FUTURE EVOLUTION OF SHORT-TERM ECONOMIC STATISTICS COLLECTED AND DISSEMINATED

1. SHORT-TERM ECONOMIC STATISTICS WORKING PARTY (STESWP) 26-28 JUNE 2006 FUTURE EVOLUTION OF SHORT-TERM ECONOMIC STATISTICS COLLECTED AND DISSEMINATED BY OECD AND NATIONAL AGENCIES

2. FUTURE EVOLUTION OF SHORT-TERM ECONOMIC STATISTICS OECD paper sought to outline processes for the future evolution of STES: • For collection and dissemination by OECD – mainly in MEI • Obtain national perspectives via consultation To identify possible future activities by STESWP in co-ordination with Eurostat

3. FUTURE EVOLUTION OF SHORT-TERM ECONOMIC STATISTICS Future evolution of STES entails consideration of two sets of related issues: • Some of these: • discussed by STESWP in past; • were discussed this year • could be covered in future

4. NATIONAL CONSULTATION Work of the STESEG task forces (cont.) Countries were asked to briefly outline: • Formal planning processes for determining priorities for STES - in regards to introduction of new indicators; refinement of existing indicators. • Information on-line catalogues outlining STES available to external users. • Any plans for the development of new output databases from where external users could access detailed STES and related metadata. • Any changes by EU countries in addition to those to meet requirements of EC Regulations – e.g. those designed primarily to meet needs of users in national government

5. FUTURE EVOLUTION OF SHORT-TERM ECONOMIC STATISTICS This presentation will now briefly cover: • Processes used in MEI • The results of consultation with national STESWP participants Followed by STESWP discussion on drivers for future activities

6. FUTURE EVOLUTION OF SHORT-TERM ECONOMIC STATISTICS Work of STESEG task forces Many issues at national and international levels the same, namely: • need for relevant statistics • timely statistics • produced within limitations of available resources within OECD / NSI • with minimal reporting burden on data providers.

7. MEI BACKGROUND Creation of OECD Committee on Statistics MEI provides: • Wide range of STES for 30 OECD Member countries + large non-member economies (NMEs) • These indicators published are also disseminated by national agencies in compendium or domain specific publications Brazil, China, India, Indonesia, Russia, South Africa

8. MEI BACKGROUND – cont. Creation of OECD Committee on Statistics (cont.) • Primary focus is the presentation of nationally published indicators • These are obtained directly from national sources or from other I/Os where available (ECB, IMF, EC, Eurostat) • Key issue is the availability of metadata – electronically available for all series – updated daily Preferred access method is via access to online databases Aim is real-time updates with national release

9. DRIVERS FOR MEI CONTENT

10. FUTURE EVOLUTION OF MEI Work of STESEG task forces • Current situation • Part 1 of MEI provides limited comparative data for key headline indicators • Too limited and backward looking – still focused on “traditional sectors” • Future entails • Expansion in number of comparable series in Part 1 – not much scope here • Identification of “common” indicators as proxies – help expand country coverage • Target indicator list is a tool for consultation with: • users to identify real on-going needs • data providers to determine availability

11. FUTURE EVOLUTION OF MEI Work of STESEG task forces • Target indicator list is a tool for consultation with: • users to identify real on-going needs • data providers to determine availability • Series not currently in MEI include • Imports / exports volume • Total deposits / time and savings deposits • Unit labour costs: all activities • GDP deflator • PPI – services • Import / Export prices • For EU countries • supply driven by • Regulations: • STS • Labour costs Still evolving with regards to content

12. RESULTS OF NATIONAL CONSULTATION: MAIN ISSUES RAISED Work of STESEG task forces • For EU countries for limited resources available will be to meet needs of STS Regulation (1998 & 2005) • National users have high priority. If not relevant for national use, next-best solutions may be used (while still meeting international standards) • For non-EU countries key national users have priority

13. RESULTS OF NATIONAL CONSULTATION – cont.

14. RESULTS OF NATIONAL CONSULTATION – cont. Work of STESEG task forces Some national specific needs were mentioned: • Regional statistics, e.g. GVA • Wage and employment indicators for services, industry • Wage indicator for public sector • STS in the financial sector • Expansion in range of data on internet for free dissemination • Expansion of online databases – very heterogeneousacross OECD – format, content, metadata

15. RESULTS OF NATIONAL CONSULTATION – cont. Work of STESEG task forces Meeting increased demand with limited resources will entail: • making use of existing resources – more efficient compilation methods, use of new technology • increased use of admin. data for STS • reduction in detail provided some indicators, e.g. IIP • better co-ordination between various institutes within a country.

16. THANK YOU

17. DRIVERS FOR FUTURE ACTIVITIES