Abstract
This paper discusses the Report on the Observance of Standards and Codes (ROSC) on Data Module for Georgia. Following the 2002 ROSC mission, Georgia has continued to make impressive improvements in statistical compilation and dissemination in all areas of statistics covered by the Data ROSC. Georgia’s macroeconomic statistics are generally of high quality and adequately meet users’ needs. Georgia has made tangible improvements on the legal, institutional, methodological, and dissemination aspects of data quality.
RESPONSE OF NATIONAL STATISTICS OFFICE OF GEORGIA (GEOSTAT)
I. National Accounts
0.1.2 Data sharing and coordination among data-producing agencies are adequate.
Recommendation:
Conduct pre-established, regular meetings, such as one per year, to improve communication among data compilers at NBG, GEOSTAT, and MOF, by discussing issues of common interest, avoid duplication of efforts, and ensure the consistency of macroeconomic statistics (national accounts, monetary, fiscal, and external sector).
The authorities’ comment on the recommendation:
Such meetings between the three agencies are already conducted. The recommendation of introducing a pre-established time schedule for the meetings is acceptable and will be implemented from 2012. Besides, there are representatives from NBG and MOF in the GEOSTAT Board. Main responsibilities of the Board are to review and to approve methodology, statistical activity program, annual progress report, budget etc. This obviously plays an essential role in the communication and ensures coordination of entire statistical system as a whole.
0.1.4 Statistical reporting is ensured through legal mandate and/or measures to encourage response.
Recommendation:
Enact appropriate amendments to the Law of Georgia on Official Statistics to reinforce mandatory reporting of statistical data and ensure application of sanctions for nonreporting.
The authorities’ comment on the recommendation:
The issue of mandatory reporting by businesses is currently under consideration.
0.2.1 Staff, facilities, computing resources, and financing are commensurate with statistical programs.
Recommendation:
Augment staff and IT resources in the GEOSTAT. Ensure proper training for the staff and implement measures to retain experienced staff.
The authorities’ comment on the recommendation:
Starting from 2012 there was a 30 percent increase in average salaries at the Geostat. Trainings are conducted on a regular basis, with a large training component included in the cooperation agreement with the Statistics Sweden. IT needs are prioritized and a number of important activities (such as new IT software for business register, data collection from administrative sources, online questionnaires for business, etc.) will be completed throughout 2012.
2.2.1 The scope is broadly consistent with internationally accepted standards, guidelines, or good practices.
Recommendation:
Set up the compilation system for GDP by expenditure approach in real terms.
The authorities’ comment on the recommendation:
The work for deflation of exports and imports will start in 2012. Deflation of investments and final consumption expenditure is planned for 2013. The production of GDP at constant prices by expenditure approach will be implemented by the end of 2013. The action plan for this activity is also outlined in the cooperation agreement with the Statistics Sweden.
2.3.1 Classification/sectorization systems used are broadly consistent with internationally accepted standards, guidelines, or good practices.
Recommendation:
Make efforts to compile data at establishments’ level.
The authorities’ comment on the recommendation:
Data compilation at establishments’ level is likely to take about two years. At the first stage the business register will be updated at establishments’ level and questionnaires will be changed accordingly.
Recommendation:
Resolve classification issues for transactions of LEPLs.
The authorities’ comments on the recommendation:
The cooperation with the Ministry of Finance with respect to classification of LEPLs will be started from 2012. The compilation of Government Account is planned for 2012.
Recommendation:
Reclassify vouchers to students for education from subsidies on product to social transfers in kind.
The authorities’ comment on the recommendation:
The recommendation is acceptable. The time series of subsidies on products will be adjusted during 5-year strategic revisions in 2012. The strategic revisions will also affect time series of gross fixed capital formation, imputed rent of own occupied dwellings, depreciation of fixed capital, and final consumption expenditure of households and NPISH.
3.1.1 Source data are obtained from comprehensive data collection programs that take into account country-specific conditions.
Recommendation:
To improve coverage of business survey, conduct economic census of nonfinancial corporations and update the register.
The authorities’ comment on the recommendation:
Cooperation with the Ministry of Finance has started to improve business register. The government decree ensures exchange of information (data on VAT tax-payers, enterprise turnover, etc.) between the two agencies at least on a quarterly basis. In addition, in 2012 a number of activities will be implemented by the Geostat to improve coverage and quality of the business register data.
