Stronger money supply growth
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The twelve-month growth in the monetary aggregate M3 was 7.2 per cent to end-March, up from 6.6 per cent the previous month. Households’ growth in M3 was 3.5 per cent to end-March, unchanged from the previous month.
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The twelve-month growth in households’ money supply was weaker than the growth in households’ gross domestic debt, which was 6.8 per cent to end-March according to the credit indicator C2.
The money supply growth for non-financial corporations was 15.0 per cent to end-March, while the growth for municipal government was 16.6 per cent. Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was -2.2 per cent to end-March.
Figure 1. Monetary aggregate M3. Twelve-month growth
| Money-holding sector | Households | Non-financial corporations | |
| Mar. 2011 | 8.1 | 6.4 | 8.6 |
| Apr. 2011 | 9.2 | 6.8 | 11.4 |
| May 2011 | 10.6 | 6.6 | 15.6 |
| Jun. 2011 | 8.5 | 6.4 | 10.1 |
| Jul. 2011 | 7.9 | 7.1 | 7.9 |
| Aug. 2011 | 7.7 | 7.1 | 7.3 |
| Sep. 2011 | 8.6 | 7 | 8.2 |
| Oct. 2011 | 8.5 | 6.3 | 9 |
| Nov. 2011 | 7.7 | 7 | 5.5 |
| Dec. 2011 | 6.4 | 7.9 | 4.6 |
| Jan. 2012 | 6 | 7.6 | 3.5 |
| Feb 2012 | 6.3 | 7.7 | 4.8 |
| Mar. 2012 | 6.8 | 8.7 | 3 |
| Apr. 2012 | 5.2 | 8.3 | 0.2 |
| May 2012 | 3.3 | 8.6 | -4.2 |
| Jun. 2012 | 5.7 | 8.8 | 1.2 |
| Jul. 2012 | 5.2 | 7.9 | 2 |
| Aug. 2012 | 5.3 | 8.5 | -0.5 |
| Sep. 2012 | 5 | 8.8 | -0.9 |
| Oct. 2012 | 4 | 7.3 | -0.8 |
| Nov. 2012 | 5.3 | 7.2 | 3.2 |
| Dec. 2012 | 4.8 | 6.8 | 1.4 |
| Jan. 2013 | 4.9 | 6.8 | 2.1 |
| Feb 2013 | 3.8 | 6.5 | -0.5 |
| Mar. 2013 | 3.8 | 6.3 | -0.5 |
| Apr. 2013 | 4.1 | 5.8 | 1.3 |
| May 2013 | 6.1 | 5.9 | 6 |
| Jun. 2013 | 4.7 | 6 | 2.8 |
| Jul. 2013 | 5.2 | 5.8 | 4.3 |
| Aug. 2013 | 6.1 | 6.5 | 8.3 |
| Sep. 2013 | 4 | 5.7 | 4.3 |
| Oct. 2013 | 4.5 | 6.1 | 4.5 |
| Nov. 2013 | 4.2 | 6.4 | 3.1 |
| Dec. 2013 | 6.1 | 6.3 | 5.9 |
| Jan. 2014 | 5.2 | 6.3 | 5 |
| Feb 2014 | 5.7 | 6.4 | 6 |
| Mar. 2014 | 5.8 | 5.8 | 8.4 |
| Apr. 2014 | 6.3 | 6.5 | 6.2 |
| May 2014 | 5.4 | 6.7 | 3.7 |
| Jun. 2014 | 6.8 | 6.2 | 5.6 |
| Jul. 2014 | 5.3 | 6.3 | 2.9 |
| Aug. 2014 | 5.9 | 6.6 | 3.8 |
| Sep. 2014 | 6.4 | 6.6 | 5.6 |
| Oct. 2014 | 5.4 | 6.5 | 5.2 |
| Nov. 2014 | 5.7 | 7 | 4.3 |
| Dec. 2014 | 5.5 | 7.4 | 4.5 |
| Jan. 2015 | 5.6 | 7.2 | 3.9 |
| Feb 2015 | 4.9 | 7.2 | 2.1 |
| Mar. 2015 | 6 | 6.7 | 6 |
| Apr. 2015 | 4.9 | 6.7 | 3.6 |
| May 2015 | 5.7 | 7.4 | 6.5 |
| Jun. 2015 | 4.6 | 6.3 | 5.1 |
| Jul. 2015 | 5.6 | 6.2 | 7.5 |
| Aug. 2015 | 3.5 | 5.7 | 1.5 |
| Sep. 2015 | 4.6 | 5.8 | 4.1 |
| Oct. 2015 | 5.5 | 6.2 | 3.3 |
| Nov. 2015 | 4.1 | 5.2 | 3.1 |
| Dec. 2015 | 3.1 | 5.1 | 0.7 |
| Jan. 2016 | 3.1 | 5.5 | 0.6 |
| Feb 2016 | 4.4 | 5.1 | 5 |
| Mar. 2016 | 3.6 | 5.4 | 0.7 |
| Apr. 2016 | 5.3 | 5.8 | 5.6 |
| May 2016 | 3.2 | 4.6 | 0.6 |
| Jun. 2016 | 4.6 | 5.3 | 2.6 |
| Jul. 2016 | 4.6 | 5.9 | 2 |
| Aug. 2016 | 5.8 | 5.2 | 6.9 |
| Sep. 2016 | 6.8 | 5.3 | 8.3 |
| Oct. 2016 | 6.2 | 4.9 | 9.2 |
| Nov. 2016 | 6.6 | 5.1 | 9.3 |
| Dec. 2016 | 5.4 | 4.1 | 8.2 |
| Jan. 2017 | 6.5 | 3.2 | 11.4 |
| Feb 2017 | 6.6 | 3.5 | 11.4 |
| Mars 2017 | 7.2 | 3.5 | 15 |
More than half of the money supply in households
The monetary aggregate M3 was NOK 2 084 billion at the end of March, up from NOK 2 056 billion the previous month. Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-March, households’ money supply amounted to NOK 1 167 billion, down from NOK 1 179 billion at end-February.
- See more figures in the statistics Monetary aggregates
The money supply for non-financial corporations was NOK 693 billion at end-March, up from NOK 662 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 97 billion and NOK 127 billion respectively.
Steady composition of money supply
The composition of the money supply remains steady. Transaction deposits accounted for 87.8 per cent of the total money supply, while other deposits accounted for 9.7 per cent at the end of March. Notes and coins accounted for 2.1 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.4 per cent of the money supply at end-March.
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