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Governor Stefan Ingves The Swedish Economy and Monetary Policy NBP Warsaw 24 May 2012
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Financial markets fragile
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Weak growth in the euro area… GDP, annual percentage changeSources: Bureau of Economic Analysis, Eurostat and the Riksbank
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…which dampens Swedish exports Export market and exports Quarterly changes in per cent, annual rate, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank
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Improvement at the start of the year Index, 2007 = 100 Source: Statistics Sweden
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Some positive signs Index, mean value = 100, standard deviation = 10 Source: National Institute of Economic Research
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Labour market to deteriorate slightly over the coming year Unemployment, percentage of the labour force, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank
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Low inflation Annual percentage change Sources: Statistics Sweden and the Riksbank
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Repo rate to remain low Repo rate, per cent, quarterly averages Source: The Riksbank
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A forecast, not a promise Repo rate, per cent, quarterly mean values Source: The Riksbank
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Household´s debt Note. The series refers to the Riksbank's own calculations using data from Statistics Sweden. Sources: Statistics Sweden and the Riksbank
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Sweden has a large banking sector that is dependent on other countries… Bank assets in relation to GDP Note. Per cent. Data refer to December 2010. Sources: ECB, European Commission, Swiss National Bank and the Riksbank
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Swedish banks are de facto Nordic- Baltic Norway: 16 % Denmark: 15 % Finland: 39 % Estonia: 81 % Latvia: 53 % Lithuania: 62 % Sweden: 75 % Market share of Swedish banks in Nordic and Baltic countries, late 2009 Sources: Official and industry data, Riksbank estimates
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