Monetary Policy Report 3/09
	Chart 1.1 Indicator of world trade
	Chart 1.2 Consumer prices in industrial countries
	Chart 1.3 Key rates and estimated forward rates
	Chart 1.4 Unemployed
	Chart 1.5 Household expectations
	Chart 1.6 Household credit from domestic sources and house prices
	Chart 1.7 Difference between 3-month money market rate and key policy rate expectations in the market
	Chart 1.8 Key policy rate, money market rate, banks’ lending rate on new loans and average lending rates to enterprises
	Chart 1.9  Consumer prices
	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  Inflation. Moving 10-year average
	Chart 1.13a Projected key policy rate in the baseline scenario with fan chart
	Chart 1.13b Estimated output gap in the baseline scenario with fan chart
	Chart 1.13c Projected CPI in the baseline scenario with fan chart
	Chart 1.13d Projected CPIXE in the baseline scenario with fan chart
	Chart 1.14 Key policy rate in the baseline scenario as at 17 December 2008, in MPR 1/09, MPR 2/09 and MPR 3/09
	Chart 1.15 The key policy rate in the baseline scenario and the key policy rate plus premiums in the Norwegian money market
	Chart 1.16 Three-month money market rate differential between Norway and trading partners and the import-weighted exchange rate index (I-44)
	Chart 1.17 Real exchange rate
	Chart 1.18 Projected inflation and output gap in the baseline scenario
	Chart 1.19 GDP growth from previous quarter. Norway and trading partners
	Chart 1.20 Key policy rate and calculations based on simple monetary policy rules
	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 3-month money market rates in the baseline scenario and estimated forward rates
	Chart 1.23a Key policy rate in the baseline scenario and in the alternative scenarios
	Chart 1.23b The output gap in the baseline scenario and in the alternative scenarios
	Chart 1.23c CPIXE in the baseline scenario and in the alternative scenarios
	Chart 1.24 Interval for the key policy rate at the end of each strategy period, actual developments and projection
	Chart 1 Key policy rate in the baseline scenario in MPR 2/09 with fan chart and key policy rate in the baseline scenario from MPR 3/09
	Chart 2 Factors behind changes in the interest rate path since MPR 2/09
	Chart 2.1 Manufacturing
	Chart 2.2 Investment, credit growth and retail sales in China
	Chart 2.3 Oil price
	Chart 2.4 Commodity prices
	Chart 2.5 CPI and CPIXE
	Chart 2.6  CPI-ATE
	Chart 2.7 Unit labour costs, mainland Norway and prices for domestically produced goods and services in the CPI-ATE
	Chart 2.8 Indicator of external price impulses to imported consumer goods measured in foreign currency
	Chart 2.9 CPI-ATE. Actual figures, baseline scenario and projections by SAM
	Chart 2.10 Energy component of the CPI and estimated trend
	Chart 2.11 Indicator for actual change in production last three months and expected change in production in next six months
	Chart 2.12 Mainland GDP. Actual figures, our baseline scenario and projections by SAM
	Chart 2.13 Capacity utilisation and labour supply
	Chart 2.14.  Export. Norway and four trading partners
	Chart 2.15 Terms of trade
	Chart 2.16 Exports from mainland Norway
	Chart 2.17  Private investments. Norway and four trading partners
	Chart 2.18 Manufacturing investment statistics
	Chart 2.19 Private consumption and real house prices
	Chart 2.20 Household real disposable income and consumption
	Chart 2.21 Household saving and net lending as a share of disposable income.
	Chart 2.22 Productivity growth after a business cycle peak
	Chart 2.23 Indicator for actual change in employment and expected change in employment in next 3 months
	Chart 2.24 Registred unemployment. Actual numbers and Norges Bank's projections form June 2009
	Chart 2.25 Registred unemployment. Actual numbers and Norges Bank's projections.
	Chart 2.26 Annual wage growth and LFS unemployment
	Chart 2.27 Expected annual wage growth same year
	Chart 2.28 Non-oil deficit
	Chart 2.29 Structural non-oil deficit and expected real return on the Government Pension Fund – Global
	Chart 2.30 Investment statistics for the petroleum industry
	Chart 2.31 Petroleum investment
	Figur 1. Consumer prices