4277_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4277
Continued drop in total gross debt growth
statistikk
2008-08-15T10:00:00.000Z
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, May 2008

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This is an archived release.

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Continued drop in total gross debt growth

The twelve-month growth in total gross debt (C3) was 14.7 per cent to end-May, down from 15.3 per cent in the previous month. The decrease stems both from external loan debt and domestic debt.

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

The decline in the annual growth to end-May is a result of a higher growth in May last year than in May this year. Total gross debt amounted to NOK 3 798 billion at end-May, up from 3 770 billion at end-April. Almost 90 per cent of the gross debt came from mainland Norway.

Reduced, but continued strong growth in external loan debt

The twelve-month growth in the general public gross external loan debt was 17.8 per cent to end-May, down from 19.8 per cent to end-April. The general public gross external loan debt, which mainly relates to non-financial enterprises, amounted to NOK 688 billion at end-May. 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 26.5 per cent to 23.0 per cent in May. The decline stems from lower growth in both long-term and short-term debt. The twelve-month growth in the foreign debt of mainland Norway decreased from 14.3 per cent to 13.4 per cent.

Continued strong growth in domestic gross debt

The credit indicator C2 amounted to NOK 3 110 billion at end-May. The twelve-month growth was 14.0 per cent, down from 14.3 per cent in the previous month. The still high annual growth in the public domestic gross debt is due to the strong growth in non-financial enterprise debt, 21.8 per cent. The growth in household debt was 10.3 per cent. See also the C2 statistics , which shows that the annual growth in the general public domestic gross debt fell to 13.3 per cent at end-May.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
     December 2007    January 2008    February 2008    March 2008    April 2008    May 2008
Total gross debt (C3) 16.3 16.5 15.6 16.0 15.3 14.7
Domestic gross debt (C2)1 14.3 14.5 14.4 14.1 14.3 14.0
Gross external loan debt 25.7 25.9 20.8 24.3 19.8 17.8
Gross external loan debt, offshore ind. 43.7 44.8 32.4 41.9 26.5 23.0
Gross ext. loan debt, mainland-Norway 12.7 12.9 12.1 10.4 14.3 13.4
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/ .