Full Compliance Summary
Finland became a subscriber to the Special Data Dissemination Standard (SDDS) of the International Monetary Fund (IMF) on June 3, 1996. According to the SDDS website, Finland's data meets all requirements for coverage, periodicity, and timeliness. Finland does avail itself of a timeliness flexibility option for central government operations data, explaining that this is necessary only for the period from December through March, when it prepares its annual data for the prior year. Information provided on the SDDS website also indicates that Finland complies with the SDDS requirements on access, integrity and quality of data. The SDDS website also shows that Finland produces summary methodologies for all datasets, as well as advance release calendars that are also posted on the website of Statistics Finland. The IMF in its 2005 report notes that Finland regularly updates its metadata and adheres to the release dates posted on its advance release calendars. As a member of the European Union, European Monetary Union, and European Statistical System, Finland is also subject to the policies and practices regarding statistics that are promulgated by those bodies.
General Overview
The IMF's SDDS website discloses that Finland first subscribed to the standard on June 3, 1996. The website shows that Finnish statistics comply with all requirements of timeliness, coverage, and periodicity, but notes that "the State Treasury is availing itself of a flexibility option for the timeliness of the central government operations data." It disseminates advance release calendars for all relevant datasets, and the 2005 IMF Report on the Observance of Standards and Codes (ROSC) notes that it strictly adheres to these calendars when releasing its data. In addition, the SDDS website discloses that Finland provides summary methodologies for all required datasets. The 2005 ROSC adds that Finland provides regular updates of its SDDS metadata. As a member of the European Union (EU) and European Monetary Union (EMU), Finland is also subject to the regulations and legislation governing statistics that are promulgated by those bodies.
The primary statistical authority in Finland is Statistics Finland (Tilastokeskus, or SF), which is a part of the National Statistics Service, according to the 2005 ROSC. It derives its authority from the Statistics Act of Finland (Statistics Act) No. 280/04 of 2004. The Act charges the National Statistics Service with the responsibility of producing official statistics on social conditions and to develop its statistical product for a wide variety of uses. According to the Statistics Finland website, the agency is mandated to collect and maintain statistics concerning social conditions, serve as a data provider to the public, conduct statistics-related surveys and research, develop statistical methodologies, coordinate the statistical work of other government bodies and officials, and cooperate internationally in statistically related activities. The website notes as well that the agency produces approximately 200 different statistics annually, from which it generates in excess of 700 releases each year.
The 2005 ROSC adds that the National Statistics Service comprises Statistics Finland along with approximately 20 other agencies of the central government. However, it does not include the Bank of Finland (Suomen Pankki, or BoF). The 2005 ROSC finds that Finland produces high-quality macroeconomic statistics, adding that its statistical policies and practice are shaped by the European Statistical System. Statisticians from both Statistics Finland and the BoF work regularly with their counterparts in the European Union member states, participating in a range of activities relating to statistical issues. Finland is active in sharing its insights on good practices and professionalism. In addition to certain provisions in the 2000 Constitution, additional laws governing the compilation and dissemination of statistics in Finland are the Act on the Bank of Finland of 1998, the Act on the Officials of the Bank of Finland of 1998, and the Act on the Openness of Government Activities of 1999, as amended, as well as a variety of legislation with which members of the EU and EMU must comply.
The 2006 BoF Annual Report (published in 2007) notes that it has taken steps to improve its statistical work. It has an ongoing program of investment in information technology which began with developing a system for collecting monetary financial institution data, but is now working to adapt its statistics on securities to the guidelines established by the ECB. The BoF report adds that the Bank has sought out IT specialists to enhance its statistical efforts, and is working toward making its online statistical publications more user friendly.
The Principles
FCComprehensive economic and financial data, disseminated on a timely basis.
As reported in the IMF's 2008 Annual Observance Report (published in 2009), Finland, during 2008, met the SDDS requirements for coverage and periodicity for all data categories. The country also either met or exceeded the timeliness requirements for most data categories in 2008. The IMF, both in its 2005 ROSC and on the evidence of its SDDS website, discloses that Finnish statistics are timely, of high quality, appropriately broad in coverage, and meet all periodicity requirements. Finland avails itself of one timeliness flexibility option, for central government operations, although the SDDS discloses that its release of this data generally falls within the established timeliness requirements. Finland explains on the SDDS website that its need for the timeliness flexibility option arises specifically for the months of December through March, because this is when it prepares its annual data for the previous year. The 2005 ROSC noted that a flexibility option was once required for general government financing data, as well, but the SDDS website discloses that this is no longer the case.
FCReady and equal access to official statistics.
