Stronger growth in total loan debt

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The twelve-month growth in total gross debt (C3) was 1.9 per cent to end-April 2017, up from 0.8 per cent the previous month. The increase stemmed from foreign debt sources.

Figure 1. The credit indicator C3. 12-month growth

Total gross debt (C3) Domestic gross debt (C2) Foreign gross loan debt
Apr. 2011 9.6 6.4 22.4
May 2011 9.3 6.4 20.6
June 2011 7.2 6.0 11.8
July 2011 8.1 6.2 15.2
Aug. 2011 8.1 6.5 14.2
Sept. 2011 7.4 6.7 10.1
Oct. 2011 7.1 6.8 8.2
Nov. 2011 6.4 6.5 6.0
Dec. 2011 4.8 6.8 -2.1
Jan. 2012 2.6 7.0 -12.6
Feb. 2012 2.6 7.2 -13.2
Mar. 2012 6.5 7.2 4.1
Apr. 2012 5.0 6.9 -1.8
May 2012 5.0 7.0 -2.1
June 2012 6.8 7.3 4.9
July 2012 7.4 7.3 7.8
Aug. 2012 7.1 7.2 6.8
Sept. 2012 6.6 6.9 5.4
Oct. 2012 6.8 6.9 6.2
Nov. 2012 7.6 7.1 9.6
Dec. 2012 8.5 6.5 16.1
Jan. 2013 10.8 6.3 29.4
Feb. 2013 10.6 6.3 27.8
Mar. 2013 6.2 6.2 5.9
Apr. 2013 7.9 6.5 13.3
May 2013 7.8 6.4 13.1
June 2013 7.5 6.4 11.6
July 2013 6.8 6.2 9.0
Aug. 2013 7.6 6.2 12.7
Sept. 2013 7.5 6.3 11.9
Oct. 2013 7.8 6.2 13.6
Nov. 2013 7.4 6.0 12.3
Dec. 2013 6 6.0 5.8
Jan. 2014 5.4 5.7 4.2
Feb. 2014 4.6 5.8 0.6
Mar. 2014 6.4 5.7 8.7
Apr. 2014 6.4 5.6 9.0
May 2014 6 5.5 7.7
June 2014 5.6 5.3 6.6
July 2014 5.5 5.4 6.0
Aug. 2014 5.2 5.3 4.6
Sept. 2014 5.5 5.4 5.9
Oct. 2014 5.2 5.4 4.9
Nov. 2014 7.1 5.2 13.2
Dec. 2014 6.1 5.4 8.7
Jan. 2015 6.8 5.6 10.8
Feb. 2015 7.2 5.5 13.4
Mar. 2015 6.9 5.8 11.1
Apr. 2015 5.9 5.7 6.6
May 2015 7 5.9 11
June 2015 6.9 5.8 10.7
July 2015 6.7 5.7 10.2
Aug. 2015 5.8 5.8 6
Sept. 2015 6.1 5.5 8.1
Oct. 2015 5 5.5 3.5
Nov. 2015 2.8 5.4 -5.2
Dec. 2015 4.3 5.4 1
Jan. 2016 3.3 5.3 -2.7
Feb. 2016 3 5.2 -3.9
Mar. 2016 4.4 4.9 2.8
Apr. 2016 4.4 5.1 2.3
May 2016 3.5 4.8 -0.6
June 2016 4.3 5 2.1
July 2016 3.7 5 -0.2
Aug. 2016 4.6 5 3.4
Sept. 2016 4.4 5.1 2.2
Oct. 2016 2.9 5.1 -4.2
Nov. 2016 2.4 5 -5.9
Dec. 2016 2.4 4.9 -5.5
Jan. 2017 2.2 5.1 -6.9
Feb. 2017 1.8 5 -8.8
Mar. 2017 0.8 5.2 -13.1
Apr. 2017 1.9 5.1 -8.3

Total gross debt amounted to NOK 6 667 billion at end-April, up from NOK 6 605 billion at end-March.

Mainland Norway’s gross debt accounted for 89 per cent of the total gross debt at end-April. This amounted to NOK 5 964 billion.

Increase in foreign debt growth

The general public gross foreign debt, which mainly relates to non-financial corporations, amounted to NOK 1 427 billion at end-April, up from NOK 1 389 billion the previous month. The twelve-month growth increased from -13.1 per cent to end-March to -8.3 per cent to end-April.

Mainland Norway accounted for 59 per cent of the public gross foreign debt, which amounted to NOK 840 billion at end-April. The twelve-month growth in mainland Norway’s foreign debt was 2.5 per cent to end-April, up from -3.1 to end-March.

Offshore industries accounted for the remainder of the foreign debt, which amounted to NOK 587 billion at end-April. The twelve-month growth was -20.5 per cent to end-April, up from -23.9 per cent to end-March.

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