STD/STESEG(2002)5
1
STD/STESEG(2002)5
1
STD/STESEG(2002)5
Shortterm Economic Statistics in the BIS Data Bank
Overview prepared for the OECD Shortterm Economic Statistics Expert Group[1]
OECD, 24 and 25 June 2002
Introduction
Economists and statisticians working at the Bank for International Settlements (BIS)[2] are users of shortterm economic statistics for their analysis and research work but the BIS is itself not a producer of such statistics. However, the BIS Data Bank is a primary source for macroeconomic statistics, including shortterm economic statistics for both BIS and central bank researchers. Due to its role in the context of the BIS Data Bank, BIS acts as intermediaries between data suppliers and users (both in central banks) of shortterm economic statistics. They are thus concerned with methodological issues and also crosscountry comparability.
The BIS Data Bank
The BIS Data Bank is a joint effort by and for central banks and the BIS. It contains macroeconomic and financial time series statistics, including shortterm economic indicators, covering a broad range of topics[3]. The currently 23 participating central banks provide data relating to their own country and, in return, may access the data made available by the other central banks.[4] So, in addition to the BIS economists there is a client base in the central banks for the shortterm economic indicators provided in the Data Bank.
The basic principle underlying the coverage of the Data Bank is not to enter into competition against larger databases, but to provide a platform where central bank economists have access to a representative set of series. These are the series central banks see as representative for their own economy, i.e. those that they would use themselves to analyse and to monitor monetary and economic developments in their respective countries.
The BIS currently does not perform any “harmonisation” of the national series provided by the participating central banks. The storage of the national time series is based on a uniform code system. This allows users to find time series with national definitions and with similar or identical contents across countries using the same “topic” code. BIS staff develop this coding structure, analyse the national series and ensure that the series are properly documented and categorised under the correct “topic”. However if internationally harmonised series are available, they are collected from central banks in addition to the national series and made available in the Data Bank. BIS staff also provide advise to users on what series they might use for specific analytic purposes.
Data frequencies in the Data Bank range from daily to annual (for the shortterm economic indicators the highest frequency is monthly), with many macro series being updated on a daily basis, ie as soon as the data become available. Reporting and access to the Data Bank by central banks is performed via the Central Bank Information Service (CBIS), which offers both interactive ("online") and batch facilities. Data files follow the GESMES/CB format. There is no direct access to the Data Bank via the public Internet.
Each series available in the BIS Data Bank is thoroughly documented. Series documentation covers fundamental information on title, unit, collection time, start and end dates, availability, reporting delay and source. One can also find additional information on national title, subtitle, compilation, coverage, breaks and methodology reference (see Annex 2).
BIS Data Bank Services as “Statistical Information Broker”
The type of statistics requested by economists for their analysis changes over time. To be relevant, a database has to take into account such changes of focus. The BIS Data Bank is not an exception to this rule. Since the beginning, the BIS has tried to adjust the Data Bank to these changing needs with the help of its users from central banks as well as the BIS economists. Implementing new series to satisfy the users‘ requests means that BIS looks carefully to the methodology of any new series.
As already mentioned, the BIS Data Bank consists mainly of series compiled on national definition. Although these series have the advantage of usually being available very quickly, they cannot always be compared easily. This lack of harmonisation is an issue when crosscountry analysis is performed. Central bank users have pointed this out and the BIS always tries to identify comparable series across countries by analysing the methodologies of series across countries and continents.
Recently, the ECB has also asked the BIS to collect from the central banks in the euro area additional real sector indicators[5] that were not available elsewhere. The two institutions have cooperated closely to harmonise the methodology of these indicators and to identify series for each country that conform as much as possible to this definition.
What does the BIS Data Bank and its users expect from the Shortterm Economic Statistics Expert Group
A full harmonisation of the methodologies for shortterm indicators may be an attractive objective but it will probably be very difficult to reach at a reasonable cost. From our perspective the project should identify practical ways in which the comparative analytical work of economists at central banks and the BIS could be facilitated and improved.
Annex 1: Shortterm economic indicators in the BIS Data Bank
The coverage on shortterm indicators has developed over the years. Please see below an overview of the general areas and the “topics” available.
