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53645
Increasing debt growth
statistikk
2011-05-09T10:00:00.000Z
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, March 2011

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Increasing debt growth

The twelve-month growth in the credit indicator C2 was 6.3 per cent to end-March, up from 5.9 per cent to end-February. The increase in growth stems from both non-financial enterprises and households.

Credit indicator C2. Percentage change

The general public’s gross domestic debt C2 amounted to NOK 3 664 billion at end-March, up from NOK 3 644 billion the previous month.

Non-financial enterprises increased their debt growth

Non-financial enterprises’ gross domestic debt amounted to NOK 1 210 billion at end-March. The twelve-month growth was 3.7 per cent to end-March, up from 2.9 per cent to the previous month.

The growth based on the three-month moving average (annualised) of the non-financial gross debt was 3.8 per cent for the period January-March compared with the previous three months.

Increase also in household debt growth

Household gross domestic debt totalled NOK 2 149 billion at end-March. The twelve-month growth was 6.9 per cent to end-March, up from 6.6 per cent the previous month. This is the highest twelve-month growth since January 2010.

Fall in debt growth for municipalities

Municipalities’ gross domestic debt totalled NOK 304 billion at end-March. The twelve-month growth was 12.7 per cent to end-March, down from 14.8 per cent to the previous month.

Credit indicator C2. Percentage change
 
  October 2010 November 2010 December 2010 January 2011 February 2011 March 2011
 
12 mth. total 5.3 5.8 6.1 6.1 5.9 6.3
3 mth. moving average tot.1 6.1 5.6 6.0 5.9 6.7  
12 mth. households 6.2 6.4 6.5 6.5 6.6 6.9
12 mth. non-financial enterprises 2.0 2.9 3.6 3.9 2.9 3.7
 
1  Annualised figure.

Growth rates are affected by portfolio shifts

Of the general public’s gross domestic debt, nearly 54 per cent consisted of bank loans. The twelve-month growth in bank loans increased from 0.7 per cent to end-February to 0.8 per cent to end-March. Mortgage companies’ loans amounted to NOK 1 076 billion and the twelve-month growth went down from 18.3 per cent to 18.2 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-March, up from 6.3 per cent the previous month.

The twelve-month growth rate in bond debt was 4.7 per cent to end-March, up from 3.9 per cent the previous month. The twelve-month growth rate in certificate debt was 16.6 per cent to end-March, up from 6.1 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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