Main Indicators for the Finnish Economy

Size: px
Start display at page:

Download "Main Indicators for the Finnish Economy"

Transcription

1 BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 3/11 17 March 11

2 Main Indicators for the Finnish Economy is produced jointly by the Monetary Policy and Research department and Financial Markets and Statistics department and it is issued monthly. The review is unofficial, and the Bank of Finland is not liable for any possible errors. Main Indicators for the Finnish Economy is posted on our website Main Indicators

3 Charts and Tables Monetary policy and market interest rates Chart 1. Eurosystem interest rates 5 Chart. Euribor rates 5 Chart 3. International three-month interest rates Chart. International long-term interest rates Chart 5. Yield on ten-year Finnish government bonds and differential vs. Germany 7 Chart. Yield curve 7 Banking in Finland Chart 7. Average interest rates on loans and deposits Chart. Average interest rates on new loans to households Chart 9. Stock of bank lending by interest rate linkage 9 Chart 1. Stock of bank deposits by interest rate linkage 9 Chart 11. Growth of deposits 1 Chart 1. Growth of lending 1 Chart 13. Liabilities of Finnish MFIs in the Finnish contribution to euro area monetary aggregates 11 Chart 1. Outstanding loans to households and non-financial corporations 11 Securities market Chart 15. Selected stock price indices in the euro area 1 Chart 1. OMX Nordic Exchange Helsinki: share indices by sector 1 Chart 17. Listed shares in Finland: total market capitalization and non-residents holdings 13 Chart 1. Non-residents portfolio investments in Finland 13 Chart 19. Bonds issued in Finland 1 Chart. Mutual funds registered in Finland 1 Borrowing by sector in Finland Chart 1. Non-financial corporate sector and household borrowing 15 Chart. Sectoral debt ratios in Finland 15 Exchange rates Chart 3. Euro exchange rates against the US dollar and the yen 1 Chart. Euro exchange rates against the pound sterling and the Swedish krona 1 Chart 5. Euro s external value and Finland s competitiveness indicator 17 Chart. Competitiveness indicators for Finland 17 Real economy Chart 7. GDP, volume, Finland and euro area 1 Chart. GDP, volume, Finland, monthly indicator 1 Chart 9. Industrial production, volume, Finland and euro area 19 Chart 3. Industrial confidence indicator, Finland and euro area 19 Chart 31. Manufacturing production by sector in Finland, volume index Chart 3. Finland's imports of goods, volume Chart 33. Consumption in Finland, volume 1 Chart 3. Consumer confidence, Finland and euro area 1 Chart 35. Fixed investment in Finland, volume Chart 3. Construction indicators Chart 37. Exports of goods, volume, Finland 3 Chart 3. Exports by industry, Finland 3 Table 1. Supply, demand and labour market indicators Main Indicators 3

4 Prices and costs Chart 39. Consumer prices (CPI), Finland and euro area 5 Chart. Harmonized index of consumer prices (HICP), Finland and euro area 5 Chart 1. Inflation rates in the euro area (HICP) Chart. Producer prices, Finland and euro area Chart 3. Earnings in Finland 7 Chart. Hourly labour costs 7 Chart 5 Finland's export prices, import prices and terms of trade Chart. Dwelling prices in Finland Table. Cost and price indicators 9 Labour market Chart 7. Unemployment rate, Finland and euro area 3 Chart. Employment in Finland 3 Public finances Chart 9. Public sector balances in Finland 31 Chart 5. Public sector debt in Finland 31 External balance Chart 51. Goods account and current account, Finland 3 Chart 5. Net international investment position, Finland 3 Table 3. External balance and sectoral balances indicators 33 Main Indicators

5 Monetary policy and market interest rates Chart 1. Eurosystem interest rates Marginal lending rate Deposit rate Main refinancing rate / minimum bid rate 7 % Sources: European Central Bank. Chart. Euribor rates % 1-month 3-month 1-month Source: Reuters. Main Indicators 5

6 Chart 3. International three-month interest rates 1 % Euro area United States United Kingdom Japan - 1 Sources: Reuters and European Central Bank. Chart. International long-term interest rates Germany United States United Kingdom Japan % 1 Source: Reuters. Note: Yield on ten-year government bonds. Main Indicators

7 Chart Yield on ten-year Finnish government bonds and differential vs. Germany % Yield Differential 1 Source: Reuters. Chart. 5. Euro area (Finland's) yield curve (zero coupon yield curve) % March 1 December Source: Bank of Finland. Years to maturity Note: BOF estimation using Nelson & Siegel (197) yield curve model applied to Eonia and Euribor rates and Finnish benchmark government bond yields. Note : Due to recent turmoil in financial markets, the estimate of the yield curve is biased and, therefore, cannot be interpreted in a mechanical way. Main Indicators 7

8 Banking in Finland Chart 7. Interest rates on loans and deposits New bank loans New business on MFI loans Bank loans, stock MFI loans, stock % Bank deposits, stock MFI deposits, stock Source: Bank of Finland. The data collection process changed from 1 January 3, with the coming into force of the ECB Regulation concerning statistics on interest rates ECB/1/1. Consecutively, the reporting population has been extended to cover credit institutions, in addition to deposit banks. Chart. Interest rates on new loans to households Banks' new housing loans Banks' new consumer credit MFIs' housing loans MFIs' consumer credit % 1-month Euribor Source: Bank of Finland. See note in Chart 7. Main Indicators

9 Chart 9. Stock of bank lending by interest rate linkage Linked to base rate Linked to other rates (as from 3, also loans linked to base rate and fixed-rate loans) Fixed-rate Linked to banks' own reference rates 1 % Linked to Euribor 1 Source: Bank of Finland. See note in Chart 7. Chart 1. 1 Stock of bank deposits by interest rate linkage Linked to base rate % Linked to other interest rates (as from 3, includes also deposits linked to base rate) Fixed-rates Linked to banks' own reference rates Linked to Euribor 1 Source: Bank of Finland. See note in Chart 7. Main Indicators 9

10 Chart 11. Euro area and Finnish MFIs: growth of deposits Deposits of euro area residents with Finnish MFIs Deposits of euro area residents with euro area MFIs Percentage change from previous year Sources: European Central Bank and Bank of Finland. Chart 1. Euro area and Finnish MFIs: growth of loans 1 Loans by Finnish MFIs to euro area residents Loans by euro area MFIs to euro area residents Percentage change from previous year Sources: European Central Bank and Bank of Finland. 1 Main Indicators

