4293_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4293
Continued slowdown in total debt growth
statistikk
2007-12-10T10:00:00.000Z
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, September 2007

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Continued slowdown in total debt growth

Twelve-month growth in total gross debt was 14.4 per cent to end-September, down from 15.8 per cent to end-August. The major part of the decline stems from the gross external loan debt of offshore industries.

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

Total gross debt (C3) amounted to NOK 3 465 billion at end-September, of which NOK 3 124 billion (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 604 billion at end-September. Twelve-month growth was 14.7 per cent, down from 20.6 per cent in the previous month. This sharp decline is related to the strong increase in external loan debt at the same time last year (basis effect). The twelve-month growth of the last months has in part been considerably higher for external debt than for domestic debt (C2). To end-September this difference was almost eliminated.

About 45 per cent of the external loan debt came from offshore industries. For this part of the foreign debt, annual growth fell from 27.4 per cent to 16.9 per cent, while twelve-month growth in the foreign debt of mainland Norway fell from 15.2 per cent to 13.0 per cent through September.

Continued high growth in domestic gross debt

The credit indicator C2 amounted to NOK 2 861 billion at end-September. Twelve-month growth was 14.3 per cent, down from 14.8 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 (20.0 per cent) and a considerably sharp growth in household debt (11.8 per cent). See also the C2 statistics.

The credit indicator C3 by credit sources. Twelve-month growth. Per cent
  July 2007 August 2007 September 2007
Total gross debt (C3) 16.1 15.8 14.4
Domestic gross debt (C2)1 14.8 14.8 14.3
Gross external loan debt 22.4 20.6 14.7
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/ .