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December 2011 Monetary Policy Update: Challenges in the Swedish Economy

In December 2011, the Swedish economy faced slow growth and low inflationary pressures, amidst rising unease in financial markets. High indebtedness and government debt levels remain concerning, while weak developments in the euro area affect GDP growth. A notable decline in Swedish export orders raises alarms, alongside cautious sentiment among households and businesses, evidenced by declining confidence indicators. Unemployment is on the rise, and the repo rate remains low to stabilize inflation. The overall economic outlook remains uncertain, with specific challenges ahead.

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December 2011 Monetary Policy Update: Challenges in the Swedish Economy

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  1. Monetary PolicyUpdateDecember 2011

  2. Swedish economy is slowing down and inflationary pressures are low

  3. Still considerable unease on the financial markets Government bonds with approximately 10 years to maturity, percentage points Source: Reuters EcoWin

  4. High indebtedness – still a long way to go Source: IMF WEO September 2011 Public debt as a percentage of GDP

  5. Weak development in the euro area GDP, quarterly percentage change as annual rate, seasonally-adjusted data Sources: Bureau of Economic Analysis, Eurostat, Statistics Sweden and the Riksbank

  6. Sweden burdened by weak development in the euro area GDP, quarterly percentage change as annual rate, seasonally-adjusted data Sources: Bureau of Economic Analysis, Eurostat, Statistics Sweden and the Riksbank

  7. Clear fall-off in Swedish export orders Export orders, net total Source: National Institute of Economic Research

  8. Cautious households and companies Confidence indicators for households and entire business sector, net figures, seasonally-adjusted data Source: National Institute of Economic Research

  9. Weaker labour market Unemployment, percentage of labour force, seasonally-adjusted data Sources: Statistics Sweden and the Riksbank

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

  11. A low repo rate stabilises inflation around the target Repo rate, per cent, quarterly mean values Source: The Riksbank

  12. A forecast not a promise Unease about public finances subsides quicker than expected Problems in the euro area increase Repo rate, per cent, quarterly mean values Source: The Riksbank

  13. Swedish economy is slowing down and inflationary pressures are low

  14. Average interest rate for new contracts for companies and households Per cent Sources: Ecowin and the Riksbank

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