4297_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4297
Lower growth in total debt
statistikk
2007-10-09T10:00:00.000Z
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, July 2007

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Lower growth in total debt

Twelve-month growth in total gross debt was 16.1 per cent to end-July, down from 16.5 per cent in the two previous months. In May and June, annual C3 growth was the highest since October 1987.

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

Total gross debt (C3) amounted to NOK 3 428 billion at end-July, of which NOK 3 066 billion (close to 90 per cent) came from mainland Norway.

Lower growth in gross external loan debt

The public’s gross external loan debt, which mainly relates to non-financial enterprises, amounted to NOK 617 billion at end-July. Twelve-month growth was 22.5 per cent, down from 25 per cent in the previous month. The public’s gross external loan debt continues to grow at a faster pace than domestic gross debt (C2), thus contributing to the high growth in the total gross debt of the public (C3). About 53 per cent of the external loan debt came from mainland Norway. For this part of the foreign debt the annual growth fell from 16.9 per cent to 14.5 per cent, while twelve-month growth in foreign debt of offshore industries fell from 35.1 per cent to 33 per cent through July.

Continued high growth in domestic gross debt

The credit indicator C2 amounted to NOK 2 811 billion at end-July. Twelve-month growth was 14.8 per cent, up from 14.7 per cent in the previous month. The annual growth in the public’s domestic gross debt is still high, due to the very high growth in non-financial enterprise debt (20.5 per cent) and a considerably sharp growth in household debt (12.3 per cent). See also the C2 statistics .

The credit indicator C3 by credit sources.
Twelve-month growth. Per cent
  May 2007 June 2007 July 2007
Total gross debt (C3) 16.5 16.5 16.1
Domestic gross debt (C2)1 14.8 14.7 14.8
Gross external loan debt 25.2 25.0 22.5
1  The growth rates for C2 are in the table presented as
they were on the time of the C3 release.

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 where C2 constitutes the major part. The C3 statistics is published approximately one month later than C2.

Be aware 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 due to better information after some time. For more details concerning the public’s gross external loan debt, see StatBank Norway under http://www.ssb.no/english/subjects/09/04/putgjeld_en/ .