Estonian Economy and Monetary Policy 12/2003

Monetary Developments & Policy Survey. December 2003

CONTENTS

I. ECONOMIC POLICY SURVEY
ESTONIA
Financial Sector
Inflation
Real Economy
Public Sector
II. ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
Global Background
United States of America
Japan
Euro area
Nordic Countries
Baltic Countries
Central Europe
Russia
International Financial and Commodity Markets
ESTONIAN ECONOMY
Economic Growth
Domestic Demand
Investments and Private Consumption
Public Sector
External Balance
Domestic Supply
Sale and Export of Industrial Production
Employment and Unemployment
Wages and Productivity
BACKGROUND INFORMATION
LEVEL OF CONCENTRATION IN THE MANUFACTURING PRODUCTION IN ESTONIA
WHY HAS THE CONTINUOUS DEPRECIATION OF THE DOLLAR NOT IMPROVED ESTONIA' S TRADE BALANCE?
III INFLATION
Consumer Price Index
Real Exchange Rate of the Kroon
IV MONETARY ENVIRONMENT
Liquidity Environment and Interest Rates
Capital Flows
Monetary and Loan Aggregates
V. FINANCIAL SECTOR DEVELOPMENT
Banking
Banks' Assets and Their Quality
Liabilities
Return on Equity
Securities Market
Stock Market
Bond Market
Other Financial Intermediaries
Investment Funds
Insurance