Recommendation:
Refine the register maintenance procedures, especially with regard to removing the defunct businesses from the register.
The authorities’ comment on the recommendation:
Defunct businesses will be removed from business register after the update of business register in the first quarter of 2012. The identification of “active” and “idle” enterprises will be largely based on monthly data received from the MoF.
Recommendation:
Ensure more detail in business survey for other community, social, and personal activities.
The authorities’ comment on the recommendation:
The 2012 sampling design for quarterly and annual business surveys has already been set up to address the issue. Other community, social and personal services are sampled now at 5-digit level of NACE rev 1.1.
Recommendation:
Cooperate with MOF to obtain consolidated budget data by organization and based on COFOG at the level of detail that would allow for better estimates of intermediate consumption.
The authorities’ comment on the recommendation:
Discussions with the MoF have been started with respect to content and timing of budget data provision by organization.
Recommendation:
Conduct ad hoc investment survey to be able to derive better estimates for consumption of fixed capital.
The authorities’ comment on the recommendation:
The detailed survey on investment in fixed capital was conducted in 2011. The survey results are now available and the data will be used for compilation of the capital account in 2012.
Recommendation:
Set up the compilation of export/import price indices.
The authorities’ comment on the recommendation:
Unit value indices will be calculated for homogeneous products, while price indices of main exporter countries will be used for the more complex products. Some experimental estimates of imports and exports of goods in constant prices will be available in 2012. Also in 2012 the work on inclusion of export/import price questions into the PPI questionnaires will be started. The use of export/import indices in official statistical data is planned for 2013.
Recommendation:
Update the sample frame for the quarterly agriculture sample survey.
The authorities’ comment on the recommendation:
Sample frame for the quarterly agricultural survey was partially updated in cooperation with the Ministry of Regional Development and Infrastructure (the list of large agricultural farms was provided). Further improvement is expected after completion of the World Bank grant on Tbilisi preliminary census in 2012. The overall update of the frame will be available as a result of the next population and agricultural census.
3.3.2 Other statistical procedures (e.g., data adjustments and transformations, and statistical analysis) employ sound statistical techniques.
Recommendation:
Refine estimates of the volume measures of the trade margin and taxes by applying base-year tax rates to the volume of the transactions taxed or subsidized.
The authorities’ comment on the recommendation:
The recommendation is acceptable. The implementation of base-year tax rates method will take approximately two years. At first stage more detailed information on VAT turnover by economic activities will be obtained from statistical survey. The next step will represent accounting of taxes on products on accrual basis. Finally, base-year tax rates will be used for deflation of taxes on products.
Recommendation:
Use the Denton method to adjust quarterly original estimates to agree with annual benchmark estimates.
The authorities’ comment on the recommendation:
The benchmarking of quarterly and annual data will be improved in the scope of cooperation with the Statistics Sweden in 2012. Swedish experts also recommend to use one of the Denton family of least-square-based methods, which is actually used in the Statistics Sweden.
Recommendation:
Update the coefficients used for the quarterly allocation of work in progress in agriculture.
The authorities’ comment on the recommendation:
The recommendation is completely acceptable. Use of data from the quarterly agricultural survey for calculation of the intermediate consumption in agriculture will be started in 2012.
3.5.1 Studies and analyses of revisions are carried out routinely and used internally to inform statistical processes (see also 4.3.3).
Recommendation:
Repeat from time to time comprehensive analyses of revisions to the data to inform statistical processes.
The authorities’ comment on the recommendation:
More detailed and comprehensive analysis of annual adjustments started in November 2011. Revisions of preliminary data and sources of errors will be explained in more detail and placed on the Geostat’s website from 2012.
4.3.1 Revisions follow a regular and transparent schedule.
Recommendation:
Enhance communication with users about revision policy.
The authorities’ comment on the recommendation:
Information about revisions is published on the Geostat’s website. More detailed explanations will be prepared in the metadata format within the next two years.
4.3.2 Preliminary and/or revised data are clearly identified.
Recommendation:
Enhance communication with users regarding revision studies and analysis of revisions.
The authorities’ comment on the recommendation:
Information about revision studies and analysis will be given in the annual statistical publication “National Accounts of Georgia,” with detailed explanations published on the Geostat’s website from 2012.
