IMF Economic Indicators: Principal Global Indicators (PGI)

ESTP course -MIPLuxembourg 1-3 December 2015 Rita Mesias Camargo 

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PGI: Outline

• Background• Main features• Access• Indicators disseminated• Enhancements• Future work• Eurostat MIP scoreboard indicators vs. PGI•

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Principal Global Indicators (PGI): Background (1/3)

• The PGI website was launched in 2009 in response to the global financial crisis, and is hosted by the IMF. It is a joint undertaking of the Inter-Agency Group of Economic and Financial Statistics (IAG), established in 2008, to coordinate statistical issues and data gaps highlighted by the global crisis and to strengthen data collection.

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PGI: Background (2/3)

Recommendation 20: Communication of Official Statistics • "The G-20 economies to support enhancement of

the Principal Global Indicators (PGI) website and close the gaps in the availability of their national data. The Inter-Agency Group on Economic and Financial Statistics (IAG) should consider making longer runs of historical data available."

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PGI: Background (3/3)

• The IAG comprises the Bank for International Settlements (BIS), the European Central Bank (ECB), Eurostat, the International Monetary Fund (IMF, Chair), the Organisation for Economic Co-operation and Development (OECD), the United Nations (UN), and the World Bank (WB)

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Principal Global Indicators (PGI): Main Features (1/5)

• The PGI dataset: provides internationally comparable data for

the Group of 20 economies (G-20) and economies with systemically important financial sectors that are not members of the G-20 to facilitates the monitoring of economic and financial developments for these economies.

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PGI: Main Features (2/5)

provides information on major economic indicators covering financial, governmental, external, and real sector data, with links to data available at websites of international and national agencies.

disseminates data on the main international statistical concepts sourced from the IAG members.

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PGI: Main Features (3/5)

publishes cross-country reports which facilitate international comparison for over 40 principal economic concepts.

publishes additional detailed country data (about 200 concepts) useful in country-level analysis.

has derived data indicators, such as annual growth and ratios to GDP, designed for data analysis.

includes aggregate GDP growth rate and CPI for G-20 economies.

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PGI: Main Features (4/5)

prepares Progress Reports (The Financial Crisis and Information Gaps – Progress Reports).

produces the IAG reference documents (new: Consolidations and corporate groups: an overview of methodological and practical issues)

disseminates new and articles (such as "Why are the G20 Data Gaps Initiative and the SDDS Plus relevant for Financial Stability Analysis?").

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PGI: Main Features(5/5)• G-20 economies • Argentina, Australia,

Brazil, Canada, China, P.R. : Mainland, Euro Area*, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia Federation, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, and United States.

• *Euro Area consolidates data of 19 member states.

• Economies with systemically important financial sectors

• Austria, Belgium, China, P.R.: Hong Kong, Denmark, Finland, Ireland, Luxembourg, Netherlands, Norway, Poland, Singapore, Spain, Sweden, and Switzerland.

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Principal Global Indicators (PGI): Access(1/2)

• The PGI website is accessible through: http://www.principalglobalindicators.org, as well as IAG members’ websites.

• The PGI dataset can also be accessed with the free PGI Data Explorer mobile app through the Apple app store.

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PGI: Access (2/2)• PGI Data Explorer allows you to create your own custom

queries of the data, view interactive data visualizations, analyze tables created by the IAG and discover additional data sources, all through an easy-to-use and intuitive touch interface.

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Principal Global Indicators (PGI): Indicators Disseminated (1/13)

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Principal Global Indicators (PGI): Indicators Disseminated – Real Sector – GDP Volume

(2/13)

PGI: Indicators Disseminated – Real Sector – GDP (3/13)

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PGI: Indicators Disseminated – External Sector (4/13)

Portfolio Investment

Reserves

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PGI: Indicators Disseminated – Financial Sector (5/13)

Financial Soundness Indicators (FSIs)

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PGI: Indicators Disseminated – Fiscal Sector (6/13)

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PGI: Indicators Disseminated – Market Sector (7/13)

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PGI: Indicators Disseminated – Additional Data (8/13)

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PGI: Indicators Disseminated – OECD Sectoral Transactions and Balance Sheets (9/13)

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PGI: Indicators Disseminated – Cross-Border Positions (10/13)

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PGI: Indicators Disseminated – National Data Sources (11/13)

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PGI: Indicators Disseminated – Additional Resources (12/13)

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PGI: Indicators Disseminated – Metadata (13/13)

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PGI Enhancements

Continuous improvement of data coverage and timeliness of the PGI platform.

Enhanced collaboration among IAG agencies that offer an SDMX web service to further improve the efficiency of data exchange, increase timeliness of PGI, and reduce overlaps in data collection from economies.

Promotion of the usage of PGI data through outreach activities, such as giving a presentation on the PGI, producing posters and brochures, and placing links to the PGI website at more prominent locations.

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PGI: Future Work

Short-term improvements focus on economy and data coverage, increased communication of the IAG work program as well as tracking progress on DGI recommendations.

The medium-term strategy covers the improvement in timeliness and consistency of data such leveraging the SDDS-Plus, and looking to add more G20 aggregates such as trade in goods and services.

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Eurostat MIP scoreboard indicators and PGI

Features MIP - Eurostat/ECFIN PGI - IMFPurpose surveillance of

macroeconomic imbalances

Close information gaps

Economies 28 (European Union) G20 + 14 (total 34) Reports Yes (ECFIN) Yes (Progress reports

and news and articles)

Thresholds Yes NoDissemination Yes Yestypes of dissemination

3-year, 5-year, year, %GDP

% change, %GDP, nominal in US$, Euros

Headline Indicators

11 indicators NA

Auxiliary Indicators

27 indicators NA

Additional Data

16 macroeconomic sets (Only Eurostat)

Data by Indicators, by Economies, other international organizations, Cross-border positions, national data sources

Metadata Yes (general metadata) Yes (some indicators)Graphics Yes YesMaps Yes NoApps No Yes

Macroeconomic Indicators

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• Thanks