Industry, Retail and Construction Indicators, Volume 2002 Supplement 1 [electronic resource] PDF
Preview Industry, Retail and Construction Indicators, Volume 2002 Supplement 1 [electronic resource]
STATISTICS Main Economic Indicators COMPARATIVE METHODOLOGICAL ANALYSIS: INDUSTRY, RETAILAND CONSTRUCTION INDICATORS OECD (( Volume2002,Supplement1 STATISTICS Main Economic COMPARATIVE METHODOLOGICAL ANALYSIS: INDUSTRY, RETAILAND CONSTRUCTION INDICATORS Volume2002,Supplement1 Copyrightedmat FOREWORD Thispublicationprovidescomparisonsofmethodologiesusedtocompilesomeoftheshort-term peucbolnicoamtiiconisn.diTchaetoirnsdpiucabtloirsshecdovbeyrethdeaOreEpCubDlifsohreidtsiMnethmebmeorntcohulnytrOieEs.CIDtipsubtlhiecfaitrisotni,nMaasienriEescoonfosmuicch Indicators(MEI). Theprimarypurposeofthispublicationandthecompanionpublication,MainEconomic Indicators:SourcesandDefinitionspublishedinJuly2000,istoprovideuserswithmethodological informationunderlyingtheshort-termindicatorspublishedinMEI.Suchinformationisessentialto ensuretheirappropriateuseinaninternationalcontextbyanalysts.Theinformationwillalsoenable nationalstatisticalinstitutesandotheragenciesresponsibleforcompilingshort-termeconomic indicatorstocomparetheirmethodologyanddatasourceswiththoseusedinothercountries.Finally, itwillprovidearangeofoptionsforcountriesintheprocessofcreatingtheirownindicators,or overhaulingexistingindicators. Thecompanionpublication.MainEconomicIndicators:SourcesandDefinitions,provides summarydescriptionsofindividualcountrymethodologiesusedinthecompilationofshort-term economicindicatorsforMembercountriesandfornon-membercountrieswithintheprogramof activitiesoftheCentreforCo-operationwithNon-Members(CCNM).Thecurrentpublicationdiffers fromthesourcesanddefinitionspublicationinthatitcontainsmoreextensiveanalysisofthe methodologiescountriesusetocompileshort-termeconomicindicatorspublishedinMEI.This gaunialdyesliisnesfoacnudsersecoonmmisesnudeastioofndsatpaubcloimsphaerdabbiyltihteyOinECthDeacnondtoetxhterofinetxeirsntaitnigonailntaegrenantciioensalsuscthatiasstitchael UnitedNations StatisticalDivision(UNSD). theInternationalMonetaryFund(IMF) andthe InternationalLabourOrganisation(ILO). Itisnotintendedthattheinformationinthispublicationshouldbeasdetailedasthatprovidedby nationalinstitutesresponsibleforcompilingtheindicators.Insofaraspossible,thepublication containsinformationenablingtheusertoaccessmoredetailedmethodologicalinformationavailable fromthenationalcompiler,particularlywheresuchinformationcanbeaccessedfromwebsites. NeevveerrythOelEeCssD,itMheamsbneortbceoeunntproys.siblIendteoedc,ovaersaelclomnedtahroydopluorgpiocsaelaosfpetchtesrpeulbaltiicnagttioontheisintdoichaitgohrlsigfhotr importantareaswhere,forcertaincountries,gapsremainsothatthenationalagenciesresponsiblemay takeactiontodisseminatetherequiredinformationwithreferencetowhatisavailableforother Membercountries. Internationaldatacomparabilityisbutoneaspectofthebroaderissueof"dataquality".Another importantdimensionofdataqualitygivenevenmoreprominenceforshort-termindicatorsinrecent yearsistimeliness.Inparticular,thegrowingimportanceoffinancialmarketsandthegovernmentand non-governmentinstitutionsthatoperatewithinthosemarketshasmeantevenmorepressureon agenciescompilinganddisseminatingindicatorstoprovidereliabledata,ontime,andassoonas possibleafterthereferenceperiod. Inrecentyears,nationalstatisticalinstitutesandinternationalorganisationshavedevotedmuch attentiontothequalityofthedatatheycompileand/ordisseminate.Moreoftenthannot.themeaning oftheterm“quality"istakenasgiven,togetherwithhowthe“quality”ofastatisticcanbedescribed, eithertothestatisticsspecialistor,moreimportantly,tothenon-statisticalspecialistuserprimarily interestedintheabilityofthedatatoadequatelyreflectthephenomenaitpurportstomeasure.Varied 3 