Estonian Economy and Monetary Policy 9/2005

Monetary Developments & Policy Survey. September 2005

CONTENTS

I ECONOMIC POLICY SURVEY
ESTONIA
Monetary Policy Environment
Inflation
Non-Financial Sector
General Government
Projections
BACKGROUND INFORMATION
ADJUSTMENT OF TIME-SERIES OF GROSS DOMESTIC PRODUCT
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
BACKGROUND INFORMATION
CHANGES IN RELATIVE WAGES IN 1993-2004
III INFLATION
Consumer Price index
Labour Costs
Real Exchange Rate of the Kroon
BACKGROUND INFORMATION
CHANGES IN THE HARMONISED INDEX OF CONSUMER PRICES AND THE CONSUMPTION STRUCTURE
IV MONETARY AND FINANCIAL SECTOR
Liquidity Environment and Domestic Financial Markets
Money Supply
Non-Financial Sector Borrowing
Capital Flows
BACKGROUND INFORMATION
CONSUMER CREDIT AND CREDIT INTEREST RATES
V ECONOMIC FORECAST OF EESTI PANK FOR 2005-2007
Global Economy in Coming Years
Estonia's Economic Outlook
Economic Growth
Domestic Demand
Labour Market
External Balance
Inflation