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56395
Slight decrease in debt growth
statistikk
2012-01-09T10:00:00.000Z
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, November 2011

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Slight decrease in debt growth

The twelve-month growth in the credit indicator C2 was 6.6 per cent to end-November, down from 6.8 per cent to end-October. The decrease in growth stems from municipalities and non-financial enterprises.

The general public’s gross domestic debt C2 amounted to NOK 3 842 billion at end-November, up from NOK 3 811 billion the previous month.

Debt growth for households still unchanged

Households’ gross domestic debt totalled NOK 2 254 billion at end-November. The twelve-month growth was 7.2 per cent to end-November, and is equal to the debt growth in the previous three months. The twelve-month growth in households’ gross domestic debt has not been higher than 7.2 per cent since November 2008.

Slight decrease in debt growth for non-financial enterprises

Non-financial enterprises’ gross domestic debt amounted to NOK 1 272 billion at end-November. The twelve-month growth was 4.6 per cent to end-November, down from 4.7 per cent to end-October.

 

The growth based on the three-month moving average (annualised) of the non-financial gross debt was 7.3 per cent for the period September-November compared with the previous three months.

Credit indicator C2. Percentage change

Decrease in debt growth for municipalities

Municipalities’ gross domestic debt totalled NOK 317 billion at end-November. The twelve-month growth was 9.7 per cent to end-November, down from 12 per cent to the previous month.

Credit indicator C2. Percentage change
 
  June 2011   July 2011   Aug. 2011   Sep. 2011   Oct. 2011   Nov. 2011
 
12 mth. total 6.0 6.2 6.5 6.7 6.8 6.6
3 mth. moving average, total1 6.3 6.1 7.4 8.0 7.8  
12 mth. households 7.1 7.1 7.2 7.2 7.2 7.2
12 mth. non-financial enterprises 2.9 3.7 4.2 4.4 4.7 4.6
 
1  Annualised figure.

Growth rates are affected by portfolio shifts

Of the general public’s gross domestic debt, 52.1 per cent consisted of bank loans. Bank loans amounted to NOK 2 003 billion, and the twelve-month growth in bank loans decreased from 1.7 per cent to end-October to 1.1 per cent to end-November. Mortgage companies’ loans amounted to NOK 1 204 billion at end-November and the twelve-month growth increased from 18.1 to 18.9 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 7.1 per cent to end-November, slightly down from 7.2 per cent the previous month.

Decrease in bond debt and certificate debt

The twelve-month growth rate in bond debt was -0.8 per cent to end-November, down from 1.8 per cent the previous month. The twelve-month growth rate in certificate debt was 15.2 per cent to end-November, down from 22.7 per cent to end-October.

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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