Abstract
This Report on the Observance of Standards and Codes (ROSC)—data module—provides an assessment of Moldova’s macroeconomic statistics against the recommendations of the General Data Dissemination System (GDDS) complemented by an assessment of data quality based on the IMF’s Data Quality Assessment Framework. The assessment reveals that Moldova meets GDDS recommendations for all disseminated statistics with one exception: the nonavailability of data on external public and publicly guaranteed debt service schedule. It also meets, and exceeds in most respects, the recommendations for periodicity and timeliness.
Detailed Assessment Using the Data Quality Assessment Framework (DQAF)
The following detailed information on indicators of statistical practices in the areas of the national accounts, government finance, monetary, and balance of payments statistics was gathered from publicly available documents and information provided by the Moldovan authorities. This information, which is organized along the lines of the generic DQAF (see Appendix II), was used to prepare the summary assessment of data quality elements, based on a four-part scale of observance, shown in Moldova’s Report on the Observance of Standards and Codes (ROSC)—Data Module.
I. National Accounts
0. Prerequisites of quality
0.1 Legal and institutional environment
0.1.1 The responsibility for collecting, processing, and disseminating the statistics is clearly specified
The Law on Official Statistics of December 9, 2004 (the Law) articulates criteria for collecting statistical information, the roles of public bodies in the field of statistics, the rights and obligations of reporting units, mechanisms for protecting confidentiality of reported information, and responsibilities for publishing statistics and ensuring comparability of statistics.
The Law clearly defines the role of the central statistical body (National Bureau for Statistics) of Moldova in the production and dissemination of statistics. The central body has responsibility for overseeing the entire statistical process. The Law outlines the notion of a state program for statistics, developed by the National Bureau for Statistics (NBS) in collaboration with ministries and state agencies for a three to five-year period. The program comprises surveys to be conducted by the NBS, surveys to be conducted by other central government authorities, and administrative data to be supplied by ministries, state agencies, municipal bodies, or public institutions to the NBS.
The NBS has the responsibility for ensuring the comparability of all official statistical data and the adherence to statistical standards, classifications, methodology, and ensuring that there are no gaps, overlaps, or shortcomings in the conduct of the statistical program. These arrangements are well established and the central role of the NBS has been unchallenged.
The NBS is the only official producer of national accounts data. The national accounts are prepared in the National Accounts Division (NAD), in cooperation with other divisions. The main responsibilities of the NAD are related to the application of the national accounts system in the current statistical practice of NBS, based on the System of National Account 1993 (1993 SNA). The NAD staff is engaged in supporting other divisions within the NBS, and the national statistical system as a whole, in the process of applying international standards for statistics, as they relate to the national accounts.
0.1.2 Data sharing and coordination among data-producing agencies are adequate
In accordance with Article 11 of the Law, the NBS is responsible for the coordination of all national statistical activity. The main incentives to encourage coordination include provision of methodological assistance, information sharing, participation in joint statistical activities, access to statistical expertise, and influence on the setting of priorities. The existence of a Statistical Council and a Program for Statistics serves as tools for achieving coordination. The Program for Statistics clearly defines the responsibilities of each agency in the conduct of surveys, and specifies the administrative data that must be supplied to the NBS by each agency. The NBS may request any ministry, state agency, municipal body, or public institution to provide data collected, processed, or held by them in the process of carrying out their functions.
There are formal interagency agreements between agencies involved in statistical surveys, e.g. between the NBS and the Ministry of Finance (MOF), the Ministry of Agriculture, the Ministry of Information Technologies, and the Tax Administration. These agreements contain general principles as well as addenda detailing the specific data sets to be shared. These addenda are updated annually. In addition, there are informal agreements between the NBS and the MOF, the National Bank of Moldova (NBM), and the Customs Administration for data provisions consistent with the requirements of the advance release calendar for dissemination of the results of the statistical surveys. In addition, regular meeting between agencies are held to facilitate the data exchange.
0.1.3 Individual reporters’ data are to be kept confidential and used for statistical purposes only
Chapter V of the Law on statistics states that any data collected for statistical purposes relating to an individual reporting unit, and which can be directly or indirectly identified, is to be treated as confidential. It may not be published, or used for purposes other than statistical ones. The staff’s obligation to maintain confidentiality continues after an employment contract ceases to exist or the relevant work is completed. At the time of recruitment, NBS staff are asked to sign a declaration for keeping data confidentiality. In addition, Article 25 of the Law states that statistical bodies and their employees cannot make public or provide (i) statistical data for less than three units; (ii) statistical data that may be combined in a way that leads to the identification of an individual person; and (iii) statistical data that summarize information for less than three units or in which the relative part of one unit is over 85 percent of the total volume. The confidentiality provision applies to employees of authorities or bodies executing the official statistical function. There have been no instances of a breach of confidentiality. The Law also provides for penalties for disclosure of confidential data.
In surveys and other statistical enquiries, respondents are informed, generally in the introduction to the questionnaire, of their rights and obligations, including a statement that the information provided by them will be used for statistical purposes only.
Access to individual data is restricted to staff who require the information in the performance of their statistical duties. The NBS applies special aggregation rules to prevent residual disclosure in disseminated data.
0.1.4 Statistical reporting is ensured through legal mandate and/or measures to encourage response
Article 18 of the Law on Statistics states that reporting units are obliged to provide complete and accurate data required for the statistical surveys included in the program within the set timeliness. In case of noncompliance, the Law provides for administrative sanctions.
The NBS carefully considers response burden and has been successful in obtaining a satisfactory response rate from statistical surveys. The NBS provides assistance to respondents in completing and submitting reports by providing points of contact (each questionnaire contains contact details of relevant staff) and clear methodological guidelines that are included in the questionnaire. The purpose of the data collection is provided in the questionnaire. The respondents are made aware of the importance of good quality statistics. Clear formal procedures have been established for dealing with respondents’ complaints.
0.2 Resources
0.2.1 Staff, facilities, computing resources, and financing are commensurate with statistical programs
The NBS headquarters staff was reduced from 123 to 91 in July 2005 as part of an overall civil service reorganization. Staff of the local statistical offices has been reduced before (currently there are about 650 employees in the 35 local offices).
Only eight people work in the NAD, which is responsible for compiling GDP by the production and expenditure approaches (quarterly and annually), institutional sector accounts, GDP from the income approach, and supply and use tables (with the last three data sets on an annual basis). The workload of the NAD is heavy. There is also a pressure from the government agencies to shorten the deadlines for the quarterly accounts. This heavy workload is compounded by the high turnover of staff (since 1997 two-thirds of the NAD staff have had to be replaced). Another issue is the shortage of qualified staff in the area of information technology. It is the case sometimes that no methodological changes could be introduced to a survey due to the fact that there is no staff to update the software for the survey. Low pay is a significant problem for recruiting and retaining qualified staff.
Three of the NAD staff have attended national accounts courses conducted by the IMF, and a few others have attended courses and seminars conducted by other donors. The senior staff is highly professional and well acquainted with the 1993 SNA. The skills acquired by the experienced staff are in great demand by other agencies and the private sector.
Computer and financial resources for conducting surveys are not adequate. Sometimes due to lack of financing, the NBS has to drop a statistical survey from its program, which might be needed for national accounts. A recent example is the pilot freight transportation survey.
0.2.2 Measures to ensure efficient use of resources are implemented
Periodic annual reviews of staff performance are conducted. Efficiencies are achieved through the Program for Statistics, which ensures the elimination of duplication in statistical surveys, and the use of consistent concepts, classifications and other methodologies across datasets.
The NBS seeks outside expert assistance to evaluate statistical methodologies and compilation systems, when necessary. Assistance is provided by various donors, mainly the Fund, the World Bank, the United Kingdom Department for International Development, the Swedish International Development Agency, Statistics Canada, Eurostat, and others.
The resources used to compile statistics are periodically reviewed as part of the total quality management procedure. The NBS is monitoring and planning its resources, and is trying to improve its efficiency by replacing exhaustive surveys with sample surveys, and maximizing the amount of information that can be obtained from administrative sources.
0.3 Relevance
0.3.1 The relevance and practical utility of existing statistics in meeting users’ needs are monitored
The NBS monitors users’ needs on a regular basis using different instruments. Users are invited to provide comments on statistics through website. Although there is no established schedule for meetings with users, the NBS conducts several meetings with users each year to discuss the statistics program. A sense of users’ needs is also obtained by the NBS’s Dissemination Department by analyzing users’ requests of data to the institutional library. The NBS is also updated on international standards in national accounts through its participation in statistical meetings and seminars organized by international organizations.
0.4 Other quality management
0.4.1 Processes are in place to focus on quality
Management’s awareness of quality is evidenced by the priority that is attached to achieving compliance with the international statistical standards. The NBS Collegium reports examine issues of statistical accuracy and methodology, as well as other aspects of quality. Moreover, regular reports monitoring the execution of the NBS surveys cover a range of quality issues. Management has a high commitment to quality of the statistical products. The staff is aware of the importance of quality, which is also emphasized during internal training.
0.4.2 Processes are in place to monitor the quality of the statistical program
The quality of the collection, processing, and dissemination of statistics has been monitored on an ongoing basis in the reports of the NBS Collegium. Managers are informed on the quality achieved for ongoing statistical activities, especially through defining technical projects (response rates, revisions history, and timeliness evaluations).
The Statistical Council also provides a monitoring function on the quality of the NBS statistical processes, in the context of its review of the draft annual program. Periodic reviews are undertaken to identify steps necessary to maintain quality requirements depending on survey types.
0.4.3 Processes are in place to deal with quality considerations in planning the statistical program
The NBS management is working towards a balance between supplying statistics as early as possible while ensuring that the disseminated data are of good quality, but there is continuing pressure from the government to improve the timeliness of data (see 1.1.2).
1. Assurances of integrity
1.1 Professionalism
1.1.1 Statistics are produced on an impartial basis
The impartiality of the statistics compilation is outlined in the Law. Article 5 of the Law stipulates that “…the production of statistical information is based on impartiality, relevance, transparency, confidentiality, national level coordination, international cooperation.” However, the term of office of the NBS’s management is not specified explicitly in the Law.
Professionalism plays an important role in recruiting and promoting staff. Staff are encouraged to promote professionalism through participation in conferences, meetings, and seminars. The national accounts staff prepare methodological papers for international meetings on national accounts topics organized by Eurostat, the Organization for Economic Cooperation and Development, and the United Nations Economic Commission for Europe.
Regular internal reviews of the methods used by the NBS are carried out by the Statistical Council. Members of that council represent all bodies of official statistics as well as external experts.
1.1.2 Choices of sources and statistical techniques as well as decisions about dissemination are informed solely by statistical considerations
The deadline for publication of the first GDP estimates is up to 30 days after the end of the year. For industrial production indices and producer price indices, the deadlines are from 10 to 15 days after the end of the month (same for the quarterly and annual data). The NBS management is aware of the trade-offs among timeliness and accuracy, but most of the deadlines for dissemination are influenced by the government. This situation undermines the professional independence of the NBS to take decision on dissemination based solely on statistical considerations.
1.1.3 The appropriate statistical entity is entitled to comment on erroneous interpretation and misuse of statistics
Key data are presented and explained at regular monthly press conferences. One of the objectives is to prevent any misunderstandings or misinterpretations by users. In all cases of incorrect interpretation of data, the NBS responds publicly to provide the correct interpretation. Media references to statistics are identified and circulated within the NBS.
1.2 Transparency
1.2.1 The terms and conditions under which statistics are collected, processed, and disseminated are available to the public
The Law on Statistics is publicly available, through the Official Journal, in Moldovan and in English. The principles of the official statistics are outlined in Article 5 of the Law. Information about the rules for dissemination of statistical products and services, advanced release calendar, and the catalogue of statistical publications are also available on the website. The address of the NBS, as well as contact information (e-mail address and telephone number) of the NBS dissemination unit, are provided on the website.
1.2.2 Internal governmental access to statistics prior to their release is publicly identified
National accounts data are released simultaneously to all users. No government officials outside the NBS have access to the data prior to their release.
1.2.3 Products of statistical agencies/units are clearly identified as such
All national accounts data releases are clearly identified as being produced by the NBS. In the case of joint publications, the NBS data are identified as being a product of the statistical office. The NBS publications request attribution when its statistics are used or reproduced.
1.2.4 Advanced notice is given of major changes in methodology, source data, and statistical techniques
Major changes in the methodology, source data, and statistical techniques are announced through the annual statistical program in advance.
1.3 Ethical standards
1.3.1 Guidelines for staff behavior are in place and are well known to the staff
Apart from the provisions of the Law on Statistics prohibiting disclosure of confidential information, staff conduct is guided by the Civil Service Law. New staff are required to sign a declaration not to release individual data that they access during the course of their everyday work, before they sign their employment contracts.
2. Methodological soundness
2.1 Concepts and definitions
2.1.1 The overall structure in terms of concepts and definitions follows internationally accepted standards, guidelines, or good practices
The national accounts are compiled following the System of National Accounts 1993 (1993 SNA). Time series following the 1993 SNA are available since 1989. The data for the years 1989–1990 were calculated using conversion tables for adjusting the main macroeconomic aggregates of the Material Product System (MPS) to those of the 1993 SNA.
2.2 Scope
2.2.1 The scope is broadly consistent with internationally accepted standards, guidelines, or good practices
The national accounts statistics cover all tables and accounts that the Inter-Secretariat Working Group on National Accounts (ISWGNA) has defined as a minimum requirement for implementation of the 1993 SNA, as well as those whose compilation the ISWGNA has recommended. The NBS compiles and disseminates the following accounts:
annual and quarterly value added and gross domestic product (GDP) at current and constant (previous year) prices by activity;
annual and quarterly expenditures of GDP at current and constant (previous year) prices;
annual value added components at current prices by activity;
sequence of accounts for the total economy and by institutional sectors with an annual frequency;
annual rest of world accounts; and
annual supply and use tables (SUT).
In addition, the NBS has compiled regional accounts for 2001 and 2002, and input-output tables for 1998.
Overall, the delineation of the constituent units is in accordance with the 1993 SNA. However, the Transnistria region of Moldova is not covered in the national accounts, and the transactions between the region and the rest of Moldova are not recorded. The economic territory includes the territorial enclaves such as embassies and free zones. Workers who work only part of the year in another country are considered residents.
The production boundary is in accordance with the 1993 SNA. Thus, the scope of output measurement includes, among other things, the following items:
research and development on own-account;
own-account production of goods for own consumption;
output of goods for own-account fixed capital formation;
mineral exploration;
production of entertainment, literary or artistic originals; and
production of computer software.
Illegal production is not in the scope of output measurement with the exception of illegal smuggling of oil products and cigarettes, for which estimates are made. However, the NAD considers that the methodology for estimating the nonobserved economy may result in some inclusion of illegal production.
The assets boundary broadly conforms to the 1993 SNA and includes the following items:
defense related assets that can be used for civilian purposes;
valuables;
agricultural work-in-progress;
mineral exploration;
systems and standard applications computer software;
entertainment, literary, or artistic materials; and
patented entities.
Historical monuments are not included in the assets boundary.
2.3 Classification/sectorization
2.3.1 Classification/sectorization systems used are broadly consistent with internationally accepted standards, guidelines, or good practices
The classification and sectorization used in the compilation of the national accounts are in broad conformity with internationally recommended systems. The 1993 SNA is followed in classifying institutional units and transactions.
Since 1991 the production and generation of income accounts elaborated by activities are compiled according to the National Classification of Economic Activities (NCEA), which is consistent with NACE Rev.1. However, the national classification of products follows the concept of the material product system, with some modifications for services. The new product classification, based on the List of Products of the European Communities (PRODCOM), is under implementation and will be in place later in 2005. The Classification of Individual Consumption by Purpose (COICOP) is used for household expenditures. The Classification of Functions of Government (COFOG) has not yet been implemented, but implementation is planned for the medium-term. However, the existing classification of the functions of general government, used by the MOF, is not significantly different from the COFOG. In particular, the existing general government data provide the information necessary for the individual/collective split of consumption expenditures. Foreign trade data are classified according to a national classification based on the Combined Nomenclature.
2.4 Basis for recording
2.4.1 Market prices are used to value flows and stocks
The valuation rules for recording flows and stocks are in accordance with the 1993 SNA. Market prices are used for the valuation of flows and stocks. Output is valued at basic prices and intermediate consumption is valued at purchasers’ prices excluding the deductible part of value added taxes. Total exports and imports are valued on an f.o.b. basis. Transactions in foreign currency are converted to the national currency using the daily average exchange rate.
2.4.2 Recording is done on an accrual basis
In principle, accrual accounting is followed for all accounts. According to the accounting law and standards, all units are obliged to record their transactions on an accrual basis. However, figures for general government are recorded on a cash basis. The MOF adjusts the figures for compensation of employees, taxes, and subsidies, as well as for other expenditure elements, to an accrual basis. The MOF is planning to produce budget data on an accruals basis in the medium term. Work-in-progress is recorded in the period when it is produced.
2.4.3 Grossing/netting procedures are broadly consistent with internationally accepted standards, guidelines, or good practices
The production figures are based on reported data from establishments, and their transactions with other establishments within the same enterprise are recorded on a gross basis.
3. Accuracy and reliability
3.1 Source data
3.1.1 Source data are obtained from comprehensive data collection programs that take into account country-specific conditions
Source data are collected through (i) surveys of establishments and enterprises; (ii) household surveys; (iii) price statistics surveys; (iv) censuses; and (v) administrative data sources.
Surveys of Establishments and Enterprises
The sample frame for the surveys is the statistical register. The NBS maintains both an administrative register and a statistical register. The administrative register is updated with information from the legal registration of businesses in the Ministry for Information Technology. The register has about 130 thousand legal entities. Only enterprises that have been officially liquidated are deleted from the register; therefore, the register includes enterprises that are not active. The administrative register does not classify enterprises by size because the size of an enterprise is not recorded at the time of registration. A statistical register is derived from the administrative register, to keep track of the active units for statistical purposes. In addition to the identification characteristics, the statistical register contains information about the main activity of the unit, the number of employees, turnover, and capital. In 2003, there were 41 thousands enterprises in the statistical register. The statistical register is updated annually, on the basis of the statistical surveys, mainly the Structural Business Survey.
The units in the register are stratified into three groups:
Micro units—with up to 9 employed persons
Small units—with 10 to 50 employed persons
Large units—with more than 50 employed persons
The basic surveys of enterprises and establishments are the following:
Structural reports for agriculture;
Annual and quarterly report of economic activity of nonfinancial nonagricultural enterprises (5-S);
Annual structural business survey for nonfinancial nonagricultural units;
Annual report for nonprofit institutions serving households (NPISH);
Annual and quarterly bookkeeping reports (profit-loss statements and balance sheets) of legal entities;
Annual and monthly report on industrial output (1-P);
Annual and quarterly survey of insurance enterprises; and
Monthly, quarterly, and annual surveys of business statistics units.
Moldova is an agricultural economy with agriculture contributing 25 percent of GDP. With technical assistance from the United Kingdom Department for International Development (DFID), the NBS has developed a special data collection program for agricultural activities. In addition to the statistical register, where all agricultural units with more than 50 employees are recorded, the NBS has a register of household farms (about 700 thousand units). The household farms register is based on the Regional Cadastre. Besides, there are about one million individual producers of agricultural output for own final use, and the NBS receives information for them from the tax authorities and the municipalities.
The large-size units and the farms with over 10 hectares of land are surveyed exhaustively. Detailed data on area sawn, harvested, livestock production, output, intermediate consumption, and other economic indicators are available. Additional surveys on prices of agricultural products are collected four times a year.
Household farms and individual producers with less than 10 hectares of land are surveyed by a sample. The sample was drawn in 2000 and consists of 106 villages randomly selected to be representative for all 11 geographical regions of Moldova. Four surveys are conducted each year: (i) survey A collects data on volume indicators of crop and livestock production, and these data are collected from a sample of 2332 units; (ii) survey B (in June) collects data on area sawn; and (iii) survey C (in December) collects data on area harvested from a sample of about 4000 units. Survey D requests data on income and expenditures for a subsample of 530 units from the sample of survey A. Data on the individual producers for own final use are complemented by additional information form the municipalities and the tax authorities.
One of the main sources of data for the nonagricultural units is the annual and quarterly report of economic activity of nonfinancial nonagricultural enterprises (5-S). The report requests detailed data on output and intermediate consumption from all legal entities. The coverage of the report is very good, because the report is an annex of the quarterly and annual bookkeeping reports for all legal entities. However, the report requests data to be allocated by principal and secondary activities (annual and quarterly), which might create some difficulties for the respondents. Quarterly data are collected on a discrete basis.
The annual structural business survey provides data on the demography of the units as well as data needed for compiling the national accounts. It is the main tool for updating the business register. The survey units are stratified into three groups: (i) legal entities (about 20 thousand), (ii) natural persons (about 15 thousand), and new units (registered during the previous year). The structural business survey is a sample survey. The sampling is done through stratification of the units using the following criteria: type of activity, size of the enterprise (number of employees), and location. The sample consists of about eight thousand units. The data are collected through interviews. The following indicators are collected though the survey: demographic data on the unit, capital, revenues and expenditures, employment data, investments, and a special annex on construction activities. The questionnaire was designed with technical assistance from the French Statistical Office (INSEE). The response rate is satisfactory—93 percent for legal entities and about 55 percent for natural persons.
The NPISH are surveyed annually and quarterly. The questionnaire is sufficiently detailed for the national accounts purposes.
According to a regulation of the Ministry of Finance, the NBS is responsible for collecting quarterly and annual bookkeeping reports of all legal entities. The enterprises submit these reports to the local statistical offices of the NBS. The reports contain balance sheet and profit-loss statement data, and are also used for the national accounts compilation.
The annual and monthly report of the industrial enterprises (1-P) is a source of data for the establishments in mining, manufacturing, electricity, gas, and water. The survey is exhaustive—about 4000 units are surveyed each year. The survey covers units, whose principal or secondary activity is production of industrial goods. The survey collects data on output, employment, production in physical terms, changes in inventories, and also data on output in previous year prices. Enterprises are asked to compile their current year output at average prices of the previous year, following instructions from the NBS. However, the instructions are very general, and the NBS has no insight on how these estimates are compiled. These “comparable price” data are used for compiling the industrial production index (IPI).
