Slovak Republic: Report on the Observance of Standards and Codes (ROSC)—Data Module
Author: International Monetary Fund
Publication Date:
17 May 2005
eISBN:
9781451835526
Language:
English
Keywords:
ISCR; CR; information; consumer price index; bullet; data quality; hard copy; data user; SDDS requirement; data practice; Special Data Dissemination Standard (SDDS)
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This report on the Observance of Standards and Codes (ROSC)—data module—provides an assessment of the Slovak Republic’s macroeconomic statistics against the Special Data Dissemination Standard (SDDS), complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. The assessment reveals that statistical agencies in the Slovak Republic generally have a legal and institutional framework that supports statistical quality, although the formal legal mandate to disseminate statistics should be made explicit. Resources are generally adequate for existing statistical programs.

Abstract

This report on the Observance of Standards and Codes (ROSC)—data module—provides an assessment of the Slovak Republic’s macroeconomic statistics against the Special Data Dissemination Standard (SDDS), complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. The assessment reveals that statistical agencies in the Slovak Republic generally have a legal and institutional framework that supports statistical quality, although the formal legal mandate to disseminate statistics should be made explicit. Resources are generally adequate for existing statistical programs.

I. Introduction

1. The data dissemination module of this Report on the Observance of Standards and Codes (ROSC) provides a summary of the Slovak Republic’s practices on the coverage, periodicity, and timeliness of the data categories. It is complemented by a detailed 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 (STA). This report is based on information provided prior to and during a staff mission from February 18-March 3, 2004,1 as well as publicly available information.

2. Section II includes an overview of the Special Data Dissemination Standard (SDDS) and an assessment of the Slovak Republic’s data dissemination practices against this standard. Section III presents a summary assessment of the quality of the principal macroeconomic datasets, following the dataset-specific assessment frameworks. Finally, Section IV sets out recommendations to achieve further improvements in the Slovak Republic’s statistics.

II. Data Dissemination Practices and the Special Data Dissemination Standard

3. The Slovak Republic subscribed to the SDDS in September 1996 and started posting descriptions of methodology and source data (metadata) on the Dissemination Standards Bulletin Board (DSBB) in October 1998. The Slovak Republic has been in observance of the SDDS since October 1999, meeting specifications for coverage, periodicity, timeliness, and advance release calendars. Also, the Data Template on International Reserves and Foreign Currency Liquidity has been disseminated and hyperlinked to the DSBB since July 2000. The National Summary Data Page (NSDP) has been hyperlinked to the DSBB since March 2000.

4. Three official institutions are responsible for the compilation and dissemination of prescribed SDDS data categories:

  • The Statistical Office of the Slovak Republic (SOSR) produces data on the national accounts, production, employment, unemployment, wages/earnings, prices, merchandise trade, and population. It is the SDDS national coordinator.

  • The National Bank of Slovakia (NBS) is responsible for producing data on the banking system, interest rates, balance of payments, international reserves and foreign currency liquidity, international investment position, external debt, and exchange rates.

  • The Ministry of Finance (MOF) produces statistics on central government operations, general government operations, central government debt, and stock market/share price index.

5. The Slovak Republic provides access to these data through a variety of publications and the following Internet websites:

Data dimension: coverage, periodicity, and timeliness

6. The Slovak Republic meets SDDS specifications for the data dimension for all data categories without the use of any flexibility option. Data on the national accounts, employment, unemployment, wages/earnings, prices, merchandise trade, and international investment position exceed SDDS prescriptions on timeliness, while analytical accounts of the central bank and international investment position data exceed the prescription for periodicity. The coverage, periodicity, and timeliness of macroeconomic data are compared with SDDS requirements in Table 1.

Access dimension

7. In observance of SDDS requirements on public access, advance release calendars are disseminated on the websites of the agencies responsible for each set of data. These advance release calendars are supplemented by a quarter-ahead presentation of release dates on the DSBB. Data are released simultaneously to all users on the agencies’ websites and on the Slovak Republic’s National Summary Data Page (http://www.statistics.sk/webdata/mmf/nssu.htm).

Integrity dimension

8. Summary methodology descriptions for all SDDS data categories are posted on the DSBB. In addition, the laws, regulations, and decrees under which the official statistics are collected, compiled, and disseminated are posted on the websites of compiling agencies, and are available upon request. Internal government access to the data prior to their release to the public is made known to the public, if this occurs, except in the context of government finance statistics. For all SDDS data categories, major changes in methodology are announced in the relevant publications after implementation of the change.

