Monetary Policy Report February 2011

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Presentation transcript:

Monetary Policy Report February 2011

Balance in the economy requires continued repo rate increases

Good growth in Sweden ahead GDP, quarterly changes in per cent calculated as an annual rate, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

Recovery abroad GDP, annual percentage change. IMF’s October forecast for Brazil, Russia, India and China (BRIC) Sources: The IMF and the Riksbank

Forward-looking indicators point to high growth Purchasing managers’ index in the manufacturing industry, BRIC =Brazil, Russia, India and China Sources: Institute for Supply Management, Markit Economics and Swedbank

Lower Swedish unemployment Percentage of labour force, seasonally-adjusted data Source: Statistics Sweden and the Riksbank

Strong recruitment plans Net figures total resp. annual percentage change Sources: National Institute of Economic Research and Statistics Sweden

Labour shortages increasing Per cent, seasonally-adjusted data Source: National Institute of Economic Research

Stronger Swedish krona Index, 18 November 1992 = 100 Source: The Riksbank

Higher commodity and energy prices USD, Index 2005=100 Sources: The Economist and Reuters

Inflation higher than expected Annual percentage change Sources: Statistics Sweden and the Riksbank

Inflation close to target Annual percentage change Sources: Statistics Sweden and the Riksbank

Repo rate increased slightly faster Per cent, quarterly averages Source: The Riksbank

A forecast, not a promise Domestic demand/ Commodity prices Stronger productivity/ Exchange rate Per cent, quarterly averages Source: The Riksbank

Balance in the economy requires continued repo rate increases