In addition, the NBS business statistics units (construction, trade, transportation, services) conduct annually and subannually structural business surveys, which are also used in the process of the national accounts compilation. Most of these surveys collect data on a cumulative rather then discrete basis.
Household Surveys
The household budget survey is a monthly sample survey (540 households per month). The framework for the sample were the presidential election lists from 1996. Households in the lists were stratified by geographical region. The sample was drawn as a stratified two-stage random sample—the first stage was the selection on the primary selection units (1091 election units), and on the second stage 4 strata were selected—Chisinau, Balti, urban areas, rural areas. From the presidential election lists, persons over 18 years were grouped by households, but there were no other socioeconomic characteristics of the households. The sample is representative only by geographical regions, but not by socioeconomic groups. The households that refuse to participate are replaced with the next household from the sample list. The non-response rate is about 15–20 percent of all households, but about 40 percent for Chisinau. The middle and high-income households usually refuse to participate in the survey. No imputations are made for the nonresponse, and no adjustments are made for the refusals. The households are surveyed by interviewers three times a month. Each household is asked to compile a diary of its incomes and expenditures. In addition, detailed data for national accounts and balance of payments purposes are collected—production for own consumption, current transfers, etc. The expenditure data are reported according to the COICOP.
The labor force survey is a quarterly survey, following the concepts of employment and unemployment of the International Labor Organization. Around 8,200 household dwellings are surveyed each quarter. The data collected are a main source of information for estimating the nonobserved activities.
Price Statistics Surveys
Regarding prices, extensive use is made of the industrial producer price indices (PPI), the consumer price index (CPI), and the unit values price indices (UVI) of foreign merchandise trade. Other price information includes sale prices of agricultural products, price indices of purchases by agricultural enterprises, and the construction price index for buildings and construction materials.
Censuses
In 2004, the NBS conducted a Population Census. Also, a Census of agricultural farms for livestock production (1992) and for vineyards and orchards (1994) were carried out (wine production is one of the most important economic activities).
Administrative data sources
The MOF compiles statistics of central and local government, social security fund, and extrabudgetary funds revenue and expenditure. Data are available to the NAD quarterly by economic and functional classification. Data include all defense-related expenditure and are sufficiently detailed to measure output, intermediate consumption, fixed-capital formation, and final consumption of government services.
The NBS receives monthly data on imports and exports of goods from the Customs Office. The national accounts compilers have access to the tax returns data of the MOF for legal entities and also for natural persons. As mentioned above, quarterly and annually, data on financial statements and profit/loss statements of legal entities and natural persons are made available to the NBS.
The NBS receives annual and quarterly data on balance of payments from the NBM. Data are following the concepts and the definitions of the Balance of Payments Manual, fifth edition.
3.1.2 Source data reasonably approximate the definitions, scope, classifications, valuation, and time of recording required
Generally, the source data are consistent with the definitions, scope, classifications, time of recording, reference periods, and valuation of the national accounts statistics. However, the PPI and the CPI do not follow international standards for proper techniques in imputation of missing and new observations. Also, the CPI weights are likely to underestimate the share of durable goods. The PPI is not a transaction price index, and covers a small population of industrial establishments (230). The industrial production index (IPI) is compiled from data in constant prices, adjusted to price changes by establishments themselves. The household budget survey data are not representative for all socioeconomic groups, and most probably underestimates the expenditures for durable goods. The quarterly data of most business structural surveys as well as data on general government operations are available on a cumulative basis.
An assessment of the coverage of the main data sources for the annual accounts is given below:
| Production Approach | ||
|---|---|---|
| NACE Rev. 1 Section | Main source | Assessment of coverage |
| Agriculture, hunting and forestry, fishing |
| Good |
| Mining and quarrying |
| Good |
| Manufacturing |
| Satisfactory |
| Electricity, gas and water supply |
| Good |
| Construction |
| Satisfactory |
| Wholesale and retail trade, repair of motor vehicles, and personal and household goods |
| Good |
| Hotels and restaurants |
| Satisfactory |
| Transport, storage and communications |
| Good |
| Financial intermediation |
| Good |
| Real estate, renting and business |
| Good |
| Public administration and defense; compulsory social security | Consolidated state budget—the report on the revenues and expenditures of the state budget for central and local government activities and social security funds | Good |
| Education/Health and social work |
| Good |
| Net taxes less subsidies on products | Consolidated state budget—revenues and expenditures Tax authorities information about accrual taxes on products | Good |
| Expenditure Approach | ||
| Expenditure categories | Main source | Assessment of coverage |
| Household final consumption expenditure |
| Good |
| Final consumption expenditure of NPISHs | Annual and quarterly report of NPISH | Good |
| Government final consumption expenditure | Consolidated state budget—the report on the revenues and expenditures of the state budget for central and local government activities and social security funds | Good |
| Gross fixed capital formation |
| Good |
| Changes in inventories |
| Good |
| Exports and imports of goods | Balance of payments | Good |
| Exports and imports of services | Balance of payments | Good |
| Production Approach | ||
|---|---|---|
| NACE Rev. 1 Section | Main source | Assessment of coverage |
| Agriculture, hunting and forestry, fishing |
| Good |
| Mining and quarrying |
| Good |
| Manufacturing |
| Satisfactory |
| Electricity, gas and water supply |
| Good |
| Construction |
| Satisfactory |
| Wholesale and retail trade, repair of motor vehicles, and personal and household goods |
| Good |
| Hotels and restaurants |
| Satisfactory |
| Transport, storage and communications |
| Good |
| Financial intermediation |
| Good |
| Real estate, renting and business |
| Good |
| Public administration and defense; compulsory social security | Consolidated state budget—the report on the revenues and expenditures of the state budget for central and local government activities and social security funds | Good |
| Education/Health and social work |
| Good |
| Net taxes less subsidies on products | Consolidated state budget—revenues and expenditures Tax authorities information about accrual taxes on products | Good |
| Expenditure Approach | ||
| Expenditure categories | Main source | Assessment of coverage |
| Household final consumption expenditure |
| Good |
| Final consumption expenditure of NPISHs | Annual and quarterly report of NPISH | Good |
| Government final consumption expenditure | Consolidated state budget—the report on the revenues and expenditures of the state budget for central and local government activities and social security funds | Good |
| Gross fixed capital formation |
| Good |
| Changes in inventories |
| Good |
| Exports and imports of goods | Balance of payments | Good |
| Exports and imports of services | Balance of payments | Good |
3.1.3 Source data are timely
There are no major problems with the timeliness of the source data. The establishment data, the price statistics data, the household data, the foreign trade statistics, the general government data, and the balance of payments data are obtained on a timely basis.
3.2 Assessment of source data
3.2.1 Source data—including censuses, sample surveys and administrative records—are routinely assessed, e.g., for coverage, sample error, response error, and nonsampling error; the results of the assessments are monitored and made available to guide statistical processes
Source data are assessed for their accuracy on a routine basis. Information is available about sampling and nonsampling errors for all surveys. The NAD and the business statistics units keep archives for internal purposes on problems encountered (for example, issues of misclassification or measurement) to avoid similar problems in the future. Outliers in basic statistics are checked and, if necessary, removed from the final results; high-value transactions are confirmed with respondents. The household surveys (household budget surveys and labor force surveys) are audited to verify the accuracy of the individual survey data. The source data are validated for temporal consistency, and consistency with national accounts definitions, valuation, and classifications.
The national accounts staff routinely review the budgetary data, foreign trade data, price indices, and other data sources used to compile national accounts statistics. These secondary data are also checked for consistency with the national accounts definitions, valuation rules, reference periods, and classifications.
3.3 Statistical techniques
3.3.1 Data compilation employs sound statistical techniques to deal with data sources
The local statistical offices collect and process source data from respondents. The NBS designs data validation software (for checking, coding, editing and tabulation errors) for each survey questionnaire. The data are further validated for processing errors in the headquarter information technology center. The individual data are stored in a database.
In most cases, imputations and adjustments for nonresponse and missing observations are not done. For the sample survey, the grossing-up factors are derived scientifically.
3.3.2 Other statistical procedures (e.g., data adjustments and transformations, and statistical analysis) employ sound statistical techniques
The NAD is familiar with the various conceptual models for estimating the size and nature of the nonobserved economy (for example, the Handbook on the Nonobserved Economy published by the Organization for Economic Cooperation and Development) and has received advice on conceptual and methodological issues. A special study on the nonobserved economy was conducted in 2003, and the data and the metadata were disseminated to the general public. The national accounts staff compile annually and quarterly estimates for informal, hidden, illegal activities, as well as the household production for own final use, using a combination of methods—the supply and use tables (SUT), the commodity flow method, the employment method, value added tax-based method, and case-by-case specific estimates for the GDP by activity and the expenditure components of GDP. The procedures used to incorporate these estimates are well documented.
Production approach procedures
The output estimates by activities are made on a three-digit level of NACE, Rev. 1 for the industrial activities, and on a two-digit level for the remaining activities. The intermediate consumption estimates are compiled at the same level of details as output, that is, between the two- and three-digit levels of NACE, Rev.1. No ratios from past periods are used in compiling the current price estimates.
The agricultural gross output is calculated from the balance of products, which are compiled for all crops and livestock. These data are supplemented by figures for household production and consumption, which are based on estimates of areas under cultivation and livestock estimates produced by the municipalities. Intermediate consumption includes estimates of the value of seeds, fertilizer, livestock feed, power, and repairs. Output used for own intermediate consumption is excluded from both output and intermediate consumption.
The output of owner-occupied dwellings is estimated by two approaches—the cost approach for the rural areas (as a sum of the cost of repairs, maintenance, and consumption of fixed capital) and the market rent approach for the urban areas. The urban areas are stratified in three different strata—Chisinau, Balti, and others.
The national accounts treat work-in-progress in conformity with international guidelines. Crops, standing timber, livestock reared for purposes of food, large construction projects, and output of large equipment are recorded as output. The stock of fish is not included in the output as it is considered to have an insignificant value.
Data on output and intermediate consumption are adjusted for holding gains/losses on inventories. Estimates are based on data on stock levels, type of inventories, and price indices compiled by the NBS.
Consumption of fixed capital is not estimated by the recommended perpetual inventory method. The estimates are derived from depreciation figures reported in the financial reports.
The Ministry of Finance adjusts the cash data on general government to an accrual basis.
The techniques used for compiling constant price estimates are sound—the national accounts staff are using mostly double indicator method (double deflation or extrapolation/deflation). The output estimates are derived either by deflation or by extrapolation. The intermediate consumption for all activities is derived by deflation of the elements (using the detailed information from the annual report 5-S, and respective price indices). The table below shows the different methods used in compiling constant price estimates of output:
Main techniques used for constant price estimates of output:
| NACE Rev. 1 Section | Statistical techniques |
|---|---|
| Agriculture, hunting and forestry, fishing | Direct estimates from volume indicators and prices |
| Mining and quarrying | Extrapolation using the IPI |
| Manufacturing | Extrapolation using the IPI |
| Electricity, gas and water supply | Extrapolation using the IPI |
| Construction | Deflation using the construction volume index |
| Wholesale and retail trade | Extrapolation using the wholesale and retail volume index |
| Hotels and restaurants | Deflation using the subindex of the CPI |
| Transport, storage | Extrapolation using the volume index (by means of transportation) |
| Communications | Deflation using the subindex of the CPI |
| Financial intermediation | Extrapolation using the employment index |
| Real estate, renting and business, other services | Market: Deflation using the subindex of the CPI Nonmarket: Deflation of current expenditures, and extrapolation of compensation of employees using the employment index |
| Public administration and defense; compulsory social security | Deflation of current expenditures, and extrapolation of compensation of employees using the employment index |
| Education/ | Market: Deflation by subindices of the CPI |
| Health and social work | Nonmarket: Deflation of current expenditures, and extrapolation of compensation of employees using the employment index |
| FISIM | Extrapolation of the base-year value with the volume index of the interest rates |
| Taxes and subsidies on products | Extrapolation of the base-year tax rate with volume indices |
| NACE Rev. 1 Section | Statistical techniques |
|---|---|
| Agriculture, hunting and forestry, fishing | Direct estimates from volume indicators and prices |
| Mining and quarrying | Extrapolation using the IPI |
| Manufacturing | Extrapolation using the IPI |
| Electricity, gas and water supply | Extrapolation using the IPI |
| Construction | Deflation using the construction volume index |
| Wholesale and retail trade | Extrapolation using the wholesale and retail volume index |
| Hotels and restaurants | Deflation using the subindex of the CPI |
| Transport, storage | Extrapolation using the volume index (by means of transportation) |
| Communications | Deflation using the subindex of the CPI |
| Financial intermediation | Extrapolation using the employment index |
| Real estate, renting and business, other services | Market: Deflation using the subindex of the CPI Nonmarket: Deflation of current expenditures, and extrapolation of compensation of employees using the employment index |
| Public administration and defense; compulsory social security | Deflation of current expenditures, and extrapolation of compensation of employees using the employment index |
| Education/ | Market: Deflation by subindices of the CPI |
| Health and social work | Nonmarket: Deflation of current expenditures, and extrapolation of compensation of employees using the employment index |
| FISIM | Extrapolation of the base-year value with the volume index of the interest rates |
| Taxes and subsidies on products | Extrapolation of the base-year tax rate with volume indices |
The constant price GDP estimates are compiled at average prices of the previous year.
Expenditure approach
The GDP estimate by expenditure components is derived independently, including independent estimates of household final consumption expenditure, gross-fixed capital formation, and changes in inventories. The data on household final consumption expenditure are compiled using the commodity flow method—the main source of data are the retail sales, adjusted with the household budget data, as well as data from the balance of payments. The Household Budget Survey (HBS) is used for estimating the consumption of food products and retail trade statistics for nonfood products. This guarantees an independent estimate of consumption. Branch statistics data are used for other items such as services, including consumption of water, electricity and heat energy. Expenses of residents abroad are included in household final consumption expenditure, and expenditures of nonresidents in the domestic economy are excluded from private final consumption expenditure. The estimates are based on the balance of payments information for imports and exports of travel services for individuals. Data on household consumption expenditure are compiled at a detailed level of COICOP.
Government final consumption expenditure is compiled at the two-digit classification level. Government final consumption expenditure excludes incidental sales. Gross-fixed capital formation is compiled by industries (around 60) and four types of assets—machinery, transport equipment, buildings and other constructions, and others. Gross fixed capital formation (GFCF) is measured as expenditure on acquisition of fixed assets (the actual expenditure on construction activity, improvements of existing assets, cost of delivery, and mounting of fixed assets and progress payments by customers), less the disposal of existing fixed assets. The commodity flow approach is applied for cross-checking of the consistency of GFCF data for construction, machinery and equipment. Data on sales to the domestic market of those branches producing investment goods and information from customs statistics on imports of investment goods are also used. Changes in inventories are estimated by activity and by types of inventories. No fixed ratios that are more than five years old are used in the compilation of the expenditure approach components.
The household final consumption expenditure estimates at constant prices are derived by applying the relevant CPIs for the corresponding COICOP data items at the three-digit level. The final consumption expenditure of general government and NPISH are deflated with the implicit output indices of the corresponding branches. Gross fixed capital formation is obtained at constant prices by applying appropriate price indices—the implicit construction output deflator, domestic PPI and import unit value indices for investment goods; the implicit deflator of the output of perennial plants and livestock breeding. Depending on the average stock-holding period, the value of inventories by type and by branch is estimated at average previous year prices using specific monthly price indices. Raw materials are deflated with a combination of PPI and import unit value indices. Goods for resale are deflated with the CPI. The exports and imports of goods are deflated with the corresponding Paasche-type unit value indices. However, the constant price estimates of exports and imports of services are obtained by deflating the current values with the exchange rate of the Moldovan lei to the U.S. dollar.
Specific quarterly compilation techniques
Benchmarking is done using the Denton technique, and the BENCH software has been installed by Statistics Canada. National accounts staff has been trained on the use of the software by the Canadian statisticians. The national accounts compilation system derives the series from seasonally unadjusted source data, thus providing unadjusted quarterly estimates. Seasonally adjusted quarterly constant price estimates are compiled using XII ARIMA. The quarterly national accounts data are presented as time series with a reference year 2000.
3.4 Assessment and validation of intermediate data and statistical outputs
3.4.1 Intermediate results are validated against other information where applicable
The main data sources used to compile national accounts statistics are checked with other primary and secondary sources. Data derived through the establishment surveys are cross-checked against tax data, data on output derived from administrative sources, as well as merchandise trade statistics. The efficiency of these checks is reinforced by the use of the commodity flow method. The household expenditure data are checked against the retail sales data, imports data, and the value-added tax (VAT) data from the tax authorities. Estimates are validated at all stages of processing.
3.4.2 Statistical discrepancies in intermediate data are assessed and investigated
Implicit deflators of output are compared with relevant price indices. Volume indicators derived by deflating current values of the national accounts estimates are compared with available industrial production indices. Systematic procedures exist to assess the household consumption data, which are regularly assessed for discrepancies between the various data sources.
3.4.3 Statistical discrepancies and other potential indicators of problems in statistical outputs are investigated
Annually, the supply-use framework is used to derive a consistent estimate of GDP by activity and expenditure components. The balancing process involves the comparison of the detailed data in a supply-use framework at current and constant prices.
Unofficial estimates compiled by private institutions are reviewed by the NBS; however, the NBS does not attempt to validate its estimates against these unofficial estimates. It notes that unofficial estimates are derived using less accurate data sources and less sound techniques.
3.5 Revision studies
3.5.1 Studies and analyses of revisions are carried out routinely and used internally to inform statistical processes (see also 4.3.3)
The implementation of the 1993 SNA was carried out in several stages, each one resulted in a revision to the national accounts time series. The official dissemination of the most recent revised time series contains short information of the results of the revision compared to the previous data. In the course of the current compilation of quarterly and annual national accounts, the direction and magnitude of revisions between the various versions are studied. The revisions are well documented and include descriptions of the adjustments.
4. Serviceability
4.1 Periodicity and timeliness
4.1.1 Periodicity follows dissemination standards
The NBS compiles and disseminates a comprehensive set of annual national accounts thus complying with the General Data Dissemination System (GDDS). Furthermore, it also compiles quarterly GDP estimates by production and expenditure approach at current and constant prices. The NBS has disseminated time series of quarterly national accounts data for 1995–2004, which are considered to be at an experimental stage.
4.1.2 Timeliness follows dissemination standards
The timeliness of the national accounts exceeds the GDDS recommendations and meets the SDDS requirements.
4.2 Consistency
4.2.1 Statistics are consistent within the dataset
The annual national accounts are internally consistent. The GDP estimates by activity and expenditure components are made consistent in a detailed balancing process on the basis of the supply and use framework. The estimates at current prices are consistent with the matching series at constant prices and the deflators. The estimates at current prices, volume measures, and implicit deflators are consistent within the “value = volume × price” framework. The quarterly GDP estimates add up to the annual estimates. Concepts, definition, and classification for compiling quarterly GDP estimates are the same as those used to compile annual estimates.
4.2.2 Statistics are consistent or reconcilable over a reasonable period of time
Consistent annual time series are available since 1989. Consistent quarterly time series are available since 1995. Data series were reconstructed to account for changes in methodology. A comprehensive document has been prepared that explains the major changes in the methodology while implementing the 1993 SNA.
4.2.3 Statistics are consistent or reconcilable with those obtained through other data sources and/or statistical frameworks
The national accounts statistics are, in general, consistent with balance of payments and government finance statistics. Currently, the BOP is the main source data for transactions with the rest of the world, and its current account is used as a “mirror” account in the national accounts. The national accounts statistics and the data on general government are consistent.
4.3 Revision policy and practice
4.3.1 Revisions follow a regular and transparent schedule
A schedule for the dissemination of the preliminary and revised estimates of the national accounts statistics is published by the NBS at the beginning of the calendar year as part of the Program for Statistics. The annual data are revised two times. The preliminary set of annual estimates are disseminated one month following the end of the period. The first revised estimated is published 12 months after, and the second revised estimate—24 months after the end of the period.
The revisions cycle is predetermined and known by the users. Revised data are published with accompanying short notes.
4.3.2 Preliminary and/or revised data are clearly identified
Preliminary annual estimates are identified in statistical releases. Users are informed about the revisions at the time of the dissemination.
4.3.3 Studies and analyses of revisions are made public (see also 3.5.1)
The main methodological revisions are well documented, and the reasons for revisions are explained in detail. The magnitude of revisions is measured, and the results are made available to the general public. Analysis of preliminary versus revised data is published to allow assessment of the reliability of the preliminary data.
5. Accessibility
5.1 Data accessibility
5.1.1 Statistics are presented in a way that facilitates proper interpretation and meaningful comparisons (layout and clarity of text, tables, and charts)
The annual and the quarterly national accounts publications contain charts and tables, as well as analysis of current-period developments. Charts and tables are provided also in the press release and posted on the NBS’s website. The presentation of the national accounts statistics is clear. The data are published with various levels of detail.
5.1.2 Dissemination media and format are adequate
The annual national accounts data are released through the press release in January (the annual preliminary estimates) and through the following hard copy publications:
Concise Statistical Yearbook,
Statistical Yearbook, and
National Accounts.
The National Accounts Publication contains detailed data for all accounts, by institutional sector, and the SUT. The webpage of the NBS also disseminates time series of national accounts data from 1995. A special publication was issued recently with the quarterly national accounts data for 1995–2004, as experimental estimates.
5.1.3 Statistics are released on a preannounced schedule
The NBS publishes quarterly a release calendar giving the precise release dates for the quarter for all datasets, including the national accounts. In case the deadlines cannot be met, the NBS informs the users in advance.
5.1.4 Statistics are made available to all users at the same time
The national accounts data are released simultaneously to all users.
5.1.5 Statistics not routinely disseminated are made available upon request
In addition to the data published on the website and in hardcopy publications, it is possible to obtain more detailed national accounts tables by applying directly to the NBS. A fee may be charged. Contact persons who can assist with such inquiries are named in the hard copy publications
5.2 Metadata accessibility
5.2.1 ocumentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques is available, and differences from internationally accepted standards, guidelines, or good practices are annotated
Metadata—including information on concepts, definitions, classifications—are published only in the hard copy publications, which have not been reprinted for a long period. Methodological notes are also available in the special publications, as well as in the Statistical Yearbook. However, the metadata are not comprehensive, and do not highlight the differences and deviations from internationally accepted standards or guidelines. The metadata also do not show the biases in the source data, the rates of nonresponse, or provide information on sampling techniques for surveys.
