Data dimension: coverage, periodicity, and timeliness

6. The coverage, periodicity, and timeliness for macroeconomic data in Peru are summarized and compared with SDDS specifications in Table 1. Peru meets the SDDS specifications for the data dimension for all data categories, using flexibility options for the periodicity and timeliness of the data on wage and earnings and for the timeliness of the data on central government operations. (See footnote 1.)

Table 1.

Peru: Overview of Current Practices Regarding Coverage, Periodicity, and Timeliness of Data Compared to the SDDS

Periodicity and timeliness: (D) daily; (WD) with a lag of no more than one working day; (W) weekly or with a lag of no more than one week from the reference data 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.

¹Refers to current practices in Peru.

²Given that the data are broadly disseminated by private means, the timeliness with which official data are disseminated is not time critical. Although dissemination is recommended via recorded telephone messages or by fax, the dissemination of these data may form part of other dissemination mechanisms (preferably, high frequency).

Table 1.

Peru: Overview of Current Practices Regarding Coverage, Periodicity, and Timeliness of Data Compared to the SDDS

SDDS Data Category	Coverage (meets SDDS requirements)	Periodicity		Timeliness		Comments
		SDDS	Peru1	SDDS	Peru1
Real Sector
National accounts	Yes	Q	Q	Q	8 W	Timeliness exceeds SDDS requirements.
Production index/indices	Yes	M	M	6W (M encouraged)	5–6W
Employment	Yes	Q	M	Q	4-6 W	Periodicity and timeliness exceed SDDS requirements.
Unemployment	Yes	Q	A	Q	15-20D	Flexibility option for timeliness and periodicity.
Wages/earnings	Yes	Q	M	Q	1 Y	Periodicity and timeliness exceed SDDS requirements.
Consumer price Index	Yes	M	M	1M	1 WD	Timeliness exceeds SDDS requirements.
Producer price index	Yes	M	M	1M	1 WD	Timeliness exceeds SDDS requirements.
Fiscal Sector
General government operations	Yes	A	Q	2Q	8W	Periodicity and timeliness exceed SDDS requirements.
Central government operations	Yes	M	M	1M	5-6 W	Flexibility option utilized for timeliness of the data. (See footnote 1.)
Central government debt	Yes	Q	Q	1Q	8 W	Timeliness exceeds SDDS requirements.
Financial Sector
Analytical accounts of the banking sector	Yes	M	W	1M	3–4 W	Periodicity exceeds SDDS requirements.
Analytical accounts of the central bank	Yes	M (W recommende d)	W	2W (W encouraged)	1W	Periodicity and timeliness exceed SDDS requirements.
Interest rates	Yes	D	D	D	D
Stock market	Yes	D	D	2	D
External Sector
Balance of payments	Yes	Q	Q	1Q	8W	Timeliness exceeds SDDS requirements.
International reserves	Yes	M (W recommende d)	D	1W	1W	Periodicity exceed SDDS requirements.
Reserves template	Yes	M	W	1M	5WD	Periodicity and timeliness exceed SDDS requirements.
Merchandise trade	Yes	M	M	8W (4–6W encouraged)	5-6W	Timeliness exceeds SDDS requirements.
International invest. position	Yes	A (Q recommende d)	Q	2Q (Q encouraged)	8W	Periodicity and timeliness exceed SDDS requirements.
Exchange rates	Yes	D	D	2	D	Spot exchange rate
Addendum: Population	Yes	A	A	…	2Q	Projection based on national census (every 10 years) and the annual Health and Demographic Survey.

Periodicity and timeliness: (D) daily; (WD) with a lag of no more than one working day; (W) weekly or with a lag of no more than one week from the reference data 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.

¹Refers to current practices in Peru.

²Given that the data are broadly disseminated by private means, the timeliness with which official data are disseminated is not time critical. Although dissemination is recommended via recorded telephone messages or by fax, the dissemination of these data may form part of other dissemination mechanisms (preferably, high frequency).

View Table

Table 1.