The IMF's SDDS website discloses that Finland makes advance release calendars (ARCs) available for all relevant datasets (the calendars are also posted on the Statistics Finland website) and that it strictly adheres to the schedule of release. The data are made available to all users at the same time. According to the IMF's 2008 Annual Observance Report, "during 2008, Finland met the SDDS requirements for ARC in all months" (p. 6). Metadata on the general government and its subsectors, as well as on balance-of-payments, are provided to the SDDS website, and are also published in a variety of formats on the MoF and Statistics Finland websites. The SDDS website notes that Finland exercises its flexibility option on the advance release calendar for its central government operations data. Finland explains its use of the option as arising from its need to accommodate the preparation of its annual data for the prior year, which occurs during the months of December through March. All data are released simultaneously to all interested parties through Statistics Finland press releases and on the Statistics Finland website. The 2005 IMF Data ROSC finds that data and metadata are, for the most part, easily accessible to the public. However, the report did note that "it would help fiscal policy users if the links between major revenue and expenditure aggregates and balancing items in government finance statistics were clarified" adding that "it would be useful as well to improve the available metadata on quarterly national accounts and government finance statistics. Prompt and knowledgeable support is provided to users" (p. 6).
FCOfficial statistics must have the confidence of their users. Transparency of its practices and procedures is a key factor.
The IMF's 2008 Annual Observance Report notes that "during 2008, Finland met the SDDS requirements for certification for all quarters" (p. 7) meaning that in every calendar quarter in 2008, Finnish authorities certified that the information posted on the DSBB was correct. The IMF's SDDS website discloses that the terms and conditions of data collection, compilation, and dissemination are disclosed, as are the laws governing such activities and those that protect the confidentiality of data collected. Per the 2005 IMF data module ROSC, the principal laws governing Finland's statistical enterprise are the Statistics Act of 2004 and the Act on the Bank of Finland of 1998. Supporting legislation, of both Finnish and European Union derivation, contribute to a strong legal framework for the compilation and use of data, and provide confidentiality safeguards. The Statistics Act of 2004 establishes the National Statistical Service of Finland, of which Statistics Finland is a part. The National Statistics Service comprises approximately 20 agencies within the central government, not including the BoF. By law, the National Statistics Service is mandated to "produce official statistics describing social conditions" and develop them for more generalized use, as well (p. 8). The legal basis for the statistical mandate of the BoF is separate from that of the National Statistical Service, deriving from the provisions of the Act on the Bank of Finland. The BoF is an independent institution governed by public law. Changes in methodology are announced in advance with respect to all relevant data categories, and there is clearly identifiable information provided on the IMF's SDDS website with regards to ministerial commentary for statistical releases.
The 2005 IMF Data ROSC characterizes the staff of the BoF as highly professional, and notes that their activities are governed by the Act on Officials of the Bank of Finland, which covers appropriate official behavior in the performance of duties. The Act sets out the obligations of the BoF and its officials with respect to the performance of duties. The same Act constrains the BoF with regard to confidentiality. Statistics Finland is also subject to confidentiality provisions, according to the 2005 ROSC. These provisions disallow the sharing of data between Statistics Finland and other agencies. The ROSC notes, however, that "by permitting consistency checks, such sharing would enhance the accuracy of balance of payments and financial accounts statistics" (p. 9). The ROSC further notes that Finland's statistical agencies are objective in their collection, processing, and dissemination of statistics. Finally, the ROSC reports that the terms and conditions under which statistics are compiled are made public.
According to the 2006 Annual Report, the most recent available on the BoF website, "The BoF is an active and constructive member of the Eurosystem. The Bank's operations are founded on high quality, transparency, and cost efficiency. The Bank also promotes efficiency and transparency throughout the Eurosystem" (p. 11). The BoF is also required to comply with the reporting requirements of the European Central Bank with regard to euro-zone monetary financial institutions, financial and balance-of-payment data for the euro area, and national data. This work is a joint task undertaken by the BoF and Statistics Finland.
FCA set of standards that deals with the coverage, periodicity and timeliness of data must also address the quality of statistics.
Per the IMF's 2008 Annual Observance Report "during 2008, Finland provided available information on the methodology, sources, and statistical techniques of data categories in Data Quality Assessment Framework that would facilitate users to assess the quality of the data" (p. 7). The 2005 IMF data module ROSC reports that "Finland has an effective legal and institutional framework that supports the collection of good quality statistics" (p. 4). According to the same report, the macroeconomic statistics produced by Finland exemplify internationally recognized standards in their use of concepts and definitions, as well at their methods of categorization and their scope. Government finance statistics are produced in a way consistent with the standards and methodology of the European System of Accounts, 1995 edition (ESA95). The ROSC suggested that the adoption of the Government Finance Statistics Manual of 2001 would only enhance Finland's statistical presentations, and would likely help to make its fiscal analyses more comprehensive. However, there were no plans to do so, according to the ROSC.
Both the ROSC and the SDDS website disclose that Finland's statistics are accurate and highly reliable. According to the ROSC, "source data and statistical techniques are generally sound and statistical outputs generally portray reality" (p. 5). While the ROSC found that most of Finland's statistical work was consistent with international good practices of transparency with regard to data revisions, it reported that balance-of-payments data could be improved in this respect. However, the current SDDS website states that major methodological changes, changes in source data, and changes in statistical techniques for this data set are now announced in advance. The SDDS website also discloses that there are summary methodologies provided for all data categories, and that these are regularly updated. For all relevant data categories, as well, Finland disseminates component detail, related data are reconciled, and the statistical frameworks employed support statistical cross-checking. Thus, for all datasets, according to the IMF's SDDS website, there are mechanisms in place that provide the assurance of reasonableness.
