Increased growth in domestic loan debt

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The twelve-month growth in the credit indicator C2 was 4.9 per cent to the end of January 2021, up from 4.8 per cent the previous month.

Written by: Heidi Vegsund

The general public’s domestic loan debt amounted to NOK 6 341 billion at end-January, according to new figures from the Credit indicator statistics.

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

General public Households Non-financial corporations Municipalities
Jan. 2016 5.1 6.1 3.2 6.2
Feb. 2016 5.1 6.0 3.4 5.3
March 2016 4.8 5.8 3.0 5.1
April 2016 4.9 6.0 2.9 5.7
May 2016 4.7 5.9 2.2 5.7
June 2016 4.8 6.0 2.7 5.4
July 2016 4.9 5.9 2.9 5.1
Aug. 2016 4.9 6.1 2.6 5.0
Sep. 2016 5.0 6.3 2.2 6.4
Oct. 2016 4.9 6.1 2.4 5.9
Nov. 2016 5.1 6.5 2.5 5.0
Dec. 2016 4.8 6.3 1.8 5.6
Jan. 2017 5.0 6.5 2.1 5.8
Feb. 2017 5.0 6.6 1.7 6.4
March 2017 5.2 6.7 2.1 6.1
April 2017 5.1 6.5 2.2 5.6
May 2017 5.4 6.7 3.0 5.2
June 2017 5.6 6.6 4.0 5.3
July 2017 5.7 6.6 4.1 5.8
Aug. 2017 5.6 6.5 3.7 6.0
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
March 2018 6.3 6.0 7.5 4.6
April 2018 6.4 6.0 7.8 4.9
May 2018 6.2 5.8 7 5.8
June 2018 5.9 5.9 6.2 5.4
July 2018 5.8 5.8 6.2 5
Aug. 2018 5.9 5.8 6.5 4.8
Sep. 2018 5.5 5.8 5 4.8
Oct. 2018 5.8 5.8 6 4.7
Nov. 2018 5.7 5.6 6.2 5.3
Dec. 2018 5.6 5.6 5.5 6.6
Jan. 2019 5.9 5.8 6.1 6.4
Feb. 2019 6 5.8 5.9 7.3
March 2019 6 5.7 6.1 7.6
April 2019 5.9 5.7 6 7
May 2019 5.9 5.7 6 6.8
June 2019 5.9 5.6 6.1 6.8
July 2019 5.8 5.4 6.1 7
Aug. 2019 5.6 5.3 6 6.9
Sep. 2019 6 5.1 7.3 7
Oct. 2019 5.7 5.1 6.4 7.6
Nov. 2019 5.7 5.2 6 7.8
Dec. 2019 5.2 5 5.1 7.1
Jan. 2020 5.1 4.9 4.8 7.4
Feb. 2020 5 4.9 4.4 7.4
March 2020 4.8 4.8 4.2 6.9
April 2020 4.7 4.6 3.9 7.7
May 2020 4.7 4.5 4.5 7.5
June 2020 4.6 4.5 3.8 8.1
July 2020 4.7 4.6 3.6 8.4
Aug. 2020 4.8 4.6 4.1 8.1
Sep. 2020 4.6 4.7 3.3 8.6
Oct. 2020 4.5 4.8 3.2 7.8
Nov. 2020 4.7 4.8 3.6 7.7
Dec. 2020 4.8 4.9 3.8 7.6
Jan. 2021 4.9 4.9 4.2 7.0

Unchanged debt growth in households

Households’ domestic loan debt totalled NOK 3 822 billion at end-January. The twelve-month growth was 4.9 per cent to end-January, unchanged from the previous month.

Increased debt growth in non-financial corporations

Non-financial corporations domestic loan debt amounted to NOK 1 925 billion at end-January. The twelve-month growth was 4.2 per cent to end-January, up from 3.8 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 5 136 billion. The twelve-month growth in loans from banks and mortgage companies was 5.1 per cent to end-January, up from 5.0 per cent the previous month.

Increased growth in debt securities

The twelve-month growth in the general public’s debt securities was 9.0 per cent to end-January, up from 8.7 per cent the previous month.

Decreased growth in external loan debt in the 4th quarter of 2020

The external debt constitutes NOK 1 520 billion in the previous quarter. The twelve-month growth in the general public’s external loan debt decreased from 7.5 per cent to 2.8 per cent from the end of the 3rd quarter of 2020 to the end of the 4th quarter of 2020. The external loan debt mainly relates to non-financial corporations.

The general public’s total loan debt (C3) amounted to NOK 7 834 billion at the end of the 4th quarter of 2020. The twelve-month growth in the general public’s total loan debt was 4.4 per cent, down from 5.2 per cent the previous quarter.

Table 11597 is expanded with new variables

As of December 2020 table 11597 is expanded with monthly transactions and monthly growth converted to annual rate. These series are not seasonally adjusted. The following borrowers were added to the table: Households etc., Non-financial corporations and Municipal government. All variables and sectors that previously were included in the table, will be continued.

Confirmed credit losses

As of October 2020 growth and transaction series are adjusted for confirmed losses. This change means that growth and transaction for some series are revised up in already published periods. Growth and transaction series have been updated back to January 2019 and will not be directly comparable with previous periods.

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