Increased domestic debt growth

Published:

The twelve-month growth in the credit indicator C2 was 5.4 per cent to end-May, up from 5.1 per cent the previous month.

Figure 1. Credit indicator (C2)

12-month growth 3-month moving average
May 2014 5.5 5.8
Jun. 2014 5.3 5.2
Jul. 2014 5.4 5.0
Aug. 2014 5.3 5.3
Sep. 2014 5.4 5.6
Oct. 2014 5.4 5.9
Nov. 2014 5.2 5.5
Dec. 2014 5.4 5.3
Jan. 2015 5.6 5.2
Feb. 2015 5.5 6.0
Mar. 2015 5.8 6.5
Apr. 2015 5.7 7.1
May 2015 5.9 6.4
Jun. 2015 5.8 5.7
Jul. 2015 5.7 4.7
Aug. 2015 5.8 4.6
Sep. 2015 5.5 4.7
Oct. 2015 5.5 4.7
Nov. 2015 5.4 4.6
Dec.2015 5.4 4.5
Jan. 2016 5.3 4.6
Feb. 2016 5.2 4.9
Mar. 2016 4.9 5.4
Apr. 2016 5.1 5.6
May 2016 4.8 5.6
Jun. 2016 5.0 5.1
Jul. 2016 5.0 4.9
Aug. 2016 5.0 4.9
Sep. 2016 5.1 5.3
Oct. 2016 5.1 5.2
Nov. 2016 5.0 4.6
Dec. 2016 4.9 4.2
Jan. 2017 5.1 4.3
Feb. 2017 5.0 5.4
Mar. 2017 5.2 6.0
Apr. 2017 5.1 6.6
May 2017 5.4

The general public’s gross domestic debt C2 amounted to NOK 5 281 billion at end-May.

Increased debt growth in households

Households’ gross domestic debt totalled NOK 3 149 billion at end-May. The twelve-month growth was 6.7 per cent to end-May, up from 6.5 per cent the month before.

Increased debt growth for non-financial corporations

Non-financial corporations’ gross domestic debt amounted to NOK 1 665 billion at end-May. The twelve-month growth was 3.0 per cent to end-May, up from 2.3 per cent the previous month.

Decreased debt growth for municipal government

Municipal government’s gross domestic debt totalled NOK 467 billion at end-May. The twelve-month growth was 5.2 per cent to end-May, down from 5.6 per cent the month before.

Unchanged growth in banks and mortgage companies’ loans

Of the general public’s gross domestic debt, 80 per cent consisted of banks and mortgage companies’ loans at end-May. This amounted to NOK 4 226 billion. The twelve-month growth in banks and mortgage companies’ loans was 5.2 per cent to end-May, unchanged from the month before.

Increased growth in bond debt

The twelve-month growth rate in bond debt was 10.8 per cent to end-May, up from 7.3 per cent to end-April. The twelve-month growth rate in certificate debt was -3.8 per cent to end-May, up from -11.6 per cent the previous month.