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7.2. Financial balance sheet (S128)..............................................................................................................................................................20 8. Pension funds (S129)................................................................................................................................................ 21 8.1. Financial account (S129)............................................................................................................................................................................ 21 8.2. Financial balance sheet (S129)............................................................................................................................................................... 21

11 8 – 13 8 – 13 – on organisations 11.8 7 – 12 8 – 13 8 – 13 – on households, including 2.8 5 – 10 8 – 13 8

discussion. CONTENTS ECONOMIC SITUATION AND INFLATION ............................................................................................................................................................................................................................................................ 2 MONETARY CONDITIONS ................................................................................................................................................................................................................................................................................................................................................................................. 6 EXTERNAL ENVIRONMENT ................................................................................................................................................................................................................................................................................................................................................................. 8 INFLATION RISKS ................................................................................................................................................................................................................................................................................................................................................................................................................................................. 9 CONCLUSIONS FOR MONETARY POLICY AND THE KEY RATE DECISION

rate will average 13.5–14.5% per annum in 2026 and 8.0–9.0% per annum in 2027. As the effects of one-off