Peru: Overview of Current Practices Regarding Coverage, Periodicity, and Timeliness of Data Compared to the SDDS

SDDS Data Category	Coverage (meets SDDS requirements)	Periodicity		Timeliness		Comments
		SDDS	Peru1	SDDS	Peru1
Real Sector
National accounts	Yes	Q	Q	Q	8 W	Timeliness exceeds SDDS requirements.
Production index/indices	Yes	M	M	6W (M encouraged)	5–6W
Employment	Yes	Q	M	Q	4-6 W	Periodicity and timeliness exceed SDDS requirements.
Unemployment	Yes	Q	A	Q	15-20D	Flexibility option for timeliness and periodicity.
Wages/earnings	Yes	Q	M	Q	1 Y	Periodicity and timeliness exceed SDDS requirements.
Consumer price Index	Yes	M	M	1M	1 WD	Timeliness exceeds SDDS requirements.
Producer price index	Yes	M	M	1M	1 WD	Timeliness exceeds SDDS requirements.
Fiscal Sector
General government operations	Yes	A	Q	2Q	8W	Periodicity and timeliness exceed SDDS requirements.
Central government operations	Yes	M	M	1M	5-6 W	Flexibility option utilized for timeliness of the data. (See footnote 1.)
Central government debt	Yes	Q	Q	1Q	8 W	Timeliness exceeds SDDS requirements.
Financial Sector
Analytical accounts of the banking sector	Yes	M	W	1M	3–4 W	Periodicity exceeds SDDS requirements.
Analytical accounts of the central bank	Yes	M (W recommende d)	W	2W (W encouraged)	1W	Periodicity and timeliness exceed SDDS requirements.
Interest rates	Yes	D	D	D	D
Stock market	Yes	D	D	2	D
External Sector
Balance of payments	Yes	Q	Q	1Q	8W	Timeliness exceeds SDDS requirements.
International reserves	Yes	M (W recommende d)	D	1W	1W	Periodicity exceed SDDS requirements.
Reserves template	Yes	M	W	1M	5WD	Periodicity and timeliness exceed SDDS requirements.
Merchandise trade	Yes	M	M	8W (4–6W encouraged)	5-6W	Timeliness exceeds SDDS requirements.
International invest. position	Yes	A (Q recommende d)	Q	2Q (Q encouraged)	8W	Periodicity and timeliness exceed SDDS requirements.
Exchange rates	Yes	D	D	2	D	Spot exchange rate
Addendum: Population	Yes	A	A	…	2Q	Projection based on national census (every 10 years) and the annual Health and Demographic Survey.

Periodicity and timeliness: (D) daily; (WD) with a lag of no more than one working day; (W) weekly or with a lag of no more than one week from the reference data 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.

¹Refers to current practices in Peru.

²Given that the data are broadly disseminated by private means, the timeliness with which official data are disseminated is not time critical. Although dissemination is recommended via recorded telephone messages or by fax, the dissemination of these data may form part of other dissemination mechanisms (preferably, high frequency).

7. In view of the recent enhancements to the SDDS, the mission took the opportunity to discuss with the authorities the data provided under the Data Template on International Reserves and Foreign Currency Liquidity (Data Template). The mission found that liquidity requirements on foreign currency deposits held with the CRBP by resident banks are properly recorded in official reserve assets. However, the concepts and definitions of the Operational Guidelines for the Data Template on International Reserves and Foreign Currency Liquidity are not followed strictly. The CRBP includes the full amount of the liquidity requirements in the Data Template under official reserves assets, but does not register the contingent net drain, as specified in Section III of the Data Template. The basis for the recording of interest for official reserve assets does not follow the accrual principle recommended by BPM5 and the Operational Guidelines. The Data Template is compiled and disseminated with the periodicity and timeliness prescribed by the SDDS; however, Sections II and III of the Data Template on predetermined and contingent net flows are not updated for the last three weeks of the month.

Access dimension

8. Advance release calendars that meet the SDDS requirements are disseminated on the website and the Weekly Bulletin of the CRBP and are redisseminated on the IMF’s DSBB (http://dsbb.imf.org/applications/web/sddsctycatarclist/?strcode=PER). Peru meets the SDDS requirements for access to data by the public. In general, data are released simultaneously to all interested parties on the website of the CRBP and on Peru’s NSDP (http://www.bcrp.gob.pe/).

Integrity dimension

9. The SDDS requires the disclosure of information on terms and conditions that govern the collection, compilation, and dissemination of data, including the confidentiality of the data collected. The terms and conditions under which most official statistics are compiled and disseminated in Peru are not sufficiently publicized. Government officials’ internal access to some statistics prior to public release is not made known to the public. Data released by the Peruvian statistics-producing agencies are generally not accompanied by ministerial commentary.

