WG ON DATA TEMPLATE AND ANALYTICAL INDICATORS

3 MAIN GOALS to seek agreement for an international data template consisting of High Frequency Indicators for the purpose of early warning on economic and financial vulnerabilities and detection of turning points in business cycles along with the metadata; to review the availability and adequacy/relevance of statistical methodologies and best practises for each of the indicators in the data template taking into account the components of the statistical production process; to explore the feasibility of centralized hubs at country level led by country coordinators to ensure unified dissemination practises of country data to regional and international databases

DATA TEMPLATE - CRITERIA relevant indicators: to meet analytical and policy needs, reflect availability and quality of indicators and relevance for individual countries, coordinate with other international initiatives, not to increase the reporting burden

DATA TEMPLATE - PROPOSAL traditional high frequency statistics, basis in system of NA, illustrate main dimensions of economic developments 3 tiers structure: tier 1 coordinate with PGI, tier 2 depends on availability, more detail, tier 3 important for given country Possibility of future extension of the set of indicators – other structural economic statistics, agricultural and rural statistics, sustainable development indicators, etc. Examples of other sets of indicators: ESCAP - economic statistics for Asia and Pacific, UNIDO – strategic indicators for industrial statistics, Bureau of Economic Analysis, USA -template of analytical indicators, PEEIs…

REFERENCE METADATA importance of reference metadata: for assessment of the data, tool for further international harmonization of compilation of statistics different types of metadata – short description, detailed standardized description, quality profiles should have standardized format SDDS, SDMX

METHODOLOGICAL GUIDANCE facilitates compilation of good quality internationally comparable statistics first inventory of existing guidance and best practices: Knowledge base of Economic statistics (UNSD and National institute of statistics and geography of Mexico) – identification of gaps or outdated guidance (construction statistics, statistics on new orders,services) Diagnostic tool – Diagnostic framework for NA and supporting economic statistics – develops information structure for planning, monitoring and evaluating implementation of SNA – could be used also for the template data

SINGLE ACCESS POINTS - DATA HUBS Existing situation – different institutions compile, production might not be harmonized, overlaps Data hub which adheres to international statistical and dissemination standards will lead to more harmonized collection and dissemination of data Examples Europe – NSI, Eurostat Steps in designing national data hub – 1 decide on the scope of the data (e.g. data template) 2 develop metadata for indicators (structural and reference metadata) 3 procedures for collection of data for the hub and for dissemination of data have to be established

NEXT STEPS Finalize the proposal of the contents of the data template together with corresponding reference metadata. Promote the compilation and dissemination of the statistics and of the metadata by the countries. Initiate the development of methodological guidance in areas relevant for the data template where such guidance is missing or is outdated. Assess the situation in countries with regard to single access point to statistics related to the data template.

POSSIBLE LONGER TERM STEPS Analyse the possibility of supplementing the data template by indicators illustrating the developments of countries in more complexity - structural economic statistics, agricultural and rural statistics, socio-demographic, environmental and other statistics showing the different aspects of sustainable development Promote the use of standardized diagnostic tool for assessment of the strengths and weaknesses of the statistical production processes in the countries