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.
Recommendation:
Develop and disseminate detailed documentation on data sources and methods for compilation of national accounts in Georgia.
The authorities’ comment on the recommendation:
The work on preparation of metadata has been already started in cooperation with the Statistics Sweden. In the next two years detailed metadata will be available on the Geostat’s website. The model of Swedish National Accounts metadata will be used as an example for that purpose.
II. Price Statistics (Consumer Price Index)
2. Methodological soundness
2.2 Scope
2.2.1 The scope is broadly consistent with internationally accepted standards, guidelines, or good practices.
Recommendations:
Extend the coverage to include the expenditure pattern of the whole population in the CPI weights and evaluate the need for including additional outlets for price collection to cover the rural areas.
Clarify the treatment of owner-occupied housing in the weights. The common international approach is to include the weights based on imputed rents for similar housing units and covering the price survey with an appropriate rental survey also used for the actual rental expenditure.
The authorities’ comments on the recommendation:
The recommendations are already taken into account during the consumer basket update by January 2012.
The updated CPI weight coverage is significantly increased and covers urban and rural area consumption. Currently the CPI weights are based mainly on the NA data of 2010, and the HBS is used as an additional source. The CPI weights for 2012 cover monetary consumption of urban and rural areas for 5 regions of the country. Since the cities where the prices are collected represent main economic centers of the regions, price collection is mainly conducted in urban areas, but there are specific products for which prices are collected in rural areas as well e.g. solid fuel (firewood).
Owner-occupied housing is excluded from the weight calculation of the consumer basket 2012 as well as from the price survey. Sound sources for the weights of OOH will be identified during the 3-year cooperation with the Statistics Sweden, if included in the basket again.
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.
Recommendations:
Adjust the HBS result to account for known and suspect shortcomings and compare the result against alternative data sources at all aggregation levels.
If the OOH is to be included in the CPI, as most countries do with imputed rents as weights and rental equivalence as the pricing approach, evaluate how weights and pricing methodology are determined and improve the coverage of corresponding price collection.
Review all detailed item specifications for completeness and augment as needed. Special attention should be paid to the more complex items (insurance, housing, wireless communication services, computers, etc.) to capture all relevant changes in the item specifications.
The authorities’ comments on the recommendation:
Recommendations are already taken into account during the 2012 consumer basket update. Since the National Accounts data is used as a main source for CPI weights, suspected bias in household consumption, which may exist in the HBS e.g. alcohol, is minimized. OOH is removed from the 2012 consumer basket.
During the preparatory process of the consumer basket update, outlets were sampled according to the turnover volume, and the list of sampled outlets was given to enumerators. For the completeness of item specifications the selected outlets were surveyed. Special attention was paid to complex goods/services such as computers, communication services, etc.
3.1.2 Source data reasonably approximate the definitions, scope, classifications, valuation, and time of recording required.
Recommendation:
For some complex goods and service, such as cellular phone services, seek alternative data sources, virtual outlets, outside the normal regional price survey to reflect consumer behavior.
The authorities’ comment on the recommendation:
The recommendations are already taken into account during the 2012 consumer basket update.
A survey of virtual outlets was conducted. The latter will be included in the sample by next update of weights, if appropriate.
3.3 Statistical techniques
3.3.1 Data compilation employs sound statistical techniques to deal with data sources.
Recommendations:
Consider estimating the December base prices for seasonal products based on an average over a longer time period that would include actual prices for each transaction. Make sure that the actual price levels from end of previous season to the beginning of the new season reflect similar changes in the chained sub-indices.
Introduce quality adjustment methods to implicitly or explicitly account for the quality changes.
The authorities’ comments on the recommendation:
The recommendations are already taken into account during the 2012 consumer basket update.
Base prices in December 2011 for seasonal goods/services in the updated consumer basket were registered based on imputed prices from the previous consumer basket. In special cases outlets were surveyed for actual average prices of surveyed items.
Experimental work on quality adjustment methods is planned for 2012.
3.3.2 Other statistical procedures (e.g., data adjustments and transformations, and statistical analysis) employ sound statistical techniques.
Recommendations:
Change the Dutot formula to a Jevons index (geometric average) to partially account for substitution effect and to lessen the impact of large price variation within the elementary aggregates.
Price-update the expenditure weights to align the weight and index reference periods.