11 Chart 13. Liabilities of Finnish monetary financial institutions included in monetary aggregates for the euro area * M1 M M3 Percentage change from previous year Source: Bank of Finland. * Note: Excluding currency in circulation with the public. Chart 1. Outstanding loans to households and non-financial corporations To households by MFIs To non-financial corporations by MFIs To households by banks To non-financial corporations by banks * 11 EUR billion Source: Bank of Finland. * Note: The series includes structural changes. Main Indicators 11

12 Securities market Chart 15. Selected stock price indices in the euro area Finland: OMX Helsinki Euro area: DJ Euro Stoxx Germany: DAX 1 Index Dec 1999= Sources: Bloomberg and NASDAQ OMX Helsinki. Chart 1. NASDAQ OMX Helsinki: share indices by sector Commercial banks Paper & Forest Products Machinery Technology Hardware & Equipment 5 Index Jan 1= Source: NASDAQ OMX Helsinki. 1 Main Indicators

13 Chart 17. Listed shares in Finland: total market capitalization and non-residents' holdings Total market capitalization (left-hand scale) Non-residents' holdings (left-hand scale) Non-residents' holdings as % of market capitalization (right-hand scale) EUR billion % Sources: NASDAQ OMX Helsinki and Euroclear Finland. Chart 1. Non-residents' portfolio investments in Finland 1-month moving totals Finnish shares, net purchases Finnish bonds and money market paper, net purchases 3 EUR billion Source: Bank of Finland. Main Indicators 13

14 Chart 19. Bonds issued in Finland Government Monetary financial institutions Non-financial corporations Others End-month stock, EUR billion Source: Statistics Finland. Chart. Mutual funds registered in Finland Equity funds (left-hand scale) Balanced funds (left-hand scale) All funds: net subscriptions (right-hand scale) Fixed-income funds (left-hand scale) Risk funds (left-hand scale) EUR billion EUR billion Source: Finnish Association of Mutual Funds. 1 Main Indicators

15 Borrowing by sector in Finland Chart 1. 1 Non-financial corporate sector and household borrowing 1 = corporate sector (excl. housing corporations), = households. Banks Other financial institutions General government Rest of the world Change in stocks, EUR billion - - * * Sources: Bank of Finland and Statistics Finland. *Note: Corrected for changes in sectoral classification. Chart. Sectoral debt ratios in Finland % of GDP Non-financial corporate sector excl. housing corporations Household sector Central government Sources: Statistics Finland, State Treasury and Bank of Finland. Main Indicators 15

16 Exchange rates Chart 3. Euro exchange rates against the US dollar and the yen Value of one euro in US dollars (left-hand scale) Value of one euro in Japanese yen (right-hand scale) Sources: European Central Bank and Reuters. Chart. Euro exchange rates against the pound sterling and the Swedish krona Value of one euro in pounds sterling (left-hand scale) Value of one euro in Swedish krona (right-hand scale) Sources: European Central Bank and Reuters. 7 1 Main Indicators

17 Chart 5. Euro's external value and Finland's competitiveness indicator 13 Finland's narrow competitiveness indicator Index 1999Q1=1 Euro's effective exchange rate Sources: European Central Bank and Bank of Finland. Note: An upward movement of the index represents an appreciation of the euro/ a weakening in Finnish competitiveness. The method of calculation is described in the Bank of Finland Bulletin 1/. Chart. Competitiveness indicators for Finland Nominal Real (deflated by consumer prices) 1 Index 1999Q1= Source: Bank of Finland. Note: Narrow plus euro area competitiveness indicator. See also note in Chart 5. Main Indicators 17

18 Real economy Chart 7. Gross domestic product Finland Euro area Bank of Finland forecast, September 1 Percentage change in volume from previous year European Commission forecast, autumn Sources: Statistics Finland, Bank of Finland, European Central Bank and European Commission. Chart. Gross domestic product in Finland 1 GDP monthly indicator at producer prices GDP at market prices Bank of Finland forecast, September 1 Percentage change in volume from previous year Sources: Bank of Finland and Statistics Finland. 1 Main Indicators

19 Chart 9. Industrial production Finland Euro area 3 Percentage change in volume from previous year Sources: Statistics Finland and Eurostat. Chart 3. Industrial confidence indicator Finland Euro area 3 Percentage balance, s.a Source: European Commission. Main Indicators 19

20 Chart 31. Manufacturing production by sector Electronics industry Other metal industry Forest industry 1 Index 5=1, s.a Source: Statistics Finland. Chart 3. Finland's imports of goods 3-month moving average, percentage change from previous year Source: National Board of Customs. Main Indicators

21 Chart 33. Consumption in Finland Private consumption Bank of Finland forecast, September 1 Retail sales Percentage change in volume from previous year Sources: Bank of Finland and Statistics Finland. Chart 3. Consumer confidence Finland Euro area 3 Percentage balance, s.a Source: European Commission. Main Indicators 1

22 Chart 35. Fixed investment in Finland Fixed investment (left-hand scale) Machinery and equipment (left-hand scale) Spare capacity (right-hand scale) Percentage change in volume from previous year % Source: Statistics Finland. 5 Chart 3. Construction indicators All building starts, four-quarter moving total (percentage change from previous year) Residential buildings starts, four-quarter moving total (percentage change from previous year) Industrial investment prospects (percentage balance) Sources: Statistics Finland and Confederation of Finnish Industries. Main Indicators

23 Chart 37. Finland's exports of goods 3 3-month moving average, percentage change from previous year Source: National Board of Customs. Chart 3. Finland's exports by industry Electronics industry products Other metal and engineering industry products Forest industry products Other industry products 1-month moving totals, percentage of total exports Source: National board of customs. Note: From January 9 onwards, the data is presented according to a new classification (CPA). Main Indicators 3

24 Table 1. Supply, demand and labour market indicators Supply and demand percentage change in volume from previous year actual 11* 1* Gross domestic product Q 3..5 at market prices 3.1 Q1-Q GDP monthly indicator M1 at producer prices 3. M1-M1 Manufacturing production M1 (11) Consumption expenditure Q 1.9 Q1-Q - private Q.5.5. Q1-Q - general government 1... Q... Q1-Q Gross fixed capital formation Q. Q1-Q - private Q Q1-Q - general government Q Q1-Q Domestic demand Q. Q1-Q Exports of goods and services Q Q1-Q Imports of goods and services Q Q1-Q Labour market indicators Employed persons M1 (11).9. percentage change from previous year Unemployment rate, s.a.**.. 7. M1 (11). 7.7 Source: Statistics Finland. * Bank of Finland forecast, September 1. ** Seasonally adjusted by the Bank of Finland. Main Indicators