INDUSTRIAL PRODUCTION: TOTAL AND BY ISIC GROUPINGS
INDUST.PRODUCTION, CONSUMER GOODS
INDUST.PRODUCTION, CONSUMER GOODS, DURABLE.
INDUST.PRODUCTION, CONSUMER GOODS, NON DURABLE
INDUST.PRODUCTION, INVESTMENT GOODS
INDUST.PRODUCTION, INTERMEDIATE OR PRODUCER GOODS
INDUST.PRODUCTION, INTERMEDIATE EXCL. ENERGY
INDUST.PRODUCTION, ENERGY
INDUSTRIAL PRODUCTION: CONSUMPTION, INVEST. & INTERMED. GOODS
INDUST.PRODUCTION, TOTAL INCL.CONSTRUCTION (ISIC 2+3+4+5)
INDUST.PRODUCTION, TOTAL EXCL. CONSTRUCTION (ISIC 2+3+4)
INDUST.PRODUCTION, MINING & MANUFACTURING (ISIC 2+3)
INDUST.PRODUCTION, MINING & QUARRYING (ISIC 2)
INDUST.PRODUCTION, MANUF.INCL.ELEC,GAZ(&WATER)OR ENERGY(ISIC 3+4)
INDUST.PRODUCTION, MANUFACTURING (ISIC 3).
INDUST.PRODUCTION, DURABLE MANUFACTURES
INDUST.PRODUCTION, MOTOR VEHICLES
INDUST.PRODUCTION, ELECTRICITY, GAS (&WATER) OR ENERGY (ISIC 4)
INDUST.PRODUCTION, CONSTRUCTION (ISIC 5)
CAPACITY UTILISATION
CAPACITY UTILISATION IN MANUFACTURING, TOTAL.
CAPACITY UTILISATION IN MANUFACTURING BY BRANCH
PRODUCTION / DEMAND EXPECTATIONS
PRODUCTION/DEMAND EXPECTATIONS IN MANUFACT.
PRODUCTION, MANUF., MONTHS COVERED BY ORDERS
INVESTMENT EXPECTATIONS
INVESTMENT EXPECTATIONS IN MANUFACTURING
ORDERS IN MANUFACTURING / INDUSTRY: TOTAL
ORDERS IN MANUF./INDUSTRY, TOTAL, UNFILLED, VALUE
ORDERS IN MANUF./INDUSTRY, TOTAL, INFLOW, VALUE
ORDERS IN MANUF./INDUSTRY, TOTAL, INFLOW, VOLUME
ORDERS IN MANUFACTURING / INDUSTRY: DOMESTIC
ORDERS IN MANUF./INDUSTRY, DOMESTIC, VALUE
ORDERS IN MANUF./INDUSTRY, DOMESTIC, VOLUME
ORDERS IN MANUF./INDUSTRY, DOMESTIC, PRIVATE SECTOR, VALUE
ORDERS IN MANUFACTURING / INDUSTRY: FOREIGN
ORDERS IN MANUF./INDUSTRY, EXPORT, VALUE
ORDERS IN MANUF./INDUSTRY, EXPORT, VOLUME
ORDERS IN MANUF./INDUSTRY, EXPORT, EXPECTATIONS
STOCKS
STOCKS IN WHOLE ECONOMY, TOTAL
STOCKS IN MANUFACTURING/INDUSTRY, TOTAL
STOCKS IN MANUFACTURING, RAW MATERIALS
STOCKS IN MANUFACTURING, WORK IN PROCESS.
