Eesti Pank and Statistics Estonia change the division of domestic statistical work
- Eesti Pank will start to compile financial account statistics showing financial flows between the sectors of the economy in full from the autumn
- Statistics Estonia will start to compile the economic statistics for foreign subsidiaries in full
From autumn the central bank will compile the statistics for the Estonian financial account in full and from 2018 Statistics Estonia will take over the compilation of economic statistics for foreign subsidiaries.
Statistics Estonia and Eesti Pank signed a cooperation agreement last week that set out the precise roles for the two bodies in related areas. Under the agreement Eesti Pank will be responsible for the annual review of the financial account, which was previously in the domain of Statistics Estonia, as well as for the quarterly statistics for the account. From the start of 2018 Statistics Estonia will take over responsibility for the economic statistics of foreign subsidiary companies and in the longer term will be responsible for the foreign trade statistics for business services.
“The agreement between Eesti Pank and Statistics Estonia will make the work of both organisations more efficient, as one institution handling a given area in full helps avoid statistical work being done twice. It will also be more convenient for users of statistics, as all the statistics for a given area will be accessible from a single source, and will be compiled using the same methodology”, explained Jaanus Kroon, head of the Statistics Department of Eesti Pank.
Ene Saareoja, head of the Enterprise and Agricultural Statistics Department at Statistics Estonia, noted how Eesti Pank and Statistics Estonia have worked well together over a long time in statistical work. “The agreement was made possible by our cooperation over a long time and the trust that that has built up. This is certainly why the negotiations about dividing areas of responsibility went quicker than they did in most countries”.
Compilers of statistics in all European Union countries should set clear boundaries for the division of these areas, and about half of the countries already have. It is still worth noting that the cooperation agreement between Eesti Pank and Statistics Estonia covers areas where several other countries have yet to reach an agreed settlement.
The division of work between Eesti Pank and Statistics Estonia has previously followed the Official Statistics Act and agreement between the two organisations. As they are highly dependent on each other’s work in many areas, it is very important for the two bodies to keep their methodologies and correction policies in line, and so they needed to sign the cooperation agreement.
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