Quality dimension

10. Summary methodology statements for all SDDS data categories have been provided to the IMF and have been posted on the DSBB. In addition, methodological information and explanatory notes on changes in methodology are also disseminated by the CRBP and by the NISI through publications and the Internet. Peruvian statistics-producing agencies also disseminate component details and additional data series that make possible cross-checks and checks of reasonableness for all data categories prescribed by the SDDS.

Monitoring of data dissemination

11. In accordance with the IMF Executive Board’s Third Review of the SDDS, the IMF staff began monitoring performance under the SDDS beginning in July 2000.⁵ 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 DSBB. During July 2000–December 2002, Peru’s dissemination practices were in observance of SDDS requirements for most of the period; in some cases, there were delays in the dissemination of data on the NSDP, especially those corresponding to the labor market. Technical problems also contributed to occasional delays.

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.

14. A series of laws and legislative decrees define the legal and institutional environment for the compilation of national accounts statistics, the consumer price index (CPI), and the wholesale price index (WPI). In 1969, the Legal Decree No. 17532 established the National Office of Statistics and Census under the Ministry of Finance as the office responsible for national accounts statistics and price indices. In December 1975, the National Office of Statistics and Census was transformed into the National Institute of Statistics (NIS), placed directly under the Prime Minister. The responsibilities of the NIS were expanded in April 1990 to include informatics. In general, the legal and institutional environment for the NISI is adequate for producing national accounts and price statistics. However, the information required for updating and maintaining the business register is available at the tax authority, but not accessible to the NISI due to legal restrictions regarding confidentiality. The institutional organization for compiling national accounts statistics is highly decentralized, and formal mechanisms for inter-agency coordination are weak, which has led to some duplication of efforts. The laws protect the confidentiality of individual respondent’s data and provide a legal mandate for reporting.

15. The scarcity of computing and human resources in NISI has lead to inefficiencies in the collection, processing, and dissemination of data. Even though the staff is working at full capacity, resources are insufficient for making needed improvements in the national accounts and price statistics, particularly with regard to adopting the System of National Accounts 1993 (1993 SNA) fully, updating weights for price indices, and replacing the WPI with a producer price index (PPI). Although access to training in statistical methodologies is limited, extensive technical assistance from bilateral donors has been received in recent years.

16. Although the NISI has not established an official program of quality awareness, e.g., total quality management, many elements of such a program are already in place, especially for monitoring data collection, processing, and dissemination of the CPI and national accounts statistics. Monthly quality assurance visits by central office staff to the field have been implemented for the CPI but not as yet for the WPI. Even though the National Statistical Policy for 2002-2006 places strong emphasis on data quality, regular procedures to obtain feedback from users and formal mechanisms for assessing and improving the quality of the WPI and the national accounts statistics need to be strengthened.

17. The Constitution of the Republic, the Charter of the CRBP, the CRBP Internal Regulations, and the CRBP Regulations on Institutional Representation, Confidentiality and Interest Conflict provide the CRBP with a solid legal and institutional environment for the collection, processing, and dissemination of monetary and balance of payments statistics and, to a lesser extent, government finance statistics (GFS). This legal framework supports the confidentiality of the respondent’s data and their exclusive use for statistical purposes, and provides a clear mandate to ensure statistical reporting. However, the coordination between the CRBP and the Superintendency of Banks and Insurance Companies (SBIC) could be enhanced to avoid duplication of effort in the validation of balance sheet data and to collaborate on future improvements to the plan of accounts for commercial banks. Although the laws require that the CRBP report regularly on the state of the nation’s finances, they do not explicitly assign the responsibility for compiling and disseminating GFS to the CRBP. As a result of recent legislation aimed at promoting fiscal transparency and widespread availability of fiscal statistics, over the past two years the MEF has begun to compile and disseminate some fiscal statistics and has plans to expand this activity to cover the entire range of GFS. However, the legislation does not clearly assign the responsibility to compile GFS to the MEF. The lack of coordination between the CRBP and the MEF concerning the fiscal statistics leads to duplication of effort and confusion among users.

