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4289
Total debt growth increases again
statistikk
2008-02-08T10:00:00.000Z
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, November 2007

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Total debt growth increases again

Twelve-month growth in total gross debt was 13.9 per cent to end-November 2007, up from 13.2 per cent to end-October. The increase stems both from external loan debt and domestic debt.

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

Total gross debt (C3) amounted to NOK 3 521 billion at end-November, of which NOK 3 210 billion (91 per cent) came from mainland Norway.

Slight increase in gross external loan debt growth

The general public’s gross external loan debt, which mainly relates to non-financial enterprises, amounted to NOK 585 billion at end-November. After having declined six months in a row, the twelve-month growth in the public’s foreign debt rose from 9.5 per cent to 10.7 per cent during November. The decline stems entirely from offshore industries, where annual growth rose from 10.6 per cent to 14.4 per cent. For mainland Norway, which includes 59 per cent of the public’s gross external loan debt, the annual growth fell from 8.7 per cent to 7.9 per cent from end-October to end-November.

In the period March - September 2007, the twelve-month growth has in part been considerably higher for external debt than for domestic debt (C2). At end-October and end-November this situation had reversed.

Continued strong growth in domestic gross debt

The credit indicator C2 amounted to NOK 2 937 billion at end-November. Twelve-month growth was 14.6 per cent, up from 14.0 per cent in the previous month. The annual growth in the public’s domestic gross debt is still high, due to the strong growth in non-financial enterprise debt (21.1 per cent) and a considerably sharp growth in household debt (11.5 per cent). See also the C2 statistics.

The credit indicator C3 by credit sources. Twelve-month growth. Per cent
  September 2007 October 2007 November 2007
Total gross debt (C3) 14.5 13.2 13.9
Domestic gross debt (C2)1 14.3 14.0 14.6
Gross external loan debt 15.3 9.5 10.7
1  The growth rates for C2 are in the table presented as they were at
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 later on due to improved information. 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/ .