improve the timeliness of national accounts for the fourth quarter to meet SDDS requirements.

Consumer Price Index and Producer Price Index

High priority

  • For the CPI, implement procedures in regional offices to impute prices of each missing variety of good or service from month to month until it is decided that the variety is permanently missing; this is particularly relevant for seasonally available items, such as fresh fruits and vegetables.

Other key recommendations

  • For the PPI, incorporate more market service-producing activities over time.

Government Finance Statistics

High priority

  • Re-disseminate annual data for general government for 1999–2001 based on the format for submission to the IMF GFS Yearbook; these data include nonbudget pension and social security funds. Also, publish more extensive documentation of definitions, sources, and methods to enhance accessibility of the data for users.

  • Incorporate nonbudget social security funds in the disseminated data on central government operations and work towards improving the timeliness of these data.

Other key recommendations

  • Set target dates for the separate stages of the development plan for migration to the 2001 GFS Manual and give priority to their implementation, including the allocation of the required resources.

  • Review possibility for redeploying resources for implementing the development plan and coping with the increased workload arising from bringing local government into the TSA.

Monetary Statistics

High priority

  • Improve the timeliness of the analytical accounts of the central bank to meet SDDS requirements using the daily accounting records excluding internal organizations.

  • Disseminate information on the compilation of monetary data, including on major aggregates and differences from internationally accepted standards.

  • Establish a migration plan to adopt the recommendations included in the MFSM 2000.

Other key recommendations

  • Expand the coverage of the monetary data to include nonbank financial institutions issuing deposit substitutes and compile and disseminate flow data. Increase human and budgetary resources for these purposes.

  • To enhance the consistency of monetary data, limit changes in the charts of accounts of the NBU and commercial banks to twice a year, and prepare backward revisions.

  • Separately identify information on financial derivatives.

  • Verify consistency of monetary statistics and government finance statistics on a regular basis.

Balance of Payments

High priority

  • Implement a lower reporting threshold for banks to provide information on payment orders for high-value transactions.

  • Implement a travelers’ survey to improve the quality of shuttle trade, compensation of employees, and travel estimates.

  • Expand the survey form on inter-enterprise arrears to include information on financial instruments, currency composition, debt maturity, and write-offs of bad debts. Reduce response burden by conducting the survey on a quarterly basis and adopting sampling techniques.

Other key recommendations

  • Increase the component details of current transfers.

  • Review the FDI survey with a view to recording inter-enterprises’ direct investment loans under FDI instead of under other investment.

  • Prepare and regularly publish revision studies to provide additional information on the sources and magnitude of revisions and explain the impact of new data sources.

Table 2.

Ukraine—Data Quality Assessment Framework: Summary Presentation of Results

Key to symbols: NA = Not Applicable; O = Practice Observed; LO - Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Not Observed; SDDS = Complies with SDDS Criteria

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Ukraine has subscribed to the SDDS on January 10, 2003 and has since been in observance of all aspects of the Standard, including the dissemination of advance release calendars (ARCs) and prescribed data categories on a National Summary Data Page in accordance with the release dates specified in the ARCs.

2

The national accounts volume measures, the industrial production index, the consumer and producer price index are now expressed in terms of a fixed reference period (2001=100).

3

The mission team includes Messrs. Di Calogero (head), Zieschang, Khawaja, Kucera, Piché, Doggett (expert), and Ms. Tayas (staff assistant).

4

Ukraine has subscribed to the SDDS on January 10, 2003.

5

See Guide to the Data Dissemination Standards (Module 1: The Special Data Dissemination Standard), IMF, May 1996. Also, the Fourth Review of IMF’s Data Standards Initiatives, page 19, summarizes the transition periods in place for the International Investment Position and the external debt data categories.

6

Because the ROSC provides a “snap shot” assessment of a country’s statistical system at a particular point in time, prospective or planned improvements cannot be included in the assessment.

7

Since its subscription to the SDDS in January 2003, Ukraine has been in observance of all aspects of the Standard, including the dissemination of advance release calendars and prescribed data categories—including the Data Template and IIP—on a National Summary Data Page in accordance with the release dates specified in the ARCs.

8

The share price index is compiled and disseminated by the First Securities Trading System at http://www.pfts.com/ukr.

9

The coverage of these data categories have met the SDDS requirements prior to Ukraine’s subscription.

10

Prior to subscribing to the SDDS in January 2003, Ukraine has started disseminating data expressed in terms of a fixed reference period.

11

Prior to subscribing to the SDDS in January 2003, Ukraine has been updating the ARCs on a regular basis.

12

Prior to subscribing to the SDDS in January 2003, the authorities have taken steps to include social security funds in the 2001 general government operations’ data.

13

Prior to subscribing to the SDDS in January 2003, Ukraine has started disseminating data that meet the timeliness requirements of the Standard.

14

At the time of subscription to the SDDS, Ukraine availed itself of a flexibility option for the timeliness of the analytical accounts of the central bank data.

15

Given that data are widely available from private sources, dissemination of official producers may be less time-sensitive.

16

Prior to subscribing to the SDDS in January 2003, Ukraine has started disseminating data that meet the requirements of the Standard.

17

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

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Cover IMF Staff Country Reports
Ukraine: Report on the Observance of Standards and Codes — Data Module; Response by the Authorities; and Detailed Assessments Using the Data Quality Assessment Framework
Author:
International Monetary Fund
Volume/Issue:
Volume 2003: Issue 256
Publisher:
International Monetary Fund
ISBN:
9781451839029
ISSN:
1934-7685
Pages:
170
DOI:
https://doi.org/10.5089/9781451839029.002