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4215
Increasing debt growth
statistikk
2011-01-31T10:00:00.000Z
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, December 2010

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Increasing debt growth

The twelve-month growth in the credit indicator C2 was 6.2 per cent to end-December, up from 5.9 per cent to end-November. Non-financial enterprises pull up most of the debt growth.

The general public’s gross domestic debt C2 amounted to NOK 3 618 billion at end-December, unchanged from the previous month.

Non-financial enterprises debt growth increase

Non-financial enterprises’ gross domestic debt amounted to NOK 1 203 billion at end-December. The twelve-month growth was 3.7 per cent to end-December, up from 3.0 per cent to the previous month. The growth in enterprise debt has been increasing since end-March 2010.

There was no growth in the three-month moving average of the non-financial gross debt for the period October-December 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

Slight rise in household debt growth

Household gross domestic debt totalled NOK 2 119 billion at end-December. The twelve-month growth was 6.5 per cent to end-December, up from 6.4 per cent to the previous month.

Decrease in debt growth for municipalities

Municipalities’ gross domestic debt totalled NOK 296 billion at end-December. The twelve-month growth was 14.8 per cent to end-December, down from 15.1 per cent to the previous month. Despite the decrease from end-November, the debt growth for the municipalities has been high in the last two years; in 2009 and 2010 the growth was between 11.5 per cent and 16.0 per cent.

Credit indicator C2. Percentage change
 
  July 2010 August 2010 September 2010 October 2010 November 2010 December 2010
 
12 mth. total 4.7 5.0 5.1 5.4 5.9 6.2
3 mth. moving average tot 7.0 6.7 5.9 5.4 5.1  
12 mth. households 6.1 6.2 6.3 6.2 6.4 6.5
12 mth. non-financial enterprises 0.6 1.3 1.4 2.1 3.0 3.7
 

Growth rates are affected by portfolio shifts

Of the general public’s gross domestic debt, 54 per cent consisted of bank loans. The twelve-month growth in bank loans increased from -3.2 per cent to end-November to -2.9 per cent to end-December. Mortgage companies’ loans amounted to NOK 1 032 billion and the twelve-month growth went down from 30.4 per cent to 29.7 per cent in the same period. The growth rates are affected by transfers of loans from banks to mortgage companies. The growth rate for banks and mortgage companies in total was 6.4 per cent to end-December, up from 6.1 per cent to end-November.

The twelve-month growth rate in bond debt was 3.2 per cent to end-December, up from 3.0 per cent to the previous month. The twelve-month growth rate in certificate debt was 10.8 per cent to end-December, up from -4.3 per cent to end-November.

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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