Turkey has been a subscriber to the International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) since August 9, 1996 and started posting its metadata on the IMF's Dissemination Standards Bulletin Board on September 16, 1996. According to a 2002 report by the IMF, Turkey has been in observance of Advance Release Calendars, since July 20, 2001. Since Turkey came into observance of the SDDS, its dissemination practices have been in observance with the SDDS's requirements, and the dissemination of data on the National Summary Data Page has been timely. Based on the most recent (as of 2007) information provided on the IMF's SDDS website, Turkey meets SDDS specifications for the coverage, periodicity, and timeliness of data for all but one data category - analytical accounts of the central bank, for which it has availed of the flexibility option. According to the IMF's 2004 Article IV Consultation report Turkey's statistical base is adequate for effective surveillance, however, according to the report the coverage and timeliness of fiscal data should be improved. Furthermore, the terms and conditions relating to the confidentiality of individually identifiable information is not clearly reported for all data categories.
General Overview
According to the International Monetary Fund's (IMF) 2004 Article IV Consultation report, Turkey's statistical base is adequate for effective surveillance purposes. However, according to the report, macroeconomic statistics although published in a timely fashion, have some important shortcomings. The report also indicates that the coverage and timeliness of fiscal data should be improved. (IMF 2005, p. 1, p. 67)
Based on information provided on the IMF's Special Data Dissemination Standard (SDDS) website, Turkey meets SDDS specifications for the coverage, periodicity, and timeliness of data for all but one data category - analytical accounts of the central bank, for which it has availed of the flexibility option. (IMF SDDS website)
Turkey has been a subscriber to the SDDS since August 9, 1996, and started posting its metadata on IMF's Dissemination Standards Bulletin Board (DSBB) on September 16, 1996. Turkey has been in observance of the SDDS specifications for the coverage, periodicity, and timeliness of the data, and for the dissemination of Advance Release Calendars, since July 20, 2001. Since Turkey came into observance of the SDDS, its dissemination practices have been in observance with the Standard's requirements, and the dissemination of data on the National Summary Data Page has been timely. The National Summary Data Page and the Data Template on International Reserves and Foreign Currency Liquidity were hyperlinked to the IMF's DSBB on June 5, 1997, and June 9, 2000, respectively. (IMF 2002, p. 5)
The institutions responsible for the compilation and dissemination of the SDDS data categories are the State Institute of Statistics - Türkíye Ístatík Kurumu (TIK), the General Directorate of Public Accounts - Muhasebat Genel Müdürlügü (MGM), the State Planning Organization - Devlet Planlama Teskilati Müstersarligi (DPTM), the Turkish Treasurym - Hazine Müstesarligi (HM), and the Central Bank of the Republic of Turkey - Türkiye Cumhuríyet Merkez Bankasi (TCMB). TIK compiles and disseminates the national accounts, the manufacturing production index, prices indices, labor market, merchandise trade, and population data. DPTM is responsible for data on general government operations. The Ministry of Finance and HM are responsible for data on operations of the (budgetary) central government, and HM also provides data on central government debt. TCMB has responsibility for data on the analytical accounts of the banking sector, the analytical accounts of TCMB, private sector debt, interest rates, exchange rates, balance of payments, the international investment position, and the template on international reserves and foreign currency liquidity. Information on share price indices is compiled by the Istanbul Stock Exchange (ISE) and redisseminated by TCMB. (IMF 2002, p. 5)
TIK's responsibilities are clearly set out in the Statistics Law No. 53 of 1963 and subsequent legal decrees, as well as the statistical data confidentiality, which is one of the fundamental principles of official statistics. The TIK's legal and institutional environment is adequate to support the collection, processing and dissemination of statistics of good quality. There is some intention to adopt the Total Quality Management Program. Advisory boards composed of representatives from government, academia, and the private sector have frequently provided guidance on data quality issues. (IMF 2002, pp. 9-10)
As of 2004, a new Statistical Law was still pending. Once this law is adopted, a major step in the harmonization of the legal basis with European Union (EU) requirements will be achieved. The new law should also aim at strengthening the co-ordination role of the TIK within the Turkish statistical system, determine the principle of confidentiality of individual data, regulate planning activities and dissemination policy and define the appointment procedures for the President of the TIK. (EC 2004, p. 107)
According to the 2006 International Monetary Fund's (IMF) First and Second Reviews of Turkey,TIK was planning to release revised national account data in early 2006. This was widely expected to lead to a substantial upward revision in nominal GDP. Although the revised data would include updated estimates for the unrecorded economy, the bulk of the revision would reflect improved estimation techniques and updated survey data. The IMF had fielded several technical assistance missions and encouraged Turkey to explain the nature of revisions to key users and to publish the revised data only after all quality checks had been completed. Turkey has, in the meantime, committed to delivering fiscal data for state economic enterprises in a more timely fashion in the future. (IMF 2006a, p. 24, Supplement p. 2)
The Principles
Comprehensive economic and financial data, disseminated on a timely basis.