The GDDS summary methodology is regularly reviewed and updated, but there is no hyperlink between the IMF’s Dissemination Standards Bulletin Board (DSBB) and the website of the NBS.
5.2.2 Levels of detail are adapted to the needs of the intended audience
The metadata in the national accounts publications reflect the levels of detail and the degree of aggregation of the data disseminated in these media.
5.3 Assistance to users
5.3.1 Contact points for each subject field are publicized
All statistical releases list contact persons who may be reached by telephone or by e-mail. The access points to clients is well advertised. Assistance to users is monitored through periodic surveys.
5.3.2 Catalogs of publications, documents, and other services, including information on any charges, are widely available
The NBS produces a catalog of publications, which is updated annually and contains a list of publications that the NBS will be releasing during the year. The catalogue provides a brief description of the data contained in the publication, the price, periodicity, expected month of release, the publication format, and the languages of dissemination.
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for National Accounts
(Compiling Agency: National Bureau for Statistics)
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for National Accounts
(Compiling Agency: National Bureau for Statistics)
| Key to symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; SDDS = Complies with SDDS Criteria | |||||||
|---|---|---|---|---|---|---|---|
| Element | NA | Assessment | Comments on Assessment | Plans for Improvement and Target Dates | |||
| O | LO | LNO | NO | ||||
| 0. Prerequisites of quality | |||||||
| 0.1 Legal and institutional environment | X | ||||||
| 0.2 Resources | X | Staff, computer, and financial resources are not adequate. | |||||
| 0.3 Relevance | X | ||||||
| 0.4 Other quality management | X | ||||||
| 1. Assurances of integrity | |||||||
| 1.1 Professionalism | X | Decisions on timeliness for national accounts and other economic statistics are imposed by government. | |||||
| 1.2 Transparency | X | ||||||
| 1.3 Ethical standards | X | ||||||
| 2. Methodological soundness | |||||||
| 2.1 Concepts and definitions | X | ||||||
| 2.2 Scope | X | The Transnistria region is not included in the scope of the accounts. | |||||
| 2.3 Classification/sectorization | X | Classification of products follows the concept of the material product system. | Implementation of a new classification based on PRODCOM is under progress and is to be completed later in 2005. | ||||
| 2.4 Basis for recording | X | ||||||
| 3. Accuracy and reliability | |||||||
| 3.1 Source data | X | The industrial production index (IPI) does not follow international guidelines. CPI and PPI need improvements. | The CPI and PPI are currently revised and improved to follow international standards. The IPI will be improved after implementing the new product classification. | ||||
| 3.2 Assessment of source data | X | ||||||
| 3.3 Statistical techniques | X | Imports and exports of services are deflated with the exchange rate index. No sound techniques for imputations of missing observations and of nonresponse in the surveys. | |||||
| 3.4 Assessment and validation of intermediate data and statistical outputs | X | ||||||
| 3.5 Revision studies | X | ||||||
| 4. Serviceability | |||||||
| 4.1 Periodicity and timeliness | X | ||||||
| 4.2 Consistency | X | ||||||
| 4.3 Revision policy and practice | X | ||||||
| 5. Accessibility | |||||||
| 5.1 Data accessibility | X | ||||||
| 5.2 Metadata accessibility | X | The metadata disseminated does not include comprehensive description of sources and methods. | |||||
| 5.3 Assistance to users | X | ||||||
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for National Accounts
(Compiling Agency: National Bureau for Statistics)
| Key to symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; SDDS = Complies with SDDS Criteria | |||||||
|---|---|---|---|---|---|---|---|
| Element | NA | Assessment | Comments on Assessment | Plans for Improvement and Target Dates | |||
| O | LO | LNO | NO | ||||
| 0. Prerequisites of quality | |||||||
| 0.1 Legal and institutional environment | X | ||||||
| 0.2 Resources | X | Staff, computer, and financial resources are not adequate. | |||||
| 0.3 Relevance | X | ||||||
| 0.4 Other quality management | X | ||||||
| 1. Assurances of integrity | |||||||
| 1.1 Professionalism | X | Decisions on timeliness for national accounts and other economic statistics are imposed by government. | |||||
| 1.2 Transparency | X | ||||||
| 1.3 Ethical standards | X | ||||||
| 2. Methodological soundness | |||||||
| 2.1 Concepts and definitions | X | ||||||
| 2.2 Scope | X | The Transnistria region is not included in the scope of the accounts. | |||||
| 2.3 Classification/sectorization | X | Classification of products follows the concept of the material product system. | Implementation of a new classification based on PRODCOM is under progress and is to be completed later in 2005. | ||||
| 2.4 Basis for recording | X | ||||||
| 3. Accuracy and reliability | |||||||
| 3.1 Source data | X | The industrial production index (IPI) does not follow international guidelines. CPI and PPI need improvements. | The CPI and PPI are currently revised and improved to follow international standards. The IPI will be improved after implementing the new product classification. | ||||
| 3.2 Assessment of source data | X | ||||||
| 3.3 Statistical techniques | X | Imports and exports of services are deflated with the exchange rate index. No sound techniques for imputations of missing observations and of nonresponse in the surveys. | |||||
| 3.4 Assessment and validation of intermediate data and statistical outputs | X | ||||||
| 3.5 Revision studies | X | ||||||
| 4. Serviceability | |||||||
| 4.1 Periodicity and timeliness | X | ||||||
| 4.2 Consistency | X | ||||||
| 4.3 Revision policy and practice | X | ||||||
| 5. Accessibility | |||||||
| 5.1 Data accessibility | X | ||||||
| 5.2 Metadata accessibility | X | The metadata disseminated does not include comprehensive description of sources and methods. | |||||
| 5.3 Assistance to users | X | ||||||
Recommendations
(0.2.1) Increase resources allocated to work on compilation and dissemination of national accounts statistics. The personnel, financial, and computer resources of the NBS need to be commensurate with the requirements of the current statistical program. Additional resources would be required to retain qualified staff and to meet evolving statistical demands.
(1.1.2) Provide the NBS with the authority to make its own decision about the timing of dissemination of macroeconomic statistics. The NBS policy and practice on dissemination deadlines should not be influenced by outside agencies.
(2.2.1) Consider inclusion of all economic activities in the Transnistria region in the national accounts of Moldova.
(2.3.1) Complete the implementation of a classification system for products based on internationally accepted standards.
(3.1.2) Improve the accuracy and reliability of the industrial production index, price statistics, and the household budget survey. Request collection of subannual data on a discrete basis for all economic statistics surveys.
(3.3.1) Implement appropriate statistical techniques for dealing with nonresponses.
(3.3.2) Implement sound statistical techniques in accordance with international guidelines for volume measures of imports and exports of services, for estimating consumption of fixed capital, and for dealing with nonresponses.
(5.2.1) Prepare and disseminate comprehensive document on sources and methods for compiling national accounts statistics.
II. Government Finance Statistics
0. Prerequisites of quality
0.1 Legal and institutional environment
0.1.1 The responsibility for collecting, processing, and disseminating the statistics is clearly specified
Government finance statistics (GFS) are compiled and disseminated by the Ministry of Finance (MOF) under the general provisions of the Law on the Budgetary System and the Budgetary Process, No. 847-XIII/1996 (organic budget law), the Law on Accounting, No. 426-XIII/1995, the budget classification approved by the Parliament Resolution No. 969-XIII/1996, and the annual State Budget laws.
The Law of Accounting, No. 426-XIII/1995, provides for drafting and approving accounting methodology, charts of accounts, reporting forms for accounting registers, financial reports, and methodological rules. The annual State Budget laws stipulate the procedures for major budget revenue distribution between the central government and local government budgets.
These laws require the MOF to compile and disseminate fiscal data and give the MOF the authority to collect fiscal data from other agencies. GFS are compiled from data reported on the execution of the consolidated general government budget, i.e., on the National Public Budget of the Republic of Moldova.
The division of responsibilities between State and local governments and the rules for the preparation and execution of local government budgets are defined in the Law on the Budgetary System and the Budgetary Process, No. 847-XIII/1996, the Law on Local Public Finances, No. 397-XV/2003, Constitution of the Republic of Moldova, and the annual state budget laws.
Public debt data are compiled in accordance with the Law on the State Debt and Government Guarantees, No. 943-XIII/1996, and the annual state budget laws. These laws set limits on new state debts and government guarantees.
Fiscal data for the social security funds and health insurance funds are compiled in accordance with the Law on State Social Insurance System, No. 489-XIV/1999, and the Law on Mandatory Health Insurance, No. 1585-XIII/1998.
According to the Law on Official Statistics, the National Bureau for Statistics (NBS) has responsibility for the management and coordination of statistical activity in the Republic of Moldova. The NBS collects and disseminates data from other agencies, including fiscal data from the MOF.
0.1.2 Data sharing and coordination among data-producing agencies are adequate
The National Bank of Moldova (NBM) provides the Treasury Department of the MOF with data on receipts and payments to the State Treasury single account daily. This is the basic data source on the execution of the revenue part of the state budget. The State Treasury has 37 local representative offices, which are serviced by the commercial banks. The local treasuries service both state and local budget execution. By using accounts opened with the NBM, the State Treasury allocates funds to cover the expenditures incurred by the budgetary institutions, to make transfers to the local budgets, and to repay domestic and external debt.
Data required from the State Social Insurance Fund and Health Insurance Fund, which have accounts with commercial banks, to compile consolidated general government statistics are supplied to the MOF monthly, as required under the provisions of the budget laws.
The MOF supplies data quarterly to the NBS for use in the compilation and publication of national accounts, under the general provisions of the Law on Official Statistics.
Provisions for data sharing among all agencies work satisfactorily.
0.1.3 Individual reporters’ data are to be kept confidential and used for statistical purposes only
Ensuring confidentiality is not an issue since GFS data are obtained as a by-product of budget systems. There are procedures in place to protect the confidentiality of fiscal data. Staff at the MOF are required to sign an agreement to the regulations of their division, one of which relates to the disclosure of confidential data. Access to confidential data requires clearance and is tightly supervised. Data are aggregated to prevent disclosure in disseminated data.
0.1.4 Statistical reporting is ensured through legal mandate and/or measures to encourage response
All fiscal data are obtained from the budget system.
0.2 Resources
0.2.1 Staff, facilities, computing resources, and financing are commensurate with statistical programs
Overall, staff resources at the MOF for compiling fiscal data are adequate. However, only one person is responsible for the compilation of GFS data for submission to the IMF for the Government Finance Statistics Yearbook (GFSY).
Staff have university qualifications in economics and/or accounting. Staff retention in the Budget Expenditure Division, which is responsible for the compilation of budget execution data and GFS, is high with staff having at least 10 years’ experience in the area of consolidated budget reporting. In the case of the State Debt Department, staff turnover is greater, mainly owing to the lower salaries of the government sector in comparison to the private sector.
Few staff have a good knowledge of GFS concepts and practices. Staff have participated in regional GFS courses conducted by the IMF.
Computer resources are adequate at the central government level. Each staff member at the MOF has a computer. Computer resources are less satisfactory at the local government level with only three to four computers for each financial division of the local government regions (rayons) and very limited resources at the lower levels. There is a single Treasury system and a debt management system. On-the-job training is provided on the use of the systems and other software relevant to the budget execution process. Monthly training is provided on the Treasury system. However, the full capacity of the debt management system is not being realized due to insufficient training, resulting in the multiple handling of data using both the system and Microsoft Excel. Adequate protection of computer resources is provided, including availability of emergency back-up systems.
The staff responsible for consolidated budget reporting receive on-the-job training on new methodologies. Monthly seminars are conducted for the managers of the local treasuries. Whenever necessary, seminars are conducted for budget execution agents on budget preparation and implementation of new technologies and also to enhance the operational skills of budget-related employees. The Academy of Public Management affiliated to the President’s office conducts seminars and courses in budget execution and other issues concerning budget execution for key accountants and specialists.
The physical facilities are adequate for the task.
The funding horizon relates to the current budget and external project funds. Project funds are currently financing the development of the public finance system which includes the migration to Government Finance Statistics Manual (GFSM 2001). Any other statistical developments must be undertaken within existing funding.
0.2.2 Measures to ensure efficient use of resources are implemented
Staff performance used to be subjected to biennial testing but this ceased recently. Currently staff performance is assessed in the context of advancement for those seeking promotion, for quarterly salary increases, and quarterly bonuses paid for work done over and above the requirements of normal duties.
Work flows are regularly monitored but not costed.
0.3 Relevance
0.3.1 The relevance and practical utility of existing statistics in meeting users’ needs are monitored
The MOF does not actively seek out feedback from the users of fiscal data. However, it is responsive to feedback. Recently, the MOF significantly expanded the range of fiscal data posted on its website and is preparing data packages for hard copy dissemination.
Mechanisms are in place to address new requirements. The MOF has established a division dealing with the accounting methodology of the budget system as well as a Methodological Council that determines global changes to be made to methodologies. The council consist of representatives/specialists from central and local government and employees of the MOF.
0.4 Other quality management
0.4.1 Processes are in place to focus on quality
The general regulations of the MOF stipulate quality commitment. Data quality is an integral part of MOF operations. Compilers follow established procedures to check the accuracy and consistency of the data. Quality checks are integrated in the Treasury and debt management systems.
MOF staff participate in internal and external training programs including GFS-related courses offered by STA in Washington, D.C. and at regional training centers, including the Fiscal Policy and Data Quality Seminar that was offered jointly with STA during July 22–25, 2005 at the Joint Vienna Institute.
0.4.2 Processes are in place to monitor the quality of the statistical program
There are no processes in place to specifically monitor the quality of GFS, although the MOF is open to feedback from users on the quality of the statistics. The quality of data submitted by budget execution agents is monitored and is subject to audit by the Department of Financial Control and Audit. The state budget execution, in general, is audited by the Court of Accounts.
0.4.3 Processes are in place to deal with quality considerations in planning the statistical program
An investment project, Public Finances Management, is currently being undertaken which includes the migration to the Government Finance Statistics Manual 2001 (GFSM 2001). Planning for the migration takes into account quality considerations and feedback from users.
1. Assurances of integrity
1.1 Professionalism
1.1.1 Statistics are produced on an impartial basis
The Law on Official Statistics supports professional independence of the data-producing agencies. The employees of the MOF are subject to the Law on Public Service, No. 443-XIII/1995, the general requirements of all MOF employees, and the regulations governing the rights and requirements of staff for their division. The culture in the MOF promotes professionalism.
Recruitment and promotion are based on qualifications and performance.
Formal (internal and external) and on-the-job training is provided for budget staff in methodology and compilation methods, including participation in IMF GFS-related courses and seminars. MOF staff have qualifications in economics and accounting, in which a basic knowledge of statistical principles forms part of a wider set of skills. They generally have the appropriate background and experience for compiling and using GFS.
1.1.2 Choices of sources and statistical techniques as well as decisions about dissemination are informed solely by statistical considerations
No evidence exists of political interference in the choice of data sources and statistical techniques in the compilation of GFS. The content and format of GFS statistics are based on IMF standards. Other reports of fiscal activity are determined by the Law on Accounting, No. 426-XIII/1995, the Law on the Budgetary System and the Budgetary Process, No. 847-XIII/1996, and by the NBS for its publications.
1.1.3 The appropriate statistical entity is entitled to comment on erroneous interpretation and misuse of statistics
The MOF can, and occasionally does, respond to correct the misinterpretation or misuse of fiscal data.
1.2 Transparency
1.2.1 The terms and conditions under which statistics are collected, processed, and disseminated are available to the public
The terms and conditions under which GFS are compiled and disseminated are embedded in the various laws and the internal administrative regulations of the MOF and NBS. No additional information (apart from the laws themselves) on the terms and conditions applying to GFS is made public.
1.2.2 Internal governmental access to statistics prior to their release is publicly identified
There is no internal governmental access to fiscal data prior to their release.
1.2.3 Products of statistical agencies/units are clearly identified as such
The MOF is clearly identified as the source of fiscal data.
1.2.4 Advanced notice is given of major changes in methodology, source data, and statistical techniques
Generally, data compiled on the basis of changes in methodology are released to users for feedback in advance of implementation.
1.3 Ethical standards
1.3.1 Guidelines for staff behavior are in place and are well known to the staff
In general, the code of conduct for civil servants is regulated by various laws, including the Law on Public Service, No. 443-XIII/1995. In addition, the MOF has a number of regulations that govern the behavior of staff. All staff are made aware of the regulations.
2. Methodological soundness
2.1 Concepts and definitions
2.1.1 The overall structure in terms of concepts and definitions follows internationally accepted standards, guidelines, or good practices
The compilation and dissemination of fiscal data for Moldova are based on the recommendations of A Manual on Government Finance Statistics 1986 (GFSM 1986).
Data from 2002 have been classified on the basis of GFSM 2001 for purposes of reporting to the IMF for the GFSY.
The MOF has commenced a project, Public Finances Management, which includes the following: a plan to migrate to the GFSM 2001 basis of compilation; the introduction of an information management accounting system; and the adoption of a unified chart of accounts. The target date for implementation of the proposed developments is 2009, i.e., for the 2009 budget. A draft of the budget classification based on GFSM 2001 has already been prepared.
2.2 Scope
2.2.1 The scope is broadly consistent with internationally accepted standards, guidelines, or good practices
The general government sector of Moldova is comprised of the budgetary central government, extrabudgetary central government, social security funds, the health insurance funds, and local governments.
From January 1, 2005, in accordance with the 2005 Budget Law, No. 373-XV, 2004, fiscal data, broadly consistent with the GFSM 1986, are produced for the National Public Budget, i.e., the consolidated general government, state budget (all components), local government budgets (all components), State Social Insurance Fund budget, and the Health Insurance Fund budget. These data include: basic revenues and expenditures; special means (paid services, leasing/renting, sponsorship and grants, paid medical expenses, and other expenses); special funds of line ministries; and investment projects (domestically and foreign financed). Data also are provided on general government gross debt, classified by residency (i.e., domestic and foreign) of the counterparty to the liabilities.
The fiscal data cover all economic flows of the general government (except for quasi-fiscal activity in the energy sector) and the stock of general government debt, in accordance with GFSM 1986. The Transnistria region is not included in the compilation of GFS.
GFS for the consolidated general government are reported to the IMF in accordance with the classifications of the GFSM 2001 for inclusion in the Government Finance Statistics Yearbook (GFSY).
2.3 Classification/sectorization
2.3.1 Classification/sectorization systems used are broadly consistent with internationally accepted standards, guidelines, or good practices
The fiscal data are classified using the methodology set out in GFSM 1986, except in the case of certain external loans that have been assumed by the central government. Data are provided separately for each level of government, as well as for the consolidated general government.
In addition, data are reported for the GFSY for each of the subsectors of general government and for the consolidated central and general government, classified according to GFSM 2001.
2.4 Basis for recording
2.4.1 Market prices are used to value flows and stocks
Generally, flows are valued on a cash basis. Interest is recorded on a due for payment basis. The Law on Leases allows the transaction in kind, the provision of services in exchange for rental of premises, to be recorded as cash (gross flows) in the budget execution data. There are no other transactions in kind.
Gross debt is valued at face value.
Amounts denominated in foreign currency are converted to the national currency using the NBM rate on the date of the transaction.
2.4.2 Recording is done on an accrual basis
Recording of operations through the Treasury system (used for budget execution) is on a cash basis. The accounting system (used for financial reporting) is on a mixed basis, generally on a cash basis but with some elements on an accrual basis. The State Social Insurance Fund and the Health Insurance Fund and associated medical institutions use the accrual basis of recording but for reporting to the MOF for the purposes of budget execution and GFS use the cash basis.
2.4.3 Grossing/netting procedures are broadly consistent with internationally accepted standards, guidelines, or good practices
All flows are recorded on a gross basis.
3. Accuracy and reliability
3.1 Source data
3.1.1 Source data are obtained from comprehensive data collection programs that take into account country-specific conditions
All transactions data for the State and local government budgets, special means, and special funds (extrabudgetary funds) are obtained through the Treasury system, which provides comprehensive and timely source data. Budget units as well as local level treasuries are required to submit monthly, quarterly, and annual reports to the MOF in hardcopy. Monthly, quarterly, and annual reports of the treasuries as well as quarterly reports on local budget execution also are submitted electronically. Ministries report on their own activities (including own revenues) as well as activities of special funds and special means.
The budget classification is broadly consistent with the classifications of the GFSM 1986. Bridge tables have been constructed to map the detailed budget classifications to the broader GFS classifications of both the GFSM 1986 and the GFSM 2001.
The social security and health funds have their own accounting systems and charts of accounts. They are required to submit comprehensive monthly, quarterly and annual reports to the MOF. These reports are provided in hardcopy on a timely basis.
Although reporting units have detailed transactions data available for nonfinancial assets, the forms currently used by the MOF only require data to be provided by broad asset class. The forms are being reviewed and changes will require ministerial approval.
The MOF maintains a list of public sector units. The budgets may be revised several times during the year, at which time changes arising from updates of the list can be made.
The consolidation of the budgetary central government (state budget), special funds, social security and health funds, and local government provides comprehensive coverage of the whole general government sector (National Public Budget).
Debt data are maintained by the Department of State Debt within the MOF in the state debt register and the Debt Management and Financial Analysis System (DMFAS). The information in DMFAS includes short-, medium- and long-term debt, both public and private; government and on-lending operations; domestic debt; and grants. The DMFAS automatically calculates amortization tables and enables the production of tailored reports.
The Budget Expenditure Division of the MOF is represented on the project team developing the new chart of accounts (on the basis of GFSM 2001) and the new information management accounting system.
3.1.2 Source data reasonably approximate the definitions, scope, classifications, valuation, and time of recording required
The chart of accounts (budget classification) for the Treasury system broadly aligns with the classifications of the GFSM 1986 and includes functional and economic classifications and destination codes. The social security and health funds have their own charts of accounts. The MOF has designed reporting forms for these funds which are sufficiently detailed to allow compilation of GFS. Using data from the Treasury system, together with reported data from these funds, the MOF is able to compile GFS for the consolidated sectors and their component subsectors.
3.1.3 Source data are timely
Source data for the State and local budget sectors are very timely with daily reports available from the Treasury system, monthly reports from the local treasuries, which are submitted within six to seven days of the end of the month, quarterly reports from the budget execution agencies within 30 days of the end of the reference quarter, and annual reports of unaudited data by February 15. Monthly reports from the social security and health funds are received within 15 days of the reference month and quarterly reports within 30 days for state budget transfers and 45 days for own budget execution. The Administrative Code sets down the penalties for late reporting of data.
