Executive Board meeting 13 August 2008

Interest and exchange rate assumptions and CPI projections adjusted for tax changes and excluding energy products (CPI-ATE) and the output gap in Inflation Report

• The Executive Board’s assessment is that the sight deposit rate should be in the interval 3¼ - 4¼% in the period to the. publication of the next Inflation Report on 15 March 2007,

1) CPI-ATE: CPI adjusted for tax changes and excluding energy products. A further adjustment is made for the estimated effect of reduced maximum day-care rates from January 2006.. 2)

GDP growth and PMI manufacturing. EuroCOIN GDP projections to Q4 2011. PMI figures to November 2011.. Morgan and Norges Bank.. Yields on 10-year government bonds in euro

Percentage points.. Projections based on CBO’s baseline and alternative projection.. Market reactions – government bonds.. Yield on 10-year bonds.. Market reactions – price of

 Damage resulting from 1995 Kobe earthquake estimated at around 2 per cent of BNP. Damage from Friday’s earthquake expected to come to 1–3 per cent of GDP..  Trade with Japan

12-month change and seasonally adjusted monthly change.. Net percentage balances. The blue bars show reported developments for the relevant quarter. The red diamonds show expected

Projections from MPR 3/07 (broken lines). February 2007 – February 2008.. Sources: Statistics Norway and