Main Indicators for the Finnish Economy

Save this PDF as:

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 1/11 January 1

2 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 Monetary Policy and Research - Financial Markets and Statistics January 11 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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. Balance of payments, Finland 33 Main Indicators

5 Monetary Policy and Research - Financial Markets and Statistics January 11 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 Monetary Policy and Research - Financial Markets and Statistics January 11 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) % January 1 October 1,5, 3,5 3,,5, 1,5 1,,5, 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 January 11 Monetary Policy and Research - Financial Markets and Statistics Banking in Finland Chart Interest rates on loans and deposits % New bank loans Bank loans, stock Bank deposits, stock New business on MFI loans MFI loans, stock MFI deposits, stock 1 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 7 % Banks' new housing loans Banks' new consumer credit 1-month Euribor MFIs' housing loans MFIs' consumer credit Source: Bank of Finland. See note in Chart 7. Main Indicators

9 Monetary Policy and Research - Financial Markets and Statistics January 11 Chart 9. 1 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 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 Monetary Policy and Research - Financial Markets and Statistics January 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 Monetary Policy and Research - Financial Markets and Statistics January 11 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 Monetary Policy and Research - Financial Markets and Statistics January 11 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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) 1, 1 1, 1 1, 1 1, 1 1 1,, 1 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) 1, 1,9 11, 1,7 9,,5 1 Sources: European Central Bank and Reuters. 7 1 Main Indicators

17 Monetary Policy and Research - Financial Markets and Statistics January 11 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 January 11 Monetary Policy and Research - Financial Markets and Statistics Real economy Chart 7. Gross domestic product Finland Euro area Bank of Finland forecast, European Commission forecast, September 1 autumn 1 Percentage change in volume from previous year Sources: Statistics Finland, Bank of Finland, European Central Bank and European Commission. Chart. Gross domestic product in Finland 15 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 Monetary Policy and Research - Financial Markets and Statistics January 11 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 Monetary Policy and Research - Financial Markets and Statistics January 11 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 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 Monetary Policy and Research - Financial Markets and Statistics January 11 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 Other metal and engineering industry Forest industry Other industry 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 January 11 Monetary Policy and Research - Financial Markets and Statistics Table 1. Supply, demand and labour market indicators Supply and demand percentage change in volume from previous year 9 1 actual 1* 11* Gross domestic product,9 -, 3,7 Q3, 3, at market prices,9 Q1-Q3 GDP monthly indicator, -,, M1 at producer prices,7 M1-M1 Manufacturing production 1,9 -,3 5,1 M11, M1-M11 Consumption expenditure 1,9-1,, Q3 1,9 Q1-Q3 - private 1,7-1,9 3,1 Q3,3,5,5 Q1-Q3 - general government, 1,,1 Q3,1,, Q1-Q3 Gross fixed capital formation -, -1,7,9 Q3 1, Q1-Q3 - private -,3-17, 9,5 Q3, 7,9 1,1 Q1-Q3 - general government -,7,1 5,3 Q3-3,5 -,5 3, Q1-Q3 Domestic demand, -,7 3,9 Q3, Q1-Q3 Exports of goods and services,3 -,3 9, Q3 5,7,3,1 Q1-Q3 Imports of goods and services,5-1,1 7,3 Q3 3,7 9, 1,5 Q1-Q3 Labour market indicators Employed persons 1, -,9,9 M11 -,,9 percentage change from previous year -, M1-M11 Unemployment rate, s.a.**,, 7,7 M11,,,3 M1-M11 Source: Statistics Finland. * Bank of Finland forecast, September 1. ** Seasonally adjusted by the Bank of Finland. Main Indicators

25 Monetary Policy and Research - Financial Markets and Statistics January 11 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) 5 Finland Euro area European Commission forecast, Autumn 1 Bank of Finland forecast, September 1 Percentage change from previous year Sources: Bank of Finland, European Commission, Eurostat and Statistics Finland. Main Indicators 5

