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SR among the best in the world for openness and range of information on economy

SR among the best in the world for openness and range of information on economy

Last update: 17.09.2019
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Publisher: Headquarters Bratislava
Publish Date: 17.09.2019

Slovakia has expanded the volume of economic and financial sector data reported to the International Monetary Fund (IMF) and through it also to the professional economic community worldwide. Thus it has been ranked among the TOP countries with the highest range and quality of data provided on the current state of its economy on an international scale.

Lately, the SR is the 19th country to meet the highest standard prescribed by the IMF for the dissemination of data, referred to as the SDDS Plus (Special Data Dissemination Standard Plus).

Currently, the SR  has been reporting and publishing on a regular basis, up to 30 data categories prescribed by the IMF, so far it were only 21 categories. These data are reported to Slovakia by the Statistical Office of the SR, the Ministry of Finance of the SR and the National Bank of Slovakia (NBS). At the same time, these institutions are responsible for individual data categories, falling within their competence. The Statistical Office of the SR also acts as a national coordinator.

“I am very pleased that we managed to include Slovakia among the countries with maximum openness, availability and quality of data providing an overview of the state of economy and the financial sector. So far, only 18 countries on a world map have met the SDDS Plus standard, such as Germany, France, Spain, the United States of America” stated Alexander Ballek, the President of the SO SR.

The new publicly available reports concern the NBS and the Ministry of Finance of the SR. These include, for example, more detailed data on government total gross debt or general government operations, financial soundness indicators (e.g. the share of non-performing bank loans on the total volume of loan provisions, residential real estate prices or an indicator of bank profitability), on other financial corporations survey (together for investment funds, leasing companies, factoring companies and companies of repayment financing, securities dealers, management companies, insurance corporations and pension funds), on debt securities holdings, as well as the scope and structure of foreign direct investments in the SR.

Reports extension- SDDS Standard Plus- introduced in 2012 by the IMF, as an instrument to support national and international financial stability.

A country adhering to the SDDS Plus should meet the IMF´s requirements in terms of scope, periodicity and timeliness as well as the range of historical time series of hundreds of numerical data. At the same time, the IMF strengthened requirements for the originally reported data categories. Since 1998, the SR has been publishing data according to the IMF requirements, however it was only in a lower SDDS standard.

The content of the National Summary data Page has been filled through the SO SR, on the IMF website. The data are already in a modified SDMX format, in a prescribed structure and are provided for the real, fiscal, financial, foreign sector and population, according to the Calendar of First Data Release.

The rules and details such as metadata and summary methodologies are published in the IMF website (Dissemination Standards Bulletin Board – DSBB). he IMF also provides space for the National Summary Data Pages of individual countries- of SDDS Plus adherents.

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