Monetary Policy Report July 2012

Unease in Europe casts a shadow over the Swedish economy

Unease on financial markets Government bonds with 10 years left to maturity, per cent Source: Reuters EcoWin

Large differences in growth in Europe GDP growth, annual percentage change, seasonally-adjusted data Sources: Federal Statistical Office, Germany, Statistics Norway, Istat, National Institute of Statistics, Italy and INE – National Statistics Institute, Spain

Limited contagion effects on rest of world GDP, annual percentage change Sources: Bureau of Economic Analysis, Eurostat, IMF and the Riksbank

Continued growth in Sweden despite Europe’s problems GDP, quarterly changes in per cent calculated in annualised terms, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

Confidence among households and companies has dampened slightly Index, mean = 100, standard deviation = 10 Source: National Institute of Economic Research

Labour market better than expected Unemployment, percentage of the labour force, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

Increased cost pressures Wages according to the short-term wage statistics, definitive and forecast of definitive outcome, annual percentage change Sources: National Mediation Office and the Riksbank

Low but rising inflation Note. Annual percentage change. CPIF is CPI with a fixed mortgage rate. Sources: Statistics Sweden and the Riksbank

Repo rate remains low Repo rate, per cent, quarterly averages Source: The Riksbank

A forecast, not a promise Repo rate, per cent, quarterly averages Source: The Riksbank Confidence among households and companies returns faster than expected Problems in the euro area worsen

Unease in Europe casts a shadow over the Swedish economy