Decreased growth in domestic loan debt

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The twelve-month growth in the credit indicator C2 was 5.5 per cent to the end of August 2019, down from 5.6 per cent the previous month.

Written by: Eirin Ingvaldsen Brynestad

The general public’s domestic loan debt amounted to NOK 5 932 billion at end-August, according to new figures from the Credit indicator statistics, according to new figures from the Credit indicator statistics.

Figure 1. Credit indicator (C2)

General public Households Non-financial corporations Municipalities
Aug. 2016 5 6.1 3 5
Sep. 2016 5.1 6.3 2.6 6.4
Oct. 2016 5 6.1 2.7 5.9
Nov. 2016 5.2 6.5 2.7 5
Dec. 2016 4.8 6.3 1.9 5.6
Jan. 2017 5 6.5 2.2 5.8
Feb. 2017 5 6.6 1.8 6.4
Mar. 2017 5.2 6.7 2.2 6.1
Apr. 2017 5.1 6.5 2.3 5.6
May 2017 5.4 6.7 3.1 5.2
June 2017 5.6 6.6 4 5.3
July 2017 5.7 6.6 4.1 5.8
Aug. 2017 5.6 6.5 3.7 6
Sep. 2017 5.8 6.4 4.7 5.3
Okt. 2017 5.7 6.3 4.7 5.4
Nov. 2017 5.8 6.4 4.9 5.3
Dec. 2017 6.4 6.4 6.7 5.3
Jan. 2018 6.2 6.2 6.6 5.1
Feb. 2018 6.3 6.0 7.4 4.3
Mar. 2018 6.3 6.0 7.5 4.6
Apr. 2018 6.4 6.0 7.8 4.9
May 2018 6.2 5.8 7.0 5.8
June 2018 5.9 5.9 6.2 5.4
July 2018 5.8 5.8 6.2 5.0
Aug. 2018 5.9 5.8 6.5 4.8
Sep. 2018 5.5 5.8 5.0 4.8
Oct. 2018 5.8 5.8 6.0 4.7
Nov. 2018 5.7 5.6 6.2 5.3
Dec. 2018 5.6 5.6 5.5 6.6
Jan. 2019 5.8 5.7 5.8 6.4
Feb. 2019 5.8 5.7 5.7 7.3
Mar. 2019 5.9 5.7 5.8 7.6
Apr. 2019 5.8 5.7 5.7 7.0
May 2019 5.7 5.6 5.7 6.8
June 2019 5.7 5.6 5.8 6.8
July 2019 5.6 5.3 5.8 7.0
Aug. 2019 5.5 5.1 5.7 6.9

Decreased debt growth in households

Households’ domestic loan debt totalled NOK 3 570 billion at end-August. The twelve-month growth was 5.1 per cent to end-August, down from 5.3 per cent the previous month. Changed period for this year’s conversion of student loans into scholarships causes the debt growth in households to be at a lower level compared to previous years, see explanation below.

Decreased debt growth in non-financial corporations

Non-financial corporations domestic loan debt amounted to NOK 1 828 billion at end-August. The twelve-month growth was 5.7 per cent to end-August, down from 5.8 per cent the previous month. 

Decreased growth in loans from banks and mortgage companies

Of the general public’s domestic loan debt, 81 per cent consisted of loans from banks and mortgage companies at end-August. This amounted to NOK 4 804 billion. The twelve-month growth in loans from banks and mortgage companies was 5.6 per cent, down from 5.8 per cent the previous month.

Increased growth in debt securities

The twelve-month growth in the general public’s debt securities was 2.5 per cent to end-August, up from 2.2 per cent the previous month. 

Changed period for converting student loans into scholarships

The period for converting student loans into scholarships has changed from November to July in 2019. This converting of loans entails a reduction in household debt. This will have a negative effect on the twelve-month growth in household debt from July to October 2019, compared with previous years.

Loans from banks and mortgage companies are now published together

As of the release of data for August 2019, loans from banks and mortgage companies are published as one series in the StatBank. All timeseries from January 2018 have been reproduced.

Method for seasonal adjustment is revised from January 2019

From January 2019 the method and practice for seasonal adjustment is harmonized with guidelines from Eurostat. Seasonal adjusted data is revised from January 2018.

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