Monetary Policy Update September 2011

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Presentation transcript:

Monetary Policy Update September 2011

Repo-rate increases postponed

Turbulence in the financial markets Stock market index, 3 January 2006 = 100 Source: Reuters EcoWin

Major problems with public finances Public debt as percentage of GDP Source: IMF WEO April 2011

Declining confidence abroad Purchasing managers’ index, manufacturing industry, seasonally-adjusted data Source: Markit Economics

Global growth holding up GDP, annual percentage change Sources: Bureau of Economic Analysis, Eurostat and the Riksbank

Cautious Swedish households and companies Confidence indicators for households and the total business sector, net figures, seasonally-adjusted data Source: NIER

Slower Swedish growth in the short term GDP, quarterly percentage change as an annual rate, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

Slow improvement in the labour market Unemployment, percentage of labour force, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

Wage increases compatible with the inflation target Nominal wages, annual percentage change Sources: National Mediation Office, Statistics Sweden and the Riksbank

Low inflationary pressures Annual percentage change Sources: Statistics Sweden and the Riksbank

Lower repo-rate path Repo rate, per cent, quarterly mean values Source: The Riksbank

A forecast not a promise Repo rate, per cent, quarterly mean values Source: The Riksbank

Repo-rate increases postponed