Annual Economic Report 2025 - underlying data behind the graphs

Chapter I: Sustaining stability amid uncertainty and fragmentation - read the chapter

Data set
Chapter I data set (xlsx)
Images Title
Graph 1 Most consumers remained cautious as exports underpinned growth in Asia
Graph 2 Cross-border use of stablecoins has been rising, reflecting a mix of drivers
Graph 3 Current vs target inflation
Graph 4 Central bank assets and policy rate cuts
Graph 5 Elevated trade and policy uncertainty could weigh on economic activity
Graph 6 Financial markets were shaken by the tariff surprise
Graph 7 Uncertain firms expanded credit lines and may cut back on investment
Graph A1 Tariffs unlikely to sustain manufacturing or reduce trade deficits
Graph 8 Structural challenges for the real economy
Graph 9 Trade facing higher tariffs and non-tariff barriers
Graph B1 Trade restrictions and outward foreign direct investment
Graph C1 Household inflation expectations are elevated, still influenced by the experience of the inflation surge
Graph 10 Fiscal positions and government debt
Graph 11 Market indicators suggest an abundant supply of government bonds
Graph 12 Credit risk may be on the rise in the non-financial corporate (NFC) sector
Graph 13 NBFIs have become sizeable liquidity providers in key financial markets

Chapter II: Financial conditions in a changing global financial system - read the chapter

Data set
Chapter II data set (xlsx)
Images Title
Graph 1 Government bond issuance has outpaced lending to the private sector
Graph 2 Financial intermediation has shifted from banks to NBFIs
Graph 3 Foreign holdings of government debt
Graph 4 Global cross-border bond holdings, excluding official reserves
Graph 5 FX swaps
Graph A1 FX swap-enabled bond investment
Table A1 Hedging-related determinants of OFIs' FX swaps outstanding
Graph 6 FX swaps and US portfolio inflows
Graph 7 Global financial conditions and international financial interconnectedness
Graph B1 The factor structure of the BIS FCI
Graph 8 Global financial market connectedness
Graph 9 Directional transmission of BIS FCIs
Graph 10 Exchange rates and financial conditions in EMEs
Graph 11 Financial conditions, FX swaps and debt flows to the United States
Graph 12 Yen carry trade with FX swaps
Graph 13 Financial conditions and the yen carry trade
Graph 14 Impact of domestic monetary policy and US spillovers
Graph 15 Cross-border effects of unconventional monetary policies in the euro area and the United States

Chapter III: The next-generation monetary and financial system - read the chapter

Data set
Chapter III data set (xlsx)
Images Title
Graph A1 Blockchain is subject to congestion and fragmentation, undermining scalability
Graph 1 Stablecoins continue to grow, but volatility remains
Graph 2 Cross-border use of stablecoins has been rising, reflecting a mix of drivers
Graph 3 Stablecoins' effects on safe asset markets and reaction to monetary policy
Graph B1 The AI future of AML compliance
Graph 4 Domestic payment using tokenised commercial bank deposits
Graph 5 Correspondent banking and balance sheet updates
Graph 6 AML/CFT compliance in next-generation correspondent banking
Graph C1 The choices of architecture for a unified ledger lie along a continuum
Graph 7 Government bond markets are a growing focus of tokenisation initiatives
Graph 8 Collateralised central bank lending in a tokenised environment

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