Colombia is a subscriber to the Special Data Dissemination Standard (SDDS) and meets SDDS specifications for the coverage, periodicity, and timeliness of the data and for dissemination of advance release calendars for most data categories. In 2005 the IMF noted that both the timeliness and comprehensiveness of fiscal data needed improvement, in addition to, more timely and reliable data on the finances of local governments.

General Overview

Colombia is a subscriber to the Special Data Dissemination Standard (SDDS) and meets SDDS specifications for the coverage, periodicity, and timeliness of the data and for dissemination of advance release calendars. (SDDS)

In 2005 the IMF noted that both the timeliness and comprehensiveness of fiscal data needed improvement, in addition to, more timely and reliable data on the finances of local governments. (2005 Article IV)

The National Department of Statistics (DANE) is responsible for the compilation of the national accounts, though the Banco de la República (BR) compiles the financial accounts. The Ministry of Finance and Public Credit (MFPC) is responsible for the compilation on public revenue, expenditure, and financing data. (2005 Article IV)

The central bank is in charge of compiling and disseminating data on the financial sector, balance of payments, International Investment Position statistics and the Data Template on International Reserves and Foreign Currency Liquidity. (2005 Article IV)

The Principles

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

CP

Colombia meets SDDS specifications for the coverage, periodicity, and timeliness of for most data categories. (SDDS)

The IMF observes that the timeliness and comprehensiveness of fiscal data need to be improved. (2005 Article IV)

Colombia takes flexibility option on the timeliness of the production index and it is also taking the extensive branch banking system flexibility for the timeliness of the data on the analytical accounts of the banking sector. (2005 Article IV)

While significant progress has been made, there is still a need to improve the timeliness and coverage of fiscal data, develop timely and reliable data on the finances of local governments, and improve monitoring of floating debts by gradually extending the coverage from the central government to other public sector entities. (2005 Article IV)

Quarterly balance of payment data are produced since 1994, and the central bank adopted the Balance of Payments Manual 5 standard in 1998. Balance of payment statistics have been extended to cover transactions in the free trade zones. Improved surveys, particularly in the service sector, have enhanced coverage and consistency. Financial account data are now based on actual disbursement rather than registers. Monthly data on public sector short-term external debt , and the calculation of interest payments for the private sector debt need to be improved. (2005 Article IV)

Ready and equal access to official statistics.

FC

The National Department of Statistics (DANE) is responsible for the compilation of the national accounts, though the Banco de la República (BR) compiles the financial accounts. The Ministry of Finance and Public Credit (MFPC) is responsible for the compilation on public revenue, expenditure, and financing data. (2005 Article IV)

The central bank is in charge of compiling and disseminating data on the financial sector, balance of payments, International Investment Position statistics and the Data Template on International Reserves and Foreign Currency Liquidity. (2005 Article IV)

Monthly data on government finances have been reported for publication in International Finance and Statistics and annual data on the consolidated central government on accrual and cash basis have been reported for publication in the 2004 Government Finance Statistics Yearbook (GFSY). The last year for which data have been reported is 2002. (2005 Article IV)

For the Financial Sector with the exception of interest rates and the stock market, an advance release calendar giving one-quarter ahead notice of the precise release dates is dissseminated on the Dissemination Standards Bulletin Board of the IMF. A note to this effect is published in Review of the National Bank (Revista del Banco de la Republica). (SDDS)

The SDDS provides detailed information on access by the public relating to: i) the advance dissemination of the release calendar; and, ii) simultaneous release to all interested parties, covering the Real Sector (including National Accounts, Production Indices, the Labor Market, Consumer Prices, Producer Prices) and the Fiscal, Financial and External Sectors. (SDDS)

