4137_not-searchable
/en/bank-og-finansmarked/statistikker/k2/arkiv
4137
Unchanged debt growth
statistikk
2010-03-01T10:00:00.000Z
Banking and financial markets
en
k2, The credit indicator C2, general public’s gross domestic debt, credit expansion, credit transactions, liabilities, creditFinancial indicators, Banking and financial markets
false

The credit indicator C2, January 2010

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Unchanged debt growth

The twelve-month growth in the credit indicator C2 was 4.2 per cent to end-January, unchanged from end-December. Debt growth increased for households, while the growth in non-financial enterprise debt decreased.

The general public’s gross domestic debt C2 amounted to NOK 3 427 billion at end-January, up from NOK 3 408 billion at end-December.

Decline in non-financial enterprises’ debt

Non-financial enterprises’ gross domestic debt amounted to NOK 1 167 billion at end-January. The twelve-month growth to end-January was -1.5 per cent, down from -1.3 per cent to the previous month. During 2009, the twelve-month growth decreased by 16.8 percentage points.

The growth based on the three-month moving average (see box) of the non-financial gross debt was -5.5 per cent for the period November-January compared with the previous three months. The fact that the growth based on the three-month moving average is lower than the twelve-month growth could be an indication that the twelve-month growth will continue to fall.

Credit indicator C2. Percentage change

Rise in household debt growth

Household gross domestic debt totalled NOK 2 000 billion at end-January. The twelve-month growth was 7.0 per cent to end-January, up from 6.7 per cent to the previous month.

Credit indicator C2. Percentage change
 
  Aug. 2009 Sep. 2009 Oct. 2009 Nov. 2009 Dec. 2009 Jan. 2010
 
12 mth. total 5.9 5.5 5.1 4.8 4.2 4.2
3 mth. moving average tot 4.1 3.5 3.1 1.8 2.3  
12 mth. households 6.4 6.4 6.7 7.0 6.7 7.0
12 mth. non-financial enterprises 3.4 2.4 1.0 -0.2 -1.3 -1.5
 

Growth rates affected by the portfolio shifts

Of the general public’s gross domestic debt, 58 per cent consisted of bank loans. The twelve-month growth in bank loans increased from -6.3 per cent to end-December to -5.9 per cent to end-January. Mortgage companies’ loans amounted to NOK 802 billion and the twelve-month growth went down from 39.4 per cent to 38.0 per cent in the same period. The growth rates are affected by transfers of loans from banks to mortgage companies. This is due to the new legislation on covered bonds. The growth rate for banks and mortgage companies in total was 3.5 per cent to end-January, compared to 3.3 per cent the previous month.

The twelve-month growth rate in bond debt decreased from 22.8 per cent to end-December to 21.2 per cent to end-January. The growth rate in certificate debt went down from -2.9 per cent to end-December to -9.5 per cent to end-January.

C2 is an approximate measure of the size of the gross domestic debt of the general public (households, non-financial enterprises and municipalities) in NOK and foreign currency. Statistics Norway also compiles the credit indicator C3, which in addition to C2 (the public’s domestic gross debt) also includes the public’s external loan debt. Most of the public’s external loan debt refers to non-financial enterprises. The C3 statistics are published approximately one month later than the C2.

Growth based on the three-month moving average is defined as growth in average outstanding credit (seasonally-adjusted figures) in the latest three-month period in relation to the previous three-month period. The growth is adjusted for exchange rate valuation changes and statistical breaks as an annualised figure. The calculation is centred; in other words, the observation is set at the middle month of the latest three-month period.

 

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