Turkey meets SDDS specifications for the coverage, periodicity, and timeliness of data for all but one data category - analytical accounts of the central bank, for which it has availed of the flexibility option. (IMF SDDS website)
Real Sector data such as data on wholesale and consumer prices are published monthly, with a very short lag. Monthly data on various production indices are published with lags of some five to six weeks, while quarterly national accounts are published with a three-month lag (although the second and third quarters are more timely - a 70-day lag)). The State Institute for Statistics (Türkíye Ístatík Kurumu - TIK) publishes national accounts from the income side. Following technical assistance, an improved consumer price index and a new producer price index - replacing the old wholesale price index -was expected to be published in January 2005. Ongoing assistance is also helping to improve the quality of the national accounts. (IMF 2005, p. 67)
Fiscal data such as budgetary data is published monthly, with a lag of two to three weeks. However, the coverage of the budget is incomplete, with sizable fiscal operations conducted through extra budgetary funds, for which data are available only with long lags. Fiscal analysis is further complicated by the omission of certain transactions from the fiscal accounts; failure to account for sizable quasi-fiscal operations carried out by state banks and SEEs; and technical problems associated with consolidating the cash-based accounts of governmental entities with the accrual-based accounting of SEEs. The failure to assign a single agency responsible for fiscal statistics also creates reporting weaknesses. It is difficult to reconcile fiscal data with monetary and BOP data, especially in the accounting of external debt flows and central government deposits. Under the World Bank financed Public Financial Management Project (PFMP), the authorities are to adopt an improved budget coding system, a chart of accounts, and a new debt management database. (IMF 2005, p. 67)
Monetary statistics such as data on the central bank balance sheet, and provisional data on the main monetary aggregates and total domestic credit, are published weekly, with a one- and two-week lag, respectively. Data on the monetary survey and deposit interest rates are published monthly, with about a two-to-three-month lag. The Central Bank of the Republic of Turkey (Türkiye Cumhuríyet Merkez Bankasi - TCMB) does not expect to meet the SDDS timeliness requirement for the analytical accounts of the banking sector in the short term due to delays in the preparation of year-end bank balance sheets and ongoing restructuring in the banking system. (IMF 2005, p. 68)
External sector data are disseminated in line with SDDS prescriptions. (IMF 2005, p. 68)
The International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) website indicates that data are released simultaneously to all interested parties through the relevant websites and publications including the Official Gazette; Weekly Press Bulletin; Electronic Data Distribution System; State Planning Organization's - Devlet Planlama Teskilati Müstersarligi (DPTM) Monthly Main Economic Indicators; Statistical Yearbook; Bridge News, Telerate and Reuters; Istanbul Stock Exchange (ISE) website; Central Bank of the Republic of Turkey - Türkiye Cumhuríyet Merkez Bankasi (TCMB) website; State Institute of Statistics - Türkíye Ístatík Kurumu (TIK) website; Turkish Treasury - Hazine Müstesarligi (HM) website; and press and news releases. (IMF SDDS website)
An advance release calendar that provides the identification of release dates is disseminated on the internet website of TIK. (IMF SDDS website)
As noted by the IMF noted in its 2002 report, most metadata and statistics are widely available in various forms, including on the Internet, although less information is disseminated on the fiscal accounts. Responsible officials in the statistics-compiling agencies are identified, and respond to users' requests. Advance release calendars giving at least one-quarter ahead notice of approximate release dates, and at least a one-week ahead notice of the precise release dates, are disseminated on IMF's Dissemination Standards Bulletin Board (DSBB) website, as well as on TIK website. Data is released simultaneously to all interested parties, generally on the websites of the relevant agencies, and on Turkey's National Summary Data Page of TIK. (IMF 2002, pp. 4, 6)
Official statistics must have the confidence of their users. Transparency of its practices and procedures is a key factor.
