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/en/bank-og-finansmarked/statistikker/k2/arkiv
53641
Unchanged debt growth
statistikk
2011-02-28T10:00:00.000Z
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 2011

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Unchanged debt growth

The twelve-month growth in the credit indicator C2 was 6.1 per cent to end-January, unchanged from end-December. Debt growth increased for non-financial enterprises, while the growth in municipalities’ debt decreased.

The general public’s gross domestic debt C2 amounted to NOK 3 635 billion at end-January, up from NOK 3 614 billion at end-December.

Credit indicator C2. Percentage change

Non-financial enterprises’ debt growth still increases

Non-financial enterprises’ gross domestic debt amounted to NOK 1 210 billion at end-January. The twelve-month growth was 3.8 per cent to end-January, up from 3.6 per cent to the previous month. The growth in enterprise debt has been increasing since end-March 2010.

The growth based on the three-month moving average of the non-financial gross debt was 3.5 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 fall.

Unchanged growth in household debt

Household gross domestic debt totalled NOK 2 128 billion at end-January. The twelve-month growth was 6.5 per cent to end-January, unchanged from the previous month.

Declining, but continued high debt growth for municipalities

Municipalities’ gross domestic debt totalled NOK 297 billion at end-January. The twelve-month growth was 14.0 per cent to end-January, down from 14.1 per cent to the previous month. Despite the decrease in the last two months, the debt growth for the municipalities has been high in the last two years; in 2009 and 2010 the growth has been between 11.5 per cent and 16.0 per cent.

Credit indicator C2. Percentage change
 
  August 2010 September 2010 October 2010 November 2010 December 2010 January 2011
 
12 mth. total 5.0 5.1 5.3 5.8 6.1 6.1
3 mth. moving average tot 6.6 6.3 6.1 5.6 6.0  
12 mth. households 6.2 6.3 6.2 6.4 6.5 6.5
12 mth. non-financial enterprises 1.2 1.3 2.0 2.9 3.6 3.8
 

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 -2.9 per cent to end-December to -2.8 per cent to end-January. Mortgage companies’ loans amounted to NOK 1 038 billion and the twelve-month growth went down from 29.7 per cent to 29.4 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 6.5 per cent to end-January, up from 6.4 per cent to end-December.

The twelve-month growth rate in bond debt was 3.2 per cent to end-January, unchanged from the previous month. The twelve-month growth rate in certificate debt was 12.5 per cent to end-January, up from 10.8 per cent to end-December.

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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