Monetary policy update April 2011. The Swedish economy remains strong.

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Presentation transcript:

Monetary policy update April 2011

The Swedish economy remains strong

Continued strong growth in Sweden Sources Statistics Sweden and the RiksbankGDP, quarterly changes in per cent, calculated as an annual rate, seasonally-adjusted data

Strong exports and domestic demand Annual percentage change, seasonally-adjusted dataSources: Statistics Sweden and the Riksbank

Labour market situation improving Sources: Statistics Sweden and the RiksbankUnemployment, percentage of the labour force, seasonally-adjusted data

Continued strong growth abroad Sources: IMF and the RiksbankGDP, annual percentage change. IMF’s April forecast for Brazil, Russia, India and China (BRIC)

Uncertainty in the world economy Natural disaster in Japan Fiscal problems in the euro area Political unease in North Africa and the Middle East

High energy and commodity prices Sources: Intercontinental exchange and the RiksbankBrent crude oil, USD per barrel. Forward rates calculated as a 15-day average.

Low underlying inflation Sources: Statistics Sweden and the RiksbankAnnual percentage change. The CPIF is the CPI with a fixed mortgage rate.

Rising mortgage rates give high CPI inflation Sources: Statistics Sweden and the Riksbank Annual percentage change. The CPIF is the CPI with a fixed mortgage rate.

Increasing short-term inflation expectations Annual percentage change. Inflation expectations refer to all participants. Surveys December 2010 and March Sources: TNS SIFO Prospera, Statistics Sweden and the Riksbank

A forecast not a promise Source: The RiksbankRepo rate, percentage, quarterly averages

The Swedish economy remains strong