Transcript Importance of statistical data

Statistics Symposium
"Importance of statistical data in the process of creating domestic policy and
accession to the EU "
IMPORTANCE OF THE RELEVANT STATISTICAL
DATA FOR THE MARKET ECONOMY
Petar Goshev, M.Sc.
Governor of the National Bank of the Republic of
Macedonia
04.10.2006, Skopje
Importance of statistics
“Nothing is more important for monetary policy
than good statistics”
Alexandre Lamfalussy – first president of the European
Monetary Institute
Importance of statistical data
 Key input in the creation of macroeconomic policies
 Indicator of the performances and a base for day-to-day
decision-making
 Foundation of the projections for future developments
 Base for comparative analysis
Quality, impartial and timely statistical data
are necessary for successful functioning
of the economy
Statistics in the National Bank
 The National Bank pays much regard for the setup and
development of statistics
 New Statistics Department has been established
 Centralized organizing of the statistics in order to achieve
grater coordination, methodological compliance and
consistency
Statistics in the National Bank
 The National Bank compiles three main sets of
macroeconomic statistical data
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Monetary statistics
Balance of payments statistics
External debt statistics
 Macroeconomic statistical data are compiled in
accordance with the international recommendations
and standards
Challenges in the area of statistics
 Changes in the environment lead to changes in the needs for
statistical data
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The role of the financial sector has increased
Central banks increasingly focus on issues related to financial
stability – we have an urgent need of financial accounts statistics
There is an increased need of more comprehensive statistical
treatment of the funds with the households sector – again for the
purpose of improved financial stability analysis
The EU membership requires methodological adjustment in the area
of statistics
Cooperation with other institutions
 National Bank produces and uses statistical
information
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Exchange of data with foreign institutions - BIS, IMF,
World Bank, EUROSTAT etc.
National Bank – member of the Irving Fisher Committee
for central bank statistics
Successful cooperation with the SSO so far, in the area of
data exchange
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Data from the real sector (prices, economic activity, employment,
wages, etc.)
Data from the external sector
Improvement of the statistics in the
Republic of Macedonia
 Contemporary econometrical analyses require adequate and
consistent statistical data
 Increasing of the awareness of all competent institutions in
the country about the vital importance of the statistics for the
national economy
 A need for comprehensive and detailed database, which will
be public and easily accessible for the users
 Further improvement of the statistics in the area of GDP,
inflation, employment, construction
 Following the contemporary trends in the central banks’
operations and improvement of the statistics
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Surveys conducted by the NBRM
Improvement of the statistics in the
Republic of Macedonia
 A need for continuous improvement of the
knowledge and techniques, and application of
operational methods in line with international
standards and recommendations