26 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 Monetary Policy and Research - Financial Markets and Statistics January 11 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 Monetary Policy and Research - Financial Markets and Statistics January 11 Table. Cost and price indicators Percentage change from previous year 9 1 Actual 1* 11* Labour costs Index of wages and salaries,,3 Q3,7,,7 Q1-Q3 Unit labour costs - whole economy 7, -,3 Q3-1,3 -,1-1, Q1-Q3 Price indices Export prices (goods) - export price index -9,,5 M11,1 M1-M11 - export price deflator -11, 11, Q3, Q1-Q3 Import prices (goods) - import price index -11,,7 M11,3 M1-M11 - import price deflator -1, 1, Q3 7,9 Q1-Q3 Producer prices -5,7,7 M11,7 M1-M11 Wholesale prices -,, M11 5, M1-M11 Consumer prices - consumer price index, 3, M1 1,1, 1, M1-M1 - harmonized index of consumer prices 1,, M1 1, 1,9 1,7 M1-M1 Asset prices Stumpage prices -15, 5,7 M11,7 M1-M11 Dwelling prices, whole country -,3 7, Q3 9, Q1-Q3 Share prices -3,9 1, M1 1,7 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 Monetary Policy and Research - Financial Markets and Statistics January 11 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 January 11 Monetary Policy and Research - Financial Markets and Statistics 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 Monetary Policy and Research - Financial Markets and Statistics January 11 Table 3. Finland's balance of payments, EUR billion * 11* January November November Current account 5,,7,3,5 3,,3 Goods account,9 3, 3,3,1 Exports, fob 5, 5,1 7,,7 Imports, fob 5, 1,7,3, Services 1,1 1,3 1,,3 Credit 1, 19, 1,9 1,9 Debit,7 1,5 15,7 1, Income and current transfers -,, -,, -1,1 -, Capital account,,1,1, Financial account 9,1 11, -,, Direct investment -7,1 -, -,5, Abroad,3,,,1 In Finland -,7, 1,9,1 Portfolio investment 5,3 -,5 -,3 -, Assets, 1,1 17,,9 Liabilities 5,3, 13,3, Other investment 9, 1,7 5,, Assets,,5,,7 Liabilities 17, 17, 3, 33,1 Financial derivatives 1,, -,7, Reserve assets (increase -) -, -, 1,7,5 Errors and omissions -1,7-15,9 -,3 -,9 31 December 31 December 9 3 November 1 Net international investment position -1, -9,3,9 excluding equity items -,9-39,7-51, *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 3/11 17 March 11 Main Indicators for the Finnish Economy is produced jointly by the

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2015

GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2015 GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2015 Decision taken at the Cabinet meeting November 13 2014 2015 LONG-TERM PERSPECTIVES COST MINIMISATION FLEXIBILITY Guidelines for the mana g ement of

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

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

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

Development Trends in the Danish Money Market

Development Trends in the Danish Money Market 97 Development Trends in the Danish Money Market Palle Bach Mindested, Market Operations, and Lars Risbjerg, Economics INTRODUCTION AND SUMMARY A well-functioning money market ensures a clear transmission

More information

Reg. no 2014/1392 30 September 2014. Central government debt management

Reg. no 2014/1392 30 September 2014. Central government debt management Reg. no 2014/1392 30 September 2014 Central government debt management Proposed guidelines 2015 2018 1 Summary 1 Proposed guidelines 2015 2018 2 The objective for the management of central government debt

More information

Valuation of debt instruments

Valuation of debt instruments Valuation of debt instruments Csaba Ilyés 1 and László Lakatos 2 Last decade in Hungary the securities market developed very rapidly. During this period the amount of securities increased by more than

More information

18 ECB STYLISED FACTS OF MONEY AND CREDIT OVER THE BUSINESS CYCLE

18 ECB STYLISED FACTS OF MONEY AND CREDIT OVER THE BUSINESS CYCLE Box 1 STYLISED FACTS OF MONEY AND CREDIT OVER THE BUSINESS CYCLE Over the past three decades, the growth rates of MFI loans to the private sector and the narrow monetary aggregate M1 have displayed relatively

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. Econ 111 Summer 2007 Final Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The classical dichotomy allows us to explore economic growth

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

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

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

Guidelines for central government debt management 2015

Guidelines for central government debt management 2015 12 March 2015 Guidelines for central government debt management 2015 The debt management is regulated by the Budget Act (2011:203), Ordinance (2007:1447) containing Instructions for the National Debt Office

