4283_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4283
Slowdown in external loan debt growth
statistikk
2008-05-09T10:00:00.000Z
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, February 2008

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Slowdown in external loan debt growth

The twelve-month growth in the general public gross external loan debt was 20.2 per cent to end-February, down from 25.4 per cent to end-January. The decrease stems from both offshore industries and mainland Norway.

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 662 billion at end-February. About 44 per cent of the external loan debt came from offshore industries. For this part of the foreign debt, annual growth decreased from 44.2 per cent to 31.8 per cent through February. A substantial part of this decline 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 decreased from 12.4 per cent to 11.5 per cent.

Decline in total gross debt growth

The twelve-month growth in total gross debt (C3) was 15.3 per cent at end-February, down from 16.2 per cent from the previous month. Total gross debt (C3) amounted to NOK 3 668 billion at end-February, of which NOK 3 301 billion (about 90 per cent) came from mainland Norway.

Continued strong growth in domestic gross debt

The credit indicator C2 amounted to NOK 3 006 billion at end-February. The twelve-month growth was 14.2 per cent, the same as in the previous month. The annual growth in the public domestic gross debt was still high. This was due to the strong growth in non-financial enterprise debt (20.7 per cent) and a considerably sharp growth in household debt (11.4 per cent). See also the C2 statistics , which show that the growth in the general public domestic gross debt fell to 13.9 per cent at end-March.

The credit indicator C3, by credit sources. Twelve-month growth. Per cent
  December 2007 January 2008 February 2008
Total gross debt (C3) 16.2 16.2 15.3
Domestic gross debt (C2)1 14.1 14.2 14.2
Gross external loan debt 26.1 25.4 20.2
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 where C2 constitutes the major part. The C3 statistics are 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/ .