The Russian Federation has been a subscriber to the Special Data Dissemination Standard (SDDS) since January 2005. The International Monetary Fund (IMF) in its 2006 Article IV Consultation report indicates that economic and financial data provided to the IMF by Russian authorities are considered broadly adequate for surveillance purposes. The report also states that Russia has a reasonably comprehensive and timely statistical database, but difficulties remain in terms of data accuracy and frequent data revisions. According to data provided on the IMF's Dissemination Standards Bulletin Board (DSBB), Russia meets the coverage, periodicity, and timeliness for all but three categories. Russia also satisfies the requirements for the access and quality dimensions of the SDDS. However, advance notice of methodological changes for several data categories are not clearly stated on the IMF's DSBB.
General Overview
Since January 2005, the Russian Federation has been a subscriber to the Special Data Dissemination Standard (SDDS). The International Monetary Fund (IMF) in its 2006 Article IV Consultation report indicates that economic and financial data provided to the IMF by Russian authorities are considered broadly adequate for surveillance purposes. The report also states that Russia has a reasonably comprehensive and timely statistical database, but difficulties remain in terms of data accuracy and frequent data revisions. (IMF 2006, p. 51)
According to data provided on the IMF's Dissemination Standards Bulletin Board (DSBB), Russia meets the coverage, periodicity, and timeliness for all but three categories, and for those it is availing itself of the flexibility option. Russia also satisfies the requirements for the access and quality dimensions of the SDDS. However, advance notice of methodological changes for several data categories are not clearly stated on the IMF's DSBB. (IMF SDDS website)
The IMF 2006 report states that authorities are generally cooperative in reporting data to the IMF, mainly through the resident representative office, and during missions. Russia produces a wide range of regular, timely publications on financial and economic statistics. The authorities report data for the IMF's International Financial Statistics (IFS), Government Finance Statistics Yearbook, the Direction of Trade Statistics, and the Balance of Payments Statistics Yearbook. (IMF 2006, p. 51)
According to a 2004 IMF Report on the Observance of Standards and Codes (ROSC), Russia's statistical system has made good progress in adopting international statistical methodologies in response to the need to capture in the statistics the country's transition to a market economy. These improvements have been achieved notwithstanding the statistical challenges posed by extraordinary economic events during the transition, including the financial crisis of 1998. (IMF 2004, p. 3)
There is no national statistics law. Thus, all regulations pertaining to statistics are contained in a variety of legal norms. And the 2006 IMF report indicates that the delay in finalizing a modern statistics law requiring firms to provide data with credible penalties for noncompliance, together with a guarantee of confidentiality is an impediment to further improvement of national accounts data. (IMF 2004, p. 9; IMF 2006, p. 51)
The Federal State Statistics Service (Rosstat) compiles and publishes quarterly and annual national accounts data on a timely basis, using the 1993 System of National Accounts. Rosstat introduced chain-linking into their quarterly and annual national accounts in 2006. (IMF 2006, p. 51)
In the 2005 Government Finance Statistics Yearbook (GFSY), data for the central, local and general government were reported to 2004 on both accrual and cash basis in accordance with the Government Finance Statistics Manual 2001 (GFSM 2001) methodology. The Treasury has been reporting aggregate government finance data for publication in IFS on a cash basis since April 1996. Analytical accounts for the monetary authorities and commercial banks are reported for publication in IFS with a lag of one month by the Central Bank of the Russian Federation (CBR). Balance of payments statistics are compiled on the basis of the fifth edition of the Balance of Payments Manual (BPM5) by the CBR. (IMF 2006, pp. 52-53)
The Law on State Secrets No.5485-1, dated July 21, 1993, identifies data that is considered confidential, and applies to both the private and public sectors. The sanctions for revealing confidential information are established in the Criminal Code, and include jail sentences. In general, aggregated data is not confidential. (IMF 2004, p. 74)
The authority to collect information on legal entities is also guided by the Law on Information, Informatization, and Information Protection (No. 24-FZ of February 20, 1995) and the Law on Accounting. (IMF 2004, p. 31)
Article 57 of the Federal Law on the Central Bank of the Russian Federation and the Federal Law on Banks and Banking Activity as well as CBR provisions and instructions form the legal basis for collection of information and the compilation of monetary statistics. (IMF 2004, p. 95)
The Principles
Comprehensive economic and financial data, disseminated on a timely basis.
