4135_not-searchable
/en/bank-og-finansmarked/statistikker/k2/arkiv
4135
Still unchanged debt growth
statistikk
2010-03-26T10:00:00.000Z
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, February 2010

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Still unchanged debt growth

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

The general public’s gross domestic debt C2 amounted to NOK 3 446 billion at end-February, up from NOK 3 427 billion at end-January.

Rise in non-financial enterprises’ debt growth

Non-financial enterprises’ gross domestic debt amounted to NOK 1 177 billion at end-February. The twelve-month growth was still negative, but went up from -1.6 to end-January to -1.2 per cent to end-February. This is the first time since October 2008 that the twelve-month growth increased for non-financial enterprises.

The growth based on the three-month moving average (see box) of the non-financial gross debt was -2.4 per cent for the period December-February 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 fall.

Credit indicator C2. Percentage change

Decline in household debt growth

Household gross domestic debt totalled NOK 2 005 billion at end-February. The twelve-month growth was 6.7 per cent to end-February, down from 7.0 per cent to the previous month.

Credit indicator C2. Percentage change
 
  Sep. 2009 Oct. 2009 Nov. 2009 Dec. 2009 Jan. 2010 Feb. 2010
 
12 mth. total 5.5 5.1 4.8 4.2 4.2 4.2
3 mth. moving average tot 3.4 3.1 1.8 2.3 3.4  
12 mth. households 6.4 6.7 7.0 6.7 7.0 6.7
12 mth. non-financial enterprises 2.4 1.0 -0.2 -1.3 -1.6 -1.2
 

Growth rates affected by the portfolio shifts

Of the general public’s gross domestic debt, 56 per cent consisted of bank loans. The twelve-month growth in bank loans decreased from -5.9 per cent to end-January to -8.7 per cent to end-February. Mortgage companies’ loans amounted to NOK 894 billion and the twelve-month growth went up from 38.0 per cent to 46.4 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-February, compared to 3.4 per cent the previous month.

The twelve-month growth rate in bond debt decreased from 21.2 per cent to end-January to 15.0 per cent to end-February. The growth rate in certificate debt went up from -9.5 per cent to end-January to -4.5 per cent to end-February.

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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