25 Prices and costs Chart 39. Consumer prices Consumer price index Bank of Finland forecast, September 1 5 Percentage change from previous year Sources: Bank of Finland and Statistics Finland. Chart. Harmonized index of consumer prices (HICP) Finland Euro area Bank of Finland forecast, September 1 5 Percentage change from previous year Sources: Bank of Finland, European Commission, Eurostat and Statistics Finland. Main Indicators 5

26 Chart 1. Inflation rates in the euro area (HICP) Finland Germany Min Max Percentage change from previous year Sources: Eurostat and Statistics Finland. Chart. Producer prices Finland Euro area 11 Percentage change from previous year Sources:Eurostat and Statistics Finland. Main Indicators

27 Chart 3. Earnings in Finland Negotiated wages Wage drift Real earnings Bank of Finland forecast, September 1 Percentage change from previous year - 1 Source:Statistics Finland. Chart. Hourly labour costs Finland Euro area 1 Percentage change from previous year Source: Eurostat. Note 1: Whole economy excl. agriculture, public administration, education, health and services not elsewhere classified. Note : Eurostat and Statistics Finland have revised the compilation of quarterly statistics on labour costs. The data are based on the new index from Q1 onwards. Main Indicators 7

28 Chart 5. Finland's export prices, import prices and terms of trade Export price index, goods Import price index, goods Terms of trade 13 Index 5= Sources: Statistics Finland and Bank of Finland. Chart. Dwelling prices in Finland Capital region House price index, whole country, total index 35 Index 1995=1 Whole country, real prices (deflated by consumer prices) Sources: Statistics Finland and Bank of Finland. Main Indicators

29 Table. Cost and price indicators Percentage change from previous year Actual 11* 1* Labour costs Index of wages and salaries Q..9. Q1-Q Unit labour costs - whole economy Q Q1-Q Price indices Export prices (goods) - export price index M1 7. M1-M1 - export price deflator Q 7.3 Q1-Q Import prices (goods) - import price index M1 11. M1-M1 - import price deflator Q.7 Q1-Q Producer prices M1 7.3 M1-M1 Wholesale prices M1 1.7 M1-M1 Consumer prices - consumer price index M M1-M1 - harmonized index of consumer prices M M1-M1 Asset prices Stumpage prices M1 7. M1-M1 Dwelling prices, whole country Q.7 Q1-Q Share prices M M1-M1 Sources: Finnish Forest Research Institute, OMX Nordic Exchange Helsinki Oy and National Board of Customs and Statistics Finland. * Bank of Finland forecast, September 1 Main Indicators 9

30 Labour market Chart 7. Unemployment rate Finland, s.a.* Euro area, s.a. 1 % Bank of Finland Forecast, September 1 European Commission Forecast, Autumn Sources: Statistics Finland, Bank of Finland, Eurostat and European Commission. * Seasonally adjusted by the Bank of Finland. Chart. Employment in Finland Labour force, s.a.* Total number of employed, s.a.* Bank of Finland Forecast, September 1 1 persons Bank of Finland Forecast, September Sources: Statistics Finland and Bank of Finland. * Seasonally adjusted by the Bank of Finland. 3 Main Indicators

31 Public finances Chart 9. Public sector balances in Finland General government net lending Bank of Finland forecast, September 1 % of GDP Sources: Statistics Finland and Bank of Finland. Chart 5. Public sector debt in Finland % of GDP General government EMU-debt Bank of Finland forecast, September 1 Central government debt Bank of Finland forecast, September 1 1 Sources: Statistics Finland, State Treasury and Bank of Finland. Main Indicators 31

32 External balance Chart 51. Finland's goods account and current account 1-month moving totals Goods account, fob Current account Bank of Finland Forecast, September 1 EUR billion Source: Bank of Finland. Chart 5. 5 Finland's net international investment position Net international investment position Net international investment position excl. equity capital % of GDP Source: Bank of Finland. 3 Main Indicators

33 Table 3. Finland's balance of payments, EUR billion * 11* January December December Current account Goods account Exports, fob Imports, fob Services Credit Debit Income and current transfers Capital account Financial account Direct investment Abroad In Finland Portfolio investment Assets Liabilities Other investment Assets Liabilities Financial derivatives Reserve assets (increase -) Errors and omissions December 31 December 9 31 December 1 Net international investment position excluding equity items *Bank of Finland forecast, September 1 Main Indicators 33

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy 1/11 January 1 January 11 Monetary Policy and Research - Financial Markets and Statistics

More information

Main Indicators for the Finnish Economy

Main Indicators for the Finnish Economy BANK OF FINLAND Monetary Policy and Research - Financial Markets and Statistics Main Indicators for the Finnish Economy /1 13 April 1 13 April 1 Monetary Policy and Research - Financial Markets and Statistics

More information

Economic Outlook for Europe and Finland

Economic Outlook for Europe and Finland Economic Outlook for Europe and Finland Finnish-British Chamber of Commerce 15 March 213 Seppo Honkapohja Member of the Board Bank of Finland 1 World economy: World industrial output improved, but international

More information

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes)

Inflation. Credit. Coincident indicator (Ita-coin) and Italian GDP (1) (percentage changes) NUMBER 16 FEBRUARY 216 Economic activity and employment Foreign trade and competitiveness Inflation Credit The Public Finances Macroeconomic projections 1 7 8 11 12 Directorate general for economics, statistics

More information

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES

ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES NUMBER 99 JULY 21 ECONOMIC ACTIVITY AND EMPLOYMENT FOREIGN TRADE AND COMPETITIVENESS INFLATION CREDIT THE PUBLIC FINANCES MACROECONOMIC PROJECTIONS 1 7 8 11 12 Directorate general for economics, statistics

More information

Bulletin of the Ministry of Finance of the Republic of Macedonia REPUBLIC OF MACEDONIA MINISTRY OF FINANCE. Bulletin. April 2016.

