The credit indicator C2, January 2007

Household domestic gross debt amounted to NOK 1 573 billion at end-January. Twelve-month growth was 12.1 per cent, down from 12.4 per cent the previous month. Although still high, January growth was the lowest since June 2005. In spite of this decline the growth in household gross debt is still considerably higher than the growth in household money supply (6.1 per cent) according to the M2 statistics .

See National accounts, Financial accounts for a full financial account for households.

Higher growth in non-financial enterprise debt

Non-financial enterprise domestic gross debt amounted to NOK 856 billion at end-January. Twelve-month growth was 21.0 per cent, up from 20.7 per cent to end-December. Thus, the annual growth rate is still among the highest recorded as far back as we have such data in the C2 statistics, i.e. the late 1980s. Nevertheless the growth in enterprise money supply is even higher (31.9 per cent), according to the M2 statistics. The strong growth in enterprise gross debt and money supply is connected with the high activity growth in the Norwegian economy.

Decreasing, but continued high growth in bank loans

The major part of the general public domestic gross debt comes from bank loans, which amounted to NOK 1 849 billion at end-January. Twelve-month growth in bank loans was 17.7 per cent, down from 19.1 per cent to end-December. Please be aware that the growth rates of loans from banks, mortgage companies and finance companies are influenced by several shifts in portfolios between these credit sources.