How to increase quality of Principal European Economic Indicators?

1. How to increase quality of Principal European Economic Indicators? Roberto Barcellan, Brian Newson, Klaus Wurm Eurostat

2. Principal European Economic Indicators(PEEIs) • Increased attention to short-term economic indicators • Economic and monetary policies • PEEIs (2003) • Challenging improvements (e.g. timeliness, accuracy, reliability, communication, …) Q2008 – European Conference on Quality in Official Statistics

3. PEEIs • Five sets of PEEIs: • consumer prices • national accounts • short-term business indicators • labour market indicators • external trade indicators • Including key short-term indicators: • Harmonised Index of Consumer Prices (HICP) • Gross Domestic Product (GDP) • Industrial Production Index (IPI) • employment, unemployment. Q2008 – European Conference on Quality in Official Statistics

4. PEEIs and quality • PEEIs targets reflected clear users’ needs • PEEIs a co-production of the ESS • Clear targets • timeliness; • coherence • comparability • the communication aspects • accessibility of figures • In line with the principles of the European Code of Practices Q2008 – European Conference on Quality in Official Statistics

5. Quality through a common framework and coordinated objectives • Set up of a common framework for development • Extensive consultation of users and producers • Focus on euro area and EU aggregates • Targets: timeliness, accuracy, reliability, coherence, transmission, dissemination • First stage: timeliness and availability Q2008 – European Conference on Quality in Official Statistics

6. Quality through common legal references • European legislation for: • Providing indicators (coverage) • Deadlines for the transmission (timeliness) • Quality aspects (accuracy, reliability) • Enhanced harmonisation (comparability) • General principles and specific rules • Indicators and basic statistics Q2008 – European Conference on Quality in Official Statistics

7. Quality through harmonised methodology, sharing best practices, common methodological references • Methodological initiatives • guidelines, recommendations, sharing of best practices • Manuals and handbooks in specific areas • price statistics, quarterly national accounts, short-term public finance statistics and short-term business indicators • Common initiatives • Seasonal adjustment guidelines • Revision policy • Coordination of methodological changes • Sharing best practices Q2008 – European Conference on Quality in Official Statistics

8. Quality through monitoring, reporting, comparability • Success of PEEIs: • clear and measurable targets • implementation plan/timetable • monitoring on a regular basis (annually) • EFC Status Report • Highlights progress achieved in different areas • Points to work to be done • Positive peer pression • Friendly competitiveness • Compliance and reporting Q2008 – European Conference on Quality in Official Statistics

9. Quality through communication of data and metadata • Transparency • Data and metadata • Information for the general public • Exchange of statistical data and metadata in the European Statistical System • Dedicated website • Feedback from users • Ad hoc communication initiatives Q2008 – European Conference on Quality in Official Statistics

10. PEEI and quality: the way forward • 2008: review the scope, timeliness and quality of PEEIs • in the light of the results achieved • the constraints encountered • evolving users’ needs for economic and monetary policy purposes • PEEIs as a set of interdependent indicators • Coordination by sub-areas • Economic oriented assessment • Monitor and assess – fix assessment criteria Q2008 – European Conference on Quality in Official Statistics

11. Thank you for your attention Q2008 – European Conference on Quality in Official Statistics