18. The human, financial, and computing resources allocated to the existing program of statistics at the CRBP are adequate and are used efficiently. Staff have solid academic backgrounds and significant experience. The CRBP has well-established recruitment and training programs, and the salaries are competitive compared with the private sector. Systems and programs for compiling and analyzing the statistics are updated regularly. Although no cost is imputed to the generation of individual statistics, over the years the CRBP has been able to streamline the structure and resources allocated to statistical activities. Efforts are being made to upgrade the computer systems, including the recent acquisition and implementation of new software to manage the macroeconomic databases.

19. Although the CRBP does not have a mission statement for its statistical work, the authorities promote quality awareness as a key factor for maintaining public confidence and trust in the statistics. This is evidenced by the existence of procedures for quality control at every stage of data production and dissemination. Even though no formal surveys on data quality are undertaken, feedback is sought through regular contacts with users.

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.

20. NISI has a tradition of professionalism. The Regulations, Organization, and Functions of NISI specify standards of conduct for employees with regard to confidentiality, management of statistical data, and avoidance of influence of third parties. Also, sanctions are specified for abuse of official data and violation of confidentiality. In addition, there are specific standards set within NISI with regard to professional behavior, courtesy toward respondents, integrity, impartiality in hiring, execution of official duties, and the avoidance of influence by third parties. Staff participate in conferences and meetings with other professional groups. Choices of sources and statistical techniques are made solely on the basis of statistical considerations. NISI comments on inaccurate interpretation and misuse of published data. Furthermore, NISI makes every effort to provide to its users in-depth explanations of statistical series and their proper use in analysis. NISI has established an office of information and institutional image.

21. With regard to transparency, the terms and conditions under which NISI compiles and disseminates statistics are available to the public in NISI publications and its website. However, dissemination procedures that lead to selected government agencies obtaining access to statistics prior to their release are not made known to the public. Although NISI indicates that the approval process for published index series is entirely internal, a number of high level government officials have embargoed access to these series on the day before they are released publicly. The list of individuals receiving privileged access is not publicized. Statistical outputs of the NISI are clearly identified as such; however, the CRBP does not clearly identify NISI as the source of monthly GDP, annual national accounts, and price statistics in its website and Weekly Bulletin.⁸ Advance notice of important changes in source data, methodology, and statistical techniques for price indices is given to users; however, for national accounts statistics, advance notice is only given in the case of implementing a program for changing the base year. The legal framework provides guidelines on ethical standards, which are made known to the staff.

22. The statutory provisions under which the CRBP compiles statistics support the highest standards of professionalism. The legal framework is adequate for ensuring the autonomy of the units in charge of compiling statistics, and professional competence is a key requirement for hiring new staff, as well as for promotions within the institution. The statistics in the CRBP are compiled on an impartial basis, and the selection of data sources is dictated purely by statistical considerations. Although the CRBP does not actively pursue clarification of erroneous interpretations and misuse of statistics, it is entitled to clarify interpretations and provides users with explanatory material.

23. Regarding transparency, the terms and conditions under which statistics are compiled and disseminated are available to the public on the website of the CRBP. No government agency outside the CRBP has access to the statistics before their release to the public, and no ministerial commentary is attached to the release of the data. The CRBP is clearly identified as the source of fiscal, monetary, and balance of payments statistics in its publications and website. Major changes in source data, data classification, and statistical techniques are announced only with the release of data. Guidelines on ethical standards for CRBP staff are in place and are made known to the staff.

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 national accounts statistics partially follow the concepts and definitions of the 1993 SNA. In terms of scope, the complete sequence of accounts for the total economy is not compiled. Peru does not publish input-output tables or detailed supply and use tables on a regular basis. The most recent input-output table has a base year of 1994. Measures of quarterly GDP by the production and expenditure approaches are compiled on a regular basis, based on the NISI’s monthly production index, measured through output volume indicators with incomplete coverage. The production and assets boundaries are not fully in accordance with the 1993 SNA. Production of manufactured goods for own final consumption, production of computer software, intellectual production, and illegal output sold are not covered; valuables and historical monuments, patented entities, systems and data bases are not included in the assets boundary. The coverage of informal activities is limited. Classification and sectorization systems broadly follow international standards. However, there are a few exceptions, such as the lack of a functional classification of government final consumption expenditures and the erroneous classification of auxiliary financial services as services to enterprises. The basis for recording is broadly in accordance with the 1993 SNA, except for government revenues and external transactions other than goods, which are recorded on a cash basis. Work in progress is only recorded for permanent crops, and agricultural output is not adjusted from crop year to calendar year. Grossing and netting procedures are adhered to insofar as the source data permit.