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

The Impact of Interest Rate Shocks on the Performance of the Banking Sector

The Impact of Interest Rate Shocks on the Performance of the Banking Sector The Impact of Interest Rate Shocks on the Performance of the Banking Sector by Wensheng Peng, Kitty Lai, Frank Leung and Chang Shu of the Research Department A rise in the Hong Kong dollar risk premium,

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

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

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

URUGUAY. 1. General trends

URUGUAY. 1. General trends Economic Survey of Latin America and the Caribbean 2014 1 URUGUAY 1. General trends In 2013, Uruguay s level of economic activity increased by 4.4% compared with 2012, according to the country s physical

More information

THE ECONOMIC OUTLOOK DEPUTY GOVERNOR JON NICOLAISEN KRISTIANSAND, 3 OCTOBER 2014

THE ECONOMIC OUTLOOK DEPUTY GOVERNOR JON NICOLAISEN KRISTIANSAND, 3 OCTOBER 2014 THE ECONOMIC OUTLOOK DEPUTY GOVERNOR JON NICOLAISEN KRISTIANSAND, OCTOBER Norges Bank is the central bank of Norway «It devolves upon the Storting to supervise the monetary affairs of the Realm» The Constitution

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. Study Questions 5 (Money) MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The functions of money are 1) A) medium of exchange, unit of account,

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

Chapter 2 Financial markets

Chapter 2 Financial markets Chapter Financial markets Executive Board May....a Exchange rates against USD Daily figures.... JPY per USD (left-hand scale) USD per euro (right-hand scale).. Executive Board May. Source: EcoWin .b Nominal

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

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

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

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. Chatper 34 International Finance - Test Bank MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) The currency used to buy imported goods is A) the

More information

Government and public sector debt measures

Government and public sector debt measures Introduction Government and public sector debt measures 1. One measure of governments performance in managing the public finances is the level of public sector debt. The definition and responsibilities

More information

Chapter 2 Financial markets

Chapter 2 Financial markets Chapter Financial markets Hovedstyret desember,,,,,.a Exchange rates against USD Daily figures,,,,, JPY per USD (left-hand scale),, USD per euro (right-hand scale), jan jul jan jul jan jul, Source: EcoWin

More information

QUARTERLY FINANCIAL ACCOUNTS NORGES BANK I. INTRODUCTION

QUARTERLY FINANCIAL ACCOUNTS NORGES BANK I. INTRODUCTION QUARTERLY FINANCIAL ACCOUNTS NORGES BANK I. INTRODUCTION Statistics Norway published the first set of annual financial balance sheets in 1957. The accounts recorded the stocks of financial assets and liabilities

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. ECON 4110: Sample Exam Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question. 1) Economists define risk as A) the difference between the return on common

More information

Eesti Pank ESTONIAN ECONOMY AND MONETARY POLICY

Eesti Pank ESTONIAN ECONOMY AND MONETARY POLICY Eesti Pank ESTONIAN ECONOMY AND MONETARY POLICY 1/2015 The Estonian Economy and Monetary Policy is an Eesti Pank review that contains a description of the main recent events in the global market and in

More information

Money market portfolio

Money market portfolio 1 Money market portfolio April 11 Management of Norges Bank s money market portfolio Report for the fourth quarter 1 Contents 1 Key figures Market value and return 3 3 Market risk and management guidelines

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

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

U.S. ECONOMIC ACTIVITY. http://www.dallasfed.org U.S. ECONOMIC ACTIVITY Index of Leading Economic Indicators 140 Index 130 120 110 100 90 80 70 1998 1999 2000 2001 2002 2003 2004 2005 2006 Recession Leading Index (Aug-18-release, Jul = 124.3) Source:

More information

GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2016

GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2016 GUIDELINES FOR CENTRAL GOVERNMENT DEBT MANAGEMENT 2016 Decision taken at the Cabinet meeting November 12 2015 2016 LONG-TERM PERSPECTIVES COST MINIMISATION FLEXIBILITY Guidelines for the management of

