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

1
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
2
Importance of statistics

• Nothing is more important for monetary policy
  than good statistics
• Alexandre Lamfalussy first president of the
  European Monetary Institute

3
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

4
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

5
Statistics in the National Bank

• The National Bank compiles three main sets of
  macroeconomic statistical data
• Monetary statistics
• Balance of payments statistics
• External debt statistics
• Macroeconomic statistical data are compiled in
  accordance with the international recommendations
  and standards

6
Challenges in the area of statistics

• Changes in the environment lead to changes in the
  needs for statistical data
• 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

7
Cooperation with other institutions

• National Bank produces and uses statistical
  information
• 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
• Data from the real sector (prices, economic
  activity, employment, wages, etc.)
• Data from the external sector

8
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
• Surveys conducted by the NBRM

9
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