The International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) website indicates that the dissemination of the terms and conditions under which official statistics are produced are reported by various public agencies; however, the terms and conditions relating to the confidentiality of individually identifiable information is not clearly reported for all data categories. (IMF SDDS website)
Identification of internal government access to data and identification of ministerial commentary on the occasion of statistical releases are clear on data for all sectors - real sector, fiscal sector, financial sector, external sector, and socio-demographic. (IMF SDDS website)
IMF noted in a 2002 report that all agencies demonstrate professionalism, are transparent in their statistical practices and policies, and provide ethical guidelines to their staffs. (IMF 2002, p. 3)
SDDS requires disclosure of the terms and condition under which official statistics are compiled and disseminated in Turkey, which are available to the public on the website of TIK both in Turkish and English. The main points of the law and decrees have been translated into English and published in a booklet by TIK. (IMF 2002, p. 8)
Practices on internal access prior to public release and ministerial commentary are disseminated on the Dissemination Standards Bulletin Board (DSBB) for the data categories to which they apply. SDDS data disseminated by TIK and TCMB are not provided to officials outside the respective agencies before their release to the public. Data disseminated by HM and DPTM are shared internally, and with the Ministry of Finance, for data checking purposes, but are not passed outside those agencies before publication. Data is released without ministerial commentary. (IMF 2002, p. 8)
The analytical framework used for compiling monetary statistics reflects concepts and definitions that are, in general, based on the IMF's draft Guide to Money and Banking Statistics in International Financial Statistics, of December 1984. Following the publication in September 2000 of the Monetary and Financial Statistics Manual (MFSM), TCMB intends to revise its procedures and formats for collection, compilation, and dissemination of monetary statistics to comply with the new methodology. (IMF 2002, p. 12)
A set of standards that deals with the coverage, periodicity and timeliness of data must also address the quality of statistics.
Documentation on methodology and sources used in preparing statistics for all categories are disseminated on government and other regulatory body websites or publications. (IMF SDDS website)
Turkey provides for dissemination of component detail, reconciliation with related data, and statistical frameworks that support cross-checks and provide reasonableness of data. (IMF SDDS website)
The International Monetary Fund's (IMF) Special Data Dissemination Standard (SDDS) website indicates that Turkey fully complies with this principle. Summary methodology statements for all data categories have been provided to the IMF and posted on the Dissemination Standards Bulletin Board (DSBB). Turkey provides a link to summary methodology for all data categories on DSSB. (IMF SDDS website)
IMF noted in a 2002 report that Turkey's statistical agencies also disseminate component details and relevant data series that facilitate crosschecks and checks of reasonableness for all data categories, as prescribed by the Standard. (IMF 2002, p. 8)
International Monetary Fund, "Turkey: 2004 Article IV Consultation and Eighth Review Under the Stand-By Arrangement and Request for Waiver of Nonobservance of Performance Criterion - Staff Reports; Staff Supplement; Public Information Notice and Press Release of the Executive Board Discussion; and Statement by the Executive Director for Turkey," Country Report No. 05/163, Washington, D.C.: IMF, May 2005. Available from International Monetary Fund website. Accessed on October 12, 2006. (IMF 2005)
International Monetary Fund, "Turkey: Report on the Observance of Standards and Codes; Data Module; Response by the Authorities, and Detailed Assessments Using the Data Quality Assessment Framework," Country Report No. 02/55, Washington, D.C.: IMF, March 2002. Available from International Monetary Fund website. Accessed on October 12, 2006. (IMF 2002)
International Monetary Fund, "Turkey: First and Second Reviews Under the Stand-By Arrangement, and Request for Waiver of Nonobservance of Performance Criteria and Rephasing of Purchases - Staff Report; Staff Supplement; Press Release on the Executive Board Discussion; and Statement by the Executive Director for Turkey," Country Report No. 06/268, Washington, D.C.: IMF, July 21, 2006. Available from International Monetary Fund website. Accessed on December 22, 2006. (IMF 2006a)
International Monetary Fund, "Turkey: Third and Fourth Reviews Under the Stand-By Arrangement and Request for Waiver of Performance Criteria-Staff Report; Staff Supplement, Press Release on the Executive Board Discussion; and Statement by the Executive Director for Turkey," Country Report No. 06/402, Washington, D.C.: IMF, November 10, 2006. Available from International Monetary Fund website. Accessed on December 22, 2006. (IMF 2006b)
Demir, O. and Toprak, A.O., "Turkish Statistical System: Current Situation and New Challenges," United Nations Economic and Social Commission for Asia and Pacific Subcommittee on Statistics First Session, February 18-20, 2004. Available from UNESCAP website. Accessed on October 12, 2006. (Demir & Toprak 2004)
European Commission, "2004 Regular Report on Turkey's Progress Towards Accession," Report No. SEC(2004) 1201, Brussels: EC, October 2004. Available from Turkish Treasury website. Accessed on October 12, 2006. (EC 2004)
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