Singapore has been a subscriber to the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) since 1996 and has met SDDS requirements since 2001. Data quality has steadily improved over the years, but the IMF's 2006 Article IV report found that some improvements could still be made. This is particularly the case in the area of external and fiscal data. Furthermore, the IMF's SDDS website indicates that Singapore falls short in its compliance with SDDS requirements on integrity and quality of data.

General Overview

Singapore became a subscriber to the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) in August 1996, according to the IMF SDDS website. In September of 1996, Singapore posted its first metadata on the IMF's bulletin board and, in January 2001, Singapore's data dissemination practices fully met SDDS specifications for coverage, timeliness, and periodicity. Singapore makes summary methodologies available for all the SDDS datasets except interest and exchange rates, and offers advance release calendars for all relevant datasets. In addition to subscribing to the IMF's SDDS, Singapore also upholds the Fundamental Principles of Official Statistics promulgated by the United Nations and participates in international activities that address best practice regarding the organization and management of statistical systems. According to the most recently released IMF Article IV Consultation report, which covers the year 2005 and was published in 2006, Singapore's data are "generally thought to be sufficient for surveillance purposes," (p. 33). The report noted that Singapore has made progress in its data quality, but finds that deficiencies remain in certain areas of its statistical practice, singling out the external and fiscal areas for special mention.

The 2006 IMF report noted that the Singapore Department of Statistics (DoS) had just completed a rebasing of the System of National Accounts from the 1995 reference year to the year 2000, and had implemented data sourcing and methodological improvements. A reconciliation was carried out involving several national accounts estimates, reducing the incidence of discrepancies. Other improvements are also underway. Trade statistics have been made more comprehensive with the inclusion, beginning in 2006, of trade transactions with Indonesia, which previously had been captured under the balance-of-payments. Still in need of improvement is the handling of government assets held abroad. Currently, these data are not published, nor are data on the financial position of the consolidated public sector -- although Singapore does provide data on the international investment position.

Singapore's national statistical authority is the DoS, which is governed by the Statistics Act, Chapter 317. The Act defines the office of the chief statistician, who heads the department, and lays out his role, responsibilities, and legislative authority. It also contains provisions to enable the department to collect official data from all appropriate sources, guarantees the confidentiality of information, and specifies penalties to be applied in cases of non-compliance. According to the DoS website, the department is mandated to "collect, compile, and disseminate a wide range of economic, business, household, and population data. It is also charged with the task of monitoring social and economic trends and to maintain a range of statistical databases. Finally, it is charged to serve as advisor to the government and to the public on all statistics-related issues. The Act also confers on the DoS the responsibility of National Statistical Coordinator, in which role the DoS is engaged in developing national standards for statistical practice and promoting the use of such standards throughout the statistical system of Singapore. According to the DoS website, this larger system comprises the DoS and a variety of Research and Statistics Units found throughout the nation's public agencies.

The Principles

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

FC

The IMF's SDDS website shows that Singapore meets all SDDS specifications for coverage, timeliness, and periodicity of data. It avails itself of no flexibility options for any datasets. According to the 2006 IMF Article IV Consultations report for the year 2005, Singapore's data are adequate for monitoring and surveillance purposes.

Ready and equal access to official statistics.

FC

The IMF SDDS website discloses that Singapore meets the requirements regarding the dissemination of advance release calendars for its official statistics. These are available on both the SDDS and DoS websites. Data are simultaneously released to all interested parties. Where advance ministerial access is required for administrative purposes, this occurs under strict embargo conditions. Explanatory information regarding methodologies are posted on the SDDS website (summary methodologies), and related information is offered in publications on the DoS website.

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

CP

The IMF's SDDS website discloses that the statistical activities of the DoS are governed by the Statistics Act, which not only establishes the DoS's responsibilities, but also creates a mandate for coordinating statistical activities occurring elsewhere in the government. The act also specifies the authority of the Chief Statistician, empowering him or her to develop and promote national statistical standards. Finally, the Statistics Act provides guarantees to protect the confidentiality of individuals via their statistics. The text of the Statistics Act is available online via the DoS website. The statistical work produced by the Monetary Authority of Singapore, which covers the banking and finance sector, is covered by provisions of the Banking Act. The text of the Act can be accessed via the MAS website. In addition, provisions in the Constitution touch upon the statistical activities of the Ministry of Finance. When early internal government access to data is required, this occurs under strict embargo conditions, and the fact of such early access is publicly acknowledged. No ministerial commentary accompanies most of the data, with the exception of national accounts and balance of payments data. In these two cases, the comments are kept separate. Major changes in methodology are provided either in advance or at the time of release of the datasets to which they apply. However, with regard to population data there is no information provided on the IMF's SDDS website as to identification of ministerial commentary, and provision of information about revision and advance notice of major changes in methodology.

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

CP

The IMF's SDDS website discloses that there are summary methodologies available for all relevant datasets. The exceptions are for interest and exchange rate data. For most data categories, particularly those directly under the authority of the DoS, more comprehensive methodological information is available in a range of publications, including the DoS's Statistical Yearbook and other informational sources. The SDDS website provides no information for many of the datasets regarding the public availability of component detail, reconciliations with related data, and statistical frameworks supporting cross-checks of statistics. However, the Statistics Yearbook, Statistics Highlights, the Monthly Digest of Statistics, and other publications available from the DoS website provide greater detail in this regard.

According to the most recently released IMF Article IV Consultation report, which covers the year 2005 and was published in 2006, Singapore's data are "generally thought to be sufficient for surveillance purposes," (p. 33). The report noted that Singapore has made progress in its data quality, but finds that deficiencies remain in certain areas of its statistical practice, singling out the external and fiscal areas for special mention.