Account of monetary policy 217
Figure 1.1. CPIF, CPIF excluding energy and CPI Annual percentage change Sources: Statistics Sweden and The Riksbank
Figure 1.2. Inflation expectation among all participants Per cent, mean, CPI Note. Participants surveyed are social partners, purchasing managers and money market participants. Source: TNS Sifo Prospera
Figure 1.3. GDP development in Sweden and abroad Index, 27 Q4 = 1, seasonally and calendar adjusted data Sources: Bureau of Economic Analysis, Eurostat, Office for National Statistics and Statistics Sweden
Figure 1.4. Inflation in Sweden and abroad Annual percentage change Note. The CPIF is shown for Sweden and the HICP for the euro area. Others refers to the CPI. Sources: Bureau of Labour Statistics, Eurostat, Office for National Statistics, U.S. Department of Labor and Statistics Sweden
Figure 1.5. Inflation expectations among money market participants, 5 years ahead Per cent, CPI Note. The median shows the inflation value that has as many measurement values above as below it. Unlike the average, the median value is not sensitive to extreme values. Sources: TNS Sifo Prospera
Figure 1.6. GDP growth in Sweden and abroad Annual percentage change, seasonally and calendar adjusted data Sources: Bureau of Economic Analysis, Eurostat, Office for National Statistics and Statistics Sweden
Figure 1.7. Labour force, employment and unemployment Per cent of the population and per cent of the labour force, 15 74 years, seasonally adjusted data Note. Three month moving averages. Source: Statistics Sweden
Figure 1.8. GDP gap, hours gap and RU indicator Per cent and standard deviation respectively Note. GDP gap refers to the GDP deviation from trend, calculated using a production function. The hours gap refers to the deviation of number of hours worked from the Riksbank's assessed trend. The RU indicator is normalised so that the mean value is and the standard deviation is 1. Source: Statistics Sweden and the Riksbank
Figure 1.9. CPIF and variation band Annual percentage change 4 4 3 3 2 2 1 1 1 11 13 15 17 Note. The pink area shows the Riksbank s variation band and covers about three quarters of the outcomes since January 1995. The variation band is a means of showing whether the deviation from the inflation target is unusually large. 1 Sources: Statistics Sweden and the Riksbank
Figure 1.1. Contribution to the CPIF Percentage points and annual percentage change 4 Food Goods Energy Services 3 Capital stock CPIF 4 3 2 2 1 1-1 -1 6 8 1 12 14 16 Note. The bars illustrate the contribution of each price group to the Sources: Statistics Sweden and the Riksbank rate of change in CPIF in the past twelve months. The contribution can be interpreted as the annual rate of change in each group, multiplied by the group s weight in CPIF.
Figure 1.11. Inflation in different countries HICP, annual percentage change 6 6 Norway United Kingdom 5 Euro area Sweden 5 4 4 3 3 2 2 1 1 1 11 13 15 17 Note. HICP refers to the EU harmonised index for consumer prices. 1 Source: Statistics Sweden and Eurostat
Figure 1.12. Hours worked gap and short term wages Per cent and annual percentage change, respectively 5. 3 Short term wages (left scale) Hours worked gap (right scale) 4.5 2 4. 1 3.5 3. 1 2.5 2 2. 4 8 12 16 2 Note. The hours worked gap refers to the deviation in the number of hours worked from the Riksbank s assessed trend. Broken lines refer to the Riksbank s forecasts in February 218. Sources: Statistics Sweden, The National Mediation Office and the Riksbank 3
