Decreased money supply growth

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The twelve-month growth in the monetary aggregate M3 was 5.7 per cent to end-January 2018, down from 6.3 per cent to end-December 2017. Households’ growth in M3 was 4.5 per cent to end-January, up from 4.4 per cent the previous month.

The twelve-month growth in households’ money supply was lower than the growth in households’ domestic debt, which was 6.2 per cent to end-January according to the credit indicator C2.

The money supply growth for non-financial corporations was 6.5 per cent to end-January, while the growth for municipal government was 6.9 per cent. The money supply growth for other financial corporations was 10.9 per cent to end-January, according to new figures from the Monetary aggregates statistics

Figure 1. Monetary aggregate M3. Twelve-month growth

Money-holding sector Households Non-financial corporations
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
June 2012 5.7 8.8 1.2
July 2012 5.2 7.9 2
Aug. 2012 5.3 8.5 -0.5
Sept. 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
June 2013 4.7 6.0 2.8
July 2013 5.2 5.8 4.3
Aug. 2013 6.1 6.5 8.3
Sept. 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
June 2014 6.8 6.2 5.6
July 2014 5.3 6.3 2.9
Aug. 2014 5.9 6.6 3.8
Sept. 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
June 2015 4.6 6.3 5.1
July 2015 5.6 6.2 7.5
Aug. 2015 3.5 5.7 1.5
Sept. 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 5.7
May 2016 3.2 4.6 0.6
June 2016 4.6 5.3 2.6
July 2016 4.6 5.8 2.0
Aug. 2016 5.8 5.2 6.9
Sept. 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 3.1 11.6
Feb. 2017 6.6 3.4 11.6
Mar. 2017 7.4 3.5 15.4
Apr. 2017 7.1 3.6 12.7
May 2017 7.4 3.7 15.5
Jun. 2017 7.1 3.8 15.4
July 2017 7.7 3.2 15.4
Aug. 2017 6.7 3.5 12.7
Sept. 2017 6.4 4 11.8
Oct. 2017 6.7 4.1 11.4
Nov. 2017 6.5 4.1 9.8
Dec. 2017 6.3 4.4 7.7
Jan. 2018 5.7 4.5 6.5

More than half of M3 held by households

The monetary aggregate M3 was NOK 2 168 billion at the end of January, up from NOK 2 148 billion the previous month. More than half of M3 is held by households. At end-January this amounted to NOK 1 223 billion, unchanged from the previous month.

The money supply for non-financial corporations was NOK 711 billion at end-January, up from NOK 692 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 91 billion and NOK 142 billion respectively.

Steady composition of the money supply

The composition of the money supply remains steady. Bank deposits accounted for 97.6 per cent of the total money supply at the end of January. Notes and coins accounted for 2.0 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.4 per cent of the money supply at end-January.

Adaption to IFRS

Norwegian financial institutions’ reporting to ORBOF (Reporting of banks, mortgage companies, state lending institutions and finance companies’ accounts to the public authorities) has been adapted to International Accounting Standards (IFRS). The most important impact for the Monetary Aggregate Statistics is that accrued costs are to be applied to the underlying financial instrument. The calculation of transactions and growth is adjusted for this change.

There is some uncertainty associated with the quality of data for January 2018, therefore some time series are not published. The data is edited continuously and will be updated with the release of data for February 2018. Remaining time series will be released at a later date.

Updated seasonally adjusted stocks

Seasonally adjusted stocks have been updated for periods as of January 2014.

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