According to the International Monetary Fund's (IMF) 2008 Article IV Consultation report, Portugal's metadata is "adequate for surveillance purposes." The IMF's Special Data Dissemination Standard (SDDS) website discloses that Portugal has subscribed to the SDDS since 1997 and first met SDDS specifications in 2000. Although Portugal's data dissemination regime meets standards of coverage, periodicity, and the production of advance release calendars, for timeliness and data confidentiality requirements, in some data categories, weaknesses remain. For instance, both the SDDS's 2007 Annual Observance report and the SDDS website point to certain delays in timeliness for some data points. The 2008 Article IV report suggests that some of Portugal's weaknesses in statistical data should see some improvement now that Portugal has completed its transition to the use of the 1995 edition of the European Standard of Accounts, Portugal has not yet hosted an IMF mission to produce a full-scale Data Module of the Report on the Observance of Standards and Codes.

General Overview

The International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) website discloses that Portugal first became a subscriber to the Standard in 1997, and first met SDDS specifications in 2000. According to the 2007 SDDS Annual Observance report, Portugal has yet to participate in or schedule an IMF mission in order to generate a full Report on the Observance of Standards and Codes, data module. According to the IMF's 2008 Article IV Consultation report, Portugal provides adequate statistical data for surveillance, but improvements can be made in both timeliness and quality for certain data, and other weaknesses still need to be addressed. The Statistical Issues appendix of this report mentions Portugal's "high degree of openness and extensive use of the Internet" (p. 4) in disseminating economic statistical data. The organizations in charge of data collection and dissemination in the country are the Bank of Portugal (BdP), Ministry of Finance and Public Administration (MFAP), and the National Statistics Office (INE), and according to the 2008 Article IV Consultation report, these agencies post long- and short-term economic indicators and data on their websites. The primary statistical agency in Portugal, the INE, is governed by the Law on the National Statistical System of Portugal (No. 22 of 2008).

The 2007 Annual Observance report shows that, for the year 2007, Portugal neither took nor used coverage, periodicity, or flexibility options, and disseminated all reserve and external debt template components as required. It met all coverage requirements, exceeded periodicity requirements for its balance of payments data and met all the rest, and met or exceeded most timeliness requirements. Exceptions with regard to timeliness, where reporting delays occurred, include the following datasets: occasional short delays for the analytical accounts of the central bank and official reserve assets; short delays for external and central government debt, and long delays for central government operations data. Portugal disseminated all reserve and external debt template components as required, and met all periodicity requirements as well. It met timeliness requirements for the reserve template data, but missed the external debt timeliness requirement in the fourth quarter of 2007. The Annual Observance report also noted that Portugal met the SDDS requirement for advance release calendars throughout the year, and met the requirement of punctuality for data release for nearly all datasets. However, there were short delays in the release of production index, central government debt, and external debt data, and occasional short delays in the release of official reserve asset data. It also met SDDS requirements regarding the display of its data on the standards bulletin board. In addition, the report stated that Portugal met the SDDS requirements for certification of its metadata for each quarter. Finally, the report added that Portugal's performance for the year regarding data quality was good, providing methodological and source data and the reconciliation of its data categories so as to make it easier for users to assess data quality.

The 2008 IMF Article IV Consultation report notes a number of improvements in Portugal's data in recent years, particularly as a result of its successful transition to the use of methodology based on the European Standard of Accounts, 1995 edition (ESA95). However, during the transition to ESA95, there was a need to make several revisions to its fiscal sector data, "hampering comparisons across years" (p. 4). The report also finds that monthly and quarterly data on employment, wages, and output displayed deficiencies in both timeliness and quality. Frequent revisions to the unemployment data also led to statistical problems. Portugal employs the Balance of Payments Manual, fifth edition (BPM5). In its trade and balance of payments data reporting, frequent and sizeable revisions are also common. While the IMF notes that some data is not captured by the simplified methodology used to report certain monthly balance of payments transactions, the percentage of data missed is not significant enough to affect the quality of the data, and the missed data is believed to be captured in the annual data, according to which the monthly data is later revised.