Quality dimension

9. Summary methodology descriptions for all SDDS data categories are posted on the DSBB.

Monitoring of data

10. The IMF staff began monitoring subscribers’ performance under the SDDS in July 2000. Monitoring is carried out against the release dates stated in the advance release calendars and the metadata, to verify that the data are released according to the calendar posted on the DSBB. The Slovak Republic’s dissemination practices are in observance of the SDDS.

11. In general, the mission found the SDDS metadata to be out-of-date, especially in the area of integrity. Several statistics producing agencies rely on links to the DSBB from their own websites to inform users about methodology and other metadata. However, methodological advances have not yet been reflected and the DSBB does not have adequate metadata for sophisticated users.

Table 1.

Slovak Republic: Overview of Current Practices Regarding Coverage, Periodicity, and Timeliness of Data Compared to the Special Data Dissemination Standard (SDDS)

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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 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; (NLT) not later than; and (…) not applicable.

Given that the data are broadly disseminated by private means, the timeliness with which official data are disseminated is not time critical.

III. Summary Assessment of Data Quality

12. 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, STA has developed a tool to provide a structure and a common language to assess data quality. The DQAF comprises a generic framework2 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.3

13. 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 Slovak Republic’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.

14. The Slovak Republic’s statistical system has changed substantially in recent years. The transition to a market economy that began in the 1990s and the separation from the Czech Republic in 1993 led to significant changes in the structure of the economy. In addition, the Slovak Republic joined the European Union on May 1, 2004. In preparation for accession to the European Union, Slovak statistical agencies generally have made substantial improvements to meet Statistical Office of the European Communities (Eurostat) and European Central Bank (ECB) requirements.

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, relevance, and other quality management.

15. The SOSR (responsible for the national accounts, the consumer price index (CPI), the producer price index (PPI), and other statistics) has the central role in overseeing the entire national statistical process. The Law on State Statistics (No. 540/2001) provides a legal and institutional environment that clearly sets out responsibility for the collection and processing of statistics, data sharing and coordination, the protection of the confidentiality of individual responses, and the legal obligation to report data. Although the law does not explicitly state a dissemination obligation, there are well established dissemination practices. Overall resources are adequate to secure the statistical work program. However, the lack of competitive salaries for SOSR staff within the public sector mitigates against staff retention. The relevance of statistics is maintained through ongoing user liaison and the consultation process to annually update the three-year state program of statistics. A focus on quality is maintained and monitored through the formal commitment of top management supported by staff training and the application of processes such as total quality management.

16. The MOF is responsible for government finance statistics. The legal and institutional environment under which it operates defines its administrative and accounting data collection and reporting responsibilities but does not provides a clear mandate to disseminate government finance statistics. Consequently, the relevance of data for statistical user needs is not actively monitored. Resources are adequate for current tasks; however, substantial strengthening of fiscal statistics would require additional resources. Staff performance reviews ensure an efficient use of resources. Quality awareness is promoted, although there is no declared statistical program.

17. The NBS compiles balance of payments and monetary statistics for the Slovak Republic. It has a comprehensive legal and institutional environment that provides a mandate to collect the required data. It is legally obligated to maintain the requisite confidentiality of individual reporters’ data. Data sharing arrangements with the SOSR and MOF are in place and work well. Resources are adequate for data collection and compilation of the statistics. The relevance of the statistics produced is safeguarded by regular consultations with internal and external users. Quality is a cornerstone of statistical work, and has focused recently on meeting Eurostat and ECB requirements, and other international standards.

Assurances of 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.

18. The SOSR maintains a high degree of professionalism. Statistics are compiled on an impartial basis, and choices of sources and statistical techniques are informed solely by statistical considerations. Recruitment methods and training promote professionalism. The statistical office comments on erroneous interpretations of its data. Transparency of statistical policies and practices is promoted by the wide availability of the Statistics Law and the program for statistical surveys, as well as the clear identification of the SO SR’s products. However, users of statistics are not made aware in advance of major changes in methodology. Ethical standards are promoted by the Act on Civil Service. SOSR staff also take an oath to observe practices of good conduct.