For the Real Sector, an advance release calendar giving one-quarter ahead notice of the precise release dates is dissseminated on the Dissemination Standards Bulletin Board of the IMF. A note to this effect is published in the Review of the Bank of Colombia (Revista del Banco de la Republica). The data are released simultaneously to all interested parties by issuing a press release (Boletin de Prensa). Following the press release, the data are available in the DANE databank (at the DANE library), and are later published in one of the following publications: Statistics Bulletin (Boletin de Estadistica), Economic Indicators (Indicadores de Coyuntura), Consumer Price Index Print-Outs (Tabulados del Indice de Precios al Consumidor), Producer Price Index Print-Outs (Tabulados del Indice de Precios del Productor), or Changes in Price Indices (Comportamiento de los Indices de Precios). The data are also disseminated on DANE's Internet website. The data are also available for consultation in the DANE databank at the DANE library or at the offices of the Statistics Section of the Colombian National Bank (Banco de la Rep'ica). (SDDS)

For the Fiscal Sector, the data are released simultaneously to all interested parties by publishing the Bulletin of the National Department of Planning and the Bulletin of Indicators of the Central Bank or by publishing the monthly Review of the National Bank of Colombia (Revista del Banco de la Republica) and the monthly Financial Information (Informe Financiero) of the Controller-General of the Republic. The data are also available for consultation at the office of the Superior Council of Fiscal Policy (Consejo Superior de Politca Fiscal (CONFIS)) at the Ministry of Finance and Public Credit (Ministerio de Hacienda y Credito Publico). The data for external debt guaranteed by central government are published only on the Internet on the following Internet website. By the end of the transition period, a note will be added to a relevant high-frequency publication informing the public of this. (SDDS)

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

FC

For the Fiscal Sector with the exception of Central Government Debt, the Organic Budget Law (Decree 111 of 1996) published in the Official Gazette 42692 of January 18, 1996 establishes the functions to be performed by the Superior Council of Fiscal Policy (CONFIS), including the supervision of the Financial Plan, which requires regular monitoring of the non-financial public sector and monthly monitoring and assessment of central government operations. For Central Government Debt, Decree 085 of 1995 published in the Official Gazette 41673 of January 10, 1995, requires that the General Directorate of Public Credit (Direccion General de Credito Publico) provide the National Accounting Administrative Unit (Unidad Administrativa de Contabilidad Nacional) with a general statement of the national government's domestic and external debt. (SDDS)

For all data categories, no ministerial commentary is attached to the release of the data. (SDDS)

With the exception of Consumer and Producer prices which are final when first released, the data for most categories is preliminary when first released, and subsequently becomes provisional or final. (SDDS)

There have been no major changes in methodology in recent years. In the event of such a change, the public would be informed at the time the change is introduced. (SDDS)

In terms of internal government access to the data before release, for the Real Sector, no government officials outside DANE have access to the data before they are released to the public. For all fiscal data, no government officials outside the Ministry of Finance and Public Credit (Ministerio de Hacienda y Credito Publico) have access to the data before they are published. For the financial sector, with the exception of interest rates and the stock market, no government officials outside the National Bank have access to the data before their release to the public. (SDDS)

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

CP

In the area of financial sector statistics, IMF technical assistance missions have placed special emphasis on issues of data quality, interagency cooperation, and procedures to ensure data consistency. (2005 Article IV)

Information relating to quality for the various categories is disseminated through the following publications: National Accounts Preview (Avance de Cuentas Nacionales), Statistics Bulletin (Boletin de Estadistica), National Accounts of Colombia (Cuentas Nacionales de Colombia), Monthly Manufacturing Sample Printouts (Tabulados de la Muestra Mensual Manufacturera) press releases, (Bolet'de Prensa), Monthly Statistics Bulletin (Boletin Mensual de Estadistica), Economic Indicators (Indicadores de Coyuntura), National Bank website, quarterly Statistical Preview, Consumer Price Index print-outs (Tabulados del Indice de Precios al Consumidor), Producer Price Index Methodology (Metodologia del Indice de Precios del Productor), Producer Price Index print-outs (Tabulados del Indice de Precios del Productor). (SDDS)

The SDDS provides detailed information on quality relating to: i) dissemination of documentation on methodology and sources used in preparing statistics; and, ii) dissemination of data that support statistical cross-checks and provide assurance of reasonableness. The information covers the Real Sector (including National Accounts, Production Indices, the Labor Market, Consumer Prices, Producer Prices) and the Fiscal, Financial and External Sectors. (SDDS)

Summary methodologies are provided only for balance of payments, international investment position, and external debt data. (SDDS)