Figure 1.13. Inflation and unit labour costs Annual percentage change 4 4 Unit labour costs, trend CPIF 3 3 2 2 1 1 4 8 12 16 2 Note. The trend in unit labour costs (refers to the economy as a whole) has been calculated using a so called HP filter. To calculate the trend, the Riksbank s forecast in February 218 and an assumption that unit labour costs will increase by 2 per cent beyond the forecast horizon are used. Broken lines refer to the Riksbank s forecasts in February 218. Sources: Statistics Sweden and the Riksbank
Figure 1.14. KIX weighted nominal exchange rate Index, 18 November 1992 = 1 12 12 115 115 11 11 15 15 1 1 95 11 13 15 17 Note. KIX refers to an aggregate of countries that are important for Sweden s international transactions. 95 Source: The Riksbank
Figure 2.1. GDP growth in Sweden and abroad Annual percentage change Note. GDP abroad is KIX weigthed. Source: National sources, Statistics Sweden and the Riksbank
Figure 2.2. Repo rate, forecasts 217 Per cent Note. Outcome data are daily rates and forecasts are quarterly averages. The repo rate paths in April, July, September, October and December largely coincides with each other. Source: The Riksbank
Figure 2.3. CPIF, forecasts 217 Annual percentage change Sources: Statistics Sweden and the Riksbank
Figure 2.4. CPI, forecasts 217 Annual percentage change Sources: Statistics Sweden and the Riksbank
Figure 2.5. GDP, forecasts 217 Annual percentage change Note. Several outcome lines are shown in the figure. This is because the outcomes have been revised by Statistics Sweden. Sources: Statistics Sweden and the Riksbank
Figure 2.6. Unemployment, forecasts 217 Per cent of the labour force, aged 15 74, seasonally adjusted data Note. Several outcome lines are shown in the figure. This is because the outcomes have been revised by Statistics Sweden. Sources: Statistics Sweden and the Riksbank
Figure 2.7. KIX weighted nominal exchange rate, forecasts 217 Index, 18 November 1992 = 1 Note. KIX refers to an aggregate of countries that are important for Sweden's international transactions. Sources: National sources and the Riksbank
Figure 2.8. Purchases of government bonds decided by the Riksbank Nominal amounts, SEK billion 3 3 15 25 3 3 25 45 45 45 2 2 15 65 65 65 65 15 1 45 45 45 45 45 1 5 4 5 5 5 5 5 5 5 3 3 3 3 3 3 3 1 1 1 1 1 1 1 1 February March April July October April December April 215 216 217 Note. Government bond purchases, excluding reinvestments. Source: The Riksbank
Figure 2.9. Prices of goods and services in CPIF Annual percentage change 4 Services Goods and food 4 3 3 2 2 1 1 1 11 12 13 14 15 16 17 Note. Goods and food is a combination of the aggregate goods and food in the CPIF. Together, these account for 45 per cent of the CPIF. Service prices account for 45 per cent of the CPIF. The broken lines represents the mean value since January 1995. 1 Sources: Statistics Sweden and the Riksbank
Figure 2.1. Real interest rates Per cent 5 3 USA Germany Sweden 5 3 1 1 1 1 3 99 3 7 11 15 Note. 1 year yield on real government bonds in Sweden, Germany and the United States. Swedish real interest rate is zero coupon yields interpolated from bond prices using the Nelson Siegel method. Sources: Federal Reserve, Thomson Reuters and the Riksbank 3
Figure 2.11. Housing prices, households debt and disposable income Index, 2 Q1 = 1 Note. Disposable income refers to four quarter moving average and housing prices refers to property price index. Source: Statistics Sweden and the Riksbank
Figure 2.12. Outstanding stock of nominal government bonds and the Riksbank s holdings Billions and percentage of stock 9 9 Owned by others 75 Owned by the Riksbank 75 6 6 45 45 3 15 3% 1% 16% 22% 27% 31% 36% 38% 39% 41% 42% 44% 3 15 March June September December March June September December March June September December Note. Both outstanding stock and the Riksbank s holdings refer to nominal amount. 215 216 217 Sources: Swedish National Debt Office and the Riksbank