Bulletin of the Ministry of Finance of the Republic of Macedonia REPUBLIC OF MACEDONIA MINISTRY OF FINANCE. Bulletin. April 2016. Bulletin of the Ministry of Finance of the Republic of Macedonia REPUBLIC OF MACEDONIA MACEDONI A MINISTRY OF FINANCE Bulletin April 2016 Skopje, Skopje, 2016 201 6 Bulletin of the Ministry of Finance

More information

Economic Outlook of Finland

Economic Outlook of Finland Economic Outlook of Finland Pentti Hakkarainen Deputy Governor 9 June 2011 1 2 Heading for stable monetary conditions 1865 1999 MARKKA joins silver standard EURO taken into use 3 Two roles of the Bank

More information

Governor Erkki Liikanen Bank of Finland. Monetary policy and its transmission to the economy

Governor Erkki Liikanen Bank of Finland. Monetary policy and its transmission to the economy Governor Erkki Liikanen Bank of Finland Monetary policy and its transmission to the economy 9.6.2015 1 1. Commitment to accommodative monetary policy benefits the economic outlook 2 Interest rate policy

More information

Bulletin of the Ministry of Finance of the Republic of Macedonia REPUBLIC OF MACEDONIA MINISTRY OF FINANCE. Bulletin. October 2015.

Bulletin of the Ministry of Finance of the Republic of Macedonia REPUBLIC OF MACEDONIA MINISTRY OF FINANCE. Bulletin. October 2015. Bulletin of the Ministry of Finance of the Republic of Macedonia REPUBLIC OF MACEDONIA MACEDONI A MINISTRY OF FINANCE Bulletin October Skopje, Skopje, Bulletin of the Ministry of Finance of the Republic

More information

PRESS RELEASE MONETARY DEVELOPMENTS IN THE EURO AREA: FEBRUARY 2014

PRESS RELEASE MONETARY DEVELOPMENTS IN THE EURO AREA: FEBRUARY 2014 27 March 2014 PRESS RELEASE MONETARY DEVELOPMENTS IN THE EURO AREA: FEBRUARY 2014 The annual growth rate of the broad monetary aggregate M3 stood at 1.3% in February 2014, compared with 1.2% in January

More information

PRESS RELEASE MONETARY DEVELOPMENTS IN THE EURO AREA: OCTOBER 2014

PRESS RELEASE MONETARY DEVELOPMENTS IN THE EURO AREA: OCTOBER 2014 27 November PRESS RELEASE MONETARY DEVELOPMENTS IN THE EURO AREA: OCTOBER The annual growth rate of the broad monetary aggregate M3 stood at 2.5% in October, unchanged from the previous month. 1 The three-month

More information

Statistics Netherlands. Macroeconomic Imbalances Factsheet

Statistics Netherlands. Macroeconomic Imbalances Factsheet Macroeconomic Imbalances Factsheet Introduction Since the outbreak of the credit crunch crisis in 2008, and the subsequent European debt crisis, it has become clear that there are large macroeconomic imbalances

More information

SPECIAL STATISTICAL APPENDIX

SPECIAL STATISTICAL APPENDIX SPECIAL STATISTICAL APPENDIX Table No. 1. Real Sector: 1948 2010 Population and Labour Force 1 National Output and Prices 2 2. External Sector: 1950 2010 Balance of Payments 3 External Assets, External

More information

Monetary policy and the economic outlook Governor Svein Gjedrem SR-banken, Stavanger 19 March 2004

Monetary policy and the economic outlook Governor Svein Gjedrem SR-banken, Stavanger 19 March 2004 Monetary policy and the economic outlook Governor Svein Gjedrem SR-banken, Stavanger 9 March SG SR-banken Stavanger, 9 March Monetary policy regulation. Monetary policy shall be aimed at stability in the

More information

The economic outlook for Norway. Governor Øystein Olsen Sparebanken Hedmark 7 September 2011

The economic outlook for Norway. Governor Øystein Olsen Sparebanken Hedmark 7 September 2011 The economic outlook for Norway Governor Øystein Olsen Sparebanken Hedmark 7 September GDP Index, = Euro area US Brazil India China Sources: IMF and Norges Bank GDP Index, = Euro area US Brazil India China

More information

International competition will change mortgage lending

International competition will change mortgage lending Pentti Hakkarainen Deputy Governor, Bank of Finland International competition will change mortgage lending Nordic Mortgage Council Helsinki, 28 August 2015 28.8.2015 Unrestricted 1 Financial stability

More information

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia

Project LINK Meeting New York, 20-22 October 2010. Country Report: Australia Project LINK Meeting New York, - October 1 Country Report: Australia Prepared by Peter Brain: National Institute of Economic and Industry Research, and Duncan Ironmonger: Department of Economics, University

More information

Eurozone Economic dashboard

Eurozone Economic dashboard Eurozone Economic dashboard Our Economic Dashboard is designed to help investors understand the true state of the eurozone economy. It is not meant to serve as a direct prediction regarding the future

More information

LIST OF STATISTICAL ACTIONS OF EESTI PANK in under the official statistical programme

LIST OF STATISTICAL ACTIONS OF EESTI PANK in under the official statistical programme Annex to Eesti Pank Governor s Decree No 2 of 19 January 2016 List of statistical actions of Eesti Pank under LIST OF STATISTICAL ACTIONS OF EESTI PANK in 20162020 under programme 1 Statistical action

More information

A layperson s guide to economic jargon

A layperson s guide to economic jargon 2000/3 14 March 2000 A layperson s guide to economic jargon Technical economic words are becoming more frequently used, not only in economic analyses and policy documents, but also in the general news

More information

The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 2012

The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 2012 The financial turbulence and Norway what lessons can be drawn? Governor Øystein Olsen Eiendomsdagene Norefjell 19 January 1 The run-up to the financial crisis 1. Sharp rise in debt and asset prices low

More information

The euro area economy, ECB monetary policy and its transmission in the euro area and Finland

The euro area economy, ECB monetary policy and its transmission in the euro area and Finland Suomen Pankki The euro area economy, ECB monetary policy and its transmission in the euro area and Finland Euro & talous, 9 June 2016 1 Euro area economic growth is broadly based, but inflation still slow.

More information

Financial stability. somewhat, an escalation in the crisis would also impair financial institutions access to long-term market-based funding.

Financial stability. somewhat, an escalation in the crisis would also impair financial institutions access to long-term market-based funding. Financial stability Finland s financial system has functioned reliably in a challenging international operating environment. The stability of the financial system in the euro area was hanging in the balance

More information

Projections for the Portuguese economy: 2016-2018

Projections for the Portuguese economy: 2016-2018 Projections for the Portuguese economy: 2016-2018 7 Projections for the Portuguese economy: 2016-2018 1. Introduction Projections for the Portuguese economy point to a moderate recovery in economic activity

More information

Why is inflation low?