25. In general, the CPI is based on internationally accepted concepts, definitions, practices, and standards. With regard to scope, separate indices are calculated for metropolitan Lima and 24 departmental-capital cities. These indices are combined to produce a national-level index that represents the entire urban population of Peru. The index weights reflect all types of expenditure relating to personal consumption. However, imputed rent for owner-occupied housing is not included in the weighing structure of the index for Metropolitan Lima. Although the classification system has not yet been updated to the Classification of Individual Consumption by Purpose (COICOP), a comprehensive concordance has been constructed for conversion from the current system to the latest version of COICOP. The basis for recording meets international standards, with the exception of the recording of automobile sales, which are not netted out from purchases for the CPI weights.

26. The WPI covers domestic production and imports. There is a mixture of price concepts as both producer and wholesale prices are used for its compilation. In terms of scope, the WPI includes only agricultural production, fishing, and manufacturing. Mining and oil extraction activities, electricity and water production, and public transportation and communications are excluded from the index. All classifications for the WPI are based on ISIC Rev. 3. The basis for recording of stocks and flows for both the calculation of weights and for the prices used in the index is in accordance with international standards. Market prices are used for determining values, recording is on an accrual basis, and proper grossing/netting procedures are employed.

27. The concepts and definitions used in the compilation and dissemination of GFS by the CRBP follow the recommendations of A Manual on Government Finance Statistics 1986 (GFSM 1986). The authorities will evaluate, in due course, the timing and possible method of migration to the Government Finance Statistics Manual 2001 (GFSM 2001). Regarding the scope, GFS are compiled and disseminated for the budgetary central government, extra-budgetary accounts (rest of the central government), consolidated central government, local governments, nonfinancial public enterprises, and the nonfinancial public sector. Published data do not follow the breakdown recommended by the GFSM 1986 in some aspects, mainly because (i) there is no functional classification of expenditure, (ii) the financing and debt tables have a combined presentation using partial data by type of debt holder and by type of instrument, and (iii) limited detail is provided for most aggregates. Compilation is based on full data coverage in most cases. Classification and sectorization for revenue and expenditure, though not for financing transactions, follow the recommendations of the GFSM 1986. GFS data are provided separately for each level of government. The basis for recording the GFS follow, to a large extent, international guidelines.

28. Although the analytical framework for monetary statistics reflects concepts and definitions that broadly follow the Monetary and Financial Statistics Manual (MFSM), the full adoption of the MFSM methodology has not been completed. The scope of the depository corporations survey is currently limited to the CRBP and commercial banks, and excludes nonbank deposit-taking institutions and money market funds. However, all depository corporations are included in the financial survey. The classification of financial instruments and the sectorization of institutional units do not always follow the recommendations of the MFSM; in particular, the definition of the nonfinancial private sector in the depository corporations survey erroneously includes some depository corporations and other financial intermediaries. The basis for recording flows and stocks is largely consistent with the MFSM, although some asset and liability positions are valued at historical costs rather than market prices. Accrued interest is not included in the outstanding value of financial instruments.

29. The concepts and definitions of balance of payments statistics largely follow the methodology described in the fifth edition of the Balance of Payments Manual (BPM5). The few exceptions are assessed on a regular basis and, where possible, data supplied to international organizations are adjusted to standard concepts. The scope is in accordance with the BPM5, except for the exclusion of assets held abroad and land acquisition abroad by residents. The classification of the financial account in the balance of payments does not fully conform with BPM5 recommendations. The classification of direct investment sub-items also departs from the BPM5 in that liabilities to affiliated enterprises are not separately identified. Regarding the basis for recording, most transactions are recorded at market prices and are converted to U.S. dollars at the exchange rate prevailing on the day of the transaction or, when appropriate, at the average exchange rate for the reference period. Transactions are generally valued on an accrual basis; however, services, interest, and external debt transactions are recorded on a cash basis.

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.