According to data provided on the International Monetary Fund's Dissemination Standards Bulletin Board, Russia meets the coverage, periodicity, and timeliness requirements of Special Data Dissemination Standard (SDDS) for all but three data categories - central government operations, central government debt and exchange rates. Russia is availing itself of the timeliness option with regard to data on central government operations. Data on debt guaranteed by the central government and forward exchange rates are not disseminated since the amounts are relatively insignificant and therefore is availing on the flexibility option in terms of coverage. (IMF SDDS website)
The IMF in its 2006 Article IV Consultation report indicates that economic and financial data provided to the IMF by Russian authorities are considered broadly adequate for surveillance purposes. The report also states that Russia has a reasonably comprehensive and timely statistical database, but difficulties remain in terms of data accuracy and frequent data revisions. (IMF 2006, p. 51)
According to data provided on the International Monetary Fund's Dissemination Standards Bulletin Board, data are released simultaneously to the public through government publications and website of government institutions such as Federal State Statistics Service (Rosstat), the Ministry of Finance (MoF), and the Central Bank of the Russian Federation (CBR). (IMF SDDS website)
There is advance dissemination of release calendars for all data categories. (IMF SDDS website)
Official statistics must have the confidence of their users. Transparency of its practices and procedures is a key factor.
According to data provided on the International Monetary Fund's (IMF) Dissemination Standards Bulletin Board (DSBB), the terms and conditions under which data are released are clearly stipulated in various laws and decrees and the terms of confidentiality of individually identifiable information are clearly defined. (IMF SDDS website)
Ministerial commentary and internal government access to data prior to release is identifiable for all data categories. (IMF SDDS website)
Prior notices are given in case of revisions; however advance notice of methodological changes for several data categories are not clearly stated on the IMF's DSBB. (IMF SDDS website)
The IMF in its 2006 Article IV Consultation report indicates that difficulties remain in terms of data accuracy and frequent data revisions. (IMF 2006, p. 51)
A set of standards that deals with the coverage, periodicity and timeliness of data must also address the quality of statistics.
According to data provided on the International Monetary Fund's (IMF) Dissemination Standards Bulletin Board (DSBB), methodologies are published for all data categories in various government publications, with some being available online. However, although methodology for compiling specific indicators of consumer price indices (CPI) is published, CPI weights are not included in the publication because weights are not released to users as a matter of policy. (IMF SDDS website)
Dissemination of component detail, reconciliations with related data and statistical frameworks that support statistical cross-checks are provided for all data categories. (IMF SDDS website)
Summary methodologies are provided for all data categories on the Dissemination Standards Bulletin Board. (IMF SDDS website)
The IMF in its 2006 Article IV Consultation report, however, did indicate that there are difficulties in terms of data accuracy. (IMF 2006, p. 51)
International Monetary Fund, "Russia: Report on the Observance of Standards and Codes - Data Module, Response by the Authorities, and Detailed Assessment Using Data Quality Assessment Framework," Country Report No. 04/134, Washington, D.C.: IMF, May 2004. Available from International Monetary Fund website. Accessed on March 22, 2007. (IMF 2004)
International Monetary Fund, "Russian Federation: 2006 Article IV Consultation - Staff Report; Staff Statement; and Public Information Notice on the Executive Board Discussion," Country Report 06/429, Washington, D.C.: IMF, December 2006. Available from International Monetary Fund website. Accessed on March 22, 2007. (IMF 2006)
Russia