Estonian Economy and Monetary Policy 3/2004

Monetary Developments & Policy Survey. March 2004

CONTENTS

I ECONOMIC POLICY SURVEY
ESTONIA
Financial Sector
Inflation
Non-Financial Sector
General Government
II ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
General Background
United States of America
Japan
Euro Area
Finland and Sweden
Latvia and Lithuania
Central European Countries
Russia
International Financial and Commodity Markets
ESTONIAN ECONOMY
Domestic Demand
Investments and Private Consumption
General Government
Domestic Supply
Growth by Sectors
Sales and Exports of Industrial Production
External balance
Labour Market
Employment and Unemployment
Wages and Productivity
BACKGROUND INFORMATION
BALANCE OF PAYMENT COMPILATION METHODOLOGY CHANGED
III INFLATION
Consumer Price index
Real Exchange Rate of the Kroon
BACKGROUND INFORMATION
HARMONISED INDEX OF CONSUMER PRICES (HICP)
IV MONETARY ENVIRONMENT DEVELOPMENT
Interest Rates
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