I Inflation outlook and monetary policy

II External conditions and exports

III Financial conditions

Box III-1 The Icelandic rental market

IV Domestic demand and output

Box IV-1 Using high-frequency indicators to forecast private consumption

V Public sector finances

VI Labour market and wage developments

VII External balance

Box VII-1 The outlook for Iceland's external debt and payment flows

VIII Price developments and inflation outlook

Appendix 1 Baseline macroeconomic and inflation forecast 2012/2

Tables appendix

Charts appendix