On May 4, 2005, Romania became a subscriber to the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS). Romania meets all specifications for the coverage, periodicity and timeliness of data and disseminates advance release calendars for all data categories. In its 2007 Annual Observance report, the IMF notes that Romania met all SDDS requirements at the time of subscription. Similarly, as is clear from both the IMF Article IV Consultation of 2007, as well as the data made available on the IMF's Special Data Dissemination Standard (SDDS) website, Romania has made significant progress in the area of data reporting. Information on the SDDS website indicates that Romania satisfies the conditions for access, integrity, and quality for most data categories. In the areas of producer price index and central bank's analytical accounts, Romania has availed itself of the IMF's timeliness flexibility option. The IMF's 2007 Article IV Consultation report, however, cautions that data quality remains problematic in the areas of national accounts, prices, fiscal data, and balance of payments.

General Overview

The 2007 Annual Observance report by the International Monetary Fund (IMF), notes that Romania "met all SDDS [Special Data Dissemination Standard] requirements at the time of Subscription" (p. 4). According to the IMF SDDS website, Romania became a subscriber in May 2005. The website discloses that Romania meets or exceeds SDDS requirements for coverage, timeliness, and periodicity, with the exception of the producer price index and the analytical accounts of the central bank, for both of which Romania has opted to take the timeliness flexibility option. Romania provides summary methodologies to the IMF SDDS in all data sets.

In January of 2007, the European Union (EU) in Romania issued an announcement that Romania had successfully become a member state. In its 2007 Article IV Consultations report, the IMF notes that Romania's data collection and reporting are "adequate for surveillance" (p. 49), but that significant areas remain where improvements could be effected. In reporting national accounts data, Romania's National Institute of Statistics (NIS) follows the European System of Accounts 1995, and the IMF found the procedures followed to be methodologically sound, while cautioning that revisions to the quarterly and annual data are frequent and can be sizeable.

The IMF report also notes a significant time lag in the reporting of consolidated data on central government operations for publication in the Government Finance Statistics Yearbook. The National Bank of Romania reports on monetary and financial statistics, using the methodology of the Monetary and Financial Statistics Manual. The 2007 IMF report recommends that Romania work to reconcile its monetary and government finance statistics. According to the report, "Romania is one of the first 40 countries whose data and metadata for financial soundness indicators (FSIs) are posted on the IMF's website" (p. 50). The 2007 IMF report also notes that, in 2003, an IMF statistical mission assessed the National Bank of Romania's compilation methodology for handling balance-of-payment statistics and found it to be "broadly appropriate."

The National Institute of Statistics (NIS) website states that the NIS is an official body within the central government, charged with the compilation and coordination of Romania's official statistics. It is subordinate to the government, and headed by a president who holds the rank of a state secretary. The president of the NIS is assisted by three vice presidents. In addition to a variety of other tasks, the NIS president oversees the enforcement of relevant legislation, initiates the drafting of additional legislation, as needed and in collaboration with central government goals, and implements NIS strategy within the broader framework of government social and economic goals. The NIS is tasked with the responsibility of creating a system of indicators, as well as with designing the methodologies and technologies to be used in carrying out its mission. It conducts surveys and censuses addressing social and economic issues. It is mandated to publish its surveys and the methodologies attached thereto. In addition to gathering data from subordinate government agencies and other statistical institutions, it engages in statistical research and collaborates with other government ministries to harmonize the system of standards and categories employed in data compilation and analysis. To ensure quality work going forward, the NIS also has a training function, to facilitate the development of a skilled staff both for the present and the future.

The Principles

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

FC

The IMF SDDS website notes that, on May 4, 2005, Romania became a subscriber. Romania meets or exceeds all of the SDDS requirements of coverage, periodicity, and timeliness. It has availed itself of the timeliness flexibility option in reporting the producer price index and the analytical accounts of the central bank.

Ready and equal access to official statistics.

FC

The IMF SDDS website notes that on May 4, 2005, Romania became a subscriber. Advance release calendars are made available for all applicable data sets. Excluded are the data for the share price index and the exchange rate. The share price index data is made available daily, and can be found on the central bank website as well as the Bucharest Stock Exchange website. The central bank publishes exchange rates daily on its website and through the media. Release of data in all categories to all interested parties is simultaneous.

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

FC

According to the IMF SDDS website, on May 4, 2005, Romania became a subscriber. The confidentiality of statistics produced by the National Institute for Statistics is protected by the provisions of Law no. 9/1992 (Law on the National Statistical System). The provisions of this law, as they apply to confidentiality and other relevant aspects of the data-reporting system, are summarized on the NIS website. The full text of the law (in Romanian) is available upon request from the NIS.

The compilation and reporting of government statistics are regulated by Law No. 500/2002 (on public finance). The text of the law is available on the Ministry of Public Finance website. Confidentiality concerns are covered by Law No. 182/2002. Data compilation and reporting that fall under the authority of the central bank are governed by Law No. 312/2004 (National Bank of Romania Act) and other supportive legislation. The text of the National Bank of Romania Act is available to the public on the central bank's website. There is no advance access to data for government officials outside of the generating agencies (NIS, Ministry of Public Finance, or NBR). Ministerial commentary is not attached to any released data except for data on the central government operations, and in this case the commentary is clearly identified. Methodological changes are announced and explained for all data sets except for the balance-of-payment and international-investment-position datasets.

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 SDDS website, on May 4, 2005, Romania became a subscriber. Summary methodologies are available for all SDDS datasets. Component detail, reconciliation with related data, and the statistical frameworks supporting cross-checking of data are available for all data categories. However, the IMF's 2007 Article IV Consultation cautions that data quality remains problematic in the areas of national accounts, prices, fiscal data, and balance of payments.