The final budget execution data approved by parliament are available approximately six months after the end of the fiscal year.
3.2 Assessment of source data
3.2.1 Source data—including censuses, sample surveys and administrative records—are routinely assessed, e.g., for coverage, sample error, response error, and nonsampling error; the results of the assessments are monitored and made available to guide statistical processes
Numerous automated and manual procedures are used to check the accuracy of budget execution data—payment orders are checked against financing plans submitted by the respective servicing local treasuries; internal controls are applied within and between reports; cross checks are made between the Treasury balance and other balances; and data are subject to internal and external audit. Monthly meetings of officers from local treasuries are held to discuss any discrepancies and errors revealed in reporting on the budget execution.
For debt, schedules of debt repayments are drafted on the basis of contracts signed with the domestic and foreign creditors and then submitted to the central treasury. Disbursement statements, prepared by the creditor and received from the World Bank, serve as the basis for recording state debt in DFMAS and in the state debt register. Repayment of the state debt to the foreign creditors is done on the basis of invoices and pursuant to approved budget allocations. The actual debt payments are aggregated by the employees of the Department of State Debt and compared with the data of the Central Treasury.
3.3 Statistical techniques
3.3.1 Data compilation employs sound statistical techniques to deal with data sources
Preliminary data are routinely replaced by final data. As a result of the extensive checks applied to the data there are few changes between preliminary and final data. Final unaudited data are not replaced by audited data for the same reason. There is no imputation as all units report each period. Annual data is an accumulation of monthly data. Transactions in nonfinancial assets are derived from the change in stocks.
Processes are documented for each period.
3.3.2 Other statistical procedures (e.g., data adjustments and transformations, and statistical analysis) employ sound statistical techniques
Bridge tables have been constructed to map budget execution data to the classifications of both the GFSM 1986 and the GFSM 2001. The mapping to GFSM 1986 has been automated but mapping to the GFSM 2001 is currently done manually.
3.4 Assessment and validation of intermediate data and statistical outputs
3.4.1 Intermediate results are validated against other information where applicable
Not applicable to GFS.
3.4.2 Statistical discrepancies in intermediate data are assessed and investigated
Changes in debt stocks are determined by applying financing transactions to opening stocks.
3.4.3 Statistical discrepancies and other potential indicators of problems in statistical outputs are investigated
Discrepancies between the banking system and budget execution reports are resolved before release of data. Data on external debt stocks and related flows are checked with creditor information.
3.5 Revision studies
3.5.1 Studies and analyses of revisions are carried out routinely and used internally to inform statistical processes (see also 4.3.3)
No revisions studies are undertaken as revisions are minimal due to the extensive checking of preliminary data. Revisions are documented in hard copy and information on revisions can be extracted from the Treasury system. Fiscal data are archived and can be retrieved.
4. Serviceability
4.1 Periodicity and timeliness
4.1.1 Periodicity follows dissemination standards
The periodicity of fiscal data meets, or exceeds, GDDS recommendations.
Central and general government aggregates are disseminated monthly, quarterly, and annually (GDDS recommendation: quarterly central government budgetary operations aggregates). However, data for consolidated central government operations are not disseminated.
Central government debt data are disseminated monthly, quarterly, and annually (GDDS recommendation: central government debt annually with general government debt annually encouraged).
4.1.2 Timeliness follows dissemination standards
The timeliness of fiscal data meets, or exceeds, GDDS recommendations.
Central and general government aggregates are disseminated monthly within 15 days of the reference month (GDDS recommendation: quarterly central government budgetary operations aggregates within one quarter).
Central government debt data are disseminated monthly within 15 days of the reference month (GDDS recommendation: central government debt annually within 1–2 quarters).
4.2 Consistency
4.2.1 Statistics are consistent within the dataset
The cash surplus/deficit is equal to financing and the major aggregates are the sum of their components.
4.2.2 Statistics are consistent or reconcilable over a reasonable period of time
Consistent time series for GFS, for the consolidated central government and component subsectors and local government, and budget execution data, for general government component subsectors only, are available for an adequate period of time. Budget execution data for the National Public Budget (consolidated general government) were only made available to the public for the first time from January 1, 2005. The GFS time series for the consolidated general government commences in 2002.
Breaks in time series are footnoted in tables and explained in the Medium Term Economic Framework releases. Changes in methodology are documented.
4.2.3 Statistics are consistent or reconcilable with those obtained through other data sources and/or statistical frameworks
The GFS data are compiled on a cash basis. The MOF provides budgetary execution data on an accrual basis to the NBS for the national accounts. These data are reconciled to the cash data. The GFS are fully reconciled with monetary and financial statistics. The balance of payments external debt data are provided by the MOF.
4.3 Revision policy and practice
4.3.1 Revisions follow a regular and transparent schedule
The revision cycle is predetermined and is stable from year to year. Preliminary data are routinely replaced with final unaudited data, which are not replaced with final audited data. As preliminary data are checked extensively, revisions are marginal when preliminary data are replaced with final data. Final unaudited data are not replaced with final audited data for the same reason. Minor errors are recorded in the next reporting period. Significant errors, which are rare, are applied to the period in which the activity took place. It is expected that the revision cycle is known to all regular users of the data. However, the revision policy is not publicized.
Revisions are documented both in hard copy and on the Treasury system. Revisions are footnoted in releases.
4.3.2 Preliminary and/or revised data are clearly identified
Preliminary data are identified.
4.3.3 Studies and analyses of revisions are made public (see also 3.5.1)
No analyses of differences between preliminary and final data are produced because the revisions are routine and generally small both in size and number.
5. Accessibility
5.1 Data accessibility
5.1.1 Statistics are presented in a way that facilitates proper interpretation and meaningful comparisons (layout and clarity of text, tables, and charts)
Detailed tables and commentary are disseminated by the MOF monthly, with the commentary provided in advance of the release of the data. The tables are broadly consistent with the recommendations of the GFSM 1986. However, expenditure is presented by functional classification only, and no expenditure data by economic classification are disseminated. General government operations data are available cumulatively for the year-to-date. Information on the final budget outcome is available in the Official Monitor. The Medium-Term Expenditure Framework includes fiscal data for the previous four years. Fiscal data are available in the NBS’s Statistical Bulletin and Statistical Yearbook. Quarterly fiscal data are published in the NBS’s Socioeconomic Situation in Moldova.
5.1.2 Dissemination media and format are adequate
The monthly releases are posted on the MOF’s website. The above-mentioned publications are available in hard copy and some electronically from the respective websites. Time series and more detailed breakdowns of the data are available on request either in paper or electronic formats.
5.1.3 Statistics are released on a preannounced schedule
There is no preannounced schedule. However, the regular users are familiar with the release patterns. There are few data requests from users outside this group.
5.1.4 Statistics are made available to all users at the same time
Fiscal data are released to all users simultaneously.
5.1.5 Statistics not routinely disseminated are made available upon request
Pursuant to the Law on Official Statistics, fiscal data that are not routinely disseminated are made available, without written request, to the NBS and a number of other state authorities including the government, parliament, president’s administration, Ministry of Economics, and Court of Accounts, within the established terms. For other users, data are made available on written request. Subject to confidentiality provisions, these requests are met. Tabulations are customized if requested. No charge is made for data. No advice is available on the MOF website about the availability of, and procedures for obtaining, additional data.
5.2 Metadata accessibility
5.2.1 Documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques is available, and differences from internationally accepted standards, guidelines, or good practices are annotated
GFS metadata are available on the GDDS website and are regularly updated. GFS is a by-product of budget execution data whose concepts and methodologies are consistent with the GFSM 1986. Relevant metadata are included in various laws and regulations associated with budget preparation and execution. For example, accounting methodologies are included in the Law on Accounting, No. 426-XIII, 1995 and procedures for budget preparation, the annual budget law revision and acceptance by the parliament, budget execution, servicing state debt, etc. are stipulated by the Law of Budget System and Budget Process No. 847-XIII/1996 published in the Official Monitor. The budget classification was approved by the Parliament Resolution No. 969-XIII/1996 and published in the Official Monitor. Other types of metadata are made available to the budget execution agencies by means of letters, recommendations, methodological guidelines, and seminars for budget execution agencies.
5.2.2 Levels of detail are adapted to the needs of the intended audience
The level of detail in the monthly releases appears to meet the needs of most users.
5.3 Assistance to users
5.3.1 Contact points for each subject field are publicized
The names of, and contact details for, the officers responsible for the preparation of the tables disseminated monthly are included in each table. Prompt and knowledgeable service is provided.
5.3.2 Catalogs of publications, documents, and other services, including information on any charges, are widely available
There is no catalog of publications. A number of other services are available to users of fiscal data. All data are provided free of charge.
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for Government Finance Statistics
(Compiling Agency: Ministry of Finance)
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for Government Finance Statistics
(Compiling Agency: Ministry of Finance)
| Key to symbols NA = Not Applicable, O = Practice Observed, LO = Practice Largely Observed, LNO = Practice Largely Not Observed, NO = Practice Not Observed, SDDS = Complies with SDDS Criteria | |||||||
|---|---|---|---|---|---|---|---|
| Element | NA | Assessment | Comments on Assessment | Plans for Improvement and Target Dates | |||
| O | LO | LNO | NO | ||||
| 0. Prerequisites of quality | |||||||
| 0.1 Legal and institutional environment | X | ||||||
| 0.2 Resources | X | Limited staff resources for GFS compilation. Few staff with GFS knowledge. Limited measures to improve efficiency. | |||||
| 0.3 Relevance | X | No mechanisms in place to monitor user needs. | |||||
| 0.4 Other quality management | X | ||||||
| 1. Assurances of integrity | |||||||
| 1.1 Professionalism | X | ||||||
| 1.2 Transparency | X | ||||||
| 1.3 Ethical standards | X | ||||||
| 2. Methodological soundness | |||||||
| 2.1 Concepts and definitions | X | A project is underway to fully migrate to GFSM 2001 by 2009. A new public debt law is to be introduced in autumn 2005. The MOF plans to implement the External Debt Guide once the law is passed. | |||||
| 2.2 Scope | X | Quasi-fiscal activity of the energy sector not included. Fiscal data do not include Transnistria. | |||||
| 2.3 Classification/sectorization | X | Certain external loans assumed by government misclassified. | |||||
| 2.4 Basis for recording | X | ||||||
| 3.1 Source data | X | No detailed transactions data are available for nonfinancial assets. | |||||
| 3.2 Assessment of source data | X | ||||||
| 3.3 Statistical techniques | X | ||||||
| 3.4 Assessment and validation of intermediate data and statistical outputs | X | ||||||
| 3.5 Revision studies | X | No revisions studies are made given that revisions are minimal. | |||||
| 4. Serviceability | |||||||
| 4.1 Periodicity and timeliness | X | Consolidated central government data to be released commencing August 2005. | |||||
| 4.2 Consistency | X | ||||||
| 4.3 Revision policy and practice | X | Revisions policy not publicized. | |||||
| 5. Accessibility | |||||||
| 5.1 Data accessibility | X | No discrete monthly or quarterly data on general government operations disseminated. No dissemination of economic classification of expenditure monthly. No advance release calendar. No information on how to obtain additional data. | Economic classification of expenditure to be released by end 2005. | ||||
| 5.2 Metadata accessibility | X | GFS metadata available on the DSBB and regularly updated. Metadata for fiscal data available. | |||||
| 5.3 Assistance to users | X | No catalog of publications. | |||||
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for Government Finance Statistics
(Compiling Agency: Ministry of Finance)
| Key to symbols NA = Not Applicable, O = Practice Observed, LO = Practice Largely Observed, LNO = Practice Largely Not Observed, NO = Practice Not Observed, SDDS = Complies with SDDS Criteria | |||||||
|---|---|---|---|---|---|---|---|
| Element | NA | Assessment | Comments on Assessment | Plans for Improvement and Target Dates | |||
| O | LO | LNO | NO | ||||
| 0. Prerequisites of quality | |||||||
| 0.1 Legal and institutional environment | X | ||||||
| 0.2 Resources | X | Limited staff resources for GFS compilation. Few staff with GFS knowledge. Limited measures to improve efficiency. | |||||
| 0.3 Relevance | X | No mechanisms in place to monitor user needs. | |||||
| 0.4 Other quality management | X | ||||||
| 1. Assurances of integrity | |||||||
| 1.1 Professionalism | X | ||||||
| 1.2 Transparency | X | ||||||
| 1.3 Ethical standards | X | ||||||
| 2. Methodological soundness | |||||||
| 2.1 Concepts and definitions | X | A project is underway to fully migrate to GFSM 2001 by 2009. A new public debt law is to be introduced in autumn 2005. The MOF plans to implement the External Debt Guide once the law is passed. | |||||
| 2.2 Scope | X | Quasi-fiscal activity of the energy sector not included. Fiscal data do not include Transnistria. | |||||
| 2.3 Classification/sectorization | X | Certain external loans assumed by government misclassified. | |||||
| 2.4 Basis for recording | X | ||||||
| 3.1 Source data | X | No detailed transactions data are available for nonfinancial assets. | |||||
| 3.2 Assessment of source data | X | ||||||
| 3.3 Statistical techniques | X | ||||||
| 3.4 Assessment and validation of intermediate data and statistical outputs | X | ||||||
| 3.5 Revision studies | X | No revisions studies are made given that revisions are minimal. | |||||
| 4. Serviceability | |||||||
| 4.1 Periodicity and timeliness | X | Consolidated central government data to be released commencing August 2005. | |||||
| 4.2 Consistency | X | ||||||
| 4.3 Revision policy and practice | X | Revisions policy not publicized. | |||||
| 5. Accessibility | |||||||
| 5.1 Data accessibility | X | No discrete monthly or quarterly data on general government operations disseminated. No dissemination of economic classification of expenditure monthly. No advance release calendar. No information on how to obtain additional data. | Economic classification of expenditure to be released by end 2005. | ||||
| 5.2 Metadata accessibility | X | GFS metadata available on the DSBB and regularly updated. Metadata for fiscal data available. | |||||
| 5.3 Assistance to users | X | No catalog of publications. | |||||
Recommendations
(0.2.1) Strengthen staff resources allocated to work on compilation and dissemination of government finance statistics.
(0.3.1) Set up a small group within the MOF with responsibility for the compilation and dissemination of GFS and further improvement in relevance and quality of the GFS.
(2.1.1) Migrate fully to the Government Finance Statistics Manual 2001 (GFSM 2001) for compiling and disseminating GFS.
(2.2.1) Improve the analytical usefulness of the data by correctly classifying certain external obligations assumed by the government.
(2.2.1) Consider inclusion of government operations in the Transnistria region in fiscal statistics of Moldova.
(5.1.3) Disseminating an advance release calendar.
(5.1.4) Provide notification of fiscal data releases available from the MOF, NBS, and NBM.
(5.1.5) Announce the availability of additional series; and (iv) disseminating information on revision policy.
(5.2.1) Prepare and disseminate comprehensive document on sources and methods for compiling government finance statistics.
(5.5.1) Disseminate discrete monthly and quarterly data in addition to cumulative year-to-date data for general government operations.
(5.5.1) Disseminate fiscal data for the consolidated central government monthly.
III. Monetary Statistics
0. Prerequisites of quality
0.1 Legal and institutional environment
0.1.1 The responsibility for collecting, processing, and disseminating the statistics is clearly specified
The responsibility of the National Bank of Moldova for collecting, processing, and disseminating monetary statistics is established by the Law on the National Bank of Moldova (No. 548-XII of July 21, 1995) and is directly related to the main functions and authorities assigned to the bank by the Constitution of the Republic of Moldova (Article 130). No other agencies are involved in the compilation of monetary statistics.
Article 5 under Chapter I, “General Provisions,” of the Law on the National Bank of Moldova defines the functions of the National Bank of Moldova (NBM), identifying among those functions analysis of the condition of the economy of the Republic of Moldova in general, and monetary, foreign exchange, financial, and price relations in particular. The NBM is also responsible for informing the public of the results of its analysis.
Article 72 of this Law proclaims the authorities of the NBM (item 1) in establishing rules for statistical reporting, and also for the reporting of other information necessary for the NBM to carry out its tasks and perform its functions, which are binding upon financial institutions and government agencies. The relationship between the NBM and financial institutions with regard to reporting is also defined by Law No. 550-XII of July 21, 1995 “On Financial Institutions” and by regulatory acts of the NBM.
0.1.2 Data sharing and coordination among data-producing agencies are adequate
The organization of information flows among NBM departments for purposes of the compilation and dissemination of monetary statistics is governed by internal regulations and instructions of the National Bank of Moldova.
Monetary statistics are available to all interested agencies immediately after their compilation and are posted on the NBM’s official website. In addition, there is an agreement between the NBM and the National Bureau for Statistics of the Republic of Moldova (NBS) on the sharing of statistical data. The transmission of detail monetary data to other agencies is performed on request.
There is a close collaboration between the NBM and the NBS in exchanging statistical data. In addition, in preparing and disseminating data with regard to possible subscription to the SDDS, the NBM also coordinates with the MOF. Meetings are held between the various agencies when necessary.
0.1.3 Individual reporters’ data are to be kept confidential and used for statistical purposes only
Confidentiality is an important aspect of statistical work and is rigorously observed by the NBM. The confidentiality of respondents’ data is specified in Article 72 (item 3) of the Law on the National Bank of Moldova. In addition, Article 22 of Law No. 550-XII of July 21, 1995 “On Financial Institutions” establishes that NBM guarantees to the financial institutions the secrecy of transactions, accounts, and deposits of their customers and correspondents.
NBM staff do not have the right to disclose official information about the NBM’s activities, as established by Article 36 of the Law on the National Bank of Moldova. The official duties of NBM staff with regard to protecting confidentiality are also outlined in employment agreements, job descriptions, and other internal documents of the NBM concerning information support for the NBM’s operations.
Access to disaggregated data—to the entire data base—is granted only to authorized users at the NBM. The confidentiality of information being transmitted is ensured through the use of cryptographic protection devices. Access to computers used by NBM staff and to network resources is allowed only after the completion of identification and authentication procedures. The procedure for access to premises where information processing and transmission hardware is housed is organized in accordance with the requirements of NBM regulatory acts on ensuring the data security of electronic technologies for the processing, storage, and transmission of information that is subject to restricted dissemination within the NBM system.
0.1.4 Statistical reporting is ensured through legal mandate and/or measures to encourage response
Article 72 of the Law on the National Bank of Moldova, the Law “On Financial Institutions,” as well as regulations and instructions of the NBM, serve as the legal basis for the collection of information and for the compilation of monetary statistics. To enable it to perform its functions, the NBM is authorized to establish mandatory rules for banks regarding the performance of banking transactions, accounting and reporting, the organization of internal control, and the compilation and submission of accounting and statistical reporting, as well as other information provided for by the legislation. The NBM has the right to request and obtain from banks requisite information about their activities and to request explanations regarding information that is obtained.
The National Bank of Moldova drafts the relevant regulations and instructions on the compilation of statistical reporting and its transmission to the NBM. Working conferences, seminars, and consultations are held with banks in order to clarify issues arising in the process of filling out and submitting reporting forms.
In cases in which banks violate laws or regulatory acts and instructions published by the NBM in accordance with laws, fail to provide information, or are responsible for incomplete reporting or misreporting, Article 75 of the Law on the National Bank of Moldova provides the right to require that a bank remedy the violations that have been identified, to impose a fine, to suspend the institution’s operations in part or in full, or to revoke its license. In addition, Article 38 of Law “On Financial Institutions” describes sanctions that NBM has right to impose if banks violate the normative acts of the NBM.
0.2 Resources
0.2.1 Staff, facilities, computing resources, and financing are commensurate with statistical programs
The compilation and dissemination of monetary statistics fall under the authority of the Statistics and Monetary Analysis Section of the Monetary Policy and Research Department (MPRD).
The staff of this unit is comprised of five employees who have higher education in the field of economics. In addition, employees who are responsible for the compilation of monetary statistics attend courses organized by the IMF (monetary and financial statistics courses), and they participate in seminars held by central banks and international financial institutions. The NBM Human Resources Department prepares annual plans for staff development.
The computing resources of the unit involved in the compilation of statistical information are sufficient for the assigned tasks. However, some of computers are old, and it would be desirable to replace them. The information collection system is automated. The system for the collection and processing of data for the compilation of monetary statistics is based on data from the NBM monthly balance sheet and banks’ reports.1
Monetary data received from banks are collated by the separate Statistics Section of the NBM, which collects all statistical data reported by banks and which verifies the integrity of the information received before it undergoes further processing. After the collation of the data from banks, as well as NBM data, the Statistics and Monetary Analysis Section of the MPRD compiles and analyzes the monetary survey and analytical aggregates.
Compilers of statistics use up-to-date methods in the compilation of reports. Computing resources are distributed properly to ensure efficient processing of data and database management.
The financial resources for the compilation of monetary statistics are sufficient to carry out the required tasks. Each year plans are prepared for the development of computing resources needed for the collection and processing of banking system data, which take into account requirements related to the development of monetary statistics.
There are currently no budgetary constraints impeding data collection and compilation activities. However, in line with the possible expansion of monetary statistics to cover also other financial corporations and the compilation and presentation of flows data for the financial sector, as recommended by the Monetary and Financial Statistics Manual (MFSM), it would be desirable to expand human, computer, and budget resources for the compilation of monetary and financial statistics.
0.2.2 Measures to ensure efficient use of resources are implemented
The MPRD management holds meetings with the staff on issues that need to be addressed for enhancing the policy vision of the managers and the understanding of the professional staff within the department.
Work is done on an ongoing basis to ensure data consistency through the application of concepts and methodologies that meet the requirements for the compilation of monetary statistics within various structural units of the NBM. The Statistics and Monetary Analysis Section of the MPRD participates in the review of regulatory acts concerning changes in accounting methodology at the NBM and banks, during the stage that drafts of said changes are being prepared, which makes it possible to take the requirements of monetary statistics into account. Arithmetic and logical control methods are used for incoming data to reduce errors to a minimum.
There are procedures, established by the Department of Budget, Finance, and Accounting for the preliminary review and planned funding for the coming year, including funding for information support for work related to the collection and dissemination of statistical information. In accordance with these procedures, the NBM’s budget is prepared, based on requirements of all departments, and approved by the NBM’s Administrative Council.