The authorities’ comment on the recommendation:
The recommendations are already taken into account during the 2012 consumer basket update.
The Jevons index (ratio of geometric averages) is used for elementary aggregates instead of the Dutot index (ratio of arithmetic means).
The expenditure weights were not price updated, as we find substitution effects to be significant.
5. Accessibility
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.
Recommendation:
Produce and disseminate detailed metadata describing the methodology practiced in compilation of Georgian CPI.
The authorities’ comment on the recommendation:
Recommendations are already taken into account during the 2012 consumer basket update. Indices with long term base period were published, which make easier to analyze the data for an average user.
Detailed metadata describing the methodology practiced in compilation of the CPI is planned to be accomplished during 2012.
5.2.2 Levels of detail are adapted to the needs of the intended audience.
Recommendation:
Develop further and disseminate the different metadata publications.
The authorities’ comment on the recommendation:
The recommendation is acceptable. A number of metadata publications are planned to be released during 2012.
III. Price Statistics (Producer Price Index)
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.
Recommendation:
Apply the output concept for the PPI weights at higher aggregation levels instead of turnover. Include also the products from significant secondary activities into the PPI sample.
The authorities’ comment on the recommendation:
Recommendation is already taken into account during weight update by 2012. PPI weights are based on output values instead of turnover. Enterprises are selected according to the volume of products produced, notwithstanding the primary activity.
2.2 Scope
2.2.1 The scope is broadly consistent with internationally accepted standards, guidelines, or good practices.
Recommendation:
Consider compiling the PPIs also by product classification. This will also serve in improving imputation method within the PPI and make it more valuable for some key users.
The authorities’ comment on the recommendation:
Recommendation is already taken into account during weight update by 2012. Compiling the PPIs by product classification will be started from 2012.
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.
Recommendations:
Ensure that total turnover or preferably the total output covering the whole economy in scope is used for the PPI weights. Include weights also for secondary products since the PPI weights should reflect the total value of turnover for each sampled industry.
Seek ways to minimize the sources of nonsampling errors in the Business Survey. Updating the Business Register (by conducting an economic census), varying the establishment size stratification variable by sectors, and investigating the existence of potential systematic factors in nonresponse could help improve the quality of both the Business Register and Business Survey results.
Review all detailed transaction specifications and include description on the transaction specifications that detail the nonphysical characteristics of the sale. Introduce central price collection dedicated to deal with certain industries where pricing practices are complex since this would likely improve the quality of the price data in times of sample and quality changes.
The authorities’ comments on the recommendation:
The recommendations are already taken into account during weight update by 2012. PPI weights are based on the total output of the whole economy. All the products from the main or secondary activities are included in the weights.
3.3 Statistical techniques
3.3.1 Data compilation employs sound statistical techniques to deal with data sources.
Recommendations:
Update the related methods of imputing missing prices, treating of quality changes, and introduction of new products into the PPI. All missing prices should be imputed; quality changes should be accounted for using either implicit or explicit quality methods; or permanently unavailable items should be replaced. Implement appropriate imputation methods into the new PPI software being developed.
Consider estimating the December base price for seasonal products based on an average over a longer time period that would include actual prices for each transaction.
The authorities’ comments on the recommendation:
The recommendation on price imputations will be implemented after experimental work and the corresponding software update, no later than from the beginning of 2013.
The December base price for seasonal products are used already in the 2012 PPI.
3.3.2 Other statistical procedures (e.g., data adjustments and transformations, and statistical analysis) employ sound statistical techniques.
Recommendation:
In order to implement sample changes consider changing the long-term elementary aggregate formula with either a weighted geometric average or the modified Laspeyres formula based on short-term price changes. Price-update the weights to align with the index reference period.
The authorities’ comments on the recommendation:
The recommendation on changing the long-term elementary aggregate formula is acceptable and will be implemented while updating the software in the first half of 2012.
The weights are not price updated, as we find substitution effects to be significant.
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).
Recommendation:
Release the PPI with a monthly press release explaining both recent changes in the index as well as showing longer-term trends.
The authorities’ comment on the recommendation:
The recommendation is acceptable and will be implemented in 2012.
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.
Recommendation:
Develop and disseminate metadata describing the concepts and methods to compile the PPI.
The authorities’ comment on the recommendation:
The recommendation is acceptable and will be implemented in 2012.
