Latvia has been a subscriber to the Special Data Dissemination Standard (SDDS) since November 1, 1996. According to the 2004 International Monetary Fund (IMF) Report on the Observance of Standards and Codes (ROSC), Latvia fully observes SDDS requirements. Information posted on the IMF's Dissemination Standards Bulletin Board (DSBB) indicate that Latvia meets SDDS specifications for the coverage, periodicity and timeliness of data and for the dissemination of advance release calendars. The information on the DSBB also indicates that Latvia satisfies all requirements for access, and quality for all data categories; however with regards to the SDDS requirements for integrity, Latvia fails to clearly indicate identification of government access and ministerial commentary for a few data categories.
General Overview
Based on information posted on the IMF's Dissemination Standards Bulletin Board (DSBB), Latvia meets all of the SDDS requirements for coverage, periodicity and timeliness. Latvia also observes the access criteria stipulated in the SDDS. Based on the DSBB information Latvia also observes the requirements for the quality of data. However, Latvia fails to clearly indicate any identification of internal government access to data before release and identification of ministerial commentary for a few data categories. (IMF SDDS website)
According to the 2004 International Monetary Fund (IMF) Report on the Observance of Standards and Codes (ROSC) - Data Module, Latvia has been a subscriber to the Special Data Dissemination Standard (SDDS) since November 1, 1996. Latvia fully observes SDDS requirements and does not take any flexibility options. Since July 2000, when the IMF began to monitor the observance of data and advance release calendars, no observance related issues have been revealed. Latvia has provided the IMF with all 21 summary methodologies, and all of them have been posted on the Data Standards Bulletin Board (DSBB).
The Central Statistical Bureau (CSB), the Bank of Latvia (BoL), the State Treasury (Treasury) of the Ministry of Finance (MoF), and the Riga Stock Exchange compile and disseminate SDDS relevant data. The CSB is responsible for all five datasets, i.e., national accounts, consumer price index, producer price index, accrual-based government finance statistics, and the goods and services trade component of balance of payments statistics. The BoL produces and releases monetary statistics as well as balance of payments and international investment position statistics. The MoF publishes cash based government statistics. The Riga Stock Exchange is responsible for the share price index (IMF 2004).
The CSB, MoF, and BoL work closely together. All of them consider quality the cornerstone of statistical work. Within the MoF, quality assurance is carried out by the Quality Management Department. The BoL, on the other hand, developed a more systematic approach to quality by looking for external certification of its practices consistent with the recommendations of the International Organization for Standards (ISO). The IMF in its 2004 report points out that the three agencies have adequate resources for their statistical programs (p. 3).
The 1997 Law on Statistics governs the activities of the CSB (CSB website). The BoL compiles data according to the 1997 Law on Statistics and the 1992 Law on the Bank of Latvia. The MoF's and Treasury's data dissemination is regulated under the 1998 Law of Budget and Financial Management and the Regulation of the Treasury (IMF 2004).
The Principles
Comprehensive economic and financial data, disseminated on a timely basis.
Based on information posted on the IMF's Dissemination Standards Bulletin Board (DSBB), Latvia meets all of the SDDS requirements for coverage, periodicity and timeliness.
According to the 2004 International Monetary Fund (IMF) Report on the Observance of Standards and Codes (ROSC) - Data Module, Latvia is a subscriber to the Special Data Dissemination Standard (SDDS) since November 1, 1996. Latvia fully observes SDDS requirements and does not take any flexibility options. Since July 2000, when the IMF began to monitor the observance of data and advance release calendars, no observance related issues have been revealed. Latvia meets the SDDS requirements for coverage, periodicity, and timeliness; it even exceeds the timeliness requirements for all real sector data, government operations, balance of payments, and the international investment position (IIP). Moreover, the country exceeds the periodicity requirements for balance of payments and the IIP.
Based on information posted on the IMF's Dissemination Standards Bulletin Board (DSBB), Latvia disseminates advance release calendars and data are released simultaneously to all concerned.
According to the 2004 International Monetary Fund (IMF) Report on the Observance of Standards and Codes (ROSC) - Data Module, Latvia is a subscriber to the Special Data Dissemination Standard (SDDS) since November 1, 1996. Latvia fully observes SDDS requirements and does not take any flexibility options. Since July 2000, when the IMF began to monitor the observance of data and advance release calendars, no observance related issues have been revealed.
