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/en/bank-og-finansmarked/statistikker/k2/arkiv
53655
Increasing debt growth
statistikk
2011-09-30T10:00:00.000Z
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, August 2011

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Increasing debt growth

The twelve-month growth in the credit indicator C2 was 6.5 per cent to end-August, up from 6.3 per cent to end-July. The increase in growth stems from municipalities, households and non-financial enterprises.

The general public’s gross domestic debt C2 amounted to NOK 3 760 billion at end-August, up from NOK 3 744 billion the previous month.

Increased debt growth for non-financial enterprises

Non-financial enterprises’ gross domestic debt amounted to NOK 1 246 billion at end-August. The twelve-month growth was 4.1 per cent to end-August, up from 3.6 per cent to end-July.

The growth based on the three-month moving average (annualised) of the non-financial gross debt was 3.7 per cent for the period June-August compared with the previous three months.

Minor increase in debt growth for households

Households’ gross domestic debt totalled NOK 2 203 billion at end-August. The twelve-month growth was 7.2 per cent to end-August, up from 7.1 per cent to end-July. The twelve-month growth in households’ gross domestic debt has not been higher than 7.2 per cent since November 2008.

Credit indicator C2. Percentage change

Increase in debt growth for municipalities

Municipalities’ gross domestic debt totalled NOK 311 billion at end-August. The twelve-month growth was 11.8 per cent to end-August, up from 11.2 per cent to the previous month.

Credit indicator C2. Percentage change
 
  March 2011 April 2011 May 2011 June 2011 July 2011 August 2011
 
12 mth. total 6.2 6.4 6.4 6.0 6.3 6.5
3 mth. moving average, total1 6.4 6.9 6.3 6.3 6.2  
12 mth. households 6.9 6.8 7.0 7.1 7.1 7.2
12 mth. non-financial enterprises 3.6 4.2 4.0 2.9 3.6 4.1
 
1  Annualised figure.

Growth rates are affected by portfolio shifts

Of the general public’s gross domestic debt, 53 per cent consisted of bank loans. Bank loans amounted to NOK 1 996 billion, and the twelve-month growth in bank loans increased from 1.5 per cent to end-July to 1.7 per cent to end-August. Mortgage companies’ loans amounted to NOK 1 134 billion at end-August and the twelve-month growth remained stable at 16.8 per cent. 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 6.7 per cent to end-August, up from 6.6 per cent the previous month.

The twelve-month growth rate in bond debt was 5.4 per cent to end-August, up from 5.2 per cent the previous month. The twelve-month growth rate in certificate debt was 28.7 per cent to end-August, up from 22.1 per cent to end-July.

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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