30. Except for mining, electricity, and financial and governmental services, the availability of source data for the national accounts statistics is rather limited, due to the lack of an adequate business register and insufficient resources to visit establishments. Also, response rates for some surveys are low due, in part, to collection methods based on voluntary response to announcements in the press. The available source data are generally consistent with the definitions, scope, and classifications needed for national accounts statistics, except for the inadequate ISIC classification of data from National Tax Superintendency (SUNAT). In addition, data are not available on a timely basis for annual estimates. Even though the quarterly accounts have benefited from some improvements in the timeliness of short-term indices, the coverage is very limited. Improved short-term statistics on wages, prices, government employment, production of services, changes in inventories, and household final consumption expenditures are needed. Peru had a comprehensive range of economic statistics as of 1994, the base year for present GDP estimates. However, since 1994, the statistical techniques have been largely based on extrapolation. Intermediate consumption is usually compiled as a fixed proportion of output, and the single indicator method is used to estimate GDP at constant prices. Estimates for informal, hidden, and uncovered activities are indirectly made through employment data and upward adjustments for these activities are introduced. Also, allocation of harvests over time is inaccurate. Assessment and validation of source and intermediate data and statistical products are hampered by the lack of a business register, which limits the representativeness of samples, and by the lack of detailed supply and use tables for investigating discrepancies in the statistical output. Changes in inventories are mainly determined as a residual. The magnitude of revisions in the preliminary data is investigated, but no formal studies are prepared.

31. Source data for both weights and prices in the CPI are based on comprehensive surveys. The weight structure is rather old; it is derived from the 1993-94 “Encuesta Nacional de Propósitos Multiples” (ENAPROM). A three-stage stratified sampling procedure was used to select approximately 40,000 urban households that are interviewed for the survey. Approximately 75,000 monthly price quotations are collected in Metropolitan Lima and 24 other departmental-capital cities. Except for the household expenditure data, source data are timely and consistent with the technical requirements for producing the index. Although NISI employs sound statistical techniques for data collection, processing, and monthly index calculation, the new market basket weights are based on nine-year-old expenditure data that have not been updated for price changes. In addition, the coverage of owner-occupied housing was eliminated from the Metropolitan Lima index through the exclusion of imputed rent, a deviation from international practices. Imputed rent is included in the indices of the other 24 cities. Thus, the national index is a weighted average of indices that have different coverage. While the assessment and validation of monthly price survey data is sound and comprehensive, a serious problem was detected by NISI with regard to the market basket weights. Test tabulations using the original 1993-94 expenditure data and similar aggregation procedures were unable to closely approximate the original results. On the basis of this revision study, NISI decided to calculate new market basket weights for the index. In addition to incorporating a number of other improvements in tabulation procedures, the new weights reflect data for high and low income households, as well as for single-person households, all of which were excluded from the original tabulations.

32. The weights for the WPI are obtained from the 1994 input-output table, reports of the SUNAT, and publications of relevant ministries. Although annual and monthly economic surveys are available, there has not been a comprehensive economic census since 1994. An updated business register does not exist, and NISI has had difficulty in obtaining measure-of-size data for a new establishment sample. The source data for prices are obtained from a national survey of 520 establishments. Approximately 3,900 price quotations covering approximately 350 products are collected each month. With the exception of the outdated weights, statistical techniques employed follow generally accepted international standards. The assessment and validation of both source data and price index data are generally well handled. Revisions are investigated and the results are used to update the establishment sample and product specifications.

33. Source data covering the full range of economic stocks and flows are available for the central government, local government, and nonfinancial public enterprises. The data for compiling consolidated GFS for the various levels of government are also available. There is no system for automatic derivation of GFS from budget items, but compilers are familiar with the procedures for moving from primary sources to the concepts in the GFSM 1986 and use electronic spreadsheets to derive GFS tables. The main data for GFS are cross-checked with other accounting or administrative records that allow for verification of their accuracy. Preliminary GFS are compiled using the most up-to-date data; however, they are not reconciled with fiscal data for central government published by the MEF (though with different institutional coverage). Significant discrepancies in intermediate data and statistical outputs are investigated, and the data series are adjusted, as needed. Revisions incorporate significant data changes, and the reasons for the changes are explained. The revisions are studied to improve the quality of the GFS compilation process.

