Director General of the National Accounts Statistics Canada consultations with users: Results and lessons learned Art Ridgeway Director General of the National Accounts Statistics Canada December 2009

Statistics Canada • Statistique Canada User Consultation Consultations with a few key policy agencies Fiscal authority. central bank, social security authority Consultations with advisory committees National Accounts Advisory Committee National Statistics Council In December 2008 a wider consultation process began. Input was sought in three different areas: Is the timeliness of indicators adequate? Are there any key missing data products? Is a different communication strategy required? Statistics Canada • Statistique Canada 02/01/2019

Statistics Canada • Statistique Canada Timeliness Issues More timely and higher frequency financial accounts In Canada a significant part of the data for the financial sector comes from Statistics Canada and not the Central Bank Monthly indicators or estimates for supply - use: personal expenditure monthly inventory data - either monthly or earlier quarterly indicator fixed capital formation – particularly engineering projects? Don’t go to a Flash estimate of GDP Monthly GDP plus quarterly accounts from production to accumulation accounts and balance sheets Monthly cross border securities transactions and quarterly International Investment Position Statistics Canada • Statistique Canada 02/01/2019

Statistics Canada • Statistique Canada Data Gaps Information on labour market transitions such as: Time spent on job search after layoff Transition to a new industry or occupation Was a pay cut required to transition to a new job? Was geographical relocation necessary? Price index for the sale of existing housing assets Leave business and consumer conditions surveys to the private sector stick to quantitative measurement of performance Statistics Canada • Statistique Canada 02/01/2019

Statistics Canada • Statistique Canada Communication The metadata and the structure of the financial accounts and balance sheets are out-of-date and need to be modernized. Issues of consistency between the financial accounts data of the nation accounts and high frequency financial data published by others Adding analytic content such as leverage and debt burden ratios Improve geographical presentations of employment insurance claims on a monthly basis Very difficult to find data on the Statcan Wed site Statistics Canada • Statistique Canada 02/01/2019

Proposed short term data collection Proposals to address on a temporary basis the data on labour market transitions and fixed capital were prepared Funding was not forthcoming and most users preferred efforts to focus on maintaining and developing the core statistical infrastructure A one time survey of capital expenditure intentions was funded from internal sources Statistics Canada • Statistique Canada 02/01/2019

Statistics Canada responded in a number of ways. Debt service ratios released, provincial ratios to follow in new year Coordination with the central bank MV balance sheets and financial flows expanded from 4 to 33 sectors this month – an additional 3000 financial series Used presentations and workshops to address in the short term the lack of up-to-date documentation for financial and wealth accounts Statistics Canada • Statistique Canada 02/01/2019

Statistics Canada responded in a number of ways. Recognizing that the financial crisis has a large impact on Canadian’s pensions Published a Pension Satellite Account New Web site design to facilitate better access to data Users wanted more information on the special events affecting the current estimates E.g. US and Canadian governments’ equity position in GM Using Frequently Asked Questions to inform users on these types of events and to draw their attention to pertinent concepts and methods documents for such events Statistics Canada • Statistique Canada 02/01/2019

Statistics Canada • Statistique Canada Looking to the future The experience with the financial crises show that three factors are important in being prepared for future challenges Outreach Flexibility Communications Statistics Canada • Statistique Canada 02/01/2019

Statistics Canada • Statistique Canada Moving forward Outreach: Infrastructure to regularly consult with clients and capacity to quickly consult when needed Key factor in maintaining the relevance of products Access to micro data Issue before crisis but renewed efforts to provide broader access to researchers to micro business data Constitutive processes underway with objective of improving access to the fullest extent possible under the Statistics Act Statistics Canada • Statistique Canada 02/01/2019

Statistics Canada • Statistique Canada Moving forward Flexibility: Comprehensive economic data program as a foundation Capacity to quickly move resources from lower to higher priority programs This was significant constraint in most recent cycle Major project underway to improve this situation Appropriate governance structure to move resources as required Statistics Canada • Statistique Canada 02/01/2019

Statistics Canada • Statistique Canada Moving forward. Communications: Communications strategy for releases based on evolving data needs Importance of a regular communication program with users: Insure they are aware of data details and developments Maintain the metadata associated with these data Improved coordination of communication between the central bank and financial market supervisions Statistics Canada • Statistique Canada 02/01/2019