4279_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4279
Decrease in total gross debt growth
statistikk
2008-07-10T10:00:00.000Z
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, April 2008

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Decrease in total gross debt growth

The twelve-month growth in total gross debt (C3) was 15.5 per cent to end-April, down from 16.0 per cent in the previous month. The decrease stems from a sharp fall in the external loan debt growth in offshore industries.

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

Total gross debt amounted to NOK 3 774 billion at end-April, of which NOK 3 369 billion (about 89 per cent) came from mainland Norway.

Slowdown in external loan debt growth

The twelve-month growth in the general public gross external loan debt was 20.5 per cent to end-April, down from 24.4 per cent to end-March. The general public gross external loan debt, which mainly relates to non-financial enterprises, amounted to NOK 700 billion at end-April. About 45 per cent of the external loan debt came from offshore industries. For this part of the foreign debt, the annual growth decreased from 42.4 per cent to 26.7 per cent in April. The decline stems from both long-term and short-term debt. The twelve-month growth in the foreign debt of mainland Norway increased from 10.2 per cent to 15.4 per cent.

Continued strong growth in domestic gross debt

The credit indicator C2 amounted to NOK 3 074 billion at end-April. The twelve-month growth was 14.4 per cent, up from 14.1 per cent in the previous month. The annual growth in the public domestic gross debt was still high. This is due to the strong growth in non-financial enterprise debt, 21.8 per cent. The growth in household debt was 10.9 per cent. See also the C2 statistics , which show that the annual growth in the general public domestic gross debt fell to 14.0 per cent at end-May.

The credit indicator C3, by credit sources. Twelve-month growth. Per cent
  February 2008 March 2008 April 2008
Total gross debt (C3) 15.6 16.0 15.5
Domestic gross debt (C2)1 14.4 14.1 14.4
Gross external loan debt 20.8 24.4 20.5
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/ .