Advance release calendars are disseminated on the IMF's Dissemination Standards Bulletin Board (DSBB), on the website of the Bank of Latvia (BoL) and the website of the Central Statistical Bureau (CSB). Advance release calendars give at least one-quarter notice of approximate release dates and at least one-week notice of the precise release dates. The BoL, CSB, and Treasury release data simultaneously to all interested parties through press releases and/or on their websites or Latvia's National Summary Data Page (IMF 2004).
For interest rates, the data is posted on the BoL website. For stock market, the data are re-disseminated daily by the CSB through a hyperlink from the CSB website to the Riga Stock Exchange's website (IMF SDDS website).
Official statistics must have the confidence of their users. Transparency of its practices and procedures is a key factor.
Based on information posted on the IMF's Dissemination Standards Bulletin Board (DSBB), Latvia complies with the SDDS requirements for dissemination of terms and conditions under which official statistics are produced, including those relating to the confidentiality of individually identifiable information. However, fiscal sector data (general government or public sector operations, central government operations and central government debt) do not report information on the processes related to confidentiality of individual responses from persons, businesses and organizations to official inquiries (IMF SDDS website).
Information posted on the IMF's DSBB also indicate that there is no identification of internal government access to data before release and no identification of ministerial commentary on the occasion of statistical releases with respect to certain real sector data (National Accounts, Production Index, Price Index: Consumer Prices and Price Index: Producer Prices), financial sector data (Stock Market: Share Price Index), and socio-demographic data (Population). Moreover, Latvia does not provide information about the revision and advance notice of major changes in the methodology for the financial sector data "Stock Market: Share Price Index" (IMF SDDS website).
According to the 2004 International Monetary Fund (IMF) Report on the Observance of Standards and Codes (ROSC) - Data Module, information on terms and conditions of the collection, compilation, and dissemination of data, including the confidentiality of the data collected, is available to the public. No pre-release access to statistics published by the Central Statistical Bureau (CSB) and Ministry of Finance (MoF) exists, nor is there any government access outside the Bank of Latvia (BoL) for the statistics it publishes .
All statistics collected and published by the CSB are governed by the 1997 Law on Statistics. The Law: (1) guarantees that statistical analysis shall be objective and independent from any political party or trend, and that State authorities shall under no circumstances be allowed to influence the decisions of statistical agencies based on the provided statistical information.; and (2) provides that the CSB cannot publish, or otherwise make available to any individual or organization, statistics that would enable the identification of data for any individual person or entity (IMF SDDS website).
According to the 2004 IMF ROSC, the MoF observes professionalism and transparency of central government statistics; internal regulations on ethical standards are in place. The MoF and the Treasury publish laws and regulations on the compilation and dissemination of data on their websites. However, the IMF pointed out that changes in methodology, source data, and techniques were not mentioned in advance.
A set of standards that deals with the coverage, periodicity and timeliness of data must also address the quality of statistics.
Based on information posted on the IMF's Dissemination Standards Bulletin Board (DSBB), Latvia complies with SDDS requirements on dissemination of documentation on methodology and sources used in preparing statistics and dissemination of component details and cross checks. Latvia also provides summary methodologies for all data categories on the DSBB. (IMF SDDS website)
According to the 2004 International Monetary Fund (IMF) Report on the Observance of Standards and Codes (ROSC) - Data Module, the Central Statistics Bureau (CSB), the Ministry of Finance (MoF) and its State Treasury unit, and the Bank of Latvia (BoL) consider quality the cornerstone of statistical work. Within the MoF, quality assurance is carried out by the Quality Management Department. The BoL, on the other hand, developed a more systematic approach to quality by looking for external certification of its practices as consistent with the recommendations of the International Organization for Standards (ISO). The IMF points out that all three agencies have adequate resources for their statistical programs.
Latvia has provided the IMF with all 21 summary methodologies, and all have been posted on the Data Standards Bulletin Board (DSBB).Component details and additional data enabling cross checks and checks of reasonableness for all data categories are also publicly available (IMF SDDS website).
International Monetary Fund, "Republic of Latvia: Report on the Observance of Standards and Codes - Data Module, Response by the Authorities, and Detailed Assessments Using Data Quality Assessment Framework," Country Report No. 04/185, Washington, D.C.: IMF, July 2004. Available from International Monetary Fund. Accessed on May 4, 2007. (IMF 2004)
International Monetary Fund, "Republic of Latvia: 2006 Article IV Consultation--Staff Report; Public Information Notice on the Executive Board Discussion; and Statement by the Executive Director for the Republic of Latvia," Country Report No. 06/353, Washington, D.C.: IMF, October 2006. Available from International Monetary Fund website. Accessed on April 25, 2007. (IMF 2006)
Latvia