0.3 Relevance
0.3.1 The relevance and practical utility of existing statistics in meeting users’ needs are monitored
There is no formally established process of regular consultation with ministries, or representatives from the private sector or academia. The Monetary Policy and Research Department conducts regular consultations with other NBM departments that are involved in the development and implementation of monetary policy, to identify their data requirements. In addition, the staff of the Monetary Policy and Research Department participate in international statistics conferences and seminars organized by international and regional organizations to keep abreast of new developments in statistical standards and best practices that may be applied in the monetary statistics for Moldova.
0.4 Other quality management
0.4.1 Processes are in place to focus on quality
The NBM management and leading specialists recognize that adherence to the basic quality parameters for statistical information, such as integrity, methodological clarity, accuracy and reliability, practical suitability and accessibility, is an integral part of work involving the compilation of monetary statistics.
The National Bank of Moldova verifies information at every stage of the collection, processing, and dissemination of data. The Statistics and Monetary Analysis Section of the MPRD, together with other NBM departments, performs a verification procedure for data that serve as the foundation for the compilation of monetary statistics indicators, and the computation results.
In addition, the quality of monetary statistics that are included in the NBM’s annual report is covered by the annual audit of the NBM.
0.4.2 Processes are in place to monitor the quality of the statistical program
The quality of the collection, processing, and verification of statistics is monitored through cross-checks. In the event that discrepancies are discovered, the problems are resolved by staff of the Statistics and Monetary Analysis Section of the MPRD, the Budget, Finance, and Accounting Department, and the Balance of Payments Department.
The National Bank of Moldova does not perform regular official surveys of users of monetary statistics. However, users have an opportunity for two-way communication with the National Bank of Moldova, for comments or consultation, for example, by using the e-mail addresses or telephone numbers posted on the NBM’s official website.
Both Moldovan and foreign organizations make active use of the opportunities to obtain explanations of the methodology for the compilation of monetary statistics and to submit suggestions to the NBM for the development of monetary statistics.
0.4.3 Processes are in place to deal with quality considerations in planning the statistical program
The NBM management recognizes the importance of and need for tradeoffs between quality and timeliness of data. Data quality is checked at all stages of the preparation of information.
Nevertheless, the timeliness of information is recognized as one of the key parameters. The NBM presents final data within the deadlines established under the IMF’s Special Data Dissemination Standard.
Each week the NBM holds meetings of the Monetary Committee, headed by the first vice-governor of the NBM, and attended by representatives of key departments participating in the drafting and implementation of monetary policy, who are users of macroeconomic statistics, to identify emerging needs for data for project development, decision-making, forecasting, and so on.
1. Assurances of integrity
1.1 Professionalism
1.1.1 Statistics are produced on an impartial basis
A key element of the legal status of the NBM is that it is an independent public legal entity, and it is accountable to parliament, which is reflected in the Law on the National Bank of Moldova (Article 1). Proceeding from its legal status, the NBM defines its own methodology for the compilation and dissemination of monetary statistics, taking into account international requirements and standards.
Evidence of the professional level of staff within the Statistics and Monetary Analysis Section who are responsible for the compilation of monetary statistics can be seen in their participation in international seminars and conferences held by central banks of other countries and by international financial institutions for the purpose of sharing experience. The Statistics and Monetary Analysis Section holds working meetings and consultations with NBM staff and banks.
The NBM is guided in its personnel hiring and promotion policies by the principle of the professional competence of the NBM staff. These principles are reflected in the Model Qualifications Characteristics of the MPRD staff, approved by the first vice-governor responsible for monetary policy issues.
1.1.2 Choices of sources and statistical techniques as well as decisions about dissemination are informed solely by statistical considerations
The choices of sources and statistical techniques are based on statistical considerations. NBM staff seek to ensure that the sources and means used in the compilation of monetary statistics are comparable to sources for analogous indicators in other areas of macroeconomic statistics: the system of national accounts, balance of payments, and government finance statistics. Important changes in the methodology are posted without delay on the NBM’s website on the “metadata” page.
1.1.3 The appropriate statistical entity is entitled to comment on erroneous interpretation and misuse of statistics
The Statistics and Monetary Analysis Section tracks the use and interpretation of monetary statistics in the financial press and the mass media. It also maintains an archive of topical publications. In the event of the incorrect interpretation or misuse of statistics, the relevant information sources are notified, accompanied by a request to make corrections in the publications.
1.2 Transparency
1.2.1 The terms and conditions under which statistics are collected, processed, and disseminated are available to the public
The terms and conditions under which statistics are collected, processed, and disseminated are posted on the NBM’s website. The advance release calendar for key macroeconomic and financial data disseminated by the NBM in accordance with the requirements of the IMF’s SDDS, and methodological data compiled by the NBM, including monetary statistics, is posted on the website.
Statistical publications provide address and telephone numbers of the respective NBM departments from which additional publications and information can be provided.
1.2.2 Internal governmental access to statistics prior to their release is publicly identified
Access to statistics is provided simultaneously to all users, ministries, and agencies when the data are posted on the NBM website and when the Monetary Survey, a printed publication, is released. There is no access to statistics prior to their release.
1.2.3 Products of statistical agencies/units are clearly identified as such
Indicators compiled by the NBM are posted on the NBM’s website. Thus, the source of published data, as well as a list of indicators shown by the NBM in the Calendar for Key Macroeconomic and Financial Data disseminated by the NBM in accordance with IMF SDDS requirements, identifies the authorship of the information. In addition, the NBM’s website indicates that the Statistics and Monetary Analysis Section of the MPRD is responsible for monetary data pertaining to the central bank and financial institutions.
Indicators compiled by other agencies are published with mandatory reference to the data source. The Agreement on Information Cooperation between the NBS and the NBM identifies a mandatory procedure for identifying the source of information in the use of data provided by the NBM to the NBS and vice versa. Specifically, the NBM uses NBS data in the publication of the main macroeconomic indicators and identifies the information source accordingly. When monetary statistics published by the NBM are used in the mass media, the official press identifies the source of the data.
1.2.4 Advanced notice is given of major changes in methodology, source data, and statistical techniques
Significant changes in the methodology for determining indicators and in commentaries are reflected in regulations published in the Monitorul Oficial al Republicii Moldova. The NBM provides reasons for revisions of time series of indicators in the form of comments accompanying the respective tables on the NBM’s official website.
1.3 Ethical standards
1.3.1 Guidelines for staff behavior are in place and are well known to the staff
Ethical standards of official behavior for NBM staff are established by the Internal Regulation of the NBM, No. 73, approved by the Administrative Council of the NBM on April 1, 2004, which defines the status of an NBM employee. Employees who enter into a employment relationship with the NBM are informed of said regulatory act of the NBM.
2. Methodological soundness
2.1 Concepts and definitions
2.1.1 The overall structure in terms of concepts and definitions follows internationally accepted standards, guidelines, or good practices
The framework used by the NBM in compiling the analytical accounts of the central bank, and the analytical accounts of other depository corporations reflects concepts and principles that are, in general, based on the MFSM. The monetary survey (or the analytical accounts of the banking sector) is (are) derived by consolidating the accounts of the central bank and commercial banks, and provides an analytical presentation of the intermediation role of the depository corporations in the country.
The money aggregates compiled and disseminated by the NBM are (i) M0, comprising currency in circulation; (ii) M1, comprising M0 and transferable deposits of public nonfinancial corporations, other nonfinancial corporations, households, and other financial corporations in national currency; (iii) M2, comprising M1 and time deposits of public nonfinancial corporations, other nonfinancial corporations, households, and other financial corporations in national currency and money market instruments; and (iv) M3, comprising M2 and all deposits in foreign currency of resident sectors/subsectors mentioned above. M2 is the main monetary aggregate used for the monetary policy purposes.
Other aggregates compiled and disseminated by the NBM for all depository corporations are the following: (i) domestic credit (comprising the net credit to the central government and claims on the national economy, except banks), and (ii) net foreign assets. Claims on the national economy are further disaggregated into claims on (i) public nonfinancial corporations, (ii) other nonfinancial corporations, (iii) other financial corporations, and (iv) other resident sectors. All claims on the national economy are shown with a national and foreign currency breakdown.
In addition, the NBM disseminates the aggregates of the central bank survey. They include (i) net foreign assets, (ii) domestic credit disaggregated into net claims on the central government and claims on banks, (iii) reserve money, and (iv) other items net.
Following the publication of the MFSM, the NBM prepared a plan for the implementation of the manual that included a revision of procedures and formats for the collection, compilation, and dissemination of monetary statistics. This plan, which is now completed for stock data of depository corporations, resulted in the introduction of standardized report forms (SRFs) for the collection and reporting of monetary data that are in full compliance with the sectorization and classification principles recommended by the MFSM. Monetary data based on the SRFs have been already reported in weekly reports by banks during July 2005. Data based on the SRFs will be reported to the IMF and disseminated by the NBM for the first time with the data for end-July 2005.
It would be desirable that further work in the area of monetary statistics include a preparation of reporting formats for the data collection from other financial institutions with a goal to expand the institutional coverage of monetary statistics and to compile and disseminate data on the whole financial sector, including the flow data. Consultations should be held with institutions supervising insurance companies, private pension funds, mutual funds, and other financial companies in this regard.
2.2 Scope
2.2.1 The scope is broadly consistent with internationally accepted standards, guidelines, or good practices
As of June 30, 2005, the institutional coverage of monetary statistics comprises the National Bank of Moldova and 16 commercial banks licensed by the NBM to perform banking operations. All commercial banks have foreign capital participation, either as a sole proprietor (2), owning more than half of the shares (5), or holding a minority participation (8). In addition, one bank is a branch office of the Romanian Commercial Bank. Moldovan commercial banks currently do not have branches operating abroad. Banks operating in the Transnistria region are excluded from the coverage of monetary statistics.2
For analytical purposes, the MFSM defines the Other Depository Corporations (ODC) subsector to consist of all resident financial corporations (except the central bank) and quasi-corporations mainly engaged in financial intermediation, whose liabilities consist of deposits or financial instruments considered as deposit substitutes that are included in the definition of money. The national definition of broad money is thus fundamental to the methodology of the MFSM, in that it determines which units in the financial corporations sector are classified as the ODC. In Moldova, commercial banks are currently the only deposit-taking financial institutions fulfilling both criteria that classify them as the ODC—that is, they are mainly engaged in financial intermediation and are the only institutions issuing liabilities that are included in the aggregate M2. In this regard, the currently compiled and published analytical accounts of the banking sector have the same institutional coverage as the ODC survey for Moldova. This survey is, in accordance with the MFSM, the major framework for compiling monetary statistics.
In accordance with the MFSM, the data of nonoperating depository corporations should be also included in the institutional coverage of monetary statistics as long as the depository corporation continues to exist as a legal entity. The monetary statistics compiled by the NBM include also data of 11 commercial banks that are currently in the process of liquidation. The deposit liabilities of these nonoperating depository corporations are correctly excluded from the reserve money and monetary aggregates and are classified as restricted deposits.
The mutual savings associations are the only other financial institutions in Moldova that currently collect deposits from nonfinancial resident sectors. As of end-December 2004, the mutual savings associations collected deposits that amounted to about MDL 17.1 million. The share of these deposits in total deposits collected by commercial banks is about 0.2 percent. Owing to their relatively small size, they are not currently included in the institutional coverage of other depository corporations. It would be desirable that the balance sheets of other financial corporations are periodically reviewed and, if deposits of mutual savings associations increase, the coverage of the depository corporations survey should be expanded.
2.3 Classification/sectorization
2.3.1 Classification/sectorization systems used are broadly consistent with internationally accepted standards, guidelines, or good practices
The definition of residency in monetary statistics is consistent with the Balance of Payments Manual, fifth edition (BPM5) and the 1993 SNA. One branch of a foreign bank in Moldova is regarded as resident.
The sectorization of the domestic economy by the NBM is principally in line with the MFSM. The sectoral classification of resident units recommended in the MFSM are as follows: (i) central bank, (ii) other depository corporations, (iii) other financial corporations, (iv) central government, (v) state and local government, (vi) public nonfinancial corporations, (vii) other nonfinancial corporations, and (viii) other resident sectors.
In the compilation of monetary data by the NBM, the following sectoral groupings of resident institutional units are distinguished: (i) central bank, (ii) commercial banks, (iii) other financial institutions, (iv) central government, (v) local governments, (vi) nonfinancial public enterprises, (vii) nonfinancial private enterprises, and (viii) households. Nonprofit institutions serving households are included in sectors/subsectors in accordance with their engagement in market or nonmarket production and form of ownership, e.g., they are classified under central government, nonfinancial public enterprises, nonfinancial private enterprises, and other resident sectors.3
The principles underlying the classification of financial instruments in Moldova’s monetary statistics are based on legal characteristics and liquidity of financial instruments. The classification of financial instruments is, notwithstanding differences in terminology used, consistent with the MFSM recommendations. The following groups of financial instruments are identified in monetary data compiled by the NBM: (i) monetary gold and SDR, (ii) currency and deposits broken down into transferable deposits and time and savings deposits, (iii) money market instruments, (iv) loans, (v) shares and other equity, and (vi) other accounts receivable/payable. Data on financial derivatives are not currently available to compilers of monetary data.
The treatment of securities repurchase operations as collateralized loans is fully consistent with the MFSM recommendations. The NBM does not currently engage in gold swaps (the exchange of monetary gold for foreign exchange).
2.4 Basis for recording
2.4.1 Market prices are used to value flows and stocks
The general recommendation of the MFSM is that the valuation of financial assets and liabilities should be done on the basis of market prices or market-price equivalents (fair values). The valuation of loans is an exception to this principle, and loan values should be based on creditors’ outstanding claims without adjustment for expected loan losses. This amount comprises the outstanding principal plus any accrued interest and is referred to as the book value of a loan. Monetary gold and nonmonetary gold should be valued on the basis of the market price of gold. Holding gains and losses arising from changes in market values (or fair values) of financial assets and outstanding liabilities should be recorded in a revaluation account.
The monetary statistics compiled by the NBM uses the market valuation for holdings of all securities other than shares and other equities. Consistent with the recommendations of the MFSM, the loan portfolio on the balance sheets of the banks are valued at nominal value. In line with the recommendations of the MFSM, loan valuation is not adjusted for expected loan losses. Provisions for expected loan losses are recorded as separate entries on the liability side of the balance sheets and included in other accounts payable in the analytical accounts of the central bank and commercial banks.
According to the MFSM, all stocks and flows denominated in foreign currency should be converted to national currency values at the market exchange rate prevailing at the time they are entered in the accounts. The midpoint between the buying and selling rate of exchange should be used so that any service charge is excluded. The monetary data compiled by the NBM fully follow this principle. In line with the MFSM recommendations, holding gains or losses arising from changes in the exchange rates are classified into a special revaluation account. The international reserves data are compiled based on the NBM accounting data.
The MFSM recommends that data be compiled on stocks and on each of the three flows components: transactions, revaluations, and other changes in the volume of assets. The NBM does not yet compile data on flows.
2.4.2 Recording is done on an accrual basis
In accordance with the accrual accounting principles recommended in the MFSM, interest accrued but not paid on financial instruments should be incorporated into the outstanding amount of the financial asset or liability, rather than being treated as part of other accounts receivable/payable. Monetary data compiled by the NBM fully incorporate this principle.
In general, transactions are recorded at the time the transaction occurs by means of simultaneous electronic recording, which ensure intra- and intersectoral consistency in the compilation of monetary data. Interest arrears on loans and other instruments are included in claims and liabilities relating to the relevant sector of the economy.
2.4.3 Grossing/netting procedures are broadly consistent with internationally accepted standards, guidelines, or good practices
In line with the general principle of the MFSM, the accounts of the central bank and commercial banks are collected and compiled on a gross basis. In accordance with the MFSM, claims on particular transactors are not netted against liabilities to those transactors. Data on claims on and liabilities to nonresidents, as well as data on claims on and liabilities to the central government, are presented on a net basis (e.g., “foreign assets (net)” and “claims on central government (net)”) in the monetary survey.
In the monetary data disseminated on the NBM’s website and in the Quarterly Bulletin, the data on financial assets and liabilities are aggregated into major categories (e.g., claims classified by debtors and deposits classified by creditors and liquidity). The monetary survey is obtained by netting out all outstanding claims and liabilities between the NBM and commercial banks and among commercial banks themselves. Any possible differences in corresponding positions of the NBM and commercial banks are included in the category “Other Items Net” as a consolidation adjustment.
3. Accuracy and reliability
3.1 Source data
3.1.1 Source data are obtained from comprehensive data collection programs that take into account country-specific conditions
The monthly balance sheet of the NBM and monthly monetary statistics reports of banks comprise the information base for the compilation of monetary statistics. The balance-sheet and monetary statistics reports are designed in such a way that they cover, in principle, the entire spectrum of financial instruments and economic sectors and contain sufficiently detailed information for the classification of all financial instruments and economic sectors as indicated in the MFSM, and they allow a comprehensive analysis as well as cross-comparisons and checks.
Publications and research concerning the functioning of the financial market are monitored so that changes in the financial sphere are reflected in monetary statistics. Ad hoc meetings are held with financial market participants and business circles to identify changes that should be taken into account in the monetary statistics compilation system.
3.1.2 Source data reasonably approximate the definitions, scope, classifications, valuation, and time of recording required
The data used in the compilation of monetary statistics are prepared in accordance with Republic of Moldova Law No. 426-XIII of April 4, 1995 “On Accounting” (as amended by Law No. 757-XV of December 21, 2001 and Law No. 1276-XV of July 25, 2002) and the current Chart of Accounts for the NBM and banks, which provide for data with a reasonable approximation of the basic concepts, definitions, scope, and recording principles of monetary statistics and compliance with the recommendations of international statistics manuals, and also rule out the possibility of a discrepancy between statistical data and balance-sheet data.
Data reported by banks for monetary statistics purposes do not provide correct distinction in the classification of institutional units as public non-financial enterprises. In this regard, commercial banks are guided by the Law No. 146-XIII “On Government Corporations” of June 16, 1994, which specifies that an institutional unit is considered as a public enterprise only if it is fully (in 100%) owned by the government. This procedure is not in accordance with the monetary statistics methodology or with the sectorization principles of the 1993 SNA. There is a need to initiate a change of this law. Also, it would be useful to prepare a list of nonfinancial public corporations that should be provided to commercial banks with instruction for the correct classification of entities under the government control.
3.1.3 Source data are timely
The current data collection system provides for the timely receipt of data by the Statistics and Monetary Analysis Section for the compilation of monetary statistics and the posting of the most important macroeconomic and financial data, disseminated by the NBM in accordance with the IMF SDDS requirements, on the NBM’s website in line with the release calendar.
The legislation provides enforcement measures applicable to financial institutions for failure to submit accounting and statistical reporting in a timely manner and for misreporting. Pursuant to Article 75 of the Law on the National Bank of Moldova, in the event of violations of the law and regulatory acts of the NBM published in accordance with it, the NBM has the right to require a financial institution to remedy the violations that have been identified.
3.2 Assessment of source data
3.2.1 Source data—including censuses, sample surveys and administrative records—are routinely assessed, e.g., for coverage, sample error, response error, and nonsampling error; the results of the assessments are monitored and made available to guide statistical processes
Issues concerning necessary revisions of source data are addressed jointly with the Foreign Exchange Operations and External Relations Department; the Banking Regulation and Supervision Department; the Budget, Finance, and Accounting Department; and other NBM departments.
In the process of cross-checks, in the event that discrepancies are found, problems are addressed further by staff of the Budget, Finance, and Accounting Department, the Banking Regulation and Supervision Department, and the Foreign Exchange Operations and External Relations Department. Reported data are requested to be revised.
The existing software for the compilation of monetary statistics allows for timely changes to be made to the report. Thus, changes concerning financial markets and institutions are also reflected in corresponding changes in calculating monetary statistics indicators.
3.3 Statistical techniques
3.3.1 Data compilation employs sound statistical techniques to deal with data sources
Balance sheets of the NBM and banks provide the source data for the compilation of monetary statistics, which makes it possible to evaluate how complete the information is by doing a control of vertical sums of balance sheets; this also rules out the need to utilize additional methods to evaluate how complete the incoming data are.
Data compilation procedures are fully automated, which eliminates data processing errors, such as data coding and editing errors and tabulation errors.
As the accounting at banks is automated, the compilation of monetary statistics reports is not a difficult task. The automation facilitates the transmission of data in a common electronic format. The incoming information undergoes further checking and summary tables are compiled.
3.3.2 Other statistical procedures (e.g., data adjustments and transformations, and statistical analysis) employ sound statistical techniques
The correct conversion of foreign currency is checked in the process of the NBM’s verification of compliance by financial institutions with accounting and reporting rules.
3.4 Assessment and validation of intermediate data and statistical outputs
3.4.1 Intermediate results are validated against other information where applicable
The accuracy of balance sheets and additional information that is requested may be verified in certain cases using cross-checks with data from other departments, including the Foreign Exchange Operations and External Relations Department, the Banking Regulation and Supervision Department, and the Budget, Finance, and Accounting Department.
3.4.2 Statistical discrepancies in intermediate data are assessed and investigated
The Statistics and Monetary Analysis Section assesses statistical discrepancies in intermediate data and determines the main causes of the discrepancies. The causes of statistical discrepancies related to differences of a methodological nature are disclosed on the NBM’s website.
3.4.3 Statistical discrepancies and other potential indicators of problems in statistical outputs are investigated
In the case of significant statistical discrepancies and fluctuations in monetary aggregates, the causes are thoroughly analyzed. If necessary, revisions are made in the compilation of aggregates. Comments explaining the changes are provided when the revised time series is published.
3.5 Revision studies
3.5.1 Studies and analyses of revisions are carried out routinely and used internally to inform statistical processes (see also 4.3.3)
Revisions to the preliminary data are studied on a regular basis. Should there be problems in connection with errors and omissions in data or with fluctuations in data, necessary research and analysis are conducted. The results of analysis and revisions undertaken in the data compilation process are taken into account in the compilation of data for future periods. The results of these studies are not made available to users.
4. Serviceability
4.1 Periodicity and timeliness
4.1.1 Periodicity follows dissemination standards
The dissemination of monetary data follows the advance release calendar for the release of data on key macroeconomic and financial data. Data on the analytical accounts of the central bank are disseminated in general within two weeks after the end of the reference month. Data on the analytical accounts of the banking sector are disseminated 20 days after the end of the reference month.
