The credit indicator C2, January 2008

Non-financial enterprise gross domestic debt amounted to NOK 1 022 billion at end-January. The twelve-month growth was 21.1 per cent, up from 20.6 per cent to end-December. This is the highest twelve-month growth since September 2006, when the growth reached 21.7 per cent. The one-month growth was very strong in January, as in the previous month. The strong growth in enterprise domestic debt may be related to the fact that the enterprises to a greater extent use domestic financing as a consequence of the instability in international credit markets. The strong growth in non-financial enterprise gross debt is related to the continued strong growth in the Norwegian economy.

Unchanged growth in household debt

Household gross domestic debt totalled NOK 1 749 billion at end-January. The twelve-month growth was 11.2 per cent to end-January. Thus the falling growth rate of the last five months, was unchanged from end-December. The average twelve-month growth in household gross domestic debt in the twelve months of 2007 was 11.9 per cent, compared to 13 per cent in 2006.

Portfolio shifts and revisions

70 per cent of the general public gross domestic debt of NOK 2 979 billion at end-January consists of bank loans. The twelve-month growth in bank loans fell from 13.6 per cent to end-December to 13.1 per cent to end-January. The twelve-month growth in credit from mortgage companies increased from 38.4 per cent to 39.9 per cent in the same period, partly due to portfolio transfers from banks. Note that the data for bond debt and certificate debt have been revised back to September 2006. In addition, seasonally adjusted stock data have been revised as a result of the calculation of new seasonal components to remain fixed to the end of 2008, see About the statistics, chapter 3.6 .