Croatia has subscribed to the Special Data Dissemination Standard (SDDS) of the International Monetary Fund (IMF) since May 20, 1996 and has met subscriber specifications since March 30, 2001. Its metadata are posted on the Dissemination Standards Bulletin Board (DSBB). According to the SDDS website, Croatia meets SDDS specifications for coverage, periodicity and timeliness of the data and for dissemination of advance release calendars; and the country satisfies the conditions for access, integrity and quality for most data categories. However, certain fiscal, financial, and external sector data fail to report on confidentiality standards, and there is some irreconcilability between monetary and fiscal data reporting.

General Overview

Croatia has been a subscriber to the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) since May 20, 1996 and has met subscriber specifications since March 30, 2001. Its metadata are posted on the Dissemination Standards Bulletin Board (DSBB). As disclosed on the IMF SDDS website, the data is largely compliant in terms of coverage, timeliness, and periodicity. However, the IMF's 2006 Article IV Consultation (published in 2007) found that "the data on central government financing in the Ministry of Finance (MoF) reports, the monetary survey, and the balance of payments are not reconciled" (p. 47) and show substantial discrepancies. This problem is largely attributed to the fact that the MoF, Croatian National Bank (CNB), and Croatian Bureau of Statistics (CBS) employ different methodologies and definitions of government. The MoF, CNB, and CBS are currently collaborating on the development of a standardized methodology. The 2007 IMF report also noted that local and consolidated central government data are currently available only quarterly, and suffer a 30-day time lag. It adds that only 53 of the largest municipalities contribute data. The central and local governments' annual cash-data figures, up to the year 2004, are included in the Government Financial Statistics Yearbook of 2005.

The CNB compiles and publishes monetary statistics, and the 2007 IMF report found that this is done largely in compliance with the IMF's Monetary and Financial Statistics Manual, 2000 (MFSM). The few points of deviation include: inconsistencies in the reporting of accrued funds held by the CNB, with some listed under "interest accrued" and the rest treated as unspecified "other"; the inappropriate classification of certain loss items under "capital accounts" rather than as liabilities; the inappropriate treatment of financial derivatives; and the improper classification of operating banks' positions vis-a-vis banks in bankruptcy. However, the IMF 2007 assessment reported that these problems are addressed in the Standardized Report Forms recently adopted in Croatia.

The Principles

Comprehensive economic and financial data, disseminated on a timely basis.

FC

According to the IMF's SDDS website, Croatia meets the requirements for the coverage of all SDDS data categories, and all the data categories covered also meet or exceed the SDDS prescribed periodicity. With the exception of general government or public sector operations and central government operations data (for which the country has taken the flexibility option), all other data categories meet the timeliness requirements of the SDDS. Croatia takes the flexibility option for the coverage of exchange rates since data on the 3 and 6-month forward exchange rates are not presently disseminated, as the forward exchange market is not yet fully developed in Croatia.

Ready and equal access to official statistics.

FC

The IMF's SDDS website discloses that data for all sectors - real sector, fiscal sector, financial sector, external sector, and socio-demographic - have advance dissemination release calendars and are simultaneously released to all interested parties.

Official statistics must have the confidence of their users. Transparency of its practices and procedures is a key factor.

CP

Croatian authorities disseminate the terms and conditions under which official statistics are produced, according to the IMF's SDDS website. This information includes provisions regarding to the confidentiality of individually identifiable information are undertaken and reported by various public agencies. However, certain fiscal sector data (general government or public sector operations, central government operations and central government debt); financial sector data (analytical accounts of the central bank, interest rates and share price index); and external sector data (international reserves and foreign currency liquidity and exchange rate) is not accompanied by information on the processes related to confidentiality of individual responses from persons, businesses and organizations to official inquiries. On the other hand, identification of internal government access to data and identification of ministerial commentary on the occasion of statistical releases is clearly supplied on data for all sectors. In addition, Croatia provides information about revisions to data, and advance notice of major changes in methodology is stated clearly on various government websites and publications.

A set of standards that deals with the coverage, periodicity and timeliness of data must also address the quality of statistics.

CP

According to the IMF's SDDS website, documentation on methodology and sources used in preparing statistics for all but one category - exchange rates (for which there is no published methodology) are disseminated on government and other regulatory body websites or publications. The Internet and the Croatian National Bank Bulletin show the CNB's midpoint exchange rates for major currencies as period averages and end of month as follows: monthly for the last two years; and annually since 1992. In addition, Croatia disseminates component detail, reconciliation with related data (except in the case of the banking sector), and statistical frameworks that support cross-checks and provide reasonableness of data. The definition of the central government and central government funds in the analytical accounts of the banking sector is generally identical to that used in the data on central government operations. However, the Croatian Bank for Reconstruction and Development is treated as government in the monetary data, but not in the fiscal data. The website also notes that, beginning in July 2004, the MoF's Monthly Statistical Review has based its data on the methodology employed by the Government Financial Statistics Manual of 2001, and that all datasets except the Stock Market Share Price Index are accompanied by summary methodologies. The methodology used for the share price index is made public on the website of the Zagreb Stock Exchange.