4.1.2 Timeliness follows dissemination standards
The analytical accounts of the central bank and the analytical accounts of the banking sector are disseminated on a monthly basis, consistent with the specifications of the SDDS.
4.2 Consistency
4.2.1 Statistics are consistent within the dataset
In general, interbank positions between the central bank and commercial banks and between the commercial banks themselves are consistent. If differences occur, they are investigated by staff of the Statistics and Monetary Analysis Section of the MPRD, and included in the consolidation adjustment in the compilation of monetary data. A reconciliation of stock and flow data is not available, because the NBM does not compile flow data for monetary statistics.
4.2.2 Statistics are consistent or reconcilable over a reasonable period of time
The monetary statistics for the past twelve years are disseminated on the NBM’s website. The data are fully reconcilable beginning with the introduction of the new chart of accounts for the central bank in 1995 and the new chart of accounts for commercial banks in 1997. This considerably broadened the possibilities for compiling monetary statistics in accordance with the recommended instrument classification and sectorization. The time series provide users of monetary data with a possibility to analyze trends and patterns of changes in various aggregates.
4.2.3 Statistics are consistent or reconcilable with those obtained through other data sources and/or statistical frameworks
The Statistics and Monetary Analysis Section of the MPRD regularly reconciles monetary statistics with the BOP data. Taking into account some methodological differences in the compilation of the monetary and BOP statistics, intermediate data in both statistics are reconciled in order to identify in early stages of the compilation elements that may cause discrepancies in both data sets. Net foreign assets of the banking sector in monetary statistics are consistent with the relevant indicators calculated in the international investment position. Changes in net foreign assets of the banking sector in the monetary statistics are comparable with the corresponding indicators calculated on the basis of the balance of payments statistics.
With exception of cash balances that are treated in the GFS as government claims on the banking sector, data on central government deposits and liabilities to depository corporations in the GFS are consistent with the relevant data in monetary statistics. Each month the Statistics and Monetary Analysis Section of the MPRD prepares a table on central bank’s and commercial banks’ claims on and liabilities to the central government, including extrabudgetary funds. This stable is provided to the Ministry of Finance for the reconciliation of the government positions with the banking sector.
4.3 Revision policy and practice
4.3.1 Revisions follow a regular and transparent schedule
Data on monetary statistics that are disseminated on the NBM website may be revised any time a need for their revision occurs. For users’ convenience, the revised data are provided in a special font and are accompanied by comments explaining revisions in the data.
4.3.2 Preliminary and/or revised data are clearly identified
Preliminary data are denoted as such. Users are informed that they are subject to revisions. If requested, for net positions the underlying data on a gross basis are also provided to users.
4.3.3 Studies and analyses of revisions are made public (see also 3.5.1)
Revisions are subject to quantification, assessment, and clarification. Explanations of revisions are disseminated on the NBM’s website and in the Monthly Bulletin and Quarterly Bulletin. In the case of changes in historical time series data, the tables with the revised data in the Monthly Bulletin and Quarterly Bulletin are also accompanied by relevant comments and explanations.
5. Accessibility
5.1 Data accessibility
5.1.1 Statistics are presented in a way that facilitates proper interpretation and meaningful comparisons (layout and clarity of text, tables, and charts)
The presentation of monetary statistics by the NBM facilitates the interpretation of the data. The NBM’s website provides users with opportunities for viewing the data, metadata, explanatory notes on the data, calendar for the dissemination of data, and other information. The website features user-friendly tables with key indicators of monetary statistics. The structure of and developments in monetary statistics aggregates are graphically presented in the form of charts and diagrams in the Monthly Bulletin (in English and Romanian), Quarterly Bulletin (in Romanian only), and Annual Report (in English and Romanian), available both in electronic format on the website in GDDS statistics section of the NBM’s website and in print. In addition, the section on monetary policy on the website include information of the development of deposits, credits, net foreign assets, domestic credit, money supply, and interest rates. Seasonally adjusted data on monetary aggregates M0, M2, and M3 are also disseminated on the website. However, it would be desirable if the level of detail on disseminated monetary statistics aggregates increase over time.
5.1.2 Dissemination media and format are adequate
In addition to the dissemination of the data in GDDS Statistics section on the NBM’s website, monetary statistics are available in Romanian and English in the Monthly Bulletin. Users are able to view the electronic version of statistical information on the website which contain all statistical materials published by the NBM and comments thereto in PDF format.
5.1.3 Statistics are released on a preannounced schedule
The calendar for disseminating data in accordance with the SDDS requirements is available at the NBM’s website (in the GDDS statistics section). Monetary statistics are released in accordance with the schedule announced in that calendar.
5.1.4 Statistics are made available to all users at the same time
Data are released simultaneously to all users of monetary statistics when information is disseminated on the NBM’s website.
5.1.5 Statistics not routinely disseminated are made available upon request
Unpublished and nonconfidential data are made available upon request free of charge with the approval of NBM management.
5.2 Metadata accessibility
5.2.1 Documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques is available, and differences from internationally accepted standards, guidelines, or good practices are annotated
The NBM disseminates metadata for monetary statistics on its website. Metadata include information about the concepts, definitions, classifications, data sources, as well as estimation techniques and plans for improvements. Information is available in Moldovan and English. When applicable, metadata and methodological notes are updated and expanded.
5.2.2 Levels of detail are adapted to the needs of the intended audience
The structure of the presentation of data for the central bank and commercial banks is consistent with the overall data disseminated in other countries in accordance with the internationally accepted methodology and guidelines. Data are provided in time series beginning with the 1993 data when the compilation of monetary statistics was initiated in accordance with international standards.
The NBM informs outside users and analysts about the sources and methods for compiling the data through its website. Changes in the methodology and sources of data are reflected in the aforementioned source of information on a timely basis.
5.3 Assistance to users
5.3.1 Contact points for each subject field are publicized
Users of monetary data are provided with assistance and support. The NBM’s website indicates the telephone numbers and e-mail addresses of contact persons responsible for the compilation of monetary statistics.
5.3.2 Catalogs of publications, documents, and other services, including information on any charges, are widely available
The NBM’s website provides users with information about electronic and paper-based publications and documents. The terms of subscription for the printed versions of the Monthly Bulletin, Quarterly Bulletin, and Annual Report are not publicized. However, users of monetary data have access to the electronic version of publications.
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for Monetary Statistics
(Compiling Agency: National Bank of Moldova)
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for Monetary Statistics
(Compiling Agency: National Bank of Moldova)
| Key to symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; SDDS = Complies with SDDS Criteria | |||||||
|---|---|---|---|---|---|---|---|
| Element | NA | Assessment | Comments on Assessment | Plans for Improvement and Target Dates | |||
| O | LO | LNO | NO | ||||
| 0. Prerequisites of quality | |||||||
| 0.1 Legal and institutional environment | X | ||||||
| 0.2 Resources | X | ||||||
| 0.3 Relevance | X | There is no formally established process of regular consultation with ministries or representatives from the private sector, or academia. | Establish regular consultations with users of monetary data to monitor their needs. | ||||
| 0.4 Other quality management | X | ||||||
| 1. Assurances of integrity | |||||||
| 1.1 Professionalism | X | ||||||
| 1.2 Transparency | X | ||||||
| 1.3 Ethical standards | X | ||||||
| 2. Methodological soundness | |||||||
| 2.1 Concepts and definitions | X | ||||||
| 2.2 Scope | X | Commercial banks that operate in the Transnistria region are not included in the compilation of monetary data. | Consider inclusion of banks in the Transnistria region in the coverage of all monetary statistics. | ||||
| 2.3 Classification/sectorization | X | ||||||
| 2.4 Basis for recording | X | ||||||
| 3.1 Source data | X | Data reported by banks for monetary statistics purposes do not provide information for the correct classification of institutional units as nonfinancial public corporations. | Establish conditions for the proper classification of nonfinancial public corporations in monetary statistics. | ||||
| 3.2 Assessment of source data | X | ||||||
| 3.3 Statistical techniques | X | ||||||
| 3.4 Assessment and validation of intermediate data and statistical outputs | X | ||||||
| 3.5 Revision studies | X | ||||||
| 4. Serviceability | |||||||
| 4.1 Periodicity and timeliness | X | ||||||
| 4.2 Consistency | X | ||||||
| 4.3 Revision policy and practice | X | ||||||
| 5. Accessibility | |||||||
| 5.1 Data accessibility | X | ||||||
| 5.2 Metadata accessibility | X | ||||||
| 5.3 Assistance to users | X | ||||||
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for Monetary Statistics
(Compiling Agency: National Bank of Moldova)
| Key to symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; SDDS = Complies with SDDS Criteria | |||||||
|---|---|---|---|---|---|---|---|
| Element | NA | Assessment | Comments on Assessment | Plans for Improvement and Target Dates | |||
| O | LO | LNO | NO | ||||
| 0. Prerequisites of quality | |||||||
| 0.1 Legal and institutional environment | X | ||||||
| 0.2 Resources | X | ||||||
| 0.3 Relevance | X | There is no formally established process of regular consultation with ministries or representatives from the private sector, or academia. | Establish regular consultations with users of monetary data to monitor their needs. | ||||
| 0.4 Other quality management | X | ||||||
| 1. Assurances of integrity | |||||||
| 1.1 Professionalism | X | ||||||
| 1.2 Transparency | X | ||||||
| 1.3 Ethical standards | X | ||||||
| 2. Methodological soundness | |||||||
| 2.1 Concepts and definitions | X | ||||||
| 2.2 Scope | X | Commercial banks that operate in the Transnistria region are not included in the compilation of monetary data. | Consider inclusion of banks in the Transnistria region in the coverage of all monetary statistics. | ||||
| 2.3 Classification/sectorization | X | ||||||
| 2.4 Basis for recording | X | ||||||
| 3.1 Source data | X | Data reported by banks for monetary statistics purposes do not provide information for the correct classification of institutional units as nonfinancial public corporations. | Establish conditions for the proper classification of nonfinancial public corporations in monetary statistics. | ||||
| 3.2 Assessment of source data | X | ||||||
| 3.3 Statistical techniques | X | ||||||
| 3.4 Assessment and validation of intermediate data and statistical outputs | X | ||||||
| 3.5 Revision studies | X | ||||||
| 4. Serviceability | |||||||
| 4.1 Periodicity and timeliness | X | ||||||
| 4.2 Consistency | X | ||||||
| 4.3 Revision policy and practice | X | ||||||
| 5. Accessibility | |||||||
| 5.1 Data accessibility | X | ||||||
| 5.2 Metadata accessibility | X | ||||||
| 5.3 Assistance to users | X | ||||||
Recommendations
(0.3.1) Establish formal process for regular consultation with ministries, representatives from the private sector, or academia, for monetary statistics purposes.
(2.1.1) Adopt a plan for the full implementation of the Monetary and Financial Statistics Manual (MFSM) with respect to the (i) expansion of monetary statistics to cover also other financial corporations; and (ii) the compilation and presentation of flow data for the financial sector. This will require an expansion in human, computer, and financial resources.
(2.2.1) Consider inclusion of commercial banks’ operations in the Transnistria region in monetary statistics of Moldova.
(3.1.2) Establish conditions for the proper classification of nonfinancial public corporations in the statistics of Moldova (including a revision of the Law “On Government Entities” that defines public corporations if necessary).
(5.1.1) Increase the level of detail in disseminating monetary statistics over time.
IV. Balance of Payments Statistics
0. Prerequisites of quality
0.1 Legal and institutional environment
0.1.1 The responsibility for collecting, processing, and disseminating the statistics is clearly specified
The legal provisions for producing and disseminating the balance of payments statistics are clearly specified. The Presidential decree No 35 of February 2, 1994 gave the responsibility to the National Bank of Moldova (NBM) for compiling the balance of payments statistics. Article 8 (1) of the Law on the National Bank of Moldova of 1995 states that “The NBM shall inform the public on a regular and timely basis of its analysis on macroeconomic and financial markets developments…and on statistical information, including with respect to…balance of payments….” The Law on Official Statistics indicates NBM as a producer of official statistics.
The Balance of Payments Division (BOPD) at the NBM carries out its function under the direct supervision of a Vice-Governor. The responsibilities of the BOPD are explicitly described in the Regulations of BOPD approved by the vice-governor.
Collection and dissemination of statistics are operated under prescriptions of the Law on Commercial Secrets (No 171 of July 6, 1994), Law on Official Statistics (No 412 of December 9, 2004, Article 9), and Law on Financial Institutions (No 550 of July 21, 1995).
0.1.2 Data sharing and coordination among data-producing agencies are adequate
Appropriate formal arrangements exist to promote data sharing and coordination among agencies that contribute to the production of balance of payments statistics. Following a specific protocol, the Customs Service provides the National Bureau for Statistics (NBS) with data on customs declarations of exports and imports of goods by legal entities and individuals, and the NBS validates and compiles data according to the merchandise trade statistics framework. The NBS provides validated data on customs declarations to the BOPD on a quarterly basis according to an agreed schedule.
The Ministry of Finance monitors the public and publicly guaranteed external debt through the Debt Management and Financial Analysis System (DMFAS). The Foreign Exchange Operations and External Relations Department of the NBM monitors the private nonguaranteed external debt thought the same system. The BOPD has two terminals for generating online reports on both public and private external debt.
Regular formal meetings are held with other data producing agencies. The BOPD meets regularly with the NBS and the Ministry of Finance to discuss conceptual and methodological issues concerning data it obtains as part of the balance of payments compilation process. During the implementation of the updated ASYCUDA system and new classifiers, joint meetings among the Customs Service, BOPD, and NBS were held regularly with a view to identify possible discrepancies. On an annual basis, the BOPD contributes to the revision of questionnaires used by NBS for surveys to ensure consistency with the balance of payments statistics.
0.1.3 Individual reporters’ data are to be kept confidential and used for statistical purposes only
Article 36 of the Law on the National Bank of Moldova prohibits NBM employees to disclose or publicize nonpublic information obtained while performing their duties. The nondisclosure of individual records is also mentioned in the NBM’s Staff Code of Professional Ethic of Employees. Article 75 of the Law on the National Bank of Moldova specifies sanctions against non-compliance.
All statistical reporting forms indicate the confidential nature of individual reports and their use only for statistical purposes. The forms used in International Transactions Reporting System (ITRS) clearly inform respondents that data are confidential at the level of the single reporting agent. It also clarifies that the forms are only used for the compilation and dissemination of balance of payments aggregates. The NBS surveys also clarify the confidential nature of data collection.
When data are received directly from respondents (such as from energy enterprises involved in foreign trade, some agencies providing communication and transportation services, etc.), data are submitted following bilateral protocols signed by the governor of the NBM, which clearly state that the “data are confidential and used for statistical purposes.” Attention is paid to confidentiality of data in determining the level of data aggregation.
The computer system prevents unauthorized access to individual data through password protection.
0.1.4 Statistical reporting is ensured through legal mandate and/or measures to encourage response
Article 72 of the Law on the National Bank of Moldova grants the NBM the authority to request from authorities of the state, financial institutions, and other legal entities and individuals information that is required for the achievement of its objectives. Article 75 of the Law on the National Bank of Moldova specifies sanctions against non-compliance.
Before launching a new survey, meetings with respondents are held to identify information they have, to adapt survey’s questions to reporters’ terminology and record-keeping system, and to train them in the requirements of balance of payments statistics.
0.2 Resources
0.2.1 Staff, facilities, computing resources, and financing are commensurate with statistical programs
The Balance of Payments Division has 21 staff members, some of which are highly qualified and experienced in balance payments methodology and compilation. The BOPD consists of four sections covering (i) the current account transactions; (ii) the financial account and international investment position; (iii) balance of payments compilation, analysis and forecasting; and (iv) statistics of international transactions through banking system.
Upgrading to the computing resources takes place periodically; the latest upgrade was conducted in the second half of 2004. Each staff is provided with a computer with high-end configuration. The division also has a fax and a Xerox. Two programmers are working in the division. They assist the BOPD in terms of database design and software testing, implementation, and management. Division’s programmers elaborated the following software applications: (i) balance of payments compilation system, (ii) international investment position compilation system, (iii) customs declarations database processing system, (iv) the ITRS database processing, and (v) balance of payments local system administration. The software is updated as required. The computer system is provided with an emergency back-up system. A copy of statistical series is created weekly on the NBM’s storage server. The Information Technology Department of the NBM supervises the BOPD in terms of security of information.
Financial resources for balance of payments-related surveys and work are sufficient.
0.2.2 Measures to ensure efficient use of resources are implemented
Reviews of staff performance are carried out on a periodic basis. Systematic efforts are made to use resources efficiently through reviews and improvements in work processes, and coordination and improvement in data collection. The BOPD makes efficient use of technical assistance and training to evaluate methodology and compilation of balance of payments statistics.
0.3 Relevance
0.3.1 The relevance and practical utility of existing statistics in meeting users’ needs are monitored
Regular formal and informal meetings are held with the Ministry of Finance, the NBS, the Customs Service, and the Ministry of Economy and Trade to discuss their needs in terms of external sector’s statistics. The BOPD staff participates at round tables with representatives of international organizations and other public agencies.
The BOPD maintains an open channel of communication with parliament, government, the national audit office, embassies, specialized economic newspaper reporters, and students on their needs in terms of external sector statistics.
0.4 Other quality management
0.4.1 Processes are in place to focus on quality
The NBM management recognizes the importance of good quality statistics and is sensitive to all dimensions of data quality. As specified in the document defining internal procedures and organizational aspect, the BOPD is responsible for monitoring, on an ongoing basis and at each phase of the statistical production, the quality of data both at the level of the processes and at the level of the output aggregates. The BOPD software system carries out preliminary consistency checks on statistical inputs.
0.4.2 Processes are in place to monitor the quality of the statistical program
Data obtained from the ITRS by each reporting bank are checked for internal and logical consistency based on automated validation rules. They are also assessed for plausibility following time series analysis and comparison across datasets. If inconsistent data are entered in the ITRS form, the BOPD’s database will identify the wrong entries and the ITRS form will be sent back to the commercial bank for correction and clarification. In cases where the commercial bank fails to provide correct data, the governor or vice-governor of the NBM may write a letter drawing attention on the quality of the data and requesting immediate follow-up.
The BOPD has regular meetings with other data producing agencies, such as NBS and MOF. Data obtained from parallel sources are checked for consistency. For instance, data collected on loans from the ITRS are cross-checked with data from DMFAS, data on merchandise trade from ITRS could be checked with data from customs declarations database.
0.4.3 Processes are in place to deal with quality considerations in planning the statistical program
The BOPD work program is discussed on a quarterly basis by the division and the four sections’ chiefs. It describes the plans for the coming quarter in terms of statistical production, methodological issues, priorities, trade-offs, and available resources.
1. Assurances of integrity
1.1 Professionalism
1.1.1 Statistics are produced on an impartial basis
Legal previsions support the production of statistics by the NBM on an impartial basis. The Law on the National Bank of Moldova stipulates that the NBM is an autonomous public legal entity and is responsible to parliament (Article 1). The NBM is managed by the Council of Administration, consisting of the governor, first vice-governor, and three vice-governors. They are nominated by the parliament for a term of seven years (Article 23) and could be removed only by the parliament (two-thirds for the governor and simple majority for vice-governors; Article 27).
Staff is recruited on the basis of academic background, and promotions are regulated on the basis of their performance. BOPD’s staff is provided with a variety of training opportunities. The NBM encourages staff to participate in seminars organized by the IMF and other international organizations. The BOPD’s staff is encouraged to participate in the country’s academic discussions on balance of payments development by writing papers, publishing articles, and lecturing at university classes.
1.1.2 Choices of sources and statistical techniques, as well as decisions about dissemination, are informed solely by statistical considerations
The choice of sources and statistical techniques for the compilation of balance of payments statistics is based solely on statistical considerations made by the NBM staff. Balance of payments statistics are disseminated solely on the basis of statistical considerations.
1.1.3 The appropriate statistical entity is entitled to comment on erroneous interpretation and misuse of statistics
The BOPD makes efforts to ensure the correct interpretation of balance of payments statistics. Changes in the methodological framework or in data collection system are described in the annual edition Balance of Payments of Moldova. In meetings dedicated to questions to the BOPD’s staff, possible misinterpretation of the balance of payments statements are clarified. To ensure a correct interpretation of data, the BOPD writes notes in specialized press commenting on newly developed statistics when they are released.
1.2 Transparency
1.2.1 The terms and conditions under which statistics are collected, processed, and disseminated are available to the public
The Law on the National Bank of Moldova that governs the responsibility and terms and conditions for producing and disseminating balance of payments statistics is available on the NBM’s website. Relevant regulations supporting the collection of balance of payments statistics are mentioned in bilateral protocols signed by the governor or vice-governor of the NBM. The ITRS reporting forms have references to the Banking Code authorizing the NBM to collect information from public and private agents on their cross border payments through domestic commercial banks.
1.2.2 Internal governmental access to statistics prior to their release is publicly identified
There is no internal governmental access to data prior to its release to the public.
In line with the document on internal procedures, balance of payments statistics are checked and approved by the Council of Administration of the NBM before they are released outside the NBM.
1.2.3 Products of statistical agencies/units are clearly identified as such
Balance of payments statistics are clearly identified as the NBM’s product. Where data from multiple sources are included in the same presentation, references to all sources are made.
Balance of payments statistics are disseminated on the NBM’s website and in the following NBM’s publications: the Bank Bulletin (quarterly), the specialized weekly newspaper Economic Review, and the annual edition Balance of Payments of Moldova. All these publications are clearly identifiable as NBM’s products.
1.2.4 Advance notice is given of major changes in methodology, source data, and statistical techniques
The BOPD provides users with information on changes in methodology, source data, and statistical techniques through the publications on balance of payments statistics. Advance consultations with major users are made when new standards are followed. GDDS metadata also indicates recent improvements and short- and medium-term plans for improvements.
When the changes impact the design of the survey forms, the BOPD organizes seminars with respondents to explain the scope of changes and provide guidance in filling out the questionnaires.
1.3 Ethical standards
1.3.1 Guidelines for staff behavior are in place and are well known to the staff
The NBM staff conduct is guided by the Law on the National Bank of Moldova and the NBM’s Code of Professional Ethic of Employee (introduced in April 2004) which clearly identifies norms of conduct and the general ethical framework that should be followed in specific situations. The NBM’s Code of Professional Ethic of Employee is included in the information package provided to new staff and sent to all NBM’s staff whenever updates occur.