19. The MOF promotes professionalism among its staff. Staff responsible for the compilation of government finance statistics are well trained and qualified. International methodological standards are observed. However, administrative and accounting reporting considerations significantly guide the choices of sources and statistical methods. MOF spokespersons comment on erroneous statements in the media and provide explanatory briefings. Transparency needs to be upgraded. Statistical methodology, techniques, and processes are not notified to the public. Ethical standards for civil servants are defined in a civil service act. MOF management promotes ethical behavior among its staff.

20. Staff at the NBS maintain a high degree of professionalism; this is strongly encouraged by the NBS management, especially through recruitment policies and training. The provisions of the Act on the National Bank of Slovakia support the independence of the NBS, enhancing the ability of staff to compile statistics on an impartial basis. Transparency is fostered by the posting on the NBS website of laws and decrees underlying data compilation and dissemination. No official outside the NBS has access to data prior to publication on the NBS website. For the balance of payments statistics, advance notice of major changes in methodology and source data is not provided, although explanatory notes are provided when changes are introduced. Ethical standards for staff behavior are part of the NBS employment contract and are specified in the Governor’s Instruction 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.

21. The national accounts follow the concepts and definitions of the European System of Accounts 1995 (1995 ESA). The scope of the national accounts includes the range of tables consistent with the minimum and recommended requirements for implementing the System of National Accounts 1993 (1993 SNA). In addition, annual financial accounts are compiled. The delimitation of the constituent units of the economy and the production boundary are in line with international practices. The classification/sectorization follows international standards, except the classification of general government expenditure by function is not available. The basis for recording follows international standards. However, general government transactions are recorded mostly on a cash basis and foreign trade data are converted into national currency using a single fixed exchange rate for each month instead of the actual exchange rate at the date of the transaction.

22. The consumer price index follows the concepts and definitions of the 1995 ESA, and the scope is consistent with international guidelines. The classification of consumption activity follows the Classification of Individual Consumption by Purpose, and the basis for recording is market prices valued at purchasers’ prices and recorded on an accruals basis.

23. The producer price index concepts and definitions comply with Eurostat requirements and are compatible with the 1993 SNA. The scope of the core index relates to domestic and export sales of the mining and quarrying, manufacturing, and energy industries by resident market enterprises. PPIs are also produced for other sectors of the economy. The classification of enterprises and products follows the Standard Classification of Economic Activities within the European Communities, the Classification of Products by Activity, and Lists of Products of the European Communities. The basis for recording weights and prices reflects market prices valued at basic prices and recorded on an accruals basis.

24. Government finance statistics are compiled in accordance with the concepts and definitions of A Manual on Government Finance Statistics, 1986 methodology. The MOF has a plan to progressively migrate to Government Finance Statistics Manual 2001 methodology (as well as the 1995 ESA Manual on Government Deficit and Debt). The scope covers all general government units for annual data and budgetary central government units for monthly and quarterly data. The classification and sectorization of transactions is derived from the budget classification by the use of bridge tables. Balances are derived from the MOF chart of accounts. The basis of recording is cash.

25. The two sets of monetary statistics compiled by the NBS (the “national monetary statistics” (NMS) used for internal policy discussions, and “harmonized monetary statistics” (HMS) submitted to international organizations) broadly follow the concepts and definitions in the Monetary and Financial Statistics Manual (MFSM). However, in the NMS, foreign liabilities of government are treated as foreign liabilities of the NBS, with a counterpart adjustment in NBS claims on the government. The scope of the NMS and HMS is broadly in line with MFSM recommendations, although the NMS does not cover money market funds (1.9 percent of M2 as of end-February 2004). The classification/sectorization of the NMS and HMS also follows the MFSM. The HMS follows ECB guidelines for the classification of financial derivatives and loan-loss provisions. The basis for recording used in both NMS and HMS differs from the MFSM because market valuation is not applied to certain financial instruments.

26. The balance of payments statistics are compiled in accordance with the concepts and definitions set out in the fifth edition of the IMF’s Balance of Payments Manual (BPM5). The scope is broadly in line with BPM5. Classification and sectorization for the most part follow the recommendations of BPM5. While long-term construction projects are not included as direct investment, a plan is in place to include them. Market prices form the basis for recording; however, while some adjustments are made for recording interest on an accrual basis, most interest payments are recorded on a cash basis. Further, merchandise trade transactions are converted into national currency using a single fixed exchange rate for each month.

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.

