Increased money supply growth
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The twelve-month growth in the monetary aggregate M3 was 7.7 per cent to end-July, up from 7.1 per cent the previous month. Households’ growth in M3 was 3.2 per cent to end-July, down from 3.8 per cent the previous month.
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The twelve-month growth in households’ money supply was lower than the growth in households’ domestic debt, which was 6.6 per cent to end-July according to the credit indicator C2.
The money supply growth for non-financial corporations was 15.3 per cent to end-July, while the growth for municipal government was 9.1 per cent. The money supply growth for other financial corporations was 11.1 per cent to end-July, according to new figures from the statistics Monetary aggregates..
Figure 1. Monetary aggregate M3. Twelve-month growth
| Money-holding sector | Households | Non-financial corporations | |
| 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 | 7.1 | 3.6 | 12.7 |
| May 2017 | 7.4 | 3.7 | 15.5 |
| Jun. 2017 | 7.1 | 3.8 | 15.4 |
| July 2017 | 7.7 | 3.2 | 15.3 |
More than half of the money supply in households
The monetary aggregate M3 was NOK 2 163 billion at the end of July, up from NOK 2 150 billion the previous month. Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-July, households’ money supply amounted to NOK 1 219 billion, down from NOK 1 231 billion at end-June.
The money supply for non-financial corporations was NOK 699 billion at end-July, up from NOK 679 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 109 billion and NOK 136 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 9.8 per cent at the end of July. Notes and coins accounted for 2.0 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.5 per cent of the money supply at end-July.
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Heidi Vegsund
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Katharina Østensen
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Statistics Norway's Information Centre