Why is inflation low? Why is inflation low? MONETARY POLICY REPORT 5 Inflation has been low in Sweden in recent years and fell further in the latter part of, mainly because the rate of price increase for services slowed down.

More information

BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER I GENERAL PROVISIONS

BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER I GENERAL PROVISIONS APPROVED BY Government of the Republic of Lithuania Resolution No 1437 of 15 December 2014 BORROWING AND DEBT MANAGEMENT GUIDELINES OF THE GOVERNMENT OF THE REPUBLIC OF LITHUANIA FOR 2015 2017 CHAPTER

More information

Introduction on monetary policy

Introduction on monetary policy Introduction on monetary policy Riksdag Committee on Finance 6 March Governor Stefan Ingves Today's presentation The Swedish economy and monetary policy - where are we heading? The Swedish economy has

More information

BALANCE OF PAYMENTS AND FOREIGN DEBT

BALANCE OF PAYMENTS AND FOREIGN DEBT BALANCE OF PAYMENTS AND FOREIGN DEBT V 1. BALANCE OF PAYMENTS In 1997, the external current account deficit was 8.1 billion krónur, corresponding to 1. percent of GDP. It declined from 8.9 b.kr., or 1.8

More information

KEY INDICATORS FOR THE EURO AREA

KEY INDICATORS FOR THE EURO AREA This update: () Next update: - Directorate A - Policy strategy and co-ordination 13 1 1-1 -1 3-1 -1-1 6-1 LTA (1) 13 1 1Q 1Q3 1Q 1Q1 Jan-1 Feb-1 Mar-1 Apr-1 May-1 Jun-1 1. Output Economic Sentiment indicator

More information

PROJECTIONS FOR THE PORTUGUESE ECONOMY: 2015-2017. Box 1 Projection assumptions

PROJECTIONS FOR THE PORTUGUESE ECONOMY: 2015-2017. Box 1 Projection assumptions PROJECTIONS FOR THE PORTUGUESE ECONOMY: 2015-2017 Box 1 Projection assumptions Projections for the Portuguese economy: 2015-2017 7 Projections for the Portuguese economy: 2015-2017 1. Introduction Projections

More information

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow

No. 1 BANK OF RUSSIA FOREIGN EXCHANGE ASSET MANAGEMENT REPORT. Moscow No. 1 2015 FOREIGN EXCHANGE ASSET MANAGEMENT REPORT Moscow Bank of Russia Foreign Exchange Asset Management Report No. 1 (33) 2015 Reference to the Central Bank of the Russian Federation is mandatory in

More information

QUARTERLY ECONOMIC BULLETIN JUNE QUARTER 2012

QUARTERLY ECONOMIC BULLETIN JUNE QUARTER 2012 BANK OF PAPUA NEW GUINEA MEDIA R E L E A S E 9 th October 2012 QUARTERLY ECONOMIC BULLETIN JUNE QUARTER 2012 Mr. Loi M. Bakani, Governor of the Bank of Papua New Guinea (Bank of PNG), today released the

More information

GETTING OUT OF DEFLATION AN EXPERIENCE OF UNCONVENTIONAL MONETARY POLICY

GETTING OUT OF DEFLATION AN EXPERIENCE OF UNCONVENTIONAL MONETARY POLICY GETTING OUT OF DEFLATION AN EXPERIENCE OF UNCONVENTIONAL MONETARY POLICY 1 Bank of Japan Shinichi Uchida Prologue (1990) 2 IN 1990 I was an LLM Student at HLS. 3 600 CY 1980=100 AT THAT TIME Japan was

More information

THE ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN 20 AUGUST 2014

THE ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN 20 AUGUST 2014 THE ECONOMIC OUTLOOK GOVERNOR ØYSTEIN OLSEN AUGUST 1 Global growth GDP growth in different regions for 1. Percent. IMF projections Sources: IMF and Norges Bank Russia: Lower growth prospects and sanctions

More information

High interest rates have contributed to a stronger currency

High interest rates have contributed to a stronger currency Financial markets and Central Bank measures: 1 High interest rates have contributed to a stronger currency The króna has appreciated after the extension of the exchange rate band and the Central Bank s

More information

Financial Stability 2/12. Charts

Financial Stability 2/12. Charts Financial Stability /1 Charts Chart 1.1 Vulnerabilities in the Norwegian banking sector and external sources of risk to the banking sector 1) Vulnerability in banking sector External sources of risk to

More information

Tables. Standard symbols:. Category not applicable.. Data not available... Data not yet available Nil 0 Less than half the 0.0 final digit shown

Tables. Standard symbols:. Category not applicable.. Data not available... Data not yet available Nil 0 Less than half the 0.0 final digit shown Tables 1. Norges Bank. Balance sheet. In millions of NOK 2. Norges Bank. Investments for Government Pension Fund - Global. In millions of NOK 3. Banks. Balance sheet. In millions of NOK 4. Banks. Loans

More information

Sri Lanka: Macroeconomic Developments in Charts September 2015

Sri Lanka: Macroeconomic Developments in Charts September 2015 Sri Lanka: Macroeconomic Developments in Charts September 215 Real Sector and Inflation Real GDP Growth (Annual /Quarterly) Sectoral GDP Growth Per Capita GDP Unemployment Poverty Inflation (i) Inflation

More information

THE OUTLOOK FOR THE NORWEGIAN ECONOMY DEPUTY GOVERNOR JON NICOLAISEN, 12 MAY 2015

THE OUTLOOK FOR THE NORWEGIAN ECONOMY DEPUTY GOVERNOR JON NICOLAISEN, 12 MAY 2015 THE OUTLOOK FOR THE NORWEGIAN ECONOMY DEPUTY GOVERNOR JON NICOLAISEN, MAY 5 The role of monetary policy in economic restructuring Flexible inflation targeting Low and stable inflation.5% Stable developments

More information

On the external balance and payment systems

On the external balance and payment systems On the external balance and payment systems Erkki Liikanen Governor 10.5.2012 Julkinen 1 Current account deficit, a new, old problem? Julkinen 2 Finnish current account into deficit in 2011 10 % of GDP

More information

Debt Portfolio Management Quarterly Report

Debt Portfolio Management Quarterly Report Ministry of Finance Debt and Financial Assets Management Department Debt Portfolio Management Quarterly Report First Half of 2015 17 July 2015 Ministry of Finance Debt Portfolio Management Quarterly Report

More information

In 2012, GNP in constant prices increased by 1.8% compared with 2011.