27. The source data for both the annual and quarterly national accounts are generally sound and timely, and are consistent with the methodological requirement of the 1995 ESA. However, the Household Budget Survey sample is not representative and the unit value price indices for imports and exports measure price changes for nonhomogeneous goods. Assessment of source data is seen as an important part of the national accounts work and follow international best practices. Statistical techniques are basically sound, with production approach estimates made in sufficient detail and expenditure estimates made independently. Constant price estimates are compiled using sound deflation techniques. The base year for the accounts (1995) is outdated. Techniques used in compiling quarterly national accounts are sound, but benchmarking is done using a prorating technique, resulting in a step problem in the time series. Assessment and validation of intermediate data and statistical outputs follow sound procedures. Although differences between preliminary and final data are tracked and taken into account in compiling estimates for subsequent periods, systematic revisions studies are not conducted.

28. Regarding source data for the consumer price index, prices have been obtained from a comprehensive data collection program. However, the lower level weights have been based on a Household Budget Survey with a small, nonrandom sample and low coverage (although this is being rectified beginning January 2004), and the annual national accounts estimates used for the upper level weights are not timely. Assessment of source data is conducted routinely. Statistical techniques are generally sound, although there is scope for improving quality adjustment processes, weight calculation techniques, and the linking of reweighted series to previous series. The approach to the assessment and validation of intermediate data and statistical outputs, and revision studies, is sound.

29. Producer price index source data are obtained from comprehensive data collection programs, on a timely basis. Assessment of source data is conducted routinely. The statistical techniques are generally sound; however, processes to adjust for product quality and weight calculation techniques could be improved. The assessment and validation of intermediate data and statistical outputs, and revision studies, are undertaken on a sound basis.

30. Government accounting records are the source data for annual and quarterly government finance statistics. NBS banking data are the source for monthly government finance statistics. Assessment of source data is thorough. Accounting and banking source data are subject to extensive systematic evaluation and assessment for completeness and accuracy. Statistical techniques used in compilation, such as derivation and consolidation procedures, are satisfactory. Assessment and validation of intermediate data and statistical outputs are adequate. Revision studies are not conducted.

31. The major source data for monetary statistics are the detailed balance sheets of the NBS and commercial banks, which largely follow international accounting standards. For HMS, additional source data for money market funds are obtained from asset management companies. The source data are timely and capture the full range of financial instruments and economic sectors. Assessment of source data is adequate. Statistical techniques are sound, with electronic procedures minimizing errors during compilation. The assessment and validation of intermediate data and statistical outputs are robust. Revision studies of methodological changes, when they occur, are carried out for internal discussion.

32. The source data are sufficient to compile balance of payments statistics in line with the recommendations of BPM5. Regular assessment of the source data is conducted through internal consistency checks and cross-checking of stocks and flows data, where appropriate. Statistical techniques are sound. Processing systems are automated to the extent possible. Intermediate data and statistical outputs are assessed against other data sources. The size of net errors and omissions is closely monitored and has remained small (as a share of gross exports plus imports) in recent years. The NBS monitors revisions between preliminary and revised data and revisions due to changes in methodology, but there are no formal revisions studies.

Serviceability

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

33. Periodicity and timeliness of the national accounts data meet the requirements of the SDDS. However, the annual independent estimates are disseminated with a delay. Internal consistency in the accounts is secured through the supply and use framework. Consistent annual and quarterly time series in current and constant prices are available from 1993. National accounts are not reconciled with the government finance statistics and the balance of payments. Revision policy and practice do not follow a regular cycle, and users are not informed about the timing of revisions. Studies of revisions are not made public.

34. The periodicity and timeliness of the consumer price index and producer price index meet the requirements of the SDDS. Both indices are consistent internally, over time, and with other statistical frameworks. Revision policy and practice of the indices follow a regular and transparent schedule.

35. Government finance statistics meet the SDDS periodicity and timeliness requirements. Quarterly general government statistics are compiled, but not disseminated. Data consistency for all units and sectors of general government is maintained. However, government finance statistics, monetary, and balance of payments financing and debt data are not consistent due to differences in coverage, classification, and valuation. The MOF general government data include the National Property Fund (NPF) while the NMS monetary survey, until recently, did not. Also, monthly and quarterly fiscal statistics cover the budgetary central government, while monetary data reflect the consolidated central government. On classification, the MOF records securities issued domestically according to original purchaser, while the NBS records them based on current holder. On valuation, in government finance statistics, interest on domestic currency denominated government bonds is on a cash basis, while in balance of payments statistics it is adjusted to accrual. The MOF revision policy and practice has no regular revisions schedule or revisions analysis for its government finance statistics.