34. The data sources for monetary statistics are generally adequate. The plan of accounts for commercial banks follows international accounting standards and provides sufficient instrument and sectoral disaggregation. The accounts of the CRBP provide sufficient detail to approximate the classification of accounts recommended in the MFSM. The use of statistical techniques is adequate, being confined to automated checks to identify processing errors in the CRBP monetary database. The assessment and validation of source data is also adequate, consisting of checks of reported balance sheet data against secondary sources. Preliminary weekly data are reconciled with final monthly data. Revisions are always investigated, and the reasons for revisions are documented through the maintenance of two datasets: the original data set and the revised, final data set.

35. The primary and secondary data sources are broadly sufficient to compile major items of the balance of payments statistics. Nevertheless, there are limitations in the sources used to compile data on short-term assets of nonfinancial resident units and loans in foreign direct investment. Statistical techniques are sound and consistent with international practices, although no current account adjustments are made for unrecorded trade. Data are assessed and validated against other data, and statistical discrepancies are identified and investigated. Data revisions are made as needed, based on more accurate data and on the larger sample survey at the end of the year. Revisions are investigated and the results used to inform procedures.

Serviceability

Serviceability focuses on practical aspects of how well a dataset meets 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.

36. The NISI and the CRBP monitor the relevance of national accounts statistics for governmental purposes. However, there are no regular procedures to assess the relevance of data to users outside the government sector. The timeliness with which the provisional estimates of the quarterly accounts are published meets the SDDS prescriptions. Consistent time series are available in limited detail from 1991 onward. However, the lack of a proper reconciliation framework hampers the consistency between quarterly and annual data, and also between the production and expenditure data for GDP. Data on government operations and external transactions can be reconciled with public finance and balance of payments statistics, respectively. Major revisions do not follow a predetermined cycle. Publications identify provisional data, and revised data are disseminated with the same level of detail as preliminary data.

37. Whereas the CPI generally meets users’ needs, the WPI has a number of deficiencies with regard to coverage and relevance. Over the past several years, the CPI has been the focus of advisory groups and outside experts associated with a project to revise the market basket weights, improve index calculation methodology, and produce a national-level index. However, no efforts have been made to improve the analytical usefulness of the WPI. Preliminary plans have been made for the preparation of a producer price index. The two official indices meet the SDDS requirements for timeliness and periodicity, and both are consistent with regard to aggregations within each data set, historical comparisons, and reconciliation with other independent data sets. There is no set revision policy for updating the base-period weights for either index. However, the outlet sample for the CPI and the establishment sample for the WPI are reviewed and updated on an annual basis. The lists of products and specifications are updated on a bi-annual basis for such series.

38. The GFS release schedule is aligned with the budget cycle. Budget preparation begins in April, when preliminary GFS data for the previous year become available. GFS are used for monitoring the budget and fiscal performance under the program with the IMF and for making the projections and assessments associated with the Macroeconomic Multiannual Framework. The level of detail and timeliness of the GFS enables users to assess fiscal policy. The statistics are considered relevant by users in the government sector. Feedback from other users is not sought on a regular basis. The timeliness and periodicity of GFS meet or exceed SDDS requirements, except for the timeliness of statistics on central government operations (for which a flexibility option is taken). (See footnote 1.) GFS are consistent within the dataset, over time, and with statistics obtained from other data sources and statistical frameworks. Data revisions follow a regular cycle that is known to users, and preliminary data are clearly identified. Revised data are disseminated in the same format as original data and preliminary data are coherent with final data. However, analyses of revisions are not made public.

39. Formal procedures for consultation with users to obtain feedback on the relevance of monetary statistics could be strengthened, for example, by conducting user surveys and periodic meetings with users. The timeliness and periodicity of published data exceed the SDDS requirements, and the data are consistent internally and over time. Consistency checks between monetary, government finance, and balance of payments statistics are conducted regularly. Revisions follow a regular and transparent schedule. Analyses of revisions are not made public because revisions are generally not significant in amount. Significant revisions are footnoted in the statistical publications.

40. Users are not actively and systematically consulted to monitor the relevance and practical usefulness of balance of payments statistics. Quarterly balance of payments and international investment position statistics meet or exceed the timeliness and periodicity prescribed by the SDDS. Data show consistency over time and among the various external sector accounts, as well as with monetary and GFS. However, there are some discrepancies with the national accounts statistics. Revisions follow a regular schedule that is made known to the public in the publications.

