More or less regular fluctuations in economic activity.
Means that the data have been corrected for the effect of differences in the number of working days.
A measure of net lending as it would be with the economy in a normal state.
The employment rate is the number of persons employed as a percentage of the population aged 15-74.
The maximum permissible level of central-government expenditure; it thus limits how much the central government is allowed to spend each year. The Government proposes, and Parliament decides, what the limit will be. The total expenditure subject to ceiling is central-government budget expenditure exclusive of interest on central-government debt and disbursements from the old-age pension system.
The policy that affects demand via the expenditure and revenue of the general-government sector.
The revenue less the expenditure of the general-government sector.
The value of all goods and services produced in a country during a period of time.
A growth rate in line with its historical average. Since 1980, growth in GDP has averaged 0.5 percent per quarter, or 2.0 percent per year. High GDP growth does not automatically mean that the economy is booming (with a high level of resource utilization), or vice versa. In a recovery phase, when the economy is emerging from a slump, the rate of GDP growth will normally exceed its historical average.
The HICP is a Harmonized Index of Consumer Prices developed by the EU for purposes of international comparison. The principal difference between the HICP and the CPI is that the mortgage interest cost for owner occupied homes is not included in the HICP. Certain items are included in the HICP, but not in the CPI, such as expenditure on child care, elderly care, hospital care and some financial services.
The statistics on ill health include both persons who are sick-listed (and receiving sickness allowances and sick pay, including the waiting period) and persons with disability pensions.
Inflation is an increase in the general level of prices. The Consumer Price Index (CPI) measures the average change in prices of goods and services consumed by households.
CPIX, (previously UND1X) measure of underlying inflation, is customarily used by the Riksbank as a guide in setting monetary policy. Unlike the Consumer Price Index (CPI), the CPIX excludes mortgage interest cost for owner occupied homes and the direct effects of changes in indirect taxes and subsidies.
See figure for various measures of inflation.
Summarizes the NIER's assessment of resource utilization on the labour market and is defined as the percentage deviation of actual hours worked from potential hours worked. The potential number of hours worked is in turn determined primarily by equilibrium unemployment and the potential labour force. Equilibrium unemployment is the level of unemployment compatible with the target rate of inflation and is dependent largely on the functioning of the labour market and of wage formation. A negative labour market gap means that there is spare labour in the economy, a situation that tends to dampen the tendency of prices and wages. A positive labour market gap means that resource utilization is strained, with accelerating prices and wages as a consequence.
The labour force is the total number of persons employed and officially unemployed.
Primarily about setting the repo rate in order to affect demand in order to achieve a stable development of prices.
The interest rate at which banks can borrow or lend money at the Riksbank for seven days. Decisions about the repo rate are made by the Executive Board of the Riksbank.
The level of resource utilization in the economy is a measure of the degree to which the production factors of labour and capital are being put to use. Resource utilization is reflected, for example, in the responses to the Business Tendency Survey questions on labour shortages and utilization of existing capacity, as well as the statistics of the Labour Market Board and Statistics Sweden on vacancies and the number unemployed. A limited labour shortage and weak capacity utilization at firms indicate low resource utilization, which in turn tends to dampen inflationary pressure.
Data are seasonally adjusted to smooth out variations regularly recurring during the year.
Consists of the monetary- and fiscal-policy measures taken to affect the aggregate demand in the economy. The purpose is to dampen the cyclical fluctuations of the economy, thus simultaneously maintaining stable rates of inflation and low unemployment.
The officially unemployed are persons without work but willing and able to work and looking for a job. Often measured as a percentage of the labour force.