The Principles

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

CP

According to the IMF's SDDS website, Portugal meets all specifications regarding the coverage and periodicity of all data prescribed by the IMF. However, with regards to data on 'Analytical Accounts of the Banking Sector,' Portugal provides information to the Fund only every 6 weeks as reported on the SDDS website. However, the requirement by the SDDS is for every month. The SDDS website states that "as a participating country to euro area, data cannot be released before the European Central Bank does release the euro area data which might take 30 days… In the event of a delay in the release of euro area monetary aggregates that would affect the timeliness of release of national data, a notice will be added to the DSBB [Dissemination Standards Bulletin Board] Advance Release Calendar for the affected month." Similarly, Portugal releases data for Merchandise Trade every 10 weeks as opposed to the SDDS' requirements of 8 weeks. For both these data categories, Portugal does not avail of any flexibility option.

According to Portugal's 2007 Annual Observance report, the country met or exceeded requirements for coverage and periodicity for all datasets, and took no flexibility options in 2007. It also met all periodicity requirements for the reserves template and for external debt data. Portugal met or exceeded the timeliness requirements for nearly all categories, with certain exceptions. Data on central government operations were subject to a long delay. Data on central government debt and external debt were subject to short delays. Subject to occasional short delays were the analytical accounts of the central bank and the official reserve asset data.

Ready and equal access to official statistics.

FC

The SDDS website shows that advance release calendars are provided for all data categories. The SDDS annual observance report notes that, for the year 2007, Portugal met its advance-release calendar requirements for every month, and issued its data punctually with only four exceptions. Its production index, central government debt, and external debt data were subject to short delays, and its official reserve asset data were subject to occasional short delays. The SDDS website discloses that most data are released simultaneously to all interested party through press releases and on the websites of the INE, the MFAP, and the BdP. However, some data is released under embargo to the financial press a few hours ahead of its general release to the public. The 2007 Annual Observance report also noted that Portugal met SDDS requirements regarding the display of its data on the standards bulletin board. Finally, the Statistical Issues appendix of the 2008 IMF Article IV report mentions Portugal's "high degree of openness and extensive use of the Internet" (p. 4) in disseminating economic statistical data.

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 2007 Annual Observance report, Portugal met SDDS certification requirements for its data, and posted its metadata in a timely manner. The primary statistical agency in Portugal is the INE, which is governed by the Law on the National Statistical System of Portugal (No. 22 of 2008). Also governed by this law and comprising the rest of the overall statistical system are the Portugal and the High Council of Statistics, a state agency that serves in a supervisory and coordinating capacity for the nation's statistical output. The text of this enabling legislation is available on the INE’s website. Other legislation directly relevant to the Portuguese statistical regime, which lay out the organizational framework of the INE, establish its independence, and define its policies, practices, and mandated functions, include Law No. 166 of 2007 and Executive Order No. 662-H/2007 (both dealing with the INE's organization), Law No. 67 of 1998 (governing the protection of personal data), and Law No. 202 of 2006, which specifically enumerates the INE's functions and responsibilities. The IMF's SDDS website's summary of observance shows that some data is released to the government ahead of general release, but this is done under embargo. Ministerial commentary is always identified. Methodological changes are always announced in advance, either on the relevant agency websites, through relevant publications, or both. With the exception of a few data categories, information relating to terms and conditions for confidentiality are provided for disseminated data.

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

FC

Regarding data quality, the 2007 SDDS Annual Observance report noted that Portugal made information available as to the methodology and sources used for its posted data, including data reconciliation information that permitted users to evaluate data quality. The SDDS website discloses that Portugal provides further documentation on its statistical practices online by relevant government or regulatory bodies, and makes available adequate component detail, reconciliation with related data, and statistical frameworks that permit cross-checking of data and the evaluation of reasonableness. Summary methodologies are available for all SDDS required datasets. The 2008 IMF Article IV Consultation report notes a number of improvements in Portugal's data in recent years, particularly as a result of its successful transition to the use of methodology based on the ESA95. However, during the transition to ESA95, there was a need to make several revisions to its fiscal sector data, "hampering comparisons across years" (p. 4). The report also finds that monthly and quarterly data on employment, wages, and output displayed deficiencies in both timeliness and quality. Frequent revisions to the unemployment data also led to statistical problems. Portugal employs the BPM5. In its trade and balance of payments data reporting, frequent and sizeable revisions are also common. While the IMF notes that some data is not captured by the simplified methodology used to report certain monthly balance of payments transactions, the percentage of data missed is not significant enough to affect the quality of the data, and the missed data is believed to be captured in the annual data, according to which the monthly data is later revised.