Estonian Economy and Monetary Policy 3/2006

Monetary Developments & Policy Survey. March 2006

CONTENTS

I ECONOMIC POLICY SUMMARY
ESTONIA
Monetary Policy Environment
External and Domestic Demand
General Government
Inflation
Forecast
II ECONOMIC DEVELOPMENTS
EXTERNAL ENVIRONMENT
General Background
United States of America
Japan
Euro Area
Nordic Countries
Central and Eastern European Countries
International Financial and Commodity Markets
ESTONIAN ECONOMY
Domestic Demand
Investment
Private Consumption
General Government
Domestic Supply
Industrial Development
Services and Other Sectors
Employment
External balance
GOVERNMENT DEBT
III INFLATION
Consumer Price index
Labour Costs
Real Exchange Rate of the Kroon
ELECTRICITY PRICES IN ESTONIA
IV MONETARY AND FINANCIAL SECTOR
Liquidity Environment and Domestic Financial Markets
Money Supply
Financing the Non-Financial Sector
Capital Flows
REGULATIONS ON HOUSING LOANS
V ECONOMIC FORECAST FOR 2006-2008
GLOBAL ECONOMY IN COMING YEARS
ESTONIA'S ECONOMIC OUTLOOK: THE MAIN SCENARIO
Economic Growth
Domestic Demand
Labour Market
Inflation
Food, Alcohol, and Tobacco
Core Inflation
Energy Used by Households
Motor Fuel
External Balance
ESTONIA'S ECONOMIC OUTLOOK: RISK SCENARIOS
Risk scenario I: the robust growth of domestic demand continues on account of credit growth
Risk scenario II: correction in the real estate sector

Full text (PDF, 212 kb)