36. Periodicity and timeliness of monetary statistics meet SDDS requirements. Monetary statistics show consistency within the dataset, but users are not able to reconcile the data with the balance of payments. There are significant differences between monetary data on net claims on government and government finance statistics on domestic bank financing of government. Revision policy and practice follow a regular cycle each December. Other revisions for monetary statistics are infrequent and generally small. The schedule for revision has begun to be publicized.

37. Periodicity and timeliness of the balance of payments statistics meet the SDDS requirements. The statistics are internally consistent and consistent over time since 1997. They also are consistent with the international investment position and external debt statistics. Users are not able to reconcile balance of payments statistics with national accounts, monetary, or government finance statistics. Revision policy and practice follow an established pattern that is well-known; however, no public statement of the revision policy is available. Preliminary data are clearly identified.

Accessibility

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

38. The national accounts are readily accessible free of charge on the SOSR website. National accounts hard copy publications are available in Slovak and English. National accounts releases follow a four-month advance release calendar that is regularly updated on the SOSR website. Data are released simultaneously to all users. Nonpublished, nonconfidential data are available on request. On metadata accessibility, summary metadata are found on the website and more detailed documentation is found in the hard copy publications. Departures from the methodological requirements of the 1995 ESA are made available to users. However, information on data sources such as response rates, nonsampling errors, sample design, and estimation and imputation techniques is not disseminated. Assistance to users is readily available, and contact persons and other services to the users, including annual catalogs of publications, are well publicized.

39. Data accessibility for the consumer price index and producer price index is good. Initial Internet releases of summary series conform to a preannounced, embargoed schedule, followed by more comprehensive, clearly presented, paper copy releases. Unpublished data are made available on request. Metadata accessibility for both indices is limited to brief summary statements (the SDDS summary), and there is no comprehensive documentation available. Prompt and knowledgeable assistance to users is readily obtainable and publicized.

40. Data accessibility for government finance statistics is adequate. Data are released on the website to a preannounced schedule. Monthly and quarterly data are presented on a cumulative basis, which compromises analysis of time series. Metadata accessibility needs strengthening. The disseminated fiscal metadata and information on compilation methods are incomplete. Assistance to users is provided through e-mail. A list of available fiscal statistics is not disseminated.

41. Monetary statistics are generally accessible and presented in a clear format in the NBS monthly bulletin and website. However, there are difficulties in identifying the gross positions of the central and general government in the NMS and presentation of the NPF can be confusing to users. Data are released on a preannounced schedule and simultaneously to all users. Nonpublished nonconfidential data are available to users upon request. Metadata are available on the NBS website, which has a link to the IMF’s DSBB, and detailed documentation is available for the NBS (in Slovak). Assistance to users is facilitated by the identification of a contact person on the DSBB, which can be accessed through the NBS website.

42. Balance of payments statistics are accessible through the NBS website through both the disseminated data page and the monthly Monetary Policy bulletin. They are released simultaneously to all users, according to the preannounced schedule. The bulletin also contains detailed commentary on the statistics, and users can subscribe to be notified by e-mail. The NBS provides more detailed nonconfidential data on request, although this policy is not publicized. SDDS metadata are accessible on the NBS website. While very detailed documentation has been developed, this is primarily for internal use. The ECB publishes a document that provides a description of the sources and methods for compilation of the statistics; however this is not easily accessible by users. Assistance to users is facilitated by the publication of the names and contact details for two persons on the NBS website. Information on publications is available through the website.

IV. Staff’s Recommendations

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

Cross-Cutting Recommendations

High priority

  • Address intersectoral statistical inconsistencies and reconciliation procedures. Create an interagency group that includes in the core group the NBS, MOF, and SOSR, and as needed, representatives from other agencies (for example, Directorate of Customs, NPF).

  • Provide users with more detailed metadata. Ensure that metadata are regularly updated and disseminated, and in this context, regularly update the IMF’s SDDS metadata.

  • Provide users with advance notification of major changes in methodology, source data, and statistical techniques.

  • Ensure that users are aware of the regular revisions cycles for each major data set, and that advance notice is given prior to all significant statistical revisions. Clearly identify all revisions and provide explanations of the reasons for the changes.

