The credit indicator C2, April 2008

Non-financial enterprise gross domestic debt amounted to NOK 1 079 billion at end-April. The twelve-month growth was 21.7 per cent, up from 21.1 per cent to end-March. This is the same twelve-month growth as in January this year and September 2006, when the growth also peaked at 21.7 per cent. The one-month growth was very strong in April, as in the previous months. 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.

Decrease in household debt growth

Household gross domestic debt totalled NOK 1 783 billion at end-April. The twelve-month growth was 10.9 per cent to end-April, down from 11.1 per cent to end-March. This was the lowest twelve-month growth since February 2004, when the twelve-month growth reached 10.8 per cent.

Growth rates affected by portfolio shifts

Almost 70 per cent of the general public gross domestic debt of NOK 3 073 billion at end-April consists of bank loans. The twelve-month growth in bank loans decreased from 12.9 per cent to end-March to 11.9 per cent to end-April, while the twelve-month growth in credit from mortgage companies increased from 38.6 per cent to 47.3 per cent in the same period. The growth rates are affected by shifts between bank loans and credit from mortgage companies. This is due to the new legislation on covered bonds.