Figure 2.13. Outstanding stock of real government bonds and the Riksbank s holdings Billions and percentage of stock 25 2 Owned by others Owned by the Riksbank 25 2 15 15 1 1 5 1% 5% 9% 13% 18% 21% 23% 5 March June September December March June September December March June September December Note. Both outstanding stock and the Riksbank s holdings refer to nominal amount. 215 216 217 Sources: Swedish National Debt Office and the Riksbank
Figure 2.14. The Riksbank's holdings of government bonds Nominal amounts, SEK billion 4 4 35 35 3 3 25 25 2 2 15 15 1 1 5 5 15 17 19 21 23 25 27 Note. Forecast December 217 up until June 219, after that a technical projection with the assumption that no further reinvestments are made. The development of the holdings is also affected to a certain extent by the bonds market prices and by which bonds the Riksbank chooses to reinvest in. The vertical line marks the shift between the forecast and technical projection. Source: The Riksbank
Figure 2.15. Interest rates in Sweden with up to 2 year maturity Per cent 1.5 1 Mortgage bond, 2 years Government bond, 2 years STIBOR, 3 month Repo rate 1.5 1.5.5.5.5 1 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 Jan 17 Jul 17 Note. The rate for government bonds and mortgage bonds refers to the implied zero coupon rate. 1 Source: The Riksbank
Figure 2.16. Non financial companies debts in Sweden Per cent of GDP 1 1 Market funding Bank loans 8 8 6 6 4 4 2 2 3 6 9 12 15 Note. Market funding refers to certificates and bonds. Sources: Statistics Sweden and the Riksbank
Figure 2.17. Repo rate together with the average deposit and lending rate to households and companies, new contracts Per cent 3 2 Repo rate Deposit rate, non financial companies Deposit rate, households Lending rate, non financial companies Lending rate, households for house purchase 3 2 1 1 1 1 2 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16 Jan 17 Jul 17 Jan 18 Note. MFIs average deposit and lending rates are a weighted average of all interest rates for different maturities. 2 Sources: Statistics Sweden and the Riksbank
Figure 3.1. CPIF, outcome and forecasts Annual percentage change Note. The yellow and red lines represent the Riksbank's forecasts 215 and 216. Sources: Statistics Sweden and the Riksbank
Figure 3.2. CPI, outcome and forecasts Annual percentage change Note. The yellow and red lines represent the Riksbank's forecasts 215 and 216. Sources: Statistics Sweden and the Riksbank
Figure 3.3. CPIF excluding energy, outcome and forecasts Annual percentage change Note. The yellow and red lines represent the Riksbank's forecasts 215 and 216. Sources: Statistics Sweden and the Riksbank
Figure 3.4. Repo rate, outcome and forecasts Per cent, quarterly averages Note. The yellow and red lines represent the Riksbank's forecasts 215 and 216. Source: The Riksbank
Figure 3.5. GDP abroad, outcome and forecasts KIX weighted, annual percentage change Note. The yellow and red lines represent the Riksbank's forecasts 215 and 216. KIX refers to an aggregate of countries that are important for Sweden's international transactions. Sources: National sources and the Riksbank
Figure 3.6. Inflation abroad, outcome and forecasts KIX weighted, annual percentage change Note. The yellow and red lines represent the Riksbank's forecasts 215 and 216. KIX refers to an aggregate of countries that are important for Sweden's international transactions. Sources: National sources and the Riksbank
Figure 3.7. KIX weighted nominal exchange rate, outcome and forecasts Index, 18 November 1992 = 1 Note. The yellow and red lines represent the Riksbank's forecasts 215 and 216. KIX is an aggregate of countries that are important for Sweden'sinternational trade. Source: National sources and The Riksbank