Other key recommendations

  • Review the legislative arrangements of the SOSR, NBS, and MOF to ensure that the responsibility for dissemination of statistics is clearly specified.

  • Develop dissemination formats that include long time series of data that can be readily downloaded by users.

Institutional Arrangements

Other key recommendations

  • Review wage levels in the SOSR, with a view to making them competitive with the rest of the public sector.

National Accounts

High priority

  • Improve the timeliness of the annual independent national accounts estimates.

  • Reconcile the national accounts estimates with the balance of payments and government finance statistics on a regular basis.

  • Develop price indices of imports and exports based on direct surveys of price changes, and in the interim, use alternative deflators for imports and exports.

  • Inform the users about the results of revisions studies.

Other key recommendations

  • Improve the quarterly compilation benchmarking technique to avoid the step problem in the time series.

Consumer Price Index

High priority

  • Develop (in consultation with National Accounts compilers) mechanisms for obtaining more timely annual household final consumption expenditure estimates to support regular index reweighting.

  • Review the type and extent of product quality adjustment techniques used.

Other key recommendations

  • With the next CPI reweight: (i) revalue the annual weights to align with the price reference period, and (ii) link the new reweighted index to the present 2000-year based index at December 2003, at all levels of the index hierarchy.

Producer Price Index

High priority

  • Review the type and extent of product quality adjustment techniques used.

Other key recommendations

  • Even though the PPI fully observes the DQAF standard in terms of scope, consider maximizing the index utility by developing a more broadly-based, summary PPI through the aggregation of the industrial PPI with the PPI output indices for the construction, agriculture, and forestry industries; potentially incorporate the market services indices as coverage is extended.

  • With the next PPI reweight, revalue the annual weights to align with the price reference period.

Government Finance Statistics

High priority

  • Regularly compare and reconcile government finance statistics aggregates with equivalent data in monetary and balance of payments statistics, and disseminate reconciliation tables where necessary.

  • Disseminate quarterly general government statistics.

  • Institute a policy, regular schedule, and analysis of revisions. Publish subannual data on a discrete basis to demonstrate the effect of revisions. Disseminate this information on the MOF website.

  • Maintain a manual on fiscal statistics compilation. Provide background papers to explain compilation practices.

Other key recommendations

  • Formalize the monitoring of user needs and reflect them in a declared statistical program.

Monetary Statistics

High priority

  • In the NMS, discontinue the practice of treating the foreign liabilities of government as those of the NBS and cover money market funds.

  • In cooperation with MOF, reconcile government financing data and monetary statistics, and carry out a reconciliation exercise on a regular basis.

Other key recommendations

  • Apply market valuation to financial instruments in line with the recommendations of the MFSM.

  • Improve the presentation of the NMS monetary survey by showing underlying gross data in net credit to general government and to central government.

  • Update metadata to indicate that NMS broad money includes nonresident domestic currency deposits in domestic banks, and provide the rationale underlying this practice to users.

Balance of Payments Statistics

High priority

  • Work to develop methodology to adjust all investment income flows to approximate an accrual basis (noting that this adjustment is already made for domestic currency-denominated government bonds).

  • Work with staff of SOSR, MOF and with the compilers of the monetary statistics in the Monetary Policy Department to develop and disseminate reconciliation tables.

Other key recommendations

  • Ensure that documentation on sources and methods for compiling balance of payments statistics is readily available to users

  • Make periodic revisions studies available to users.

Table 2.

Slovak Republic: Data Quality Assessment Framework—Summary Presentation of Results

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1

The mission team was headed by Mr. Ethan Weisman and comprised Ms. Margaret Fitzgibbon, Mr. Ewe-Ghee Lim, Ms. Maria Mantcheva, Mr. Paul Shevchenko (all STA), Mr. David Collins (expert), and Ms. Arlene Tayas (STA—Administrative Assistant).

2

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

3

See also the Generic Framework set out in Appendix II of the accompanying detailed assessments volume to this report.

Same Series

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Other Publishers

Cover IMF Staff Country Reports
Slovak Republic: Report on the Observance of Standards and Codes (ROSC)—Data Module
Author: International Monetary Fund
Volume/Issue:
Volume 2005: Issue 161
Publisher:
International Monetary Fund
ISBN:
9781451835526
ISSN:
1934-7685
Pages:
165
DOI:
https://doi.org/10.5089/9781451835526.002