The credit indicator C2, July 2007

Household gross domestic debt was NOK 1 664 billion at end-July. The twelve-month growth was 12.3 per cent to end-July, up from 12.0 per cent for both May and June. This is the first month that the growth rate has increased since last February. In comparison, the twelve-month growth rate for household gross domestic debt (according to the C2 statistics) peaked at 13.5 per cent to end-March 2006, and the average growth during 2006 was 13.0 per cent. However, the growth in household gross debt is still higher than the growth in household money supply (8.8 per cent), see the M2 statistics .

Decreasing growth for non-financial enterprises

Non-financial enterprise gross domestic debt was NOK 951 billion at end-July. The twelve-month growth was 20.5 per cent, down from 21.0 per cent to end-May. However, the growth in enterprise money supply is even higher (26.1 per cent). The high growth in non-financial enterprise gross debt and money supply is strongly related to the strong growth in the Norwegian economy.

Statistics for credit sources influenced by portfolio shifts and IFRS

About 70 per cent of the general public gross domestic gross debt of NOK 2 811 billion at end-July consists of bank loans. The twelve-month growth in bank loans was 16.4 per cent to end-July, down from 16.7 per cent to end-June. In the same period, the twelve-month growth in credit from mortgage companies increased from 18.2 to 18.3 per cent and the twelve-month growth in credit from finance companies from 8.7 per cent to 9.3 per cent. The growth rates of loans from banks, mortgage companies and finance companies are influenced by shifts in loan portfolios between these institutions. Since March 2007, the data have also been affected by the implementation of the new international financial reporting standards, IFRS, which may lead to more fluctuations in the data in the future.