Implementation of the SDMX International Standard in Statistical Data Specification

Technological developments and the increase in the number of globally available data sources are leading to an immense increase in the volume of information and of the data inherent in it. In many cases, these data are stored and processed in various separate systems and databases, and are characterized by a lack of uniformity in data definition and how they are described – the metadata.
Similar to many entities around the world that deal with statistical data, the Bank of Israel is dealing with challenges in data decentralization and the lack of uniformity in their description by establishing a single database that brings together all data time series in the organization, creates uniformity in data definition, and standardizes the metadata, based on the SDMX2 standard. The standard’s purpose is to create uniform standardization of data description and to streamline data and metadata transfer processes and mechanisms between international organizations and between statistical organizations.
This paper discusses the importance of uniformity of metadata, presents the international SDMX standard, outlines the advantages of uniform modeling according to the international standard, and samples how the standard is implemented on data managed at the Bank of Israel.