Increased growth in domestic loan debt

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The twelve-month growth in the credit indicator C2 was 4.5 per cent to the end of June 2020, down from 4.6 per cent the previous month.

Written by: Heidi Vegsund

The twelve-month growth in the credit indicator C2 was 4.6 per cent to the end of July 2020, up from 4.5 per cent the previous month, according to new figures from the Credit indicator statistics.

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

General public Households Non-financial corporations Municipalities
Oct. 2015 5.6 6.4 3.7 7.6
Nov. 2015 5.2 5.9 3.2 8.1
Dec. 2015 5.4 6.1 3.5 7.6
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 2.1 6.1
Apr. 2017 5.1 6.5 2.2 5.6
May 2017 5.4 6.7 3 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
Okt. 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
Mar. 2018 6.3 6.0 7.5 4.6
Apr. 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
Mar. 2019 5.9 5.7 5.8 7.6
Apr. 2019 5.8 5.7 5.7 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 6.9 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
Feb. 2020 4.8 4.8 4.1 7.4
Mar. 2020 4.7 4.7 4.0 6.9
Apr. 2020 4.6 4.6 3.7 7.7
May 2020 4.6 4.4 4.2 7.5
June 2020 4.5 4.4 3.5 8.1
July 2020 4.6 4.6 3.4 8.4

Increased debt growth in households

Households’ domestic loan debt totalled NOK 3 725 billion at end-July. The twelve-month growth was 4.6 per cent to end-July, up from 4.4 per cent the previous month.

Decreased debt growth in non-financial corporations

Non-financial corporations domestic loan debt amounted to NOK 1 894 billion at end-July. The twelve-month growth was 3.4 per cent to end-July, down from 3.5 per cent the previous month.

Unchanged 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-July. This amounted to NOK 5 005 billion. The twelve-month growth in loans from banks and mortgage companies was 4.4 per cent, unchanged from the previous month.

Increased growth in debt securities

The twelve-month growth in the general public’s debt securities was 5.5 per cent to end-July, up from 4.8 per cent the previous month.

Increased external loan debt in the 2nd quarter of 2020

The general public’s total loan debt (C3) amounted to NOK 7 775 billion at the end of the 2nd quarter of 2020. The external debt constitutes NOK 1 574 billion.

The twelve-month growth in the general public’s external loan debt increased from 7.3 per cent to 7.4 per cent from the end of the 1st quarter of 2020 to the end of the 2nd quarter of 2020.The external loan debt mainly relates to non-financial corporations.

There have been some major revisions of previously reported external loan debt. The revisions primarily concern the 2nd, 3rd and 4th quarters of 2019 for the industry aggregate petroleum activity and ocean transport.

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