Increased money supply growth
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The twelve-month growth in the monetary aggregate M3 was 7.2 per cent to end-May, up from 7.0 per cent the previous month. Households’ growth in M3 was 3.7 per cent to end-May, up from 3.6 per cent the previous month.
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The twelve-month growth in households’ money supply was weaker than the growth in households’ gross domestic debt, which was 6.7 per cent to end-May according to the credit indicator C2.
The money supply growth for non-financial corporations was 14.9 per cent to end-May, while the growth for municipal government was 11.0 per cent. Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was -0.4 per cent to end-May.
Figure 1. Monetary aggregate M3. Twelve-month growth
| Money-holding sector | Households | Non-financial corporations | |
| May 2011 | 10.6 | 6.6 | 15.6 |
| June 2011 | 8.5 | 6.4 | 10.1 |
| July 2011 | 7.9 | 7.1 | 7.9 |
| Aug. 2011 | 7.7 | 7.1 | 7.3 |
| Sept. 2011 | 8.6 | 7.0 | 8.2 |
| Oct. 2011 | 8.5 | 6.3 | 9 |
| Nov. 2011 | 7.7 | 7.0 | 5.5 |
| Dec. 2011 | 6.4 | 7.9 | 4.6 |
| Jan. 2012 | 6 | 7.6 | 3.5 |
| 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 | 3.6 | 12.4 |
| May 2017 | 7.2 | 3.7 | 14.9 |
More than half of the money supply in households
The monetary aggregate M3 was NOK 2 068 billion at the end of May, down from NOK 2 093 billion the previous month. Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-May, households’ money supply amounted to NOK 1 168 billion, down from NOK 1 177 billion at end-April.
The money supply for non-financial corporations was NOK 674 billion at end-May, down from NOK 676 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 104 billion and NOK 122 billion respectively.
Steady composition of the money supply
The composition of the money supply remains steady. Transaction deposits accounted for 87.7 per cent of the total money supply, while other deposits accounted for 9.6 per cent at the end of May. Notes and coins accounted for 2.1 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.5 per cent of the money supply at end-May.
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