The credit indicator C2, February 2008

Household gross domestic debt totalled NOK 1 761 billion at end-February. The twelve-month growth was 11.4 per cent to end-February, up from 11.2 per cent to end-January. This was the first rise in the twelve-month growth since July 2007.

Continued strong growth in non-financial enterprise debt

Non-financial enterprise gross domestic debt amounted to NOK 1 038 billion at end-February. The twelve-month growth was 20.7 per cent, down from 21.1 per cent to end-January. The one-month growth was very strong in both January and February. 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 also related to the continued strong growth in the Norwegian economy. The growth in enterprise money supply was 13.0 per cent to end-February according to the M2 statistics ; thus slightly lower than the growth in enterprise debt.

Growth rates affected by portfolio shifts

70 per cent of the general public gross domestic debt of NOK 3 007 billion at end-February consists of bank loans. The twelve-month growth in bank loans increased from 13.1 per cent to end-January to 14.1 per cent to end-February, while the twelve-month growth in credit from mortgage companies fell from 39.4 per cent to 30.1 per cent in the same period. The growth rates are affected by shifts between bank loans and credit from mortgage companies.