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53665
Further increase in mainland Norway’s debt growth
statistikk
2011-04-18T10:00:00.000Z
Banking and financial markets
en
k3, The credit indicator C3, total gross debt, foreign debt, debt, credit, total debtFinancial indicators, Banking and financial markets
false

The credit indicator C3, January 2011

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Further increase in mainland Norway’s debt growth

The twelve-month growth in total debt from mainland Norway was 6.6 per cent to end-January, up from 5.6 per cent the previous month. The increase stemmed from both domestic and foreign debt sources.

Credit indicator C3 by credit sources. Twelve-month growth. Per cent

About 90 per cent of the total gross debt (C3) came from mainland Norway. This amounted to NOK 4 070 billion at end-January, up from NOK 4 003 billion the previous month.

Total gross debt (C3) amounted to NOK 4 534 billion at end-January. The twelve-month growth was 6.7 per cent, down from 8.5 per cent to end-December. The decrease stemmed from foreign debt.

Decrease in total foreign debt growth

The general public gross foreign debt, which mainly relates to non-financial enterprises, amounted to NOK 899 billion at end-January. The twelve-month growth decreased from 18.5 per cent to 8.8 per cent during January.

Mainland Norway accounted for about 64 per cent of the public gross foreign debt, which amounted to NOK 577 billion. The twelve-month growth in mainland Norway’s foreign debt was 10.0 per cent to end-January; up from 3.4 per cent the previous month. The increase emanated from long-term debt.

Offshore industries accounted for the remainder of the foreign debt, which amounted to NOK 321 billion. The annual growth decreased from 43.7 per cent the previous month to 6.7 to end-January. The decrease stemmed mainly from short-time internal debt by oil companies. This debt can fluctuate considerably from one month to the next.

Unchanged domestic gross debt growth

The credit indicator C2 amounted to NOK 3 635 billion at end-January. The twelve-month growth was 6.1 per cent, unchanged from the previous month. The debt growth in non-financial enterprises was 3.8 per cent, while the growth in household debt was 6.5 per cent. The C2 statistics show that the annual growth in the general public domestic gross debt went down to 5.9 per cent to end-February.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
 
  Aug. 2010 Sep. 2010 Oct. 2010 Nov. 2010 Dec. 2010 Jan. 2011
 
Total gross debt (C3) 4.0 3.9 4.9 5.2 8.5 6.7
Total gross loan debt, mainland-Norway 4.6 5.0 5.1 5.5 5.6 6.6
Domestic gross debt (C2)1 5.0 5.1 5.3 5.8 6.1 6.1
Gross external loan debt 0.1 -0.6 3.0 2.9 18.5 8.8
Gross external loan debt, offshore ind. -2.6 -6.9 0.6 0.6 43.7 6.7
Gross ext. loan debt, mainland-Norway 1.9 4.9 4.6 4.4 3.4 10.0
 
1  The growth rates for C2 are in the table presented as they were at the time of the C3 release.

The statistics for external loan debt are based on samples, and therefore associated with more uncertainty than the statistics for domestic debt (C2). For more details concerning sampling, see chapter 3.3 in About the statistics .

C3 is an approximate measure of the size of the total gross debt of the public (households, non-financial enterprises and municipalities) in NOK and foreign exchange. C3 comprises the sum of C2 (the public’s domestic gross debt) and the public’s external loan debt, of which C2 constitutes the largest part. The C3 statistics are published approximately one month later than C2.

 

It should be noted that the growth rates for the public’s gross external loan debt vary from month to month due to shifting amounts of short-time internal debt by oil companies. In addition, the first-time-published growth rates are often revised at a later date due to improved information.

 

Tables

Published tables