53643_not-searchable
/en/bank-og-finansmarked/statistikker/k2/arkiv
53643
Decline in enterprise debt growth
statistikk
2011-03-31T10:00:00.000Z
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, February 2011

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Decline in enterprise debt growth

The twelve-month growth in the credit indicator C2 was 5.9 per cent to end-February, down from 6.1 per cent to end-January. The decrease in growth stems from non-financial enterprises.

Credit indicator C2. Percentage change

The general public’s gross domestic debt C2 amounted to NOK 3 644 billion at end-February, up from NOK 3 635 billion the previous month.

Non-financial enterprises push down the debt growth

Non-financial enterprises’ gross domestic debt amounted to NOK 1 204 billion at end-February. The twelve-month growth was 2.8 per cent to end-February, down from 3.8 per cent to the previous month. This is the first month with a decrease in the debt growth since 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 December-February compared with the previous three months.

Increase in household debt growth

Household gross domestic debt totalled NOK 2 136 billion at end-February. The twelve-month growth was 6.6 per cent to end-February, up from 6.5 per cent the previous month.

Continued high debt growth for municipalities

Municipalities’ gross domestic debt totalled NOK 304 billion at end-February. The twelve-month growth was 14.8 per cent to end-February, up from 14.0 per cent to the previous month. This is the highest twelve-month growth since September 2009.

Credit indicator C2. Percentage change
 
  Sep. 2010 Oct. 2010 Nov. 2010 Dec. 2010 Jan. 2011 Feb. 2011
 
12 mth. total 5.1 5.3 5.8 6.1 6.1 5.9
3 mth. moving average total 6.3 6.1 5.6 6.0 5.9  
12 mth. households 6.3 6.2 6.4 6.5 6.5 6.6
12 mth. non-financial enterprises 1.3 2.0 2.9 3.6 3.8 2.8
 

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 -2.7 per cent to end-January to 0.7 per cent to end-February. Mortgage companies’ loans amounted to NOK 1 056 billion and the twelve-month growth went down from 29.4 per cent to 18.3 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 6.3 per cent to end-February, down from 6.5 per cent the previous month.

The twelve-month growth rate in bond debt was 3.9 per cent to end-February, up from 3.2 per cent the previous month. The twelve-month growth rate in certificate debt was 6.1 per cent to end-February, down from 12.5 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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