In 2012, GNP in constant prices increased by 1.8% compared with 2011. 8 Economy In 2012, GNP in constant prices increased by 1.8% compared with 2011. The building and construction sector fell by 7.7% in value added terms in 2012 compared to 2011. Manufacturing industry decreased

More information

Financial Crisis Affects Real Economy Sectors

Financial Crisis Affects Real Economy Sectors Financial Crisis Affects Real Economy Sectors Financial Crisis Impairs Financing Conditions in Corporate Sector Austria s Economy Stagnates So far, Austria s underlying economic conditions have been characterized

More information

The economic situation and monetary policy

The economic situation and monetary policy The economic situation and monetary policy Statistics Sweden 6 October 14 Deputy Governor Per Jansson Topics I will discuss today Recent monetary policy (including the most recent decision on 3 September)

More information

Developing the Domestic Debt Market The South African Experience

Developing the Domestic Debt Market The South African Experience Commonwealth Secretariat Debt Management Forum Developing the Domestic Debt Market The South African Experience June 2008 Challenges for South African Debt Market 2 Challenges. Domestic debt management

More information

Sri Lanka: Macroeconomic Developments in Charts March 2015

Sri Lanka: Macroeconomic Developments in Charts March 2015 Sri Lanka: Macroeconomic Developments in Charts March 215 Real Sector and Inflation Real GDP Growth (Annual /Quarterly) Sectoral GDP Growth Per Capita GDP Unemployment Poverty Inflation (Headline and Core

More information

Credit Conditions Review 2016 Q2

Credit Conditions Review 2016 Q2 Credit Conditions Review 216 Q2 BANK OF ENGLAND Credit Conditions Review 216 Q2 This quarterly publication presents the Bank of England s assessment of the latest developments in bank funding and household

More information

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Of the four players in the money supply process, most observers agree that the most important player

More information

ECONOMIC BULLETIN. June 2015

ECONOMIC BULLETIN. June 2015 ECONOMIC BULLETIN June 2015 ECONOMIC BULLETIN June 2015 Lisbon, 2015 www.bportugal.pt ECONOMIC BULLETIN June 2015 Banco de Portugal Av. Almirante Reis, 71 1150-012 Lisboa www.bportugal.pt Edition Economics

More information

Outlook for the Norwegian and global economies. Deputy Governor Jan F. Qvigstad 13 september 2012

Outlook for the Norwegian and global economies. Deputy Governor Jan F. Qvigstad 13 september 2012 Outlook for the Norwegian and global economies Deputy Governor Jan F. Qvigstad 3 september Market uncertainty still high Yields on -year government bonds. Percent 8 8 US Germany UK Spain Italy Jan- Jul-

More information

Money and Banking Statistics. Annual Review 2007

Money and Banking Statistics. Annual Review 2007 Money and Banking Statistics Annual Review 7 New drawdowns on housing loans 7 7...... 7 8 9 Bank of Finland Financial Markets and Statistics Statistics Feb 8 Contents Aggregated balance sheet of monetary

More information

Contents. General overview Key Economic figures Main Economic trends Financial services sector Economic Outlook...

Contents. General overview Key Economic figures Main Economic trends Financial services sector Economic Outlook... Contents General overview... 3 Key Economic figures... 5 Main Economic trends... 6 Financial services sector... 11 Economic Outlook... 15 General overview The financial and economic crisis called for the

More information

Ghana's Economic Performance 2010

Ghana's Economic Performance 2010 GHANA STATISTICAL SERVICE (GSS) Statistics for Development and Progress Ghana's Economic Performance 21 i n f i g u r e s P.O. Box GP 198, Accra www. statsghana.gov.gh 211 Ghana's Economic Performance

More information

FLASH ECONOMICS. Can a central bank keep real interest rates abnormally low over the long term? ECONOMIC RESEARCH. 2 June 2016 No.

FLASH ECONOMICS. Can a central bank keep real interest rates abnormally low over the long term? ECONOMIC RESEARCH. 2 June 2016 No. ECONOMICS ECONOMIC RESEARCH June 1 No. 53 Can a central bank keep real interest rates abnormally low over the long term? According to the usual theory: - In the short term, an expansionary monetary policy

More information

Consumer prices and the money supply

Consumer prices and the money supply Consumer prices and the money supply Annual rise. Per cent. -year moving average Money supply Consumer prices - - 9 9 9 96 98 Sources: Statistics Norway and Norges Bank JB Terra Kapitalmarkedsdager, Gardermoen.

More information

EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA

EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA EUROSYSTEM STAFF MACROECONOMIC PROJECTIONS FOR THE EURO AREA On the basis of the information available up to 22 May 2009, Eurosystem staff have prepared projections for macroeconomic developments in the

More information

Trends in Lending. April 2011

Trends in Lending. April 2011 Trends in Lending April 11 BANK OF ENGLAND Trends in Lending April 11 This quarterly publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. (1) It draws

More information

Outstanding credit 2015, 1st quarter

Outstanding credit 2015, 1st quarter Financing and incurance 2015 Outstanding credit 2015, 1st quarter Other financial and insurance corporations and general government Outstanding credit stood at EUR 94 billion at the end of March 2015 Outstanding

More information

DANMARKS NATIONALBANK

DANMARKS NATIONALBANK DANMARKS NATIONALBANK THE DANISH EXPERIENCE WITH NEGATIVE INTEREST RATES Niels Lynggård Hansen, Brookings, 6th June 216 Key lessons from experience with negative interest rates Negative interest rates

More information

Introduction to Money & Banking Lecture notes 2010 Matti Estola

Introduction to Money & Banking Lecture notes 2010 Matti Estola Introduction to Money & Banking Lecture notes 2010 Matti Estola Literature Henderson & Poole: Principles of Economics, Mishkin: The Economics of Money, Banking, and Financial Markets, Extra material given

More information

UPDATE ON CURRENT MACRO ENVIRONMENT

UPDATE ON CURRENT MACRO ENVIRONMENT 1 Oct 213 Macro & Strategy Equity Credit Commodities 13 13 #1 Global Strategy #1 Multi Asset Research #3 Global Economics #2 Equity Quant #2 Index Analysis #3 SRI Research 12 sector teams in the Top 1

More information

Introductory remarks by Jean-Pierre Danthine

Introductory remarks by Jean-Pierre Danthine abcdefg News conference Berne, 15 December 2011 Introductory remarks by Jean-Pierre Danthine I would like to address three main issues today. These are the acute market volatility experienced this summer,