5.2.2 Levels of detail are adapted to the needs of the intended audience.
Recommendation:
Produce and disseminate both detailed (for internal use and advanced users) and more general information about the use, compilation practices and methodology of the PPI.
The authorities’ comment on the recommendation:
The recommendation is acceptable and will be implemented in 2012.
RESPONSE OF MINISTRY OF FINANCE
IV. Government Finance Statistics
0.1.2 Data sharing and coordination among data-producing agencies are adequate.
Recommendation:
Establish periodic, regular meetings with the technical data compilers of macroeconomic statistics at the NBG and GEOSTAT.
The authorities’ comment on the recommendation:
There exists an effective exchange of information between data producing agencies. Meetings between MOF, NBG, and GEOSTAT are organized immediately, when needed. Staff of data producing agencies know each other well and communicate directly on a regular basis.
0.3.1 The relevance and practical utility of existing statistics in meeting users’ needs are monitored.
Recommendation:
Introduce a structured and periodic process of consultation with users.
The authorities’ comment on the recommendation:
There are email addresses and telephones of the contact persons on the webpage of the MOF of Georgia and the IMF’s SDDS page. Every user can call or send questions and receive answers. Meetings can also be organized with users, if necessary.
1.2.2 Internal governmental access to statistics prior to their release is publicly identified.
Recommendation:
Publicly identify the arrangements with the NBG and GEOSTAT for internal government access to GFS prior to their release.
The authorities’ comment on the recommendation:
The GFS data satisfies the SDDS standard. Every interested party has equal access to the data. The NBG and the GEOSTAT have prior access to the GFS data only for internal use by data compilers and not for internal government use, which is stipulated in bilateral memorandums of understanding.
2.3 Classification/sectorization
Recommendation:
Review and update the sectorization of the LEPLs.
The authorities’ comment on the recommendation:
The cooperation with the GEOSTAT with respect to classification of LEPLs will be started from 2012.
2.4.1 Market prices are used to value flows and stocks.
Recommendation:
Value securities at current market prices.
The authorities’ comment on the recommendation:
Government securities are sold at the market-based auctions which are open for every interested party. Therefore, we think that securities are valued at current market prices.
5.3.1 Contact points for each subject field are publicized.
Recommendation:
Provide users with contact points and material to raise awareness on the use of GFS.
The authorities’ comment on the recommendation:
The emails of contact persons are available on the MOF and the IMF’s SDDS webpages. The MOF webpage contains budget classification and explanatory notes. In case users have additional questions, they can forward them to GFS contact persons.
RESPONSE OF NATIONAL BANK OF GEORGIA
V. Monetary Statistics
0.1.2 Data sharing and coordination among data-producing agencies are adequate.
Recommendation:
Conduct pre-established, regular meetings, such as one per year, to improve communication among data compilers at NBG, GEOSTAT, and MOF, by discussing issues of common interest, avoid duplication of efforts, and ensure the consistency of macroeconomic statistics (national accounts, monetary, fiscal, and external sector).
The authorities’ comment on the recommendation:
The recommendation is acceptable. The National Bank of Georgia puts its best efforts to improve communication among data compilers at NBG, GEOSTAT, and MOF by discussing set of statistical issues. Some discussions also was initiated by the NBG, however most of the discussions take place by phone. In the future meetings between data compliers will be formalized.
1.2.4 Advance notice is given of major changes in methodology, source data, and statistical techniques.
Recommendation:
Provide advance notice of major changes in methodology, source data, and statistical techniques, for example, within the press release of the previous period.
The authorities’ comment on the recommendation:
The recommendation is implemented. In particular, in line with the ROSC mission’s recommendations (October 2011), Monetary Surveys of CB, ODC and DC were reviewed and before providing to users by the web-site we has already published advance notice about methodological reasons of the changes. The NBG will definitely implement this practice in its statistical activity. Moreover, further revisions of time series will be accompanied with detailed explanations of changes in methods used.
2.3.1 Classification/sectorization systems used are broadly consistent with internationally accepted standards, guidelines, or good practices.
Recommendations:
Include into the definition of broad money debit card deposits, check book deposits, credit guarantee deposits, deposits for letters of credit, and deposits for other payment documents.