Industry,RetailandConstructionInd©ica2t0o0r1sO'wEC”D approachesareappliedtomeasuringstatisticalquality.Theserangefromtheidentificationofasetof veryspecificquantitativemeasures,totheprovisionofqualitativedescriptionsofthemethodologies usedinthecollectionandcompilationofthestatistics.Theseandotherissueshavebeenthesubjects ofnumerousconferencesorganisedbynationalandinternationalagencies. Theseeminglysimplelabel“quality”encompassesamyriadofissuesandtrade-offsunderlying thestatisticscompiledbyvariousorganisations,thecomplexityofwhichprecludesanyoneapproach beingcompletelyadequateforallstatisticalseries,forallusesofaspecificseriesandforallusersof thedata.Theapproachadoptedinthispublicationistonarrowthefocustodatacomparability. However,eventhisapproachisnotwithoutdifficulty,forexample,whatspecificaspectsofdata collectionandcompilationdoesoneactuallycompareacrosscountriesandwhatimpactdoany differencesidentifiedreallyhaveintermsoftheuseofthedata? Asmentionedabove,thecomparabilityofthestatisticalseriespublishedinMEIisundertakenin thecontextofexistinginternationalstatistical“standards”.Eventhistermraisestheissueofwhat exactlyisan“internationalstatisticalstandard”.Relatedissuesthatcametolightintheprocessof identifyingstatisticalstandardsforuseinthispublicationwere:statisticalsubjects(forshort-term economicindicators)whereinternationalstandardswereeithernon-existentoroutofdate;thedegree ofacceptanceofasetofguidelinesandrecommendationsasconstitutinga“standard”;andtheoften general/broadtermsinwhichtherecommendationsembodiedinthestandardsareexpressed.The authorsacknowledgethatthereisnouniqueanswertotheseandotherissuesraisedaboveand emphasisethattheapproachadoptedhereisaninitialone. Themainauthorsofthispublicationwere,inalphabeticalorder:ElizabethAlbarran,Patrick Eparvier,BrianFinn,FredericParrot,RitaVarleyandDenisWard. TheOECDSecretariatgratefullyacknowledgesthecontributionofthenationalstatistical institutesandthevariousothernationalauthoritiesresponsibleforshort-termeconomicindicators,and thanksthemfortheirco-operation.Withoutthisassistanceitwouldnothavebeenpossibletoproduce thispublication. AcknowledgementisalsogiventotheUnitedNationsStatisticalDivision,theInternational LabourOrganisation,theInternationalMonetaryFundandtheStatisticalOfficeoftheEuropean Communities(Eurostat)forthecountrymethodologicalinformationusedtosupplementandclarify themethodologicalinformationprovideddirectlybynationalstatisticalagencies. ThepublicationispublishedundertheresponsibilityoftheSecretary-GeneraloftheOECD. StatisticsDirectorate OECD December2001 OECDM©2E0I0M1ethodologicalAnalysis-VolumeOne 4 t 11 TABLEOFCONTENTS 1.INTRODUCTION 7 11..12 NAeicmesosfittyhisfoprumbelitcaadtaitoanininterpretingdata 77 1.3 Internationalguidelinesforshort-termeconomicindicators 9 1.4 Statisticalmethodologicalinformationforinternationalcomparisons 10 11..56 TTaarrggeettdienfdiicnaitioornssffoorrMMaEiInEtacrognetominidcicIantdoircsa.t.o..r..s..„ 1164 U1.i7 CCoolnlcelcutsiioonnosfmethodologicalinformationforthispublication 1176 L9 Feedbackoncontents 17 2.INDICESOFINDUSTRIALPRODUCTION 19 2J Introduction IQ 222 Volumeindices 19 2.3 Internationalguidelinesandrecommendations 21 2.4 Frequencyofindustrialproductionindices 21 2.5 IndustrialproductionindicatorspublishedinMainEconomicIndicators 22 2.6 Accesstodetailedmethodologicalinformation 24 2.7 Nationalclassificationsofindustrialproduction 25 2.8 Statisticalpopulation 27 2.9 Statisticalunits 29 2.10Datasourceandcoverageofindicators 3 2.11 Indexcompilation 35 2.12Weightsusedforaggregation 37 3.RETAILTRADE 41 3J Introduction 41 3.2 Internationalguidelinesandrecommendations 41 3.3 Frequencyofretailtradedata 42 3.4 RetailtradeindicatorspublishedinMainEconomicIndicators 43 3.5 Accesstodetailedmethodologicalinformation 44 3.6 Statisticalpopulation 