2. Methodological soundness
2.1 Concepts and definitions
2.1.1 The overall structure in terms of concepts and definitions follows internationally accepted standards, guidelines, or good practices
The balance of payments statistics in Moldova are compiled following the BPM5. Current, capital, and financial accounts of the balance of payments are defined according to the BPM5 guidelines, and transactions in assets and liabilities are recorded separately. The BOPD follows rigorously the double-entry principle in compiling the balance of payments statistics. Resident institutional units are generally defined in conformity with BPM5 as those that have a center of economic interest in Moldova (see also Scope 2.2). The definition of reserve assets deviates from that in the BPM5. Reserve assets in Moldova’s balance of payments exclude from NBM’s holding of currency and deposits, the amounts equal to the commercial banks’ deposits in foreign currency at the NBM with regards to reserve requirements.
2.2 Scope
2.2.1 The scope is broadly consistent with internationally accepted standards, guidelines, or good practices
The scope of balance of payments statistics is consistent with the BPM5 with the exception of flows related to Transnistria, a disputed territory.4 The balance of payments of Moldova excludes most transactions of Transnistria with nonresidents.
2.3 Classification/sectorization
2.3.1 Classification/sectorization systems used are broadly consistent with internationally accepted standards, guidelines, or good practices
Classification and sectorization systems are consistent with the BPM5. The BOPD follows the transaction, financial instrument, and sector classifications as presented in the standard components of the BPM5. Government guaranteed debt transactions are attributed to the sector of the borrower and public enterprises’ financial transactions are attributed to the “other sector.”
2.4 Basis for recording
2.4.1 Market prices are used to value flows and stocks
The balance of payments statistics are compiled in U.S. dollars. In principle, market prices are used to value transactions. Exports and total imports are valued on an f.o.b. basis. Transactions in trade credits, currency and deposits, and reserve assets are derived from stock data. In these cases, quarterly flows are derived using stocks in original currency and quarterly average exchange rate for that currency. Transactions in foreign currency are converted using the exchange rate of the transaction day published by the NBM.
2.4.2 Recording is done on an accrual basis
Transactions are recorded on an accrual basis except for interest on loans, which is recorded on a due-for payment basis (see also 3.1.2). Goods are recorded by Customs Service at the time a customs declaration is filed and transactions in services are generally recorded when rendered. Dividends are recorded when they are declared and reinvested earnings are recorded when earned. Loan drawings are recorded when they are disbursed and payments are recorded when they are due. The treatment of arrears is in accordance with the BPM5 principles.
2.4.3 Grossing/netting procedures are broadly consistent with internationally accepted standards, guidelines, or good practices
Transactions in current and capital accounts are recorded on a gross basis, and transactions in financial account are recorded on a net basis separately for assets and liabilities.
3. Accuracy and reliability
3.1 Source data
3.1.1 Source data are obtained from comprehensive data collection programs that take into account country-specific conditions
Balance of payments statistics are compiled using a comprehensive and well-balanced data collection system that includes several surveys of enterprises, a closed international transaction reporting system (ITRS), and administrative sources. Data sources are carefully selected and developed. The NBM actively cooperates with other agencies to develop appropriate data sources.
The NBS conducts several surveys of enterprises that provide data for balance of payments purposes. Among the most important surveys are survey of enterprises with foreign investment, survey of transport enterprises, surveys of enterprises exporting or importing services, and survey of insurance. The business register for these surveys is comprehensive and kept up-to-date. A complete enumeration of enterprises for each survey is done as the number of enterprises is manageable for each of the above surveys. Response rates are high and follow-up for nonresponse is done on a regular basis. A regular consultation between the NBM and NBS staff leads to designing and revising of questionnaires to meet the balance of payments needs. All these surveys are conducted on a quarterly basis. All quarterly surveys other than the survey of enterprises with foreign investment collect quarterly data on a discrete basis. The survey of enterprises with foreign investment collects quarterly data on a cumulative basis. The BOPD derives discrete quarterly figures by decumulating the cumulative data. This may lead to an inappropriate allocation of flows to quarters. However, the annual balance of payments would be unaffected.
The ITRS system was introduced in 1994. The ITRS is comprehensive and includes reporting by commercial banks, NBM, and enterprises with accounts abroad. All transactions are to be included in the ITRS. Individual invoices are also submitted for high-value transactions. A classification consistent with the BPM5 is used. Adequate instruction is given to respondents; regular discussions are held with respondents; data are scrutinized; and, when needed, respondents are contacted for explanations and corrections of data. Taking into account the limitation of settlements data (nonaccrual flows, nettings, coverage), the ITRS is mainly used as an additional and supplementary data source for quarterly balance of payments statistics to fill data gaps, cross-check other sources, and adjust data from other sources.
Data from existing administrative sources are also exploited to derive or validate some balance of payments components. The BOPD is also responsible for processing the external debt statistics, which are generated using the DMFAS operated by the Ministry of Finance and NBM. Currently, interests on loans are compiled on a due-for-payment basis. This may not affect the annual balance of payments statistics, but can affect the quarterly data.
The BOPD makes serious efforts to ensure that data sources are comprehensive and reliable. It has staff assigned to monitor developments in markets and news in the media. The primary data sources, comprising the surveys and the ITRS, are broadly sufficient to compile balance of payments statistics. Supplementary information is used to compile data not covered by the surveys or the ITRS. The BOPD takes careful approach to avoid double-counting in using the multiple data sources it obtains. The existence of multiple sources enables the BOPD to derive complementary information for cross-checks, logical control, and in-depth analysis for finding out possible inaccuracies in data to achieve better results.
A short description of data sources for major components of balance of payments statistics is given below:
Goods. Data on customs declarations for imports and exports by legal entities are obtained from the NBS, which receives them from the Customs Service. Data on imports of energy are obtained by the BOPD directly from the relevant enterprises. Customs declarations filed by individuals are used to cover imports and exports by individuals. Customs declarations also provide data on goods for processing. ITRS is used to derived data on repairs on goods and goods procured at ports. Goods imported and exported from Transnistria are excluded as there are no information on other external transactions of Transnistria.
Services. The following sources are used for various categories of services:
Transportation. In addition to the imports of freight transportation that are estimated as part of the c.i.f/f.o.b. adjustments to c.i.f. imports, data are obtained from a survey of transport enterprises, the ITRS, the customs declaration database for in-kind payments, and Moldova Gas for transit of gas.
Travel. Estimates on travel are compiled on the basis of information collected from enterprises providing travel and hotel services, information related to staff training abroad, information of individuals traveling abroad for trade in goods, and information on Moldovan students studying abroad and foreign students studying in Moldova. Data from ITRS are also used to identify cash withdrawals up to a certain amount from nonresidents’ accounts with resident banks. These amounts are considered to be used for travel expenses. As well, reporting on the foreign accounts of resident enterprises abroad is used to identify travel expenses abroad by these enterprises. Travel expenditures related to technical assistance, and grants are also identified from data obtained from the Ministry of Economy and international organizations.
Other services. ITRS is used for construction, financial, information, royalties and license fees, and other business services. NBS survey provides data on communications and recreational and entertainment services. For insurance, in addition to a portion of c.i.f. value of imports, data from the NBS survey on insurance services and reports on the foreign accounts of resident enterprises abroad are used. Data from the Ministry of Foreign Affairs and foreign embassies and consulates in Moldova are obtained to estimate government services n.i.e.
Compensation of employees. Data on compensation of resident employees working in foreign embassies and international organizations are obtained from relevant agencies. Compensation of Moldovan short-term workers abroad is estimated as part of total remittances sent by all workers abroad (see below for workers’ remittances).
Investment income. Information on direct investment and portfolio investment dividend income outflows is derived from the survey of enterprises with foreign investment conducted by the NBS. Interest payments on loans are derived from the DMFAS database, which are recorded on a due-for-payment basis. Interest receivable on other investments are obtained from ITRS. Income on reserve assets are obtained from the NBM.
Current transfers. Workers’ remittances and compensation of employees of Moldovan workers abroad are derived through a detailed assessment of remittances made through the banking system, cash flows of banks released by them to residents, and an estimate of expenditures in foreign currency in car and real estate markets that are assumed to be financed by cash remitted by workers abroad. The estimation model is detailed and assumptions are reviewed regularly. Apart from remittances, payments to international organizations present current transfer payments, while receipts of current transfers associated with foreign grants, technical assistance, and students’ scholarships are estimated from relevant sources.
Capital transfers. Migrants’ transfers are estimated for official migrants on the basis of number of immigrants/emigrants as well as transfers through the banking system. Data from the Ministry of Economy is used to estimate capital transfers received by the government.
Financial account. Direct investment in Moldova in nonbank sector is estimated on the basis of NBS survey of enterprises with foreign investment. For banks, information is obtained from them. Customs declarations are also scrutinized to identify direct investment flows in-kind. For direct investment abroad, information is collected through ITRS and Ukraine and Russian embassies in Moldova. Data from sales and purchases of securities by nonresidents are also used, primarily for validating and filling gaps. For portfolio investment liabilities, the main source is the NBS survey of enterprises with foreign investment for nonbank enterprises and banks’ reports for banking sector. Data from ITRS and National Securities Commission provide information on portfolio investment assets. Data on financial derivative transactions are obtained from ITRS. Loans liabilities are available from DMFAS database. Currency and deposits of commercial banks are obtained from their accounts. NBM furnishes transactions of government. For other sectors, report on enterprises’ accounts abroad is used. In addition, cash flows of foreign exchange offices are analyzed to estimate holding of foreign currency by households. Trade credits include advance payments and receipts, an estimate of currency repatriated with delay, positions associated with nonequivalent barter, and contra-entries for goods for processing. Data are also obtained from a few state enterprises on their trade credit positions. Other assets and liabilities include data on arrears and transactions associated with historical debt inherited from the Soviet Union. Transactions on reserve assets are calculated on the basis of NBM’s records.
3.1.2 Source data reasonably approximate the definitions, scope, classifications, valuation, and time of recording required
Source data reasonably meet the methodological standards and guidelines for compiling balance of payments statistics. For surveys and ITRS, appropriate testing and regular review is conducted of the collection processes.
3.1.3 Source data are timely
The source data are timely for compiling and disseminating quarterly balance of payments statistics. For surveys, the enterprises are expected to report promptly and follow-up procedures ensure the timely receipt of data. Nonrespondents are followed up. Data from the ITRS are available on a timely basis. Formal arrangements are in place to obtain administrative data on a timely basis.
3.2 Assessment of source data
3.2.1 Source data—including censuses, sample surveys and administrative records—are routinely assessed, e.g., for coverage, sample error, response error, and nonsampling error; the results of the assessments are monitored and made available to guide statistical processes
Computerized edit checks have been developed to ensure that details add to totals. Consistency checks are built into the ITRS system and processing and compilation of data. Database for compilation of balance of payments and processing processes are designed in-house within a network environment. Survey forms have been designed to be internally consistent and data to be provided follow accepted accounting standards in order to ease the burden of reporting. All data go through validations with related sources. Individual records with high values are checked with ITRS or other sources. Necessary follow-up is done to either correct data, if misreporting, or to obtain data, if missing.
3.3 Statistical techniques
3.3.1 Data compilation employs sound statistical techniques to deal with data sources
Computerized data management and processing system for balance of payments has been set up to minimize processing errors such as coding, editing, and tabulating. Because the surveys and ITRS are comprehensive, sampling techniques are irrelevant. Almost all data are collected with quarterly frequency. In only limited cases, annual data have more reliable coverage, in which cases appropriate use is made of both the quarterly data and annual benchmarks. Adjustments of source data are done after a careful examination of causes and alternative information.
3.3.2 Other statistical procedures (e.g., data adjustments and transformations, and statistical analysis) employ sound statistical techniques
Specific procedures are developed to adjust data from various sources to improve coverage, classification, and valuation, and to conform to guidelines set out in BPM5. The c.i.f./f.o.b. factors for separating f.o.b. imports and freight and insurance were calculated five years ago. Presently, the NBM is working with NBS to derive these factors from customs declarations for each period. Imports by individuals are estimated on the basis of customs declarations filed by them. Energy imports are obtained directly from enterprises. For travel and various services, several data sources (surveys, ITRS, and administrative data) are used in a consistent way to derive various components of services debits and credits. For workers’ remittances and compensation of employees from abroad, data from ITRS are augmented with cash flows assumed to be released by banks to residents and foreign currency transactions in real estate and car markets assumed to be settled by using money sent or brought by Moldovan workers. The adjustments and assumptions seem plausible and are kept under constant review.
3.4 Assessment and validation of intermediate data and statistical outputs
3.4.1 Intermediate results are validated against other information where applicable
Intermediate results are checked against various alternative data sources and estimates. For example, workers’ remittances are compared with estimates that can be derived from censuses, specific surveys, and migration statistics. Collection of data from multiple sources provides the BOPD a good opportunity to validate statistical outputs. One staff is assigned to monitor media and news related to external economic relations.
3.4.2 Statistical discrepancies in intermediate data are assessed and investigated
The behavior of time series is cross-checked with related series/indicators when such information is available. Financial flows are reconciled with changes in positions. Whenever surveys or administrative data are used, they are cross-checked with ITRS results.
3.4.3 Statistical discrepancies and other potential indicators of problems in statistical outputs are investigated
Errors and omissions are monitored at the end of each quarterly compilation period as an indicator of unrecorded or misreported transactions. The absolute size, direction, and periodicity is the indirect indicator of the item or sector to be researched if needed. Moldova also compiles balance of payments for Commonwealth of Independent States and rest of the world as well as for main external partner countries. The compilation of separate regional statements allow for an in-depth analysis of discrepancies.
3.5 Revision studies
3.5.1 Studies and analyses of revisions are carried out routinely and used internally to inform statistical processes (see also 4.3.3)
Analysis and studies of revisions are carried out on a routine basis and used to improve sources and statistical techniques.
4. Serviceability
4.1 Periodicity and timeliness
4.1.1 Periodicity follows dissemination standards
Balance of payments statistics are disseminated quarterly (the periodicity required by the SDDS). The GDDS recommendation is dissemination of annual data.
4.1.2 Timeliness follows dissemination standards
Quarterly balance of payments statistics are disseminated within one quarter after the reference period, thus meeting the SDDS requirement. The GDDS recommendation is dissemination within six months.
4.2 Consistency
4.2.1 Statistics are consistent within the dataset
Concepts, definitions, and classifications for producing quarterly and annual balance of payments statistics are the same. Same data sources are used for quarterly and annual data. Annual balance of payments statistics are derived as the sum of the four quarters. Financial transactions are reconciled with changes in international investment position. A special table in the annual edition Balance of Payments of Moldova provides stock data on the beginning and end of periods as well as changes due to transactions, prices, exchange rates, and other adjustments for standard components of international investment position.
4.2.2 Statistics are consistent or reconcilable over a reasonable period of time
Consistent time series for balance of payments statistics are available since 1993. When changes in source data, methodology, or techniques are introduced, historical series are reconstructed as far back as reasonably possible. Main reasons for changes as well as items and periods affected are indicated in the annual edition Balance of Payments of Moldova. Most publications include analysis and explanation of trends in the balance of payments.
4.2.3 Statistics are consistent or reconcilable with those obtained through other data sources and/or statistical frameworks
Moldova’s balance of payments statistics are fully consistent with external debt statistics. The BOP data are also consistent or reconcilable with merchandise trade, national accounts, and monetary statistics, as follows:
balance of payments data on goods are derived from the NBS’s merchandise trade data with adjustments for coverage (imports of energy and imports and exports of goods by individuals), classification (as needed by examining the individual customs’ records), valuation (from c.i.f. to f.o.b. for imports), and time of recording (as needed by examining individual customs’ records). Estimates are made for repair of goods and imports/exports of goods procured in ports on the basis of information derived from the ITRS;
balance of payments data are a direct input to the external sector of the national accounts;
balance of payments data on international banking transactions are reconcilable with monetary statistics.
4.3 Revision policy and practice
4.3.1 Revisions follow a regular and transparent schedule
The revision policy for balance of payments statistics is as follows:
regular revisions of quarterly data are included in the balance of payments each quarter and can affect data up to three quarters, and
regular revisions of annual data are included in the balance of payments two times a year (while working out preliminary and final versions) and can affect quarterly and annual data up to three/four years.
The revision policy is stated in the balance of payments methodology published on the NBM’s website.
4.3.2 Preliminary and/or revised data are clearly identified
The quarterly dissemination indicates preliminary or revised quarterly data that are revised according to the quarterly revision cycle. However, the revision of quarterly and annual data according to the annual revision cycle is not always clearly identified in the publications.
4.3.3 Studies and analyses of revisions are made public (see also 3.5.1)
The information regarding revisions in terms of items and periods affected and reasons is published in an ad hoc table in the annual edition Balance of Payments of Moldova. Also, analysis of major revisions is published.
5. Accessibility
5.1 Data accessibility
5.1.1 Statistics are presented in a way that facilitates proper interpretation and meaningful comparisons (layout and clarity of text, tables, and charts)
Annual and quarterly balance of payments series since 1993 are disseminated in accordance with the BPM5 standard components in the NBM’s Quarterly Bulletin and in the annual edition Balance of Payments of Moldova. Both standard and analytical presentations of data are published. The publications provide a wide range of statistics on the external sector intended to meet the needs of various users. They include analysis and comments on trends in balance of payments, explains observed patterns, and presents statistics using tables, charts, and graphs. Balance of payments statistics and their analysis are also available on the NBM’s website. Online annual and quarterly balance of payments statistics are available since 1997 and the first quarter of 2005, respectively.
5.1.2 Dissemination media and format are adequate
Statistics are disseminated in formats that broadly suit users’ needs. Detailed analytical information on balance of payments statistics (ad hoc charts, tables, and graphs) is available on the NBM’s Quarterly Bulletin, Annual Report, and annual edition Balance of Payments of Moldova. All these publications are available on the NBM’s website.
5.1.3 Statistics are released on a preannounced schedule
An advance release calendar is provided on the NBM’s website, which provides advance release dates, during the next quarter, for statistics compiled and disseminated by the NBM. As this is a recent development, it is not possible to determine whether data are released according to the preannounced schedule.
5.1.4 Statistics are made available to all users at the same time
Balance of payments statistics are made available to six users (the president, the parliament speaker, the prime minister, the minister of finance and commerce, the minister of economy and trade, the National Bureau for Statistics) next day after they are approved by the Council of Administration of the NBM. The balance of payments as well as international investment position and external debt statistics are placed on the NBM’s external website one week after their approval by the NBM’s Council of Administration. This is due to some technical reasons and translation difficulties. The BOPD provides data to anyone upon request once they are approved by the Council of Administration, and this may happen before their posting on the NBM’s website. However, this practice is not publicized. The BOPD is planning to post the data on its website at the same time as they are made available to the selected users.
5.1.5 Statistics not routinely disseminated are made available upon request
Ad hoc balance of payments statistics are routinely provided upon request to other ministries in preparation for international negotiations and presentations, and, also, to international organizations, embassies, international rating agencies, etc. BOPD also provides data in response to requests from graduate students in the preparation of specific studies. Customized tabulations can be provided free of charge to meet specific requests. The annual edition Balance of Payments of Moldova provides contact details for additional information.
5.2 Metadata accessibility
5.2.1 Documentation on concepts, scope, classifications, basis of recording, data sources, and statistical techniques is available, and differences from internationally accepted standards, guidelines, or good practices are annotated
A summary on concepts, scope, classifications, and basis of recording underlying the balance of payments statistics is provided in the explanatory notes section attached to the annual edition Balance of Payments of Moldova, and on the metadata posted on the NBM’s website. The GDDS metadata are reviewed and updated regularly (the latest update was made in February 2005). A comprehensive document on sources and methods is prepared for internal use.
5.2.2 Levels of detail are adapted to the needs of the intended audience
Some summary and ad hoc documents are made available to users. A comprehensive document on sources and methods for compiling balance of payments statistics has not been prepared for users of statistics.
5.3 Assistance to users
5.3.1 Contact points for each subject field are publicized
The annual edition Balance of Payments of Moldova and NBM’s website provide a clear reference of the unit in charge of compiling and disseminating balance of payments statistics. They also specify the name, telephone number, and the e-mail address of the contact person for users’ assistance. There is also the web master’s address on the NBM’s website where users can address their requests to the BOPD.
5.3.2 Catalogs of publications, documents, and other services, including information on any charges, are widely available
The NBM publishes all NBM’s statistical publications on its website, which also includes a catalog of its publications.