STOCKS IN MANUFACTURING, FINISHED GOODS
STOCKS IN MANUFACTURING/INDUSTRY, FINISHED GOODS SURVEY ASSESSMENT
STOCKS IN RETAILING, TOTAL VALUE
TURNOVER/SHIPMENTS/DELIVERIES IN INDUSTRY
DELIVERIES/SHIPMENTS/TURNOVER IN MFG/IND., TOTAL
DELIVERIES/SHIPMENTS/TURNOVER IN MFG/IND. BREAKDOWN BY GOODS
RETAIL SALES
RETAIL SALES & FOOD SERVICES, VALUE
WHOLESALE AND RETAIL SALES, VALUE
RETAIL SALES, VALUE
WHOLESALE AND RETAIL SALES, VOLUME
RETAIL SALES, VOLUME
RETAIL SALES, FOOD & BEVERAGES, VOLUME
RETAIL SALES, NONFOOD, VOLUME
CONSUMER CREDIT
CONSUMER CREDIT OUTSTANDING
CONSUMER CREDIT EXTENDED
CAR REGISTRATIONS
CAR REGISTRATIONS/SALES
CONSTRUCTION APPROVED, ORDERED OR PLANNED
CONSTRUCTION APPROVED/ORDERED/PLANNED
RESIDENTIAL CONSTRUCTION APPROVED/ORDERED/PLANNED
CONSTRUCTION STARTED, TOTAL/RESIDENTIAL
RESIDENTAIL CONSTRUCTION SALES
COMPOSITE CYCLICAL INDICATORS
COMPOSITE INDEX OF LEADING INDICATORS
COMPOSITE INDEX OF LAGGING INDICATORS
CONSUMPTION OF INDUSTRIAL PRODUCTS
CONSUMER CONFIDENCE INDICATOR
BUSINESS CONFIDENCE INDICATOR
BUSINESS CONFIDENCE INDICATOR, BUSINESS CURRENT SITUATION
BUSINESS CONFIDENCE INDICATOR, BUSINESS EXPECTATIONS
BUSINESS SURVEY, INDIVIDUAL INDICATORS
Annex 2
Sample documentation of a shortterm economic indicator in the BIS Data Bank.
Keyfamily / BIS_MACROCode / TBHADK01
Frequency / Monthly
BIS Topic / TBHA ORDERS IN MANUF./INDUSTRY, TOTAL, INFLOW, VALUE. , NSA
Reference Area / DK DENMARK
Suffix / 01
Title / ORDERS, INFLOW IN MANUFACTURING, EXCL. SHIPBUILDING VALUE INDEX NSA
Availability / FREE
Unit / 1995=100
Unit Multiplier / Units
Unit Detail / AVERAGE MONTHLY AMOUNT IN 1990: 23690 MIO DKR
Decimals / 1
Collection / summed through period
Collection detail
National lang. title / ORDRE OG OMSAETNINGSINDEKS FOR INDUSTRI I ALT, EKSKL. SKIBSVAERFTER; ORDREINDGANG
Title complement / INDEXES FOR ORDERS AND SALES IN MANUFACTURING INDUSTRIES, NEW ORDERS RECEIVED
Aggr. Equations
Compilation / WEIGHTS OF THE INDEX BASED ON THE PATTERN OF ORDERS IN 1990; TOTAL ANTICIPATED SELLING OR INVOICED VALUE OF ORDERS NET OF CANCELLATIONS RECEIVED IN THE SAME MONTH
Coverage / VALUE INDEX OF UNFILLED ORDERS IN MANUFACTURING INDUSTRIES, EXCL. SHIPBUILDING, ETC.
Breaks / PRIOR TO JAN 90: WEIGHTS ARE BASED ON THE PATTERN OF 1985 BUT INDEX FIGURES HAVE BEEN CONVERTED TO 1990=100
Publication Source / DANMARKS STATISTIK, MONTHLY REVIEW T 20 COL 5
Domestic TS ids
Methodology / DANMARKS STATISTIK, ANNUAL SUPPLEMENT
Reporting delay / PUBL.LAG 2 MONTHS
Doc. update date / Sept122001 4:51PM
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[1] Gabriele Becker () and Christian Dembiermont (), Data Bank Services, Monetary and Economic Department, Bank for International Settlements.
[2] Website:
[3] Annex 1 provides a list of the short-term economic indicators in the BIS Data Bank.
[4]G-10 + EU-15 (including ECB) + NO + AU + NZ. In November 2000, we have invited 18 new central banks (AR, BR, CL. MX from Latin America, ZA from Africa, SA, IN, SG, MY, TH, ID, CN, KR, HK from Asia, CZ, HU, PL, RU from Europe).
[5] The work concentrated on the following areas: National Accounts, Industrial Production, Retail sales, Labour market, Prices and earnings, Foreign Trade.