45 3.8 Datasourceandcoverageofindicators 52 3.9 Reportingunits 55 310Datacollected 51 3.11Basisofprices 60 3.12Compilationofretailsalesvolumeindices 6 4.CONSTRUCTION 65 4J Introduction 65 4.2 Internationalguidelinesandrecommendations 66 423 Classificationsofconstruction 67 4.4 ConstructionindicatorspublishedinMainEconomicIndicators 68 4J> Sourcesofconstructiondataandaccesstometadata 70 4.6 Indicatorsoffutureactivity 72 4.7 Indicatorsofactualactivity 75 Industry,RetailandConstructionIndicators 1.INTRODUCTION 1.1Necessityformetadataininterpretingdata TheOECDcollectsanextensiverangeofstatisticsfrombothMemberandnon-membercountries withintheprogrammeofactivitiesoftheCentreforCo-operationwithNon-Members(CCNM).The primarypurposeforcollectingsuchinformationistoprovidethevariousDirectoratesinthe OrganisationwithastatisticalbasefortheireconomicstudiesofMembercountries.Suchstudies include economic surveys and economic analyses and policy recommendations to Member governmentsincurrentareasofOECDactivity.However,thestatisticscollectedareofsimilaruseto eoxfttehrinsa,lthaegeOncEiCesDaanldsoidnsitsisteumtiionnaste(sgomvoesrtnmoefntth,epirnifvoartem,ataicoandgeamtihce,reidntveirnaatainoneaxlt,enestci.v)e.rIannrgeecoogfnpiatpieorn andelectronicpublications. TheOECD’smonthlypublication,MainEconomicIndicators(MEI),providesanoverallviewof short-termeconomicdevelopmentsthroughpresentationofanextensiverangeofspecificshort-term economicindicatorswithineachofthefollowingsubjects: • nationalaccounts • domesticdemand • production • labourmarketindicators • businessandconsumeropinions • prices • compositeleadingindicators • finance • manufacturing • foreigntrade • construction • balanceofpayments Theseindicatorsareimportantinstrumentsfortheformulationofeconomicpolicyatthenational levelandforusebyinternationalorganisationssuchastheOECD,IMF.EurostatandtheEuropean CentralBank(ECB).Theyarewellknown,widelycollectedandusedextensivelybycountriesand internationalorganisations. Inaddition,themethodsfortheircollectionandcompilationareusuallywellestablishedand documented within each country and in statistical methodological information compiled by internationalorganisationssuchastheIMFfortheirSpecialDataDisseminationStandard(SDDS). Evenso,themethodologiesusedarenotalwaystransparentforalargenumberofusers.Insomecases, thismayleadtomisinterpretationofstatisticaldataandamisunderstandingofeconomicphenomena, especiallywhenmakinginternationalcomparisons.Undertakingsuchcomparisonrequiresaccessto statisticalmethodologicalinformation(alsocommonlyreferredtoas“metadata”)thatoutlines definitions, sources andmethods ofcompilation, etc., ofthe indicators in questionso that cross-countrycomparability(orratherlimitationstoit)canbeunderstood. 1.2Aimofthispublication Thispublicationisthefirstinaseriespresentingcomparisonsofmethodologyusedinthe compilationofkeyshort-termeconomicindicatorspublishedinMEI.Inthisedition,thecomparisons arerestrictedtoindustrialproductionindices,retailtradeandconstructionindicators.Subsequent editionswillprovidesimilarcomparisonsforpriceindices;labourforce(employment,unemployment 7 Industry,RetailandConstructionInd©ic2a0t0or1sOECD andearnings);businessandconsumeropinions;compositeleadingindicators;foreigntrade;and finance. Themainelementsusedinthecomparisonofnationalpracticesforkeyindicatorspublishedin MEIcoveredinthispublicationare; • existing international statistical guidelines and recommendations for short-term economic indicators; • targetdefinitionsderivedfromthoseinternationalstandards; • summariesofstatisticalmethodologicalinformationoutliningcurrentnationalpracticesin individualcountries; • thelistofMEItargetshort-termeconomicindicators(i.e.whattheOECDwouldliketocollectfor eachcountry);and • theMEIdatainventorythatoutlineswhattheOECDactuallycollectsanddisseminates. Theseelementsareusedincomparisonsofcurrentnationalstatisticalpracticessuchasthose presentedinthispublicationandinrepoitsandassessmentsonotheraspectsofdataquality. TherelationshipbetweentheseelementsisillustratedinDiagram1. Diagram1:ElementsinthecomparisonofMEIshort-termeconomicindicators Usesof methodological Existinginternational information Summariesofcurrent statisticalguidelines nationalpractices and (refer1.4) recommendations (refer1.3) Country comparisons (comparability) Lindkestatiolemdore methodological Targetdefinitions information (glossary) compiledby (refer1.6) IMF,Eurostat, Reportson national otheraspects statistical ofdataquality agencies (refer1.7) ListofOECDtarget MEIdatainventory short-termeconomic (refer1.5) indicators (refer1.5) OECDM©2E0I0M1ethodologicalAnalysis-VolumeOne 8 forthEexiMsEtiIngtairngteetrnsahtoirotn-atlesrtmatiinsdtiiccaaltogrusi,die.le.intehseasnhdorrte-cteormmmeencdoantoimoincsianrdeictahteorssoutrhactetohfetOheEdCefDinwiotiuolnds lOiEkeCtDopaucbtluiaslhlyfoprubelaicshheMsefmobretrhocsoeunctoruyn.trTiehse,MeiEtIherdadtiareicntvleynotrorvyiaprootvhiedresinatedrentaatiiloendalliostrgoafniwshaatitontsh.e Currentnationalpracticesregardingthecompilationofeachshort-termeconomicindicatorare providedbynationalagencies(againeitherdirectlyorviaotherinternationalorganisations)inthe formofstatisticalmethodologicalinformation. Allfivecomponentsintheabovediagramareusedinthecomparisonsprovidedinthesubsequent partsofthispublication.Thesecomparisonscomprise: • adescriptionoftheindicator,andbackgroundinformationonthecontextanduse(s).Such informationoftenprovidesaninsightintoareasandissuesthatimpactonthecomparabilityofthe indicator,anindicationtousersonhowdatamaybeused,limitationstotheuseofthedata,etc.; • referencetospecificexistinginternationalstatisticalguidelinesandrecommendations; • relevantdataspecificationsanddefinitionsandotherinformationontheindicatorsactually collectedfromMembercountries; • summarycomparisontablesoutliningkeymethodologicalaspectsofcurrentnationalpracticefor eachoftheindicatorsinthispublication{i.e.industrialproductionindices,retailtradeand constructionindicators); • theInternetaddressofdetailedmethodologicalinformationprovidedonwebsitesbynational agenciesandotherinternationalorganisations(mostnotablytheIMFontheirDissemination StandardsBulletinBoard(DSBB)andEurostat). Resourceconstraintsprecludecomparisonsofallthemethodologicalissuesinvolvedinthe collection,compilationandpresentationoftheindicatorscomparedinthispublication.Thoseincluded inthecomparisontablesare(subjectively)thoughttohavethegreatestimpactondatacomparability. TheyvaryforeachMEIseries. 1.3Internationalguidelinesforshort-termeconomicindicators Overthelasttwoorthreedecadesanextensiverangeofguidelinesandrecommendationsfor mostoftheshort-termeconomicindicatorspublishedinMEIhavebeenpreparedbyinternational organisationsworkingwithnationalstatisticalinstitutesandotheragenciesresponsiblefortheir compilationanddissemination.Themainobjectiveofsuchguidelinesandrecommendationsisthe developmentofbestpracticeinthecollection,compilationandpresentationoftheindicators.Theuse ofbestpracticealsocontributestowardsmakingtheindicatorsmorecomparable.Thecontentofthe guidelinesvariesalthoughtheynormallyincludeanumberofdimensionssuchasdefinitionsofkey terms,classificationsandrecommendationsonbestpracticeforthecollection,compilationand presentationofstatistics. Wheretheyexist,keymethodologicalitemswithinexistinginternationalstatisticalguidelines (generallythosedevelopedbytheUnitedNationsStatisticalDivision(UNSD)andtheInternational MonetaryFund(IMF))havebeenusedasthebasisforacross-countrycomparisonsinthispublication. 9 Industry,RetailandConstructionInd©ic2a0t0or1sOECD
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