Decreased money supply growth
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The twelve-month growth in the monetary aggregate M3 was 3.8 per cent to end-February 2018, down from 5.1 per cent to end-January. Households’ growth in M3 was 4.4 per cent to end-February, up from 3.9 per cent the previous month.
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The twelve-month growth in households’ money supply was lower than the growth in households’ domestic debt, which was 6.0 per cent to end-February according to the credit indicator C2.
The money supply growth for non-financial corporations was 3.1 per cent to end-February, while the growth for municipal government was 1.9 per cent. The money supply growth for other financial corporations was 3.9 per cent to end-February, according to new figures from the Monetary aggregates statistics
Figure 1. Monetary aggregate M3. Twelve-month growth
| Money-holding sector | Households | Non-financial corporations | |
| 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 | 5.1 | 3.9 | 6.1 |
| Feb. 2018 | 3.8 | 4.4 | 3.1 |
More than half of M3 held by households
The monetary aggregate M3 was NOK 2 146 billion at the end of February, down from NOK 2 169 billion the previous month. More than half of M3 is held by households. At end-February this amounted to NOK 1 239 billion, up from 1 224 billion the previous month.
The money supply for non-financial corporations was NOK 684 billion at end-February, down from NOK 712 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 91 billion and NOK 132 billion respectively.
Steady composition of the money supply
The composition of the money supply remains steady but notice that the share of transaction deposits has increased somewhat, while other deposits decrease. This is due to changes in the reporting of deposits to the public authorities as of January 2018. See more information about this in the text box below.
Transaction deposits accounted for 90.9 per cent of the total money supply, while other deposits accounted for 6.7 per cent at the end of February. Notes and coins accounted for 1.9 per cent, while repurchase agreements, debt securities and bonds and bonds in total accounted for 0.4 per cent of the money supply at end-February.
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Heidi Vegsund
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Statistics Norway's Information Centre