4287_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4287
Sharp rise in external loan debt growth
statistikk
2008-03-10T10:00:00.000Z
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, December 2007

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Published:

This is an archived release.

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Sharp rise in external loan debt growth

The twelve-month growth in the general public gross external loan debt was 26.2 per cent to end-December, up from 12.5 per cent to end-November. Offshore industries contributed to a considerable part of the increase.

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

The general public gross external loan debt, which mainly relates to non-financial enterprises, amounted to NOK 674 billion at end-December. About 46 per cent of the external loan debt came from offshore industries. For this part of the foreign debt, annual growth increased from 17.3 per cent to 45.2 per cent through December. A substantial part of this rise came from short-term debt, which may fluctuate heavily from one month to the next. The twelve-month growth in the foreign debt of mainland Norway, where most of the rise stems from long-term debt, increased from 9.0 per cent to 12.4 per cent through December.

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 .

Increased growth also in total gross debt

Twelve-month growth in total gross debt (C3) rose from 13.9 per cent up to 16.2 per cent through December. Total gross debt (C3) amounted to NOK 3 627 billion at end-December, of which NOK 3 243 billion (about 89 per cent) came from mainland Norway.

Continued strong growth in domestic gross debt

The credit indicator C2 amounted to NOK 2 953 billion at end-December. Twelve-month growth was 14.1 per cent, unchanged compared to end-November. The annual growth in the general public domestic gross debt is still high, due to the very high growth in non-financial enterprise debt (20.6 per cent) and considerably sharp growth in household debt (11.2 per cent). See also the C2 statistics , which shows that the growth in the general public domestic gross debt increased again in January 2008.

The credit indicator C3 by credit sources. Twelve-month growth. Per cent
  October 2007 November 2007 December 2007
Total gross debt (C3) 12.9 13.9 16.2
Domestic gross debt (C2)1 13.5 14.1 14.1
Gross external loan debt 10.1 12.5 26.2
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/ .