4127_not-searchable
/en/bank-og-finansmarked/statistikker/k2/arkiv
4127
Increase in enterprises’ debt growth
statistikk
2010-08-02T10:00:00.000Z
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, June 2010

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Increase in enterprises’ debt growth

The twelve-month growth in the credit indicator C2 was 4.6 per cent to end-June, up from 4.1 per cent to end-May. The debt growth stems the most from non-financial enterprises.

The general public’s gross domestic debt C2 amounted to NOK 3 532 billion at end-June, up from NOK 3 503 billon at end-May.

Credit indicator C2. Percentage change

Positive debt growth for non-financial enterprises

Non-financial enterprises’ gross domestic debt amounted to NOK 1 208 billion at end-June. The twelve-month growth was 0.4 per cent to end-June, up from -1.1 per cent to the previous month. This is the first time since October last year that the growth has been positive.

The growth based on the three-month moving average of the non-financial gross debt was 3.2 per cent for the period April-June compared with the previous three months. The fact that the growth based on the three-month moving average is higher than the twelve-month growth could be an indication that the twelve-month growth will rise.

Reduction in household debt growth

Household gross domestic debt totalled NOK 2 049 billion at end-June. The twelve-month growth was 6.2 per cent to end-June, down from 6.4 per cent to the previous month.

Credit indicator C2. Percentage change
 
     January 2010    February 2010    March 2010    April 2010    May 2010    June 2010
 
12 mth. total 4.2 4.2 4.0 4.0 4.1 4.6
3 mth. moving average tot 3.5 5.6 6.0 5.9 5.6  
12 mth. households 7.0 6.7 6.4 6.3 6.4 6.2
12 mth. non-financial enterprises -1.6 -1.1 -1.6 -1.5 -1.1 0.4
 

Growth rates affected by the portfolio shifts

Of the general public’s gross domestic debt, 55 per cent consisted of bank loans. The twelve-month growth in bank loans increased from -7.4 per cent to end-May to -6.4 per cent to end-June. Mortgage companies’ loans amounted to NOK 961 billion and the twelve-month growth went down from 40.0 per cent to 38.6 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 4.8 per cent to end-June, compared to 4.0 per cent the previous month.

The growth rate in bond debt has been decreasing since the beginning of this year and continued to fall in June. The twelve-month growth rate was 4.4 per cent to end-June, down from 5.8 per cent to the previous month. The growth rate in certificate debt on the other hand went up from -12.4 per cent to end-May to -8.1 per cent to end-June.

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 is 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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