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Monetary Policy Update September 2012

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Monetary Policy Update September 2012 Powered By Docstoc
					Monetary Policy
    Update
September 2012
Figure 1. Repo rate with uncertainty
bands
Per cent, quarterly averages




Note. The uncertainty bands for the repo rate are based on the ability of risk-adjusted market rates to forecast the future repo rate for the   Source: The Riksbank
period 1999 up to the point when the Riksbank started to publish forecasts for the repo rate during 2007. The uncertainty bands do not
take into account the fact that there may be a lower bound for the repo rate.
Figure 2. GDP with uncertainty bands
Annual percentage change, seasonally-adjusted data




Note. The uncertainty bands are based on the Riksbank’s historical forecasting errors. There is also uncertainty for the   Sources: Statistics Sweden
outcomes for GDP, as the figures in the National Accounts are revised several years after the preliminary publication.              and the Riksbank
Figure 3. CPI with uncertainty bands
Annual percentage change




Note. The uncertainty bands are based on the Riksbank’s historical   Sources: Statistics Sweden and the Riksbank
forecasting errors.
Figure 4. CPIF with uncertainty bands
Annual percentage change




Note. The uncertainty bands are based on the Riksbank’s historical forecasting errors.   Sources: Statistics Sweden and the Riksbank
The CPIF is the CPI with a fixed mortgage rate.
Figure 5. Repo rate
Per cent, quarterly averages




                               Source: The Riksbank
Figure 6. Real repo rate
Per cent, quarterly averages




Note. The real repo rate is calculated as an average of the Riksbank’s repo rate forecasts for the   Source: The Riksbank
coming year minus the inflation forecast (CPIF) for the corresponding period.
Figure 7. GDP
Quarterly changes in per cent calculated in annualised terms, seasonally-
adjusted data




                                                     Sources: Statistics Sweden and the Riksbank
Figure 8. Unemployment
Per cent of the labour force, aged 15-74, seasonally-adjusted data




                                                     Sources: Statistics Sweden and the Riksbank
Figure 9. Labour force and number of
employed
Thousands, seasonally-adjusted data




                                      Sources: Statistics Sweden and the Riksbank
Figure 10. CPI
Annual percentage change




                           Sources: Statistics Sweden and the Riksbank
Figure 11. CPIF
Annual percentage change




Note. The CPIF is the CPI with a fixed mortgage rate.   Sources: Statistics Sweden and the Riksbank
Figure 12. CPIF excluding energy
Annual percentage change




Note. The CPIF is the CPI with a fixed mortgage rate.   Sources: Statistics Sweden and the Riksbank
Figure 13. GDP gap, hours gap and
emplyment gap
Per cent




Note. GDP gap refers to the deviation from trend in GDP calculated using a production function. The hours gap refers   Sources: Statistics Sweden
to the deviation in the number of hours worked from the Riksbank’s assessed trend.                                              and the Riksbank
Figure 14. TCW-weighted nominal
exchange rate
Index, 18 November 1992 = 100




Note. Outcome data are daily rates and forecasts are quarterly averages. TCW refers to a   Source: The Riksbank
weighting of Sweden's most important trading partners.
Figure 15. Oil price, Brent crude
USD per barrel




Note. Futures are calculated as a 15-day average. Outcomes represent   Sources: Intercontinental Exchange and the Riksbank
monthly averages of spot prices.
Figure 16. GDP in different regions
and countries
Quarterly changes in per cent, annual rate, seasonally-adjusted data




Note. TCW refers to a weighting of          Sources: Bureau of Economic Analysis, Eurostat and the Riksbank
Sweden’s most important trading partners.
Table 1. Repo rate forecast
Per cent, quarterly average values




                                     Source: The Riksbank
Table 2. Inflation
Annual percentage change, annual average




Note. The CPIF is the CPI with a fixed mortgage rate. The HICP is an EU harmonised index of consumer prices.   Sources: Statistics Sweden
                                                                                                                        and the Riksbank
Table 3. Summary of financial
forecasts
Per cent, unless otherwise stated, annual average




* Per cent of GDP




                                                    Sources: Statistics Sweden and the
                                                                              Riksbank
Table 4. International conditions
Annual percentage change, unless otherwise stated




   Note. The Swedish export market index is calculated as a weighted average of the imports of the 15 countries which are the largest
   recipients of Swedish exports. They receive approximately 70 per cent of Swedish exports. The weight assigned to a country is its
   share of Swedish exports of goods.




                                                         Sources: Eurostat, IMF, Intercontinental Exchange, OECD and the Riksbank
Table 5. GDP by expenditure
Annual percentage change, unless otherwise stated




*Contribution to GDP growth, percentage points




Note. The figures show actual growth rates that have not been calendar-   Sources: Statistics Sweden
adjusted, unless otherwise stated. NA is the National Accounts.                    and the Riksbank
Table 6. Production and employment
Annual percentage change, unless otherwise stated




* Per cent of labour force




Note. Potential hours refer to the the long-term sustainable level for the   Sources: Statistics Sweden and the
number of hours worked according to the Riksbank’s assessment.                                         Riksbank
Table 7. Wages and unit labour cost
for the economy as a whole
Annual percentage change, calendar-adjusted data, unless otherwise stated




* Contribution to the increase in labour costs, percentage points




Note. NMO is the National Mediation Office’s short-term wage statistics and NA is the National Accounts. Labour cost per hour
is defined as the sum of actual wages, collective charges and wage taxes divided by the seasonally adjusted total number of
hours worked. Unit labour cost is defined as labour cost divided by seasonally adjusted value added at constant prices.


                                                    Sources: National Mediation Office, Statistics Sweden and the Riksbank

				
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