Luxembourg subscribed to the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) on May 12, 2006 and met all SDDS requirement at the time of subscription. Based on information provided on the IMF's SDDS website, Luxembourg meets SDDS requirements for periodicity, coverage, and timeliness of data, although it does avail of the flexibility option with regards to timeliness for national accounts and analytical accounts of the central bank. Luxembourg also fulfills SDDS requirements for the access dimension, except for wages/earnings and stock price index entry points, where there is no mention of the requirement for simultaneous release of data to all interested parties. Information on the IMF's SDDS website also shows that Luxembourg meets most SDDS requirements for integrity of data. It does not, however, clearly state the confidentiality of individually identifiable information for a few data categories, and there is no clear identification of ministerial commentary or internal government access for exchange rates. With regard to the quality of data, information provided on the IMF's SDDS website indicates that Luxembourg does not provide the requisite information on component detail and cross-checks for the data categories, general government (public sector operations), or interest rates.

General Overview

Luxembourg subscribed to the IMF's SDDS on May 12, 2006. The Service for Statistics and Economic Studies (STATEC), the institution responsible for disseminating statistics, cites on its website that STATEC's economic and financial indicators comply with the IMF's SDDS. The IMF's SDDS website notes that the legal base for the generation and dissemination of Luxembourg's statistics is comprised of the Law of July 9, 1962 and the Organic Law of December 23, 1998. The Law of July 9, 1962 lays out the objectives of STATEC. Article 7 of the Law covers the legal obligation to answer questions and statistical confidentiality, according to STATEC's website. Article 33 of the Law of December 23, 1998 also covers confidentiality matters. A monitoring body, the Higher Council for Statistics, has the authority under the 1974 Grand Ducal Decree to oversee STATEC and ensure that its objectives are met. The IMF's SDDS website lists STATEC and the Central Bank of Luxembourg as the institutions responsible for generating and disseminating data.

STATEC, according to its website, is part of the Ministry of Finance's organizational structure, but is financially and scientifically independent. The European statistics code of practice, which was adopted by the Statistical Program Committee in February 2005, guarantees that the National Statistical Institutions (NSIs) of European Union (EU) member states produce and disseminate statistics that ensure the reliability, independence, and confidentiality of the data.

The Principles

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

FC

The IMF's SDDS website discloses that Luxembourg meets or exceeds all SDDS requirements for coverage, periodicity, and timeliness. It avails of the flexibility option, however, for data on national accounts and analytical accounts of the central bank.

Ready and equal access to official statistics.

CP

Luxembourg issues advance release calendars for all relevant data categories, and data are released simultaneously to all interested parties except for wages/earnings and stock price index entry points where no information is given, according to the IMF's SDDS website.

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

CP

According to information provided on the IMF's SDDS website, dissemination of the terms and conditions for all data categories are clearly stated. Identification of internal government access to data before release and identification of ministerial commentary are also spelled for all data categories. The exception is for exchange rates, where no information is provided. However, for several data points there is no clear statement relating to the confidentiality of individually identifiable information, for instance, in the case of interest rates and exchange rates. Information about revisions and major changes in methodologies are provided for all data categories, with the exception of central government operations and central government debt. This is because the data are final upon publication, and therefore are not subject to revisions.

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, documents related to methodology and sources used in preparing statistics are available to the public, where relevant, for all data categories except for central government debt. No reference manual on central government debt methodology has been published yet. Summary methodologies are provided for all the data categories. Most data categories, according to the IMF's SDDS website, meet the SDDS requirement for dissemination of component detail and sound statistical frameworks that support cross-checks, except for data relating to general government or public sector operations, for which no information is provided.