More information

1 MAS Survey of Professional Forecasters: December 2006

1 MAS Survey of Professional Forecasters: December 2006 1 MAS Survey of Professional Forecasters: December 2006 Economic Policy Department June 2014 Probability (Per Cent) 2 MAS Survey of Professional Forecasters: June 2014 The June 2014 Survey was sent out

More information

Mexico: The challenges of capital inflows. Manuel Sánchez, Deputy Governor

Mexico: The challenges of capital inflows. Manuel Sánchez, Deputy Governor Manuel Sánchez, Deputy Governor Adam Smith Seminar, Schloss Spiez, Switzerland, June 26, 2013 Contents 1 Taxonomy of capital inflows 2 Risks and the prevention of problems 3 Economic outlook 2 Like other

More information

NBS MoNthly BulletiN october 2012

NBS MoNthly BulletiN october 2012 Mo n t h ly Bulletin Published by: Národná banka Slovenska Address: Národná banka Slovenska Imricha Karvaša 1, 813 25 Bratislava Slovakia Contact: Press and Editorial Section +421/02/5787 2141 +421/02/5787

More information

Outlook for the Norwegian business sector and the role of Norges Bank

Outlook for the Norwegian business sector and the role of Norges Bank Outlook for the Norwegian business sector and the role of Norges Bank Central Bank Governor Svein Gjedrem Kongsvinger, March Effective exchange rates 199=1 1 1 11 NOK 11 1 GBP 1 9 8 NZD 9 8 7 SEK 7 199

More information

44 ECB STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT

44 ECB STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT Box STOCK MARKET DEVELOPMENTS IN THE LIGHT OF THE CURRENT LOW-YIELD ENVIRONMENT Stock market developments are important for the formulation of monetary policy for several reasons. First, changes in stock

More information

Report to the public on the Bank of Israel s discussions prior to deciding on. the interest rate for January 2015

Report to the public on the Bank of Israel s discussions prior to deciding on. the interest rate for January 2015 BANK OF ISRAEL Office of the Spokesperson and Economic Information January 12, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on General the interest rate for January 2015

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

Swiss Balance of Payments and International Investment Position 2014

Swiss Balance of Payments and International Investment Position 2014 Swiss Balance of Payments and International Investment Position 214 Swiss Balance of Payments and International Investment Position 214 Volume 1 Contents Page 1 Overview 4 Innovations 4 Changes in the

More information

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

U.S. ECONOMIC ACTIVITY. http://www.dallasfed.org U.S. ECONOMIC ACTIVITY Purchasing Managers Index Index 65 60 55 50 45 40 35 30 Aug-01-release, Jul = 52.6 Source: Institute for Supply Management Real Value of the Dollar March 1973 = 100 120 110 100 90

More information

Monetary Financial Institutions. Annual Review 2014. Bank of Finland Financial Stability and Statistics Statistics 20.3.2015

Monetary Financial Institutions. Annual Review 2014. Bank of Finland Financial Stability and Statistics Statistics 20.3.2015 Monetary Financial Institutions Annual Review 1 1 1 - -1 Annual growth in corporate loan stock in Finland Non-financial corporations and housing corporations, annual growth rate Non-financial corporations,

More information

1 MAS Survey of Professional Forecasters: December 2006

1 MAS Survey of Professional Forecasters: December 2006 1 MAS Survey of Professional Forecasters: December 2006 Economic Policy Department June 2015 Probability (Per Cent) 2 MAS Survey of Professional Forecasters: June 2015 The June 2015 Survey was sent out

More information

Outstanding Loans Received From Abroad by Private Sector. Definitions and Explanations. Statistics Department Balance of Payments Division

Outstanding Loans Received From Abroad by Private Sector. Definitions and Explanations. Statistics Department Balance of Payments Division Outstanding Loans Received From Abroad by Private Sector Definitions and Explanations Statistics Department Balance of Payments Division Contents I- Definitions... 3 II- Compilation Of The External Debt

More information

Monetary and Financial Trends First Quarter 2011. Table of Contents

Monetary and Financial Trends First Quarter 2011. Table of Contents Financial Stability Directorate Monetary and Financial Trends First Quarter 2011 Table of Contents Highlights... 1 1. Monetary Aggregates... 3 2. Credit Developments... 4 3. Interest Rates... 7 4. Domestic

