Estonian Economy and Monetary Policy 3/2005

Monetary Developments & Policy Survey. March 2005

CONTENTS

I ECONOMIC POLICY SURVEY
ESTONIA
Monetary Policy Environment
Inflation
Non-Financial Sector
General Government
Projections
II ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
General Background
United States of America
Japan
Euro Area
Nordic Countries
Central and Eastern European Countries
Russia
International Financial and Commodity Markets
ESTONIAN ECONOMY
Domestic Demand
Investments
Private Consumption
General Government
Domestic Supply
Industrial Development
Services and Other Sectors
Employment
External balance
III INFLATION
Consumer Price index
Labour Costs
Real Exchange Rate of the Kroon
BACKGROUND INFORMATION
SLOWDOWN IN ESTONIA'S CORE INFLATION IN 2004
IV MONETARY AND FINANCIAL SECTOR
Liquidity Environment and Domestic Financial Markets
Money Supply
Non-Financial Sector Borrowing
Capital Flows
BACKGROUND INFORMATION
DECLINE IN NON-FINANCIAL SECTOR INTEREST RATES IN NEW EU COUNTRIES IN THE CONTEXT OF EU ACCESSION
V ECONOMIC FORECAST OF EESTI PANK FOR 2005-2007
World Economy in Coming Years
Estimates and Situation After the Autumn Forecast
Economic Growth
Labour Market
Domestic Demand
External Balance and Current Account
Infl ation