Macro indicators calculated by Sveriges Riksbank

Most of the macro indicators used by the Riksbank are published or produced by others, such as Statistics Sweden, the National Institute of Economic Research, Prospera, OMX and Eurostat. But some indicators are calculated and processed by the Riksbank, for example underlying inflation and the resource utilisation indicator (RU indicator). These indicators are used in the Riksbank's regular analysis of the Swedish economy and they are published in the Monetary Policy Report or used in the material on which the monetary policy decisions are based.

These macro indicators will be published in connection with new outcomes for the variables included enabling them to be updated. This means that the inflation measures and wage estimates will be published once a month and that the resource utilisation indicator will be published once a quarter.

The Riksbank’s interest rate decisions are based on forecasts

The Riksbank's interest rate decisions are based on forecasts of economic developments in Sweden and abroad. To be able to forecast future developments the Riksbank must have an idea of how both the supply and demand for goods and services are developing. Moreover, the Riksbank must have an idea of how inflation, the exchange rate and the labour market will develop in the period ahead. This is achieved by studying and using a number of different indicators and variables, such as how quickly the economy is growing, how many people are unemployed, how much is produced during one hour (productivity), developments in the financial markets and many other things.

The Riksbank has stopped publishing estimates of wage outcomes

The Riksbank has stopped publishing estimated of definitive outcomes for wages in the economy as a whole (wage algorithm) according to short-term wage statistics. This type of estimate can be obtained from the National Mediation Office.

Link to the National Mediation Office

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Updated 01/02/2018