Separate positions on financial instruments with OFC’s and NPI’s from positions with ONFC. Depending on governance structure and financing sources classify NPI’s either as part of the government or as ‘Other Resident Sectors’.
Classify accrued interest for deposits and loans to nonresidents, deposits and loans to central and local government, deposits and loans to OFCs and NPIs together with the outstanding amount of respective deposits or loans.
Include in monetary statistics data on positions on financial derivatives consistent with recommendations of the MFSM and the MFSMCG.
The authorities’ comment on the recommendation:
The NBG has already updated the Monetary Survey data as suggested by the ROSC mission. The appropriate time series and methodological notes will be available on the NBG’s website from February 29, 2012.
3.1.2 Sources data reasonably approximate the definitions, scope, classifications, valuation, and time of recording required.
Recommendation:
Introduce a clear statistical definition of residency to ensure that all institutional units are sectorized on residents and nonresidents consistent with the MFSM. Conduct regular trainings/consultations with data compilers to improve the quality of source data.
The authorities’ comment on the recommendation:
The definition of residency is provided in the NBG’s Guidelines for Filling the Monthly Statistical Data Reporting Forms F4 on Loans. However, under the implementation of new statistical software, NBG’s Monetary Statistics Division, conducts regular meetings, trainings, and consultations with data compilers from commercial banks to improve the data quality. One of the major topics discussing with data providers is sectorization of institutional units and residency criteria.
VI. Balance of Payments
0.1.2 Data sharing and coordination among data-producing agencies are adequate.
Recommendation:
Conduct pre-established, regular meetings, such as one per year, to improve communication among data compilers at NBG, GEOSTAT, and MOF, by discussing issues of common interest, avoid duplication of efforts, and ensure the consistency of macroeconomic statistics (national accounts, monetary, fiscal, and external sector).
The authorities’ comment on the recommendation:
See Monetary Statistics comment.
1.2.4 1.2.4 Advance notice is given of major changes in methodology, source data, and statistical techniques.
Recommendation:
Provide advance notice of major changes in methodology, source data, and statistical techniques, for example, within the press release of the previous quarter.
The authorities’ comment on the recommendation:
See Monetary Statistics comment.
3.1.1 Source data are obtained from comprehensive data collection programs that take into account country-specific conditions.
Recommendations:
The quality of the ITRS data can be improved by conducting training activities with data reporters. The private nonfinancial external debt compilation system needs strengthening.
For transactions that fall below the reporting threshold, a sample survey of banks and nonbanking institutions with accounts abroad should be conducted to obtain information to classify the low-value transactions across the balance of payments components.
The quality of the private nonfinancial external debt compilation system should be improved by increasing the coverage of data.
The authorities’ comments on the recommendation:
To improve the quality of the ITRS data NBG plans to conduct training for representatives of commercial banks.
With regard to the data processing, the NBG works on creation of a database for private nonfinancial external debt. As for data collection, the NBG and the GEOSTAT consider measures for improving the quality of primary data.
For the ITRS transactions below the threshold the NBG plans to conduct sample surveys of banks with accounts abroad to classify the low-value transactions across the balance of payments components.
The NBG and the GEOSTAT consider possibilities of increasing coverage of data on private nonfinancial external debt.
3.3.1 Data compilation employs sound statistical techniques to deal with data sources.
Recommendation:
The calculation of the adjustment for C.I.F./F.O.B. prices on imports should be based on a sound method, such as a survey among major importers to estimate transportation and insurance costs.
The authorities’ comment on the recommendation:
The NBG is working on a methodology for converting valuations from C.I.F. into F.O.B. basis. The new methodology will be completed in 2012. It will take into consideration geographical location, volumes and means of transportation for imports.
3.5.1 Studies and analyses of revisions are carried out routinely and used internally to inform statistical processes (see also 4.3.3).
Recommendation:
Document analyses and studies of revisions and make them known to users if findings impact the analysis, such as significant differences between preliminary and final data.
The authorities’ comment on the recommendation:
The recommendation is acceptable. The NBG intends to document analyses and studies of revisions during 2012 which will be published in our publications and updated periodically.
4.3.2 Preliminary and/or revised data are clearly identified.
Recommendation:
Inform users whenever data are revised, providing detailed explanation of the revisions, when significant.
The authorities’ comment on the recommendation:
The recommendation is acceptable. The NBG will follow the recommendation and inform users about any major revisions.