Denmark has been a subscriber to the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) since June of 1996 and first met all the Standard's specifications in September of 2000. It produces the full range of required advance release calendars and summary methodologies for all requisite datasets. The IMF notes that Denmark produces a full array of publications on its official statistics and makes many of them available online. Timeliness, coverage, and periodicity generally meet or exceed SDDS standards, but Denmark did avail itself of the timeliness flexibility option for its merchandise trade data. The SDDS website suggests that there still may be some room for improvement, particularly in the areas of transparency of practices and checks on data quality and integrity. However, information provided on the website generally agreed with the findings of the 2006 IMF Article IV Consultation report which found Denmark's statistical data not only to be very good, but also sufficient for the purposes of surveillance.

General Overview

The IMF's Annual Observance Report of the Special Data Dissemination Standard for 2007, (hereafter referred to as the 2007 observance report), notes that Denmark first subscribed to the SDDS on June 7, 1996. On September 1, 2000, Denmark achieved fulfillment of all SDDS requirements, and has remained in observance of those requirements since that time. The latest information provided by the Danish authorities on the IMF's SDDS website shows some shortcomings with a few of the requirements for the quality and integrity dimensions of the SDDS. Mostly, there is no information provided by the Danish authorities as stipulated by the SDDS on these requirements. For example, with regards to the quality dimension's second requirement, namely, 'dissemination of component detail, reconciliation with related data and statistical frameworks that support statistical cross-checks and provide assurances of reasonableness,' there is no information on the SDDS website for data on labor market - wages.

During the year 2007, as reported in the 2007 annual observance report, Denmark took advantage of no flexibility options for coverage or periodicity, but did take the timeliness flexibility option for its merchandise trade data. It exceeded periodicity requirements for a number of datasets, including unemployment, central government debt, the balance of payments, the international investment position, and population data. It also exceeded timeliness requirements for national accounts, employment and unemployment data, consumer and producer price indices, central government debt, central bank analytical accounts, balance of payments, and the international investment position. Specifically for the year 2007, the IMF SDDS report on observance for 2007 notes that Denmark did experience a short delay in producing the production index and official reserve assets data, and a long delay in producing data on general government or public sector operations data. It met all requirements for producing advance-release calendars. However, it failed to meet the punctuality requirement (that is, producing the data punctually on the dates specified on the advance release calendars) for a few of the datasets. It experienced short delays in producing the production index, unemployment data, the analytical accounts of the banking sector and the central bank, the official reserve assets, the international investment position data, and data on the external debt. It experienced a long delay in producing its merchandise trade data. The 2007 observance report noted as well that for the year 2007, "Denmark provided available information on the methodology, sources, and reconciliation of data categories in Data Quality Assessment Framework that would facilitate users to assess the quality of the data." It also noted that Denmark has yet to host an IMF team to produce a full Report on the Observance of Standards and Codes covering its data dissemination regime.

The 2007 observance report reiterated the finding of the 2006 Article IV Consultations staff, who wrote: "The quality and timeliness of the economic database are very good and adequate for surveillance purposes" (p. 34). The Article IV report further noted that the websites of the official data producing agencies - the Ministry of Finance, the Danish National Bank, Statistics Denmark (SD), the Ministry of Industry, the Ministry of Economic Affairs, and other ministries and agencies - offer a wide range of statistical publications. The 2006 IMF report further noted certain improvements that have recently been made, including the inclusion of new monetary financial institution data that complies with the standards set by the 1995 edition of the European System of Accounts (ESA95). Coverage has also been expanded for financial institutions whose data are published in the Statistical Bulletin produced by the central bank, including coverage of money-market funds, cooperative banks, and smaller banks. Because Denmark uses the European Central Bank reporting framework for its monetary data, its statistical detail is comparable to that which is provided on the IMF's Standardized Report Forms.

The 2008 informational brochure published by Statistics Denmark and available on the SD website states that "statistics are only valuable when they are trustworthy, comparable internationally, and timely" (p. 3). As the primary statistics-producing agency in the country, it is governed by the Act on Statistics, which provides for its independence, autonomy, and professionalism. According to the SD brochure, the agency complies with the 10 fundamental principles for official statistics as promulgated by the United Nations. It also complies with the European Statistics Code of Practice and is subject to approximately 200 European Union (EU) laws and regulations regarding statistical product. According to the SD brochure, about 70% of its statistical product is subject to EU legislation. SD asserts that "all information concerning individuals and businesses is treated with confidentiality" (p. 4). SD makes available a wide range of statistical publications in both Danish and English, and maintains a database called StatBank Denmark. In addition, it participates in research on statistical issues and provides data access to authorized research institutions and businesses.

The Principles

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

FC

The IMF's SDDS website discloses that Denmark generally meets or exceeds all SDDS requirements of coverage, periodicity, and timeliness. In 2007, however, the SDDS Report on Observance noted that Denmark availed itself of the timeliness flexibility for its merchandise trade data. Certain other datasets experienced some delays in meeting the punctuality requirement (that is, producing the data punctually on the dates specified on the advance release calendars). Denmark experienced short delays in producing the production index, unemployment data, the analytical accounts of the banking sector and the central bank, the official reserve assets, the international investment position data, and data on the external debt. In addition, as mentioned above, it experienced a long delay in producing its merchandise trade data.

Ready and equal access to official statistics.

FC

The IMF SDDS website discloses that Denmark provides advance release calendars for all requisite datasets, and provides simultaneous release of the data to all interested parties, usually by means of a press release that is posted on the relevant data-producing agency's website. In addition, Statistics Denmark maintains a large statistical database, known as StatBank Denmark, which provides data access to authorized research institutions and businesses.

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

CP

According to the IMF's SDDS website, Denmark provides information as to the practices and procedures used in compiling and disseminating its statistical data. The compilation and publication of statistics is governed by the Act on Statistics Denmark, as amended in 2000. However, the requirement to disseminate this information is not codified in law. Rather, it is done as a service to the public. Confidentiality of individual data is provided for by law in some cases, and is a matter of policy within Statistics Denmark. There is no information provided on the SDDS website as to the confidentiality requirements for certain specific datasets. These include: central government operations, central government debt, analytical accounts of the central bank, interest rates, the stock market share price index, international reserves and foreign liquidity, international investment position, external debt, and exchange rates.

Data revisions are announced when necessary, as are methodological changes. However, the SDDS website notes that announcements of changes in methodology are made, for the most part, at the time of change rather than in advance as required by the SDDS. The 2008 DS brochure states that all incoming staff are required to sign a statement that acknowledges their responsibility to protect confidentiality of individuals and businesses. It is a matter of DS policy, however, that there is no right of anonymity extended to government officials. Data security is further protected by provisions contained within the Danish Public Administration Act, the Danish Penal Code, and the Act on Processing of Personal Data. According to the DS brochure, "the Danish Data Protection Agency monitors that [DS staff members] obey the law" (p. 14).

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, Denmark provides summary methodologies for all requisite datasets, and further documentation is generally provided regarding the sources and methods employed in the preparation of all SDDS-required datasets as well. However, there is no information regarding the dissemination of component detail, reconciliation with related data, and statistical frameworks that support cross-checks and provide reasonableness of data for the following datasets: wage/earnings data, interest rates, exchange rates, and population data.