Monetary Policy Report October 2012. Low repo rate stimulates the Swedish economy.

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Presentation transcript:

Monetary Policy Report October 2012

Low repo rate stimulates the Swedish economy

Financial markets fairly calm… Source: Reuters EcoWin Government bonds with approximately 10 years left to maturity, per cent

…but there is still a long way to go Underlying structural problems Problems in European banks Political decisions remain At EU level At national level

Slow recovery in the euro area GDP, annual percentage change Sources: Bureau of Economic Analysis, Eurostat, IMF and the Riksbank

Weak demand for Swedish exports Annual percentage change, calendar-adjusted data. The export market aims to measure demand for imports in the countries to which Sweden exports. This is calculated by aggregating the imports of 32 countries and covers around 85 per cent of the Swedish export market. Sources: Statistics Sweden and the Riksbank

Households consuming at a relatively good pace Annual percentage change Sources: Statistics Sweden and the Riksbank

Swedish economy slowing down GDP, quarterly changes in per cent calculated in annualised terms, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

Unemployment rising slightly Unemployment, per cent of the labour force, aged 15-74, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

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

Low repo rate stimulates the economy Repo rate, per cent, quarterly averages Source: The Riksbank

Forecast, not a promise Stronger demand in Sweden Problems in the euro area worsen Repo rate, per cent, quarterly averages Source: The Riksbank

Low repo rate stimulates the Swedish economy

Extra

Competition-weighted nominal exchange rate, TCW and KIX Index, 18 November 1992 = 100. TCW and KIX refers to different aggregates of currencies on the basis of trading patterns. KIX weights are updated regularly and cover a larger group of countries. Outcome data are daily rates and forecasts are quarterly averages. Source: The Riksbank