More information

QUARTERLY ECONOMIC BULLETIN DECEMBER QUARTER 2011

QUARTERLY ECONOMIC BULLETIN DECEMBER QUARTER 2011 BANK OF PAPUA NEW GUINEA MEDIA R E L E A S E 02 nd May, 2012 QUARTERLY ECONOMIC BULLETIN DECEMBER QUARTER 2011 Mr. Loi M. Bakani, Governor of the Bank of Papua New Guinea (Bank of PNG), today released

More information

3. What economic transactions are engaged in by residents of a country with non-residents?

3. What economic transactions are engaged in by residents of a country with non-residents? 1. What is the Balance of Payments (BOP)? The Balance of Payments (BOP) is a summary of the economic transactions of a country with the rest of the world for a specific period. It serves as an accounting

More information

Statistical Release 5 November 2015

Statistical Release 5 November 2015 Statistical Release 5 November 2015 Quarterly Financial Accounts Household Net Worth Continues To Increase Household net worth 1 rose to reach 600.1bn or 129,454 per capita during Q2 2015. This represented

More information

List of tables. Annual Reports 2005

List of tables. Annual Reports 2005 Annual Reports 2005 NÁRODNÁ BANKA SLOVENSKA List of tables Table 1 Global output...11 Table 2 Basic macroeconomic indicators of the non-euro area Member States... 17 Table 3 Consumer price developments

More information

The economic outlook and monetary policy

The economic outlook and monetary policy The economic outlook and monetary policy Governor Svein Gjedrem SR-Bank, Stavanger March 5 Interest rates and inflation Per cent Market rate Real interest rate Neutral real interest rate Inflation SR-Bank

More information

Can the US Consumer Keep the World Economy Afloat?

Can the US Consumer Keep the World Economy Afloat? Can the US Consumer Keep the World Economy Afloat? January 2016 Robert Johnson, CFA Director of Economic Analysis robert.johnson@morningstar.com (312) 696-6103 2016 Morningstar, Inc. All rights reserved.

More information

GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2013

GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2013 GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2013 Decision taken at the Cabinet meeting November 15 2012 2013 LONG-TERM PERSPECTIVES COST MINIMISATION FLEXIBILITY Guidelines for central government

More information

Economics 152 Solution to Sample Midterm 2

Economics 152 Solution to Sample Midterm 2 Economics 152 Solution to Sample Midterm 2 N. Das PART 1 (84 POINTS): Answer the following 28 multiple choice questions on the scan sheet. Each question is worth 3 points. 1. If Congress passes legislation

More information

General government deficit and debt 2015

General government deficit and debt 2015 Government Finance 206 General deficit and debt 205 General deficit 2.7 per cent and debt 63. per cent relative to GDP in 205 According to the preliminary data reported by Statistics Finland to Eurostat,

More information

Greek banks and corporate funding costs

Greek banks and corporate funding costs NATIONAL BANK OF GREECE Greek banks and corporate funding costs January 214 Paul Mylonas CRO & Chief Economist National Bank of Greece NBG: ECONOMIC ANALYSIS DEPARTMENT Economic Analysis Department Roadmap

More information

[ 04 ] The SNA as a System. Paul McCarthy

[ 04 ] The SNA as a System. Paul McCarthy [ 04 ] The SNA as a System Paul McCarthy National Accounts Workshop Washington - DC, October 25-26, 2010 System of National Accounts GDP is the bottom line but it is simply a summary measure The System

More information

A country s economy is in a short-run equilibrium with an output level less than the full-employment output level. Assume an upwardsloping aggregate

A country s economy is in a short-run equilibrium with an output level less than the full-employment output level. Assume an upwardsloping aggregate ADAS Practice A country s economy is in a short-run equilibrium with an output level less than the full-employment output level. Assume an upwardsloping aggregate supply curve. (a) Using a correctly labeled

More information

Finnish Economy: Outlook and Challenges. Governor Erkki Liikanen

Finnish Economy: Outlook and Challenges. Governor Erkki Liikanen Finnish Economy: Outlook and Challenges Governor The Finnish economy has faced a structural change and a cyclical downturn at the same time 2 Change in manufacturing value added since 2007 2 Electrical

More information

STABILITY PROGRAMME 2014-2017

STABILITY PROGRAMME 2014-2017 STABILITY PROGRAMME 2014-2017 COUNCIL OF MINISTERS APRIL 30 2014 Stability Programme 2014-2017 The Council of Ministers has approved today the referral to Brussels of: The Stability Programme 2014-2017,

More information

CENTRAL BANK OF SEYCHELLES

CENTRAL BANK OF SEYCHELLES CENTRAL BANK OF SEYCHELLES MONTHLY REVIEW August 2013 1.0 Key Economic Developments August 2013 observed a slight monthly pick-up of 0.5 per cent in the Consumer Price Index (CPI) which was primarily associated

More information

PRESS RELEASE. Hungary s balance of payments: 2009 Q1. 30 June 2009

PRESS RELEASE. Hungary s balance of payments: 2009 Q1. 30 June 2009 3 June 29 PRESS RELEASE Hungary s balance of payments: 29 Q1 Consistent with its schedule for quarterly releases and revisions of statistical data, on 3 June 29 the MNB is publishing 29 Q1 balance of payments

More information

DANMARKS NATIONALBANK EXPERIENCE OF NEGATIVE INTEREST RATES IN DENMARK. Niels Lynggård Hansen, Director, Danmarks Nationalbank

DANMARKS NATIONALBANK EXPERIENCE OF NEGATIVE INTEREST RATES IN DENMARK. Niels Lynggård Hansen, Director, Danmarks Nationalbank DANMARKS NATIONALBANK EXPERIENCE OF NEGATIVE INTEREST RATES IN DENMARK Niels Lynggård Hansen, Director, Danmarks Nationalbank 2 GDP growth Per cent, year-on-year 3 2 1 0-1 2011 2012 2013 20 2015 2016 2017

More information

UK debt and the Scotland independence referendum

UK debt and the Scotland independence referendum UK debt and the Scotland independence referendum The transfer of debt 1.1 In the event of Scottish independence from the United Kingdom (UK), the continuing UK Government would in all circumstances honour

More information

occasional paper on economic statistics SINGAPORE HOUSEHOLD BALANCE SHEET: 2005 UPDATE AND RECENT TRENDS

occasional paper on economic statistics SINGAPORE HOUSEHOLD BALANCE SHEET: 2005 UPDATE AND RECENT TRENDS occasional paper on economic statistics SINGAPORE HOUSEHOLD BALANCE SHEET: 2005 UPDATE AND RECENT TRENDS Singapore Department of Statistics June 2006 Papers in this Occasional Paper Series provide an informal

