Estonia subscribed to the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) in September 1998 and posted its metadata on the Dissemination Standard Bulletin Board (DSBB) in January 1999. Estonia meets SDDS specifications for coverage, periodicity, and timeliness for all categories of data, although it has taken a flexibility option in two government data categories. It also conforms to SDDS requirements for dissemination of advance release calendars and satisfies the conditions for access, integrity, and quality of data. The quality of Estonia's data is generally good. The authorities follow an open dissemination policy, and make freely available a wide variety of data and metadata through official publications, press releases, and on the Internet.

General Overview

In Appendix III of its 2007 Article IV Consultation, the International Monetary Fund (IMF) assessed Estonia's performance in data provision to be "generally adequate for surveillance purposes," but cautioned that "fiscal data on general government operations is not always timely" (p. 5). Estonia has been a subscriber to the Special Data Dissemination Standard (SDDS) since September 1998 and began posting metadata in January 1999. According to the SDDS website, as of March 2000, Estonia has been judged to meet SDDS specification regarding coverage, timeliness, and periodicity of its data.

The IMF's 2001 Report on the Observance of Standards and Codes (ROSC) details Estonia's performance in data reporting over time, noting that, as of April 2000, the data template on international reserves and foreign currency liquidity was added to the list of disseminated data, and that Estonia also posts advance release calendars. According to the 2001 ROSC, "the quality of Estonia's data is generally good and the authorities follow an open dissemination policy, and make freely available a wide variety of data and metadata through official publications, press releases, and on the Internet" (p. 4). The 2001 ROSC further noted that Estonia's legal framework and institutional structure "generally supports the production and dissemination of high quality statistics" (p. 4). The agencies concerned with data dissemination conduct themselves professionally and display a commitment to transparency and ethical behavior at all levels of staff. The ROSC also notes that "international standards and guidelines are generally followed and accuracy and reliability are generally good. The data sets assessed generally meet users' needs, [and] accessibility of data and metadata, and assistance to data users is high" (p. 4).

Although the 2001 ROSC registered certain shortcomings in Estonia's data dissemination practices, notably in the area of fiscal and monetary data, general government data, and the national accounts, later IMF assessments have shown that the Estonian government has remained committed to improving its performance. A 2002 ROSC update noted that access to real-sector data was eased somewhat, and that amendments to the state budget law improved the coverage and compilation procedures for general government data to bring it into compliance with the standards of the Government Finance Statistics Manual (GFSM 2001) and the European System of Accounts (ESA 95). In addition, steps were taken to improve the compatibility of definitions used in compiling monetary and balance of payment statistical data.

In Estonia, three institutions bear primary responsibility for compiling and disseminating statistical data for reporting to the SDDS. The Statistical Office of Estonia (SOE) is responsible for the data on national accounts, the production index, the labor market, price indices, trade, and demographics. The Bank of Estonia (BoE) reports on the banking sector, central bank, interest rates, share price indices, the balance of payments, and the international investment position. It also produces the template on international reserves and foreign exchange liquidity. The Ministry of Finance (MoF) is responsible for central and general government operations data and information on the central government's debt. As noted in Appendix III of the 2007 IMF Article IV, "as a member of the European Union and a candidate to join the European Monetary Union, Estonia has markedly upgraded its statistics to comply with European Central Bank standards and regulations" (p. 5).

According to data provided on the IMF's SDDS website, the independence of the Statistical Office of Estonia is mandated by the Official Statistics Act (1997). The Act grants to the SOE latitude in methodology, but requires harmonization with the standards, methods, and classifications employed by other national agencies and comply with international standards. The data authority of the MoF is conferred by the Order of the Secretary General, No. 12, of April 15, 1998. The BoE receives its mandate under the 1993 Law on the Central Bank of the Republic of Estonia, which confers upon it independence from governmental interference and influence. The 1993 law also contains provisions to protect the confidentiality of data and bank secrecy requirements. Estonia is also required by provisions in the Central Bank Law to produce credit institution data, in bulletin form, at least once per quarter.

The Principles

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

FC

In Appendix III of the 2007 Article IV Consultation, the IMF assessed Estonia's performance in data provision to be "generally adequate for surveillance purposes," but added the caution that "fiscal data on general government operations is not always timely" (p. 5). Estonia has been a subscriber to the SDDS since September 1998 and began posting metadata in January 1999.

According to the SDDS website, Estonia meets all specifications for coverage and timeliness of data. With regard to periodicity, Estonia exceeds requirements in a number of data categories. These include: 1) in the real sector, data on the production index, labor market, and price indices; 2) in the fiscal sector, data on general government or public sector operations; and 3) analytical accounts of the banking sector and central bank. In all other categories, it meets at least minimum standards. However, Estonia does continue to avail itself of the flexibility option in reporting data on the central government's operations and debt.

As noted in Appendix III of the 2007 IMF Article IV, "as a member of the European Union and a candidate to join the European Monetary Union, Estonia has markedly upgraded its statistics to comply with European Central Bank standards and regulations" (p. 5).

Ready and equal access to official statistics.

FC

In Appendix III of the 2007 Article IV Consultation, the IMF assessed Estonia's performance in data provision to be "generally adequate for surveillance purposes," but added the caution that "fiscal data on general government operations is not always timely" (p. 5). Estonia has been a subscriber to the SDDS since September 1998 and began posting metadata in January 1999. The SDDS website discloses that public access requirements established by the SDDS are met and exceeded. All three data disseminating agencies (MoF, BoE, and SOE) issue advance release calendars, consistently adhere to a policy of simultaneous release of data, and offer access to a wide range of source data. Assistance is made available to potential users of source data, and confidentiality issues have been addressed by provisions in the Central Bank Law and the Official Statistics Act.

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

FC

In Appendix III of the 2007 Article IV Consultation, the IMF assessed Estonia's performance in data provision to be "generally adequate for surveillance purposes," but added the caution that "fiscal data on general government operations is not always timely" (p. 5). Estonia has been a subscriber to the SDDS since September 1998 and began posting metadata in January 1999.

Dissemination of terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information are clearly stated in the information provided by Estonia to the IMF's SDDS website. Estonia makes publicly available information on data compilation methodologies for all official statistics. Government officials outside of the agencies generating the data (SOE, MoF, and BoE) do not have prior access to the data, and ministerial commentary is not included in the publicly available documents. At a minimum, major changes in methodology are explained on the documents to which they apply at the time of first use, but additional technical explanations may be offered from time to time, when it is deemed appropriate.

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

FC

In Appendix III of the 2007 Article IV Consultation, the IMF assessed Estonia's performance in data provision to be "generally adequate for surveillance purposes," but added the caution that "fiscal data on general government operations is not always timely" (p. 5). Estonia has been a subscriber to the SDDS since September 1998 and began posting metadata in January 1999.

According to the SDDS website, Estonia provides summary methodology statements for all data categories except the share price index, for which methodological information is offered on the Talinn Stock Exchange website. Dissemination of documentation on methodology and sources used in preparing statistics is provided for all data categories. Similarly, dissemination of component detail, reconciliation with related data and statistical frameworks that support statistical cross-checks and provide assurances of reasonableness are also provided on the IMF's Dissemination Standard Bulletin Board for all data categories.