1. Data Template and analytical indicators
Workshop on Short-term economic indicators
8 October 2014, Hangzhou China
Ilaria DiMatteo, UNSD 1

2. Outline Refresher on the Work programme Data template
Objective
Deliverables
Working group
Data template
Background
Structure and content
Handbook on Data template and metadata for short-term statistics
Content
Preparation process

3. Work programme Objective of work programme:
To establish an internationally accepted data and metadata template for short-term economic indicators for the purpose of macroeconomic surveillance, early warning of economic and financial vulnerabilities and detection of turning points in business cycles

4. Work programme Working group: Deliverables:
UNSD (lead institution)
Eurostat
Brazil NSO
India NSO
Deliverables:
An internationally accepted data template together with corresponding reference metadata
A statistical guide for the internationally accepted data template and metadata structure
An updated knowledge base on economic statistics

5. Data Template
It consists of an internationally agreed list of indicators and metadata for short term economic indicators for use:
In macroeconomic surveillance
For early warning of economic and financial vulnerabilities
For detection of turning points in business cycles 5 5

6. Data template - Background
It is the result of a consultation process with experts and countries on the availability, periodicity, timeliness and dissemination of short-term statistics
A Global Assessment was undertaken by UNSD in 2009 to gain insight in the availability of short-term statistics in countries and their data dimensions in terms of periodicity, timeliness and dissemination
All UN Member States were invited to participate in the assessment
It was discussed at the UN Statistical Commission 6 6

7. Data template - Structure
Indicators are organized in 12 categories:
National accounts
Production and turnover
Price indicators
Labour market indicators
External sector indicators
Financial sector indicators
General government sector indicators
Household sector indicators
Non-financial corporations sector indicators
Financial market indicators
Real estate market indicators
Tendency indicators
Composite Business Cycle indicators
Macroeconomic growth and stability
Sectoral vulnerabilities
and developments
Market conditions
Economic sentiment

8. Data template – Structure (2)
Indicators are organized in 3 Tiers:
Tier 1 consists of the minimum required short-term economic indicators that have strategic importance and are widely available
Tier 2 consists of analytically important short-term indicators that are less widely available
Tier 3 contains short-term indicators that have national significance, given the structure of the economy

9. Data template – Structure (3)
Each indicator presents a recommended/encouraged periodicity:
Quarterly
Monthly

10. Set 1: National Accounts

11. Set 2: Production and turnover

12. Set 3: Price indicators Set 4 :Labour market

13. Set 5: External sector indicators Set 6: Financial sector indicators

14. Set 7: General government sector indicators Set 8: Household sector indicators

15. Set 9: Non-financial corp
Set 9: Non-financial corp. sector indicators Set 10: Financial market indicators

16. Set 11: Real estate market indicators Set 12: Economic sentiment

17. Handbook on Data Template and metadata for short-term statistics
Objectives:
To provide methodological guidance on the calculation of the indicators and their use
To describe the statistical and analytical properties of short-term economic indicators
why they are relevant in explaining economic activity
how they relate to an integrated set of short-term economic statistics of quarterly national accounts and component data.
Target audience:
both compilers and users of the indicators

18. Outline of the Handbook
Chapter 1: Data template for short-term statistics
Chapter 2: Availability of statistical standards and compilation guidance
Chapter 3: Metadata structure for the data template
Chapter 4: Analytical Indicators
Chapter 5: National data hubs for short-term statistics
Chapter 6: Strategy for establishing a short-term indicators data set

19. Chapter 1: Data template for short-term statistics
Presents the data template
Describes scope and coverage, and the analytical and statistical framework
Relates the data template with other frameworks for short-term statistics:
Principal European economic indicators
Principal global indicators
UN ESCAP’s core set of economic statistics
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6

20. Chapter 2: Availability of statistical standards and compilation guidance
Provides overview of statistical standards and compilation guidance
Describes data sources and collection methods
Repositories
Knowledge Base on Economic Statistics (
Global Inventory on Statistical Standards (
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6

