Decreased growth in domestic loan debt

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The twelve-month growth in the credit indicator C2 was 5.0 per cent to the end of January 2020, down from 5.1 per cent the previous month.

Written by: Eirin Ingvaldsen Brynestad

The general public’s domestic loan debt amounted to NOK 6 052 billion at end-January, according to new figures from the Credit indicator statistics.

Figure 1. Credit indicator (C2). 12-month growth

General public Households Non-financial corporations Municipalities
Jan. 2017 5 6.5 2.2 5.8
Feb. 2017 5 6.6 1.8 6.4
March 2017 5.2 6.7 2.2 6.1
April 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
Oct. 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
March 2018 6.3 6.0 7.5 4.6
April 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
March 2019 5.9 5.7 5.8 7.6
April 2019 5.8 5.7 5.8 7.0
May 2019 5.7 5.6 5.7 6.8
June 2019 5.8 5.6 5.8 6.8
July 2019 5.6 5.3 5.8 7.0
Aug. 2019 5.5 5.2 5.7 6.9
Sep. 2019 5.8 5.1 7.0 7.0
Oct. 2019 5.6 5.0 6.1 7.6
Nov. 2019 5.6 5.2 5.7 7.8
Dec. 2019 5.1 5.0 4.9 7.1
Jan. 2020 5.0 4.9 4.5 7.4

Decreased debt growth in households  

Households’ domestic loan debt totalled NOK 3 641 billion at end-January. The twelve-month growth was 4.9 per cent to end-January, down from 5.0 per cent the previous month.

Decreased debt growth in non-financial corporations

Non-financial corporations domestic loan debt amounted to NOK 1 856 billion at end-January. The twelve-month growth was 4.5 per cent to end-January, down from 4.9 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-January. This amounted to NOK 4 890 billion. The twelve-month growth in loans from banks and mortgage companies was 5.0 per cent, down from 5.2 per cent from the previous month.

Decreased growth in debt securities

The twelve-month growth in the general public’s debt securities was 2.9 per cent to end-January, down from 3.0 per cent the previous month.

Increased external debt in the 4th quarter of 2019

The general public’s total loan debt (C3) amounted to NOK 7 363 billion at the end of the 4th quarter of 2019. The external debt constitutes NOK 1 341 billion.

The external loan debt increased to the end of the 4th quarter.

The twelve-month growth in external debt increased from 1.7 per cent to 4.4 per cent from the end of the 3rd quarter to the end of the 4th quarter of 2019.

The external loan debt mainly relates to non-financial corporations.

With the release of data for the fourth quarter of 2019, the base year was changed from 2017 to 2018. This change leads to an upward adjustment of the stocks from the fourth quarter of 2018. Growth and transaction series have been adjusted, meaning that they are not affected by this change.

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