Monetary Policy Report 1/12
	Chart 1.1 Projected output gap for Norwegian trading partners
	Chart 1.2 GDP growth for advanced economies
	Chart 1.3 Yield spreads against German 10-year government bonds
	Chart 1.4 Yield on 10 year government bonds
	Chart 1.5 Key rates and estimated forward rates
	Chart 1.6 Difference between 3-month money market rate and key policy rate expectations in the market
	Chart 1.7 Key policy rate, money market rate, yield on 5-year covered bonds and weighted average lending rate on new residential mortgages
	Chart 1.8 Consumer prices
	Chart 1.9 Inflation. Moving 10-year average
	Chart 1.10 Expected consumer price inflation 2 and 5 years ahead
	Chart 1.11 Differential between 5-year forward rates 5 years ahead in Norway and the euro area
	Chart 1.12 Households debt burden and interest burden
	Chart 1.13a Projected key policy rate in the baseline scenario with probability distribution
	Chart 1.13b Estimated output gap in the baseline scenario with probability distribution
	Chart 1.13c Projected CPI in the baseline scenario with probability distribution
	Chart 1.13d Projected CPIXE in the baseline scenario with probability distribution
	Chart 1.14 Interval for the key policy rate at the end of each strategy period, actual developments and projection
	Chart 1.15 Difference between 3-month money market rate and expected key rates
	Chart 1.16 Money market rate differential between Norway and trading partners, and the import-weighted exchange rate index (I-44)
	Chart 1.17 Projected inflation and output gap in the baseline scenario
	Chart 1.18a Key policy rate
	Chart 1.18b Output gap
	Chart 1.18c CPIXE
	Chart 1.19 Key policy rate and calculations based on simple monetary policy rules
	Chart 1.20 Three-month money market rates in the baseline scenario and estimated forward rates
	Chart 1.21 Key policy rate and interest rate developments that follow from Norges Bank’s average pattern of interest rate setting
	Chart 1.22 Projected key policy rate with fan chart and interval
	Chart 1 Key policy rate in the baseline scenario in MPR 3/11 with probability and key policy rate in the baseline scenario from MPR 1/12
	Chart 2 Factors behind changes in the interest rate path since MPR 3/11
	Chart 2.1 GDP-growth in advanced and emerging economies
	Chart 2.2 Government bond yields
	Chart 2.3 Non-financial private sector gross debt
	Chart 2.4 Fiscal tightening
	Chart 2.5 Bank lending conditions
	Chart 2.6 Consumer price inflation
	Chart 2.7 Wage growth
	Chart 2.8 Oil price and prices for Norwegian petroleum exports
	Chart 2.9 Prices for coal, oil and natural gas
	Chart 2.10 Commodity prices
	Chart 2.11 CPI, CPI-ATE and CPIXE
	Chart 2.12 CPI-ATE. Total and by supplier sector
	Chart 2.13 Indicator of external price impulses to imported consumer goods measured in foreign currency
	Chart 2.14 Enterprises' expected change in price growth
	Chart 2.15 CPI-ATE. Actual figures, baseline scenario and projections from SAM
	Chart 2.16 GDP mainland Norway and Norges Bank's regional network's indicator of change in production
	Chart 2.17 Terms of trade
	Chart 2.18 Mainland GDP. Actual figures, baseline scenario and projections from SAM
	Chart 2.19 Capacity constraints and labour supply in Regional network and estimated output gap
	Chart 2.20 Productivity in Mainland Norway
	Chart 2.21 Exports from mainland Norway
	Chart 2.22 Household consumption and real disposable income
	Chart 2.23 Household saving and net lending as a share of disposable income
	Chart 2.24 Difference between number of housing completions and increase in households, and population growth
	Chart 2.25 Planned growth in investment for next 12 months compared with past 12 months
	Chart 2.26 Investment in mainland Norway except public sector
	Chart 2.27 Employment and Norges Bank's regional network's indicator of change in employment
	Chart 2.28 Population growth, net migration and excess of births
	Chart 2.29 Registered unemployment
	Chart 2.30 Structural, non-oil deficit and expected real return on the Government Pension Fund Global
	Chart 2.31 Petroleum investment
	Chart 1 Outlook in production in the Regional network and TNS Gallup indicator for households
	Chart 2 Projections for GDP mainland Norway
	Chart 3 Projections for CPI-ATE