21. Chapter 3: Metadata structure for the data template
Provides overview of metadata
Descriptive data about object
Explains need for statistical metadata
Ensure transparency about the indicators which are disseminated
Ensure harmonization in the content and structure of statistical data to be exchanged
Provides overview of statistical metadata standards
Data documentation initiative
GDDS/SDDS/SDDS Plus
Statistical data and metadata exchange (SDMX)
Suggests metadata applicable to short-term statistics
Need to be short and general to be valid for all countries
Based on SDMX to support data exchange
Provides examples of metadata structure
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6

22. Chapter 4: Analytical Indicators
Explores in more detail additional analytical indicators that can be derived from the indicators in the data template for further analysis
Presents and describes 3 groups of analytical indicators:
Growth rate indicators
Ratio indicators
Share indicators
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6

23. Chapter 5: National Data Hubs
Explains the importance of a national data hub to centralize short-term statistics that follow international statistical standards, possibly produced by various institutions in a country, and to make them available at a single access point
Describes desired characteristics of data hubs and steps to be considered for their setup
Definition of scope
Timeliness and periodicity of data
Metadata
Data collection and dissemination
Maintenance
Provides examples from countries
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6

24. Examples of benefits for National data hubs:
Improve access to core set of indicators
Promote the harmonization of dissemination processes among institutions
Foster the harmonization of concepts, definitions and statistical classifications among institutions in the country
Can serve as an opportunity to streamline and coordinate statistical activities reducing duplication of work

25. Country examples: KOrean Statistical Information Service (KOSIS)
project
Source:

26. Country example: Data portal of the United Arab Emirates
Source: National Bureau of Statistics UAE, at:

27. Statistics Netherlands – Business Cycle Tracer
It traces the cyclical nature of economic developments.
Periods of high growth alternate with periods of slow or growth or even decline
Based on carefully selected 15 short term indicators
Clear patterns can be viewed in the relative movements of the indicators
Sentiment indicators (e.g. consumer and producer confidence) are the leading indicators in the cluster, while labour market indicators (e.g. unemployment and labour volume) lag somewhat.
Business Cycle Tracer
Source: Statistics Netherlands, at

28. Statistics Netherlands – Business Cycle Dashboard
The dashboard shows the graph of cycle for each indicator of the Business Cycle Tracer
Each graph is given a colour, corresponding to the business cycle phase of the component indicator
Source: Statistics Netherlands, at

29. Chapter 6: Strategy for establishing a short-term indicators data set
Draws upon the elements of the implementation programme for the 2008 SNA and supporting statistics
Provides strategies for establishing data template which are based on the principles of
Strategic planning
Coordination, monitoring and reporting
Improving statistical systems
Presents a Self-Assessment questionnaire to identify strengths and weaknesses in this area
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6

30. Given the close relationship between the indicators in the data template and the statistics to be produced in the 2008 SNA framework, it is recommended that the strategy and action plan be incorporated into the national programme for implementing the 2008 SNA and supporting statistics

31. Self-assessment questionnaire
To assist countries in taking stock of the current situation with regard the short term indicators of the Data Template
To form the basis for an action plan to improve the availability, quality and timeliness of the short-term statistics
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6

32. Self-assessment questionnaire
Based on taxonomy of the Conference of European Statisticians Classification of International Statistical Activities
For each indicator in the data template, questions cover:
Dissemination and communication
Metadata and data reporting
Surveys and administrative sources
Technical cooperation and capacity building
Chapter 1
Chapter 2
Chapter 3
Chapter 4
Chapter 5
Chapter 6

33. Preparation process Draft chapters are currently being prepared
Consolidated draft of handbook is expected to be circulated for global review in 4th quarter of 2014
If you wish to be included in global review or have any other questions, please

34. Thank you!