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for Balance of Payments Statistics
(Compiling Agency: National Bank of Moldova)
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for Balance of Payments Statistics
(Compiling Agency: National Bank of Moldova)
| Key to symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; SDDS = Complies with SDDS Criteria | |||||||
|---|---|---|---|---|---|---|---|
| Element | NA | Assessment | Comments on Assessment | Plans for Improvement and Target Dates | |||
| O | LO | LNO | NO | ||||
| 0. Prerequisites of quality | |||||||
| 0.1 Legal and institutional environment | X | ||||||
| 0.2 Resources | X | ||||||
| 0.3 Relevance | X | ||||||
| 0.4 Other quality management | |||||||
| 1. Assurances of integrity | |||||||
| 1.1 Professionalism | X | ||||||
| 1.2 Transparency | X | ||||||
| 1.3 Ethical standards | X | ||||||
| 2. Methodological soundness | |||||||
| 2.1 Concepts and definitions | X | Reserve assets exclude from BM’s holding of currency and deposits, the amounts equal to the commercial banks’ deposits in foreign currency at the NBM with regards to reserve requirements. | Define reserve assets according to the BPM5 (By end of 2005) | ||||
| 2.2 Scope | X | The balance of payments of Moldova excludes most transactions of Transnistria with nonresidents. | Consider including transactions of Transnistria. | ||||
| 2.3 Classification/sectorization | X | ||||||
| 2.4 Basis for recording | X | ||||||
| 3. Accuracy and reliability | |||||||
| 3.1 Source data | X | Source data are adequate for annual balance of payments statistics. The cumulative nature of the survey of foreign investment enterprises and interest on loans on a due-for-payment basis affect quarterly data. | Improve quarterly survey of foreign investment enterprises to collect discrete quarterly data and obtain interest on loans an accrual basis. (For data for 2006) | ||||
| 3.2 Assessment of source data | X | ||||||
| 3.3 Statistical techniques | X | ||||||
| 3.4 Assessment and validation of intermediate data and statistical outputs | X | ||||||
| 3.5 Revision studies | X | ||||||
| 4. Serviceability | |||||||
| 4.1 Periodicity and timeliness | X | ||||||
| 4.2 Consistency | X | ||||||
| 4.3 Revision policy and practice | X | Revision status of data published according to the annual revision cycle is not always clearly identified. | Identify clearly the revision status of published data. (By end 2005) | ||||
| 5. Accessibility | |||||||
| 5.1 Data accessibility | X | Data are not accessible to all users at the same time due to a lag in posting on the website. | Release summary data on the website on the day data are released. (By end 2005) | ||||
| 5.2 Metadata accessibility | X | Only summary and ad hoc documents on sources and methods are available. | Prepare and disseminate a comprehensive document on sources and methods for compiling balance of payments statistics. (By end 2005) | ||||
| 5.3 Assistance to users | X | ||||||
Moldova: Data Quality Assessment Framework (July 2003): Summary of Results for Balance of Payments Statistics
(Compiling Agency: National Bank of Moldova)
| Key to symbols: NA = Not Applicable; O = Practice Observed; LO = Practice Largely Observed; LNO = Practice Largely Not Observed; NO = Practice Not Observed; SDDS = Complies with SDDS Criteria | |||||||
|---|---|---|---|---|---|---|---|
| Element | NA | Assessment | Comments on Assessment | Plans for Improvement and Target Dates | |||
| O | LO | LNO | NO | ||||
| 0. Prerequisites of quality | |||||||
| 0.1 Legal and institutional environment | X | ||||||
| 0.2 Resources | X | ||||||
| 0.3 Relevance | X | ||||||
| 0.4 Other quality management | |||||||
| 1. Assurances of integrity | |||||||
| 1.1 Professionalism | X | ||||||
| 1.2 Transparency | X | ||||||
| 1.3 Ethical standards | X | ||||||
| 2. Methodological soundness | |||||||
| 2.1 Concepts and definitions | X | Reserve assets exclude from BM’s holding of currency and deposits, the amounts equal to the commercial banks’ deposits in foreign currency at the NBM with regards to reserve requirements. | Define reserve assets according to the BPM5 (By end of 2005) | ||||
| 2.2 Scope | X | The balance of payments of Moldova excludes most transactions of Transnistria with nonresidents. | Consider including transactions of Transnistria. | ||||
| 2.3 Classification/sectorization | X | ||||||
| 2.4 Basis for recording | X | ||||||
| 3. Accuracy and reliability | |||||||
| 3.1 Source data | X | Source data are adequate for annual balance of payments statistics. The cumulative nature of the survey of foreign investment enterprises and interest on loans on a due-for-payment basis affect quarterly data. | Improve quarterly survey of foreign investment enterprises to collect discrete quarterly data and obtain interest on loans an accrual basis. (For data for 2006) | ||||
| 3.2 Assessment of source data | X | ||||||
| 3.3 Statistical techniques | X | ||||||
| 3.4 Assessment and validation of intermediate data and statistical outputs | X | ||||||
| 3.5 Revision studies | X | ||||||
| 4. Serviceability | |||||||
| 4.1 Periodicity and timeliness | X | ||||||
| 4.2 Consistency | X | ||||||
| 4.3 Revision policy and practice | X | Revision status of data published according to the annual revision cycle is not always clearly identified. | Identify clearly the revision status of published data. (By end 2005) | ||||
| 5. Accessibility | |||||||
| 5.1 Data accessibility | X | Data are not accessible to all users at the same time due to a lag in posting on the website. | Release summary data on the website on the day data are released. (By end 2005) | ||||
| 5.2 Metadata accessibility | X | Only summary and ad hoc documents on sources and methods are available. | Prepare and disseminate a comprehensive document on sources and methods for compiling balance of payments statistics. (By end 2005) | ||||
| 5.3 Assistance to users | X | ||||||
Recommendations
(2.1.1) Define reserve assets according to the BPM5.
(2.2.1) Consider inclusion of transactions of Transnistria region with non-residents in balance of payments of Moldova.
(3.1.2) Obtain information from the debt management system to compile data on interest on loans on an accrual basis.
(3.1.2) Improve the survey of enterprises with foreign investment conducted by the NBS to collect quarterly data on a discrete basis rather than on a cumulative basis.
(4.3.2) Identify clearly the status of preliminary, revised, or final nature of the quarterly and annual data disseminated according to the annual revision cycle.
((5.1.4) Disseminate summary data on NBM’s website on the same day that data are released.
(5.2.1) Prepare and disseminate comprehensive document on sources and methods for compiling balance of payments statistics.
APPENDIX I Summary of the General Data Dissemination System (GDDS)
Data coverage, periodicity, and timeliness
Dissemination of reliable, comprehensive, and timely economic, financial, and sociodemographic data is essential to the transparency of macroeconomic performance and policy. The GDDS contains specific recommendations concerning coverage, periodicity, and timeliness for comprehensive frameworks as well as for data categories and indicators.
Quality
Data quality must have a high priority. Data users must be provided with information to assess quality and quality improvements. The GDDS recommends:
dissemination of documentation on methodology and sources used in preparing statistics; and
dissemination of component detail, reconciliations with related data, and statistical frameworks that support statistical cross-checks and provide assurance of reasonableness.
Integrity
To fulfill the purpose of providing the public with information, official statistics must have the confidence of their users. In turn, confidence in the statistics ultimately becomes a matter of confidence in the objectivity and professionalism of the agency producing the statistics. Transparency of practices and procedures is a key factor in creating this confidence. The GDDS, therefore, recommends:
dissemination of the terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information;
identification of internal government access to data before release;
identification of ministerial commentary on the occasion of statistical releases; and
provision of information about revision and advance notice of major changes in methodology.
Access to the public
Dissemination of official statistics is an essential feature of statistics as a public good. Ready and equal access by the public are principal requirements. The GDDS recommends:
dissemination of advance release calendars; and
simultaneous release to all interested parties.
Plans for improvement
The GDDS recommends that plans for improvement be developed for all areas in which shortcomings exist and that these plans be disseminated.
The GDDS also recommends that any needs for assistance be identified in the metadata. This may also be helpful for donors and technical assistance providers to prioritize their activities.
For each participating member country, the GDDS metadata provide descriptions of the dimensions listed above, together with plans for improvement and needs for assistance. This information is posted on the DSBB; participating countries are encouraged to also post the metadata on their national websites.
Source: Guide to the GDDS, March 2002: http://dsbb.imf.org
APPENDIX II Summary of the Special Data Dissemination Standard (SDDS)
The SDDS prescribes the following practices under each of the identified dimensions:
Data dimension (coverage, periodicity, and timeliness)
the dissemination of 18 data categories, including component detail, covering the four main sectors (real, fiscal, financial, and external) of the economy, with prescribed periodicity and timeliness.
Access dimension
the dissemination of advance release calendars providing at least one quarter advance notice of approximate release dates, and at least a one week advance 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.
SDDS subscribers are required to
post descriptions of their data dissemination practices (metadata) on the IMF’s Dissemination Standards Bulletin Board (DSBB). Summary methodologies, which describe data compilation practices in some detail, are also disseminated on the DSBB; and
maintain an internet website, referred to as the National Summary Data Page (NSDP), which contains the actual data described in the metadata and to which the DSBB is electronically linked.
The IMF staff is monitoring observance of the standard through NSDPs maintained on the Internet. Monitoring is limited to the coverage, periodicity, and timeliness of the data and to the dissemination of advance release calendars.
Source: http://dsbb.imf.org
Moldova: Practices compared to the SDDS Coverage, Periodicity, and Timeliness of Data
Moldova: Practices compared to the SDDS Coverage, Periodicity, and Timeliness of Data
| SDDS Data Category | Coverage (meets SDDS requirement) | Periodicity | Timeliness | Comments | ||
|---|---|---|---|---|---|---|
| SDDS | Moldova | SDDS | Moldova | |||
| Real Sector | ||||||
| National accounts | Yes | Q | Q | 1 Q | 1 Q | |
| Production Index/indices | Yes | M | M | 6W (1M encouraged) | 2 W | |
| Employment | Yes | Q | Q | 1 Q | 2 M | |
| Unemployment | Yes | Q | Q | 1 Q | 2 M | |
| Wages/earnings | Yes | Q | M | 1 Q | 5 W | |
| Consumer price index | Yes | M | M | 1 M | 2 W | |
| Producer price index | Yes | M | M | 1 M | 2 W | |
| Fiscal Sector | ||||||
| General govt. operations | Yes | A | M | 2Q | 15 D | |
| Central govt. operations | Partially | M | M | 1 M | 15 D | Consolidated central government operations not disseminated. |
| Central govt. debt | Yes | Q | M | 1 Q | 15 D | |
| Financial Sector | ||||||
| Analytical accounts of the banking sector | Yes | M | M | 1 M | 20 D | |
| Analytical accounts of the central bank | Yes | M (1W recommended) | W | 2W (1W encouraged) | 15 D | |
| Interest rates | Yes | D | W, M | … | 5–20 D | |
| Stock market: share price index | Yes | D | W | … | ||
| External Sector | ||||||
| Balance of payments | Yes | Q | Q | 1 Q | 1 Q | |
| Official reserve assets | Yes | M (W recommended) | M | 1 W | 2 W | |
| Reserves template | No | M | NA | M | NA | |
| Merchandise trade | Yes | M | M | 8W (4–6W encouraged) | 1 M | |
| International Investment position | Yes | A (Q recommended) | Q | 3Q (1Q encouraged) | 1 Q | |
| External debt | Yes | Q | Q | Q | 1 Q | |
| Exchange rates | Yes | D | D | … | D | |
| Addendum: Population | Yes | A | A | … | 10 M | |
Moldova: Practices compared to the SDDS Coverage, Periodicity, and Timeliness of Data
| SDDS Data Category | Coverage (meets SDDS requirement) | Periodicity | Timeliness | Comments | ||
|---|---|---|---|---|---|---|
| SDDS | Moldova | SDDS | Moldova | |||
| Real Sector | ||||||
| National accounts | Yes | Q | Q | 1 Q | 1 Q | |
| Production Index/indices | Yes | M | M | 6W (1M encouraged) | 2 W | |
| Employment | Yes | Q | Q | 1 Q | 2 M | |
| Unemployment | Yes | Q | Q | 1 Q | 2 M | |
| Wages/earnings | Yes | Q | M | 1 Q | 5 W | |
| Consumer price index | Yes | M | M | 1 M | 2 W | |
| Producer price index | Yes | M | M | 1 M | 2 W | |
| Fiscal Sector | ||||||
| General govt. operations | Yes | A | M | 2Q | 15 D | |
| Central govt. operations | Partially | M | M | 1 M | 15 D | Consolidated central government operations not disseminated. |
| Central govt. debt | Yes | Q | M | 1 Q | 15 D | |
| Financial Sector | ||||||
| Analytical accounts of the banking sector | Yes | M | M | 1 M | 20 D | |
| Analytical accounts of the central bank | Yes | M (1W recommended) | W | 2W (1W encouraged) | 15 D | |
| Interest rates | Yes | D | W, M | … | 5–20 D | |
| Stock market: share price index | Yes | D | W | … | ||
| External Sector | ||||||
| Balance of payments | Yes | Q | Q | 1 Q | 1 Q | |
| Official reserve assets | Yes | M (W recommended) | M | 1 W | 2 W | |
| Reserves template | No | M | NA | M | NA | |
| Merchandise trade | Yes | M | M | 8W (4–6W encouraged) | 1 M | |
| International Investment position | Yes | A (Q recommended) | Q | 3Q (1Q encouraged) | 1 Q | |
| External debt | Yes | Q | Q | Q | 1 Q | |
| Exchange rates | Yes | D | D | … | D | |
| Addendum: Population | Yes | A | A | … | 10 M | |
APPENDIX III Data Quality Assessment Framework—Generic Framework
(July 2003 Framework)
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APPENDIX IV Users’ Survey
Summary of results of survey of data users
With the cooperation of the National Bureau for Statistics, the mission conducted a survey of users of macroeconomic statistics in Moldova. The survey complemented the mission’s assesment of the quality of the statistics. Users were asked to evaluate the coverage, periodicity, and timeliness of the datasets covered in the ROSC asssesment, as well as the dissemination practices of the compiling agencies. Questionnaries were sent to 109 users and 84 responses were received from a broad range of users representing academia, government agencies, banks, international organizations, the media, and corporations.
Users expressed general satisfaction with the overall quality of the statistics, noting that Moldova had made significant progress in this area over the past decade. Eighty-two respondents indicated that the underlying methodology of official statistics assessed by the survey is sound and apropriate, and 80 percent of respondents felt that Moldova’s statistics are at the same level of quality (68 percent) or even better (12 percent) than those disseminated in other countries in Commonwealth of Independent States. Sixty-five percent of respondents felt that statistics assessed by the survey are unbiased and accurate.
Respondents depend primarily on official releases (90 percent) and publications to obtain statistics, thus eliminating the possible effects of reinterpretation of data. Most users referred to a combination of hard copy and websites to access official statistics with very few depending solely on one method. Users seemed unaware of the availability of an advance release calendar for dissemination of official statistics and they expressed concern about the timeliness of the statistics, with only 53 percent noting that statistics are released according to the advance release calendar. Users were generally not satisfied (56 percent) with the information on revisions to the statistics as some agencies did not explain the revisions.
As a follow-up to the survey, the mission organized a meeting with selected users to solicit detailed feedback on the responses to the survey.
Moldova: Response to Users’ Survey Analyzed by Type of User
Moldova: Response to Users’ Survey Analyzed by Type of User
| Type of Respondent | Total Sent | Total Received | In% Received |
|---|---|---|---|
| Banks | 8 | 8 | 100.0 |
| Government | 23 | 22 | 95.7 |
| International Organizations | 12 | 9 | 75.0 |
| Media | 13 | 8 | 61.5 |
| Corporations/Enterprises and others | 32 | 26 | 81.3 |
| Embassies | 8 | 4 | 50.0 |
| Academic circle (universities and research centers) | 13 | 7 | 53.8 |
| Total | 109 | 84 | 77.1 |
Moldova: Response to Users’ Survey Analyzed by Type of User
| Type of Respondent | Total Sent | Total Received | In% Received |
|---|---|---|---|
| Banks | 8 | 8 | 100.0 |
| Government | 23 | 22 | 95.7 |
| International Organizations | 12 | 9 | 75.0 |
| Media | 13 | 8 | 61.5 |
| Corporations/Enterprises and others | 32 | 26 | 81.3 |
| Embassies | 8 | 4 | 50.0 |
| Academic circle (universities and research centers) | 13 | 7 | 53.8 |
| Total | 109 | 84 | 77.1 |
Results of Moldova’s User Survey
Results of Moldova’s User Survey
| General Information about Uses of Official Macroeconomic Statistics of Moldova | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Percentage of Responses | Total Number of Responses | ||||||||
| 1. Which official statistics do you use regularly? | |||||||||
| a. National accounts (NA) | 42.9 | 36 | |||||||
| b. Prices | 67.9 | 57 | |||||||
| c. Government finance statistics (GFS) | 56.0 | 47 | |||||||
| d. Monetary statistics (Monetary) | 54.8 | 46 | |||||||
| e. Balance of payments | 53.6 | 45 | |||||||
| f. Other: | |||||||||
| • Production indices | 71.4 | 60 | |||||||
| • Labor market | 66.7 | 56 | |||||||
| • Merchandise trade | 64.3 | 54 | |||||||
| • International reserves and foreign currency liquidity | 39.3 | 33 | |||||||
| • External debt | 48.8 | 41 | |||||||
| • International investment position | 51.2 | 43 | |||||||
| • Other | 6.0 | 5 | |||||||
| 2. Where do you obtain the official statistics? | |||||||||
| a. Official press releases and publications on macroeconomic statistics | 90.5 | 76 | |||||||
| b. Private sector summaries and analyses | 46.4 | 39 | |||||||
| c. Official policy papers | 46.4 | 39 | |||||||
| d. Publications from international organizations about the country | 58.3 | 49 | |||||||
| e. Other sources | 9.5 | 8 | |||||||
| 3. Do you refer to official descriptions of the sources and methods that were used to compile the official statistics? | |||||||||
| • Yes | 65.5 | 55 | |||||||
| • No | 28.6 | 24 | |||||||
| 4. For what purposes do you use the official statistics? | |||||||||
| a. Analysis of current developments for short-term decision making | 72.6 | 61 | |||||||
| b. Analysis of trends for longer-term policy formulation? | 72.6 | 61 | |||||||
| c. Econometric model building and forecasting | 41.7 | 35 | |||||||
| d. Economic research | 54.8 | 46 | |||||||
| e. Comparison with economic developments in other countries | 42.9 | 36 | |||||||
| f. General economic background | 84.5 | 71 | |||||||
| g. Other | 6.0 | 5 | |||||||
| General Information about Uses of Official Macroeconomic Statistics of Moldova | |||||||||
| NA | Prices | GFS | Monetary | BOP | Other | ||||
| 5. Coverage and detail | |||||||||
| 5.1 In general, are you satisfied with the coverage of official statistics? | |||||||||
| 81 | 67 | 68 | 74 | 89 | 73 | |||
| 19 | 33 | 32 | 26 | 11 | 27 | |||
| 5.2 In general, are you satisfied with the official statistics in terms of their level of detail? | |||||||||
| 57 | 54 | 59 | 62 | 70 | 70 | |||
| 43 | 46 | 41 | 38 | 30 | 30 | |||
| 6. Periodicity and timeliness | |||||||||
| 6.1 Are you satisfied with the frequency of compilation of the official statistics (e.g., weekly, monthly, quarterly, annual)? | |||||||||
| 78 | 80 | 71 | 71 | 80 | 67 | |||
| 22 | 20 | 29 | 29 | 20 | 33 | |||
| 6.2. In general, do you consider that the official statistics are disseminated with the appropriate timeliness (the time lag after the period to which they pertain, e.g., 60 days after the reference period)? | |||||||||
| 47 | 58 | 52 | 50 | 60 | 50 | |||
| 53 | 42 | 48 | 50 | 40 | 50 | |||
| 7. Other dissemination practices | |||||||||
| 7.1 Do you know if there is a publicly disseminated calendar that announces in advance the dates on which the various official statistics will be disseminated? | |||||||||
| 25 | 35 | 25 | 28 | 26 | 22 | |||
| 75 | 65 | 75 | 72 | 74 | 78 | |||
| 7.2 If there is a calendar of release dates, in your experience, are the official statistics released on the dates announced? | |||||||||
| 49 | 60 | 50 | 51 | 54 | 50 | |||
| 51 | 40 | 50 | 49 | 46 | 50 | |||
| 7.3 Is there enough information about revisions to official statistics? | |||||||||
| 43 | 41 | 40 | 44 | 50 | 38 | |||
| 57 | 59 | 60 | 56 | 50 | 63 | |||
| 8. Accessibility | |||||||||
| 8.1 Can you easily access the official statistics? | |||||||||
| 67 | 72 | 65 | 75 | 75 | 50 | |||
| 33 | 28 | 35 | 25 | 25 | 50 | |||
| 8.2 Can you easily access information pertaining to official statistics you use (explanatory notes, methodological descriptions, reference concerning concepts, classification, statistical practice)? | |||||||||
| 66 | 67 | 69 | 73 | 76 | 56 | |||
| 34 | 33 | 31 | 27 | 24 | 44 | |||
| 8.3 Is the above information on methodology sufficiently clear and at an adequate level of detail to be useful to you? | |||||||||
| 64 | ||||||||
| 36 | ||||||||
| 8.4 How do you get access to official statistics? | |||||||||
| 59 | ||||||||
| 76 | ||||||||
| 49 | ||||||||
| 66 | ||||||||
| 14 | ||||||||
| 25 | ||||||||
| 9. Overall assessment | |||||||||
| 9.1 In your opinion, is the underlying methodology of official statistics sound and appropriate? | |||||||||
| 79 | 80 | 76 | 87 | 89 | 50 | |||
| 21 | 20 | 24 | 13 | 11 | 50 | |||
| 9.2 In general, do you consider the official statistics to be unbiased and accurate? | |||||||||
| 64 | 61 | 64 | 70 | 67 | 30 | |||
| 36 | 39 | 36 | 30 | 33 | 70 | |||
| 9.3 How would you compare the quality of official statistics of the country with those of other countries in the region? | |||||||||
| 14 | 10 | 13 | 11 | 14 | 13 | |||
| 63 | 69 | 68 | 68 | 72 | 50 | |||
| 23 | 21 | 18 | 22 | 14 | 38 | |||
| 9.4 How do you assess the overall quality of the official statistics? (1 rated as poor and 5 as excellent) | |||||||||
| 3.6 | 3.5 | 3.4 | 3.6 | 3.7 | 3.6 | ||||
| NA = National Accounts; Prices = Price statistics; GFS = Government Finance Statistics; Monetary = Monetary Statistics; and BOP = Balance of Payments Statistics | |||||||||
Results of Moldova’s User Survey
| General Information about Uses of Official Macroeconomic Statistics of Moldova | |||||||
|---|---|---|---|---|---|---|---|
| Percentage of Responses | Total Number of Responses | ||||||
| 1. Which official statistics do you use regularly? | |||||||
| a. National accounts (NA) | 42.9 | 36 | |||||
| b. Prices | 67.9 | 57 | |||||
| c. Government finance statistics (GFS) | 56.0 | 47 | |||||
| d. Monetary statistics (Monetary) | 54.8 | 46 | |||||
| e. Balance of payments | 53.6 | 45 | |||||
| f. Other: | |||||||
| • Production indices | 71.4 | 60 | |||||
| • Labor market | 66.7 | 56 | |||||
| • Merchandise trade | 64.3 | 54 | |||||
| • International reserves and foreign currency liquidity | 39.3 | 33 | |||||
| • External debt | 48.8 | 41 | |||||
| • International investment position | 51.2 | 43 | |||||
| • Other | 6.0 | 5 | |||||
| 2. Where do you obtain the official statistics? | |||||||
| a. Official press releases and publications on macroeconomic statistics | 90.5 | 76 | |||||
| b. Private sector summaries and analyses | 46.4 | 39 | |||||
| c. Official policy papers | 46.4 | 39 | |||||
| d. Publications from international organizations about the country | 58.3 | ||||||