Increased growth in domestic loan debt

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The twelve-month growth in the credit indicator C2 was 5.7 per cent to the end of January 2019, up from 5.6 per cent the previous month.

Written by: Anne Karin Linderud Haugen

The general public’s domestic loan debt amounted to NOK 5 752 billion at end-January, according to new figures from the Credit indicator statistics.

Figure 1. Credit indicator (C2)

General public Households Non-financial corporations Municipalities
Jan. 2016 5.3 6.1 3.5 6.2
Feb. 2016 5.2 6 3.8 5.3
Mar. 2016 4.9 5.8 3.4 5.1
Apr. 2016 5.1 6 3.3 5.7
May 2016 4.8 5.9 2.6 5.7
June 2016 5 6 3 5.4
July 2016 5 5.9 3.3 5.1
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
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 6.1 6.7 5.1
Feb. 2018 6.3 6.0 7.5 4.3
Mar. 2018 6.3 5.9 7.5 4.6
Apr. 2018 6.4 5.9 7.8 4.9
May 2018 6.2 5.8 7.0 5.8
June 2018 5.9 5.8 6.3 5.4
July 2018 5.8 5.8 6.2 5.0
Aug. 2018 5.9 5.8 6.6 4.8
Sep. 2018 5.5 5.8 5.1 4.8
Oct. 2018 5.8 5.8 6.1 4.7
Nov. 2018 5.7 5.6 6.2 5.3
Dec. 2018 5.6 5.5 5.5 6.6
Jan. 2019 5.7 5.6 5.8 6.4

Increased debt growth in households

Households’ domestic loan debt totalled NOK 3 464 billion at end-January. The twelve-month growth was 5.6 per cent to end-January, up from 5.5 per cent the previous month.

Increased debt growth in non-financial corporations

Non-financial corporations domestic loan debt amounted to NOK 1 771 billion at end-January. The twelve-month growth was 5.8 per cent to end-January, up from 5.5 per cent the previous month.

Increased 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 4 640 billion. The twelve-month growth in loans from banks and mortgage companies was 6.0 per cent, up from 5.6 per cent the previous month.

Decreased growth in debt securities

The twelve-month growth in the general public’s debt securities was 0.6 per cent to end-January, down from 2.6 per cent the previous month.

 External debt fell further in the 4th quarter of 2018

The general public’s total loan debt (C3) amounted to NOK 6 954 billion at the end of the 4th quarter of 2018. The external debt constitutes NOK 1 223 billion.

The external loan debt kept on declining to the end of the 4th quarter. The twelve-month growth in external debt increased from -12.4 per cent to -10.4 per cent from the end of the 3rd quarter to the end of the 4th quarter of 2018.

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

Sectoral change of toll road companies

The sectoral classification of The Norwegian toll companies is changed from public incorporated enterprises, owned by local government, to central government. These companies’ loan debt is no longer included in the credit indicator. The change is submitted in September 2018 with statistical effect from January 2018.

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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