More information

Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook

Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook Pentti Hakkarainen: Bank of Finland and its activities and the Finnish economic outlook Speech by Mr Pentti Hakkarainen, Deputy Governor of the Bank of Finland, at the Honorary Consulars meeting, Helsinki,

More information

Econ 202 Final Exam. Table 3-1 Labor Hours Needed to Make 1 Pound of: Meat Potatoes Farmer 8 2 Rancher 4 5

Econ 202 Final Exam. Table 3-1 Labor Hours Needed to Make 1 Pound of: Meat Potatoes Farmer 8 2 Rancher 4 5 Econ 202 Final Exam 1. If inflation expectations rise, the short-run Phillips curve shifts a. right, so that at any inflation rate unemployment is higher. b. left, so that at any inflation rate unemployment

More information

Comparison of the Bundesbank s former survey of lending and deposit rates with the German MFI interest rate statistics (new business)

Comparison of the Bundesbank s former survey of lending and deposit rates with the German MFI interest rate statistics (new business) Comparison of the Bundesbank s former survey of lending and deposit rates with the German (new business) The Bundesbank introduced its Survey of lending and deposit in 1967, just two after government interest

More information

Capital Markets Review Q3 2010

Capital Markets Review Q3 2010 Capital Markets Review Q3 2010 Reviewing the quarter ended June 30, 2010 Ross Marino, CFP, ChFC 210-4 Avondale Ave. Wilmington, NC 28403 www.rossmarino.com Material prepared by Raymond James for use by

More information

Measuring Economic Performance. Chapter 2

Measuring Economic Performance. Chapter 2 Measuring Economic Performance Chapter 2 Outline Gross Domestic Product Measuring GDP Through Spending Measuring GDP Through Production Measuring GDP Through Income Saving and Investment Transactions with

More information

1 GROSS DOMESTIC PRODUCT APRIL 2015 Statistics Botswana. Table of contents Introduction Gross Domestic Product...3

1 GROSS DOMESTIC PRODUCT APRIL 2015 Statistics Botswana. Table of contents Introduction Gross Domestic Product...3 Table of contents...1 1. Introduction...2 2. Gross Domestic Product...3 2.1 Revisions in this release...3 3. Fourth quarter GDP...3 4. Annual National Accounts...5 4.1 Annual Gross Domestic Product...5

More information

12/03/2012. Currencies and Exchange Rates

12/03/2012. Currencies and Exchange Rates The Canadian dollar is one of 100s of different monies. The three big monies: the U.S. dollar, yen, and euro. In February 2007, one Canadian dollar bought 85 U.S. cents. By November 2007, the Canadian

More information

Central Bank Survey. General Provisions

Central Bank Survey. General Provisions Summary Methodology Central Bank Survey, Credit Institutions Survey, Banking System Survey, Other Financial Institutions Survey, Financial Sector Survey Central Bank Survey, Credit Institutions Survey,

More information

BRUNEI DARUSSALAM STATISTICAL APPENDIX. International Monetary Fund Washington, D.C. IMF Country Report No. 14/191. July 2014

BRUNEI DARUSSALAM STATISTICAL APPENDIX. International Monetary Fund Washington, D.C. IMF Country Report No. 14/191. July 2014 July 2014 IMF Country Report No. 14/191 BRUNEI DARUSSALAM STATISTICAL APPENDIX This Statistical Appendix on Brunei Darussalam was prepared by a staff team of the International Monetary Fund. It is based

More information

BULLETIN 2000 Vol. 74 No. 3

BULLETIN 2000 Vol. 74 No. 3 BANK OF FINLAND BULLETIN Vol. 7 No. Monetary policy and economic outlook The electronic equipment industry and Finland s transformation into a high-tech economy Structural inflation differences in an enlarged

More information

SPAIN WEEKLY ECONOMIC BULLETIN

SPAIN WEEKLY ECONOMIC BULLETIN SPAIN WEEKLY ECONOMIC BULLETIN JANUARY nd 1 NIPO: 7-15-1-5 Elaboración y coordinación: Secretaría de Estado de Economía y Apoyo a la Empresa Dirección General de Análisis Macroeconómico y Economía Internacional

More information

General Government Debt

General Government Debt 2 Government Debt 2.1 Revenues from taxation and other charges represent the primary source of State funding, but the State also borrows substantially to supplement annual funding. This report outlines

More information

Balance of payments and international investment position

Balance of payments and international investment position National Accounts 2015 Balance of payments and international investment position Current account in deficit in the second quarter, net capital outflow from Finland Current account deficit in the second

More information

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/

X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 1/ X. INTERNATIONAL ECONOMIC DEVELOPMENT 1/ 10.1 Overview of World Economy Latest indicators are increasingly suggesting that the significant contraction in economic activity has come to an end, notably

More information

Trends in Lending. October 2014

Trends in Lending. October 2014 Trends in Lending October 14 BANK OF ENGLAND Trends in Lending October 14 This quarterly publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. (1) It

More information

Purpose of the McNair Entrepreneurship Index

Purpose of the McNair Entrepreneurship Index Purpose of the McNair Entrepreneurship Index The McNair Entrepreneurship Index is a new index that is designed to provide at a glance a gauge of the conditions that U.S. entrepreneurs are currently facing

More information

BIS database for debt service ratios for the private nonfinancial

BIS database for debt service ratios for the private nonfinancial BIS database for debt service ratios for the private nonfinancial sector Data documentation The debt service ratio (DSR) is defined as the ratio of interest payments plus amortisations to income. As such,

More information

General guidelines for the completion of the bank lending survey questionnaire

General guidelines for the completion of the bank lending survey questionnaire General guidelines for the completion of the bank lending survey questionnaire This document includes the general guidelines for the completion of the questionnaire and the terminology used in the survey.

More information

U.S. ECONOMIC ACTIVITY. http://www.dallasfed.org

U.S. ECONOMIC ACTIVITY. http://www.dallasfed.org U.S. ECONOMIC ACTIVITY 1-month % change 1.5 Nominal Personal Consumption Expenditures 1.0 0.5 0.0-0.5-1.0-1.5 Aug-29-release, Jul = 0.33 Source: Bureau of Economic Analysis 1-month % change 1.0 Real Personal

More information