More information

Revisions to UK GDP and the Balance of Payments current account sourced from the Bank of England

Revisions to UK GDP and the Balance of Payments current account sourced from the Bank of England 9 September 1 to UK GDP and the Balance of Payments current account sourced from the Bank of England By Lauren Bowers and Katrina Farrell Tel: + () 71 5815, + () 31 131 srdd_quarterly@bankofengland.co.uk

More information

Statistical Bulletin. Quarterly National Accounts, Quarter 2 (Apr to June) 2015

Statistical Bulletin. Quarterly National Accounts, Quarter 2 (Apr to June) 2015 Statistical Bulletin Quarterly National Accounts, Quarter 2 (Apr to June) 2015 Coverage: UK Date: 30 September 2015 Geographical Area: UK and GB Theme: Economy Office for National Statistics 1 Main points

More information

Economic Data Release Calendar May 29, 2016 - June 3, 2016

Economic Data Release Calendar May 29, 2016 - June 3, 2016 Economic Data Release Calendar May 29, 2016 - June 3, 2016 www.dailyfx.com research@dailyfx.com AUD 1.75% NZD 2.25% EUR 0.00% CAD 0.50% GBP 0.50% USD 0.50% CHF -0.75% JPY -0.10% Date Currency Event GMT

More information

Macroeconomics, Fall 2007 Exam 3, TTh classes, various versions

Macroeconomics, Fall 2007 Exam 3, TTh classes, various versions Name: _ Days/Times Class Meets: Today s Date: Macroeconomics, Fall 2007 Exam 3, TTh classes, various versions Read these Instructions carefully! You must follow them exactly! I) On your Scantron card you

More information

Indicators Related to Asset Management (General Account)

Indicators Related to Asset Management (General Account) Indicators Related to Asset Management (General Account) (1) Portfolio Trends Asset Structure, Increase/Decrease in Assets Cash, deposits and call loans Receivables under resale agreements Receivables

More information

Econ 202 Section 4 Final Exam

Econ 202 Section 4 Final Exam Douglas, Fall 2009 December 15, 2009 A: Special Code 00004 PLEDGE: I have neither given nor received unauthorized help on this exam. SIGNED: PRINT NAME: Econ 202 Section 4 Final Exam 1. Oceania buys $40

More information

BANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the

BANK OF ISRAEL Office of the Spokesperson and Economic Information. Report to the public on the Bank of Israel s discussions prior to deciding on the BANK OF ISRAEL Office of the Spokesperson and Economic Information September 7, 2015 Report to the public on the Bank of Israel s discussions prior to deciding on the General interest rate for September

More information

BULLETIN of the National Bank of Ukraine. No. 12/2012 (167)

BULLETIN of the National Bank of Ukraine. No. 12/2012 (167) BULLETIN of the National Bank of Ukraine No. 12/ (167) BULLETIN of the National Bank of Ukraine Monthly Analytical and Statistical Publication of the National Bank of Ukraine Published since January 1993

More information

52 ARTICLE The relationship between the repo rate and interest rates for households and companies

52 ARTICLE The relationship between the repo rate and interest rates for households and companies ARTICLE The relationship between the repo rate and interest rates for households and companies Figure A. Rates for new mortgage agreements for households and the repo rate 8 9 Average mortgage rate Short

More information

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries

Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries LIST OF CHARTS Chart I.1. Difference between Primary Surplus (PS) and Bond Yield Spreads in Selected EU 1 Countries Chart I.2. Gross Debt Stock and Budget Deficits of Selected Countries as of 2010 1 Chart

More information

Trends in Lending. January 2010

Trends in Lending. January 2010 Trends in Lending January 1 BANK OF ENGLAND Trends in Lending January 1 This publication presents the Bank of England s assessment of the latest trends in lending to the UK economy. It draws mainly on

More information

Data sources for the compilation of the Norwegian securities statistics

Data sources for the compilation of the Norwegian securities statistics Data sources for the compilation of the Norwegian securities statistics Ole Petter Rygvold 1 Preface Statistics Norway is the official compiler and publisher of aggregate national securities statistics

More information