Figure 3.8. GDP, outcome and forecasts Annual percentage change, calendar adjusted data Note. The yellow and red lines represent the Riksbank's forecasts 215 and 216. Sources: Statistics Sweden and the Riksbank
Figure 3.9. Unemployment, outcome and forecasts Per cent of the labour force, aged 15 74, seasonally adjusted data Note. The yellow and red lines represent the Riksbank's forecasts 215 and 216. Sources: Statistics Sweden and the Riksbank
Figure 3.1. Unit labour cost, outcome and forecasts Annual percentage change Note. The yellow and red lines represent the Riksbank's forecasts 215 and 216. Source: Statistics Sweden and the Riksbank
Figure 3.11. Forecasts 216 and 217 for CPIF inflation in 217 Annual percentage change, annual average 3 3 2 2 1 1 CPIF 217 Other Analysts The Riksbank Jan 16 Jul 16 Jan 17 Jul 17 Note. Other analysts refer to the Ministry of Finance, HUI Research AB, the National Institute of Economic Research, the Swedish Trade Union Confederation (LO), Nordea, SEB, Svenska Handelsbanken, the Confederation of Swedish Enterprise and Swedbank. Sources: Respective analysts, Statistics Sweden and the Riksbank
Figure 3.12. Forecasts 216 and 217 for CPI inflation in 217 Annual percentage change, annual average 3 3 2 2 1 1 CPI 217 Other analyst The Riksbank Jan 16 Jul 16 Jan 17 Jul 17 Note. Other analysts refer to those specified in Figure 3:11. Sources: Respective analysts, Statistics Sweden and the Riksbank
Figure 3.13. Forecasts 216 and 217 for GDP growth in 217 Annual percentage change, annual average 4 4 3 3 2 2 1 Jan 16 Jul 16 Jan 17 Jul 17 GDP 217 Other analysts The Riksbank 1 Note. Other analysts refer to those specified in Figure 3:11. Sources: Respective analysts, Statistics Sweden and the Riksbank
Figure 3.14. Forecasts 216 and 217 for the repo rate at the end of 217 Per cent 1. 1. The repo rate in the end of 217 Market expectations Other analysts.5 The Riksbank.5...5.5 1. Jan 16 Jul 16 Jan 17 Jul 17 Note. Other analysts refer to the Ministry of Finance, the National Institute of Economic Research, HUI Research AB, Confederation of Swedish Enterprise, Nordea, SEB, Svenska Handelsbanken and Swedbank. Market expectations are calculated according to market pricing of forward rates. The forward rates are calculated using derivative contracts (RIBA and FRA) adjusted for credit risk premiums. 1. Sources: Respective analysts and the Riksbank
Figure 3.15. Forecasts 216 and 217 for unemployment in 217 Annual percentage change, annual average 7.5 7.5 7. 7. 6.5 6.5 6. 6. Unemployment 217 Other analysts The Riksbank 5.5 5.5 Jan 16 Jul 16 Jan 17 Jul 17 Note. Other analysts refer to those specified in Figure 3:11. Sources: Respective analysts, Statistics Sweden and the Riksbank
Figure 3.16. Forecasts 216 and 217 for GDP growth in the United States in 217 Annual percentage change, annual average 3 GDP USA 217 Other analysts The Riksbank 3 2.5 2.5 2 2 1.5 Jan 16 Jul 16 Jan 17 Jul 17 Note. Other analysts refer to Consensus Economics, the Ministry of Finance, IMF, the National Institute of Economic Research, the Swedish Trade Union Confederation (LO), Nordea, OECD, SEB, Svenska Handelsbanken, the Confederation of Swedish Enterprise and Swedbank. Sources: Respective analysts, Bureau of Economic Analysis and the Riksbank 1.5
Figure 3.17. Forecasts 216 and 217 for GDP growth in the euro area in 217 Annual percentage change, annual average 3. 3. 2.5 2.5 2. 2. 1.5 GDP euro area 217 Other analysts The Riksbank 1.5 1. 1. Jan 16 Jul 16 Jan 17 Jul 17 Note. Other analysts refer to those specified in Figure 3:16. Sources: Respective analyst, Eurostat and the Riksbank