Accessibility

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 the extent to which assistance to the users is adequate to help them find and use the data.

41. National accounts statistics are readily accessible on the NISI and CRBP websites. The annual estimates are presented clearly, and charts, tables, and analysis of recent developments are disseminated with the data. However, household and government final consumption expenditures are published only at an aggregate level. Analyses of the developments of the quarterly GDP by the expenditure approach are not published. Nevertheless, a brief analysis of the developments of the monthly GDP index is included in some issues of the Weekly Bulletin. Data are also disseminated through press releases, which are available on the NISI website and in hard copy, CD, or diskette upon request. An electronic version of the annual hard-copy publication on national accounts statistics is available on the NISI website. Quarterly national accounts statistics are released simultaneously to all interested users in accordance with an advance release calendar that is disseminated in the Weekly Bulletin and the CRBP website. However, a preannounced schedule for annual national accounts releases does not exist. Nonpublished, but nonconfidential, subaggregates are made available to users upon request. The annual publication provides detailed metadata, which are also available on the NISI website. Summarized metadata for quarterly national accounts statistics are available on the DSBB and the CRBP website. Extensive documentation of concepts and methods is published whenever the base year for the national accounts is changed. NISI and CRBP’s assistance to users of national accounts statistics is adequate; contact information is provided at the NISI and CRBP websites and in the Weekly Bulletin.

42. Both the CPI and the WPI are disseminated simultaneously to all interested users according to pre-announced schedules on the NISI website and through other media. The formats are accessible to users and include adequate detail, relevant aggregates, and helpful charts and graphs. Although metadata for both indices are available on the website and in published bulletins, there are some deficiencies in these sources. The WPI documentation on the website is not completely up-to-date, and the CPI metadata do not indicate that the current market basket weights were not updated for price changes between the base period and the reference period. The published bulletins and press releases for both series include telephone numbers and/or the NISI website address for assistance to users. A catalog of publications is available to the public.

43. GFS are accessible in a format that facilitates proper interpretation and meaningful comparisons; the format for different sectors and subsectors is similar, major aggregates are clearly identified, statistics are shown in nominal terms and as a percentage of GDP, and time series are provided. There are GFS sections in CRBP publications, and monthly/quarterly GFS are published in subannual statistical publications. Statistics are released according to a preannounced schedule and are made available to all users simultaneously. Nonpublished data are made available upon request, but their availability is not publicized. Metadata on concepts, sources, and methods are limited, and methodological notes are published only on the DSBB. Methodological changes are described in CRBP publications. A methodological guide for all statistics published by the CRBP is being prepared and will be available by mid 2003. Assistance to users is adequate; a contact person for GFS is publicized in the CRBP website, prompt and expert support is provided to users, and a catalog of publications and services is widely available.

44. The presentation of monetary statistics in CRBP publications generally meets user needs for data accessibility. Weekly and monthly data are released simultaneously to all interested users electronically on the CRBP website and in the Weekly Bulletin. Nonconfidential unpublished data are made available upon request, although the availability and the terms and conditions of this service are not made public. The dissemination format on the website is user friendly. There is a preannounced schedule of publication release dates. Comprehensive metadata that complement those on the DSBB are not updated regularly. In order to assist users, contact information is provided at the CRBP website and in the Weekly Bulletin. A catalog of publications is available to the public at the CRBP website.

45. Data accessibility is adequate for balance of payments statistics. Dissemination formats include statistical tables, analytical notes, and the CRBP annual report, all of which are posted at the CRBP website. Detailed and summary quarterly balance of payments statistics are released simultaneously to all interested parties on the CRBP website and in hardcopy publications. There is a preannounced schedule of publication release dates. Metadata accessibility is largely achieved, given that documentation on concepts, scope, classifications, and data sources are disseminated on the CRBP website, which includes a Spanish version of the SDDS metadata on the DSBB. However, methodological notes are rather limited. Assistance to users is adequate, and a catalogue of publications and documents is available on the CRBP website.

General Recommendations

National Accounts

Consumer Price Index

Wholesale Price Index

Government Finance Statistics

Monetary Statistics

Balance of Payments Statistics