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/en/bank-og-finansmarked/statistikker/k3/maaned
4275
Total gross debt growth decreases
statistikk
2008-09-08T10:00:00.000Z
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, June 2008

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Total gross debt growth decreases

The twelve-month growth in total gross debt (C3) was 13.7 per cent to end-June, down from 14.7 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-June is a result of a higher growth in June last year than in June this year. Total gross debt amounted to NOK 3 858 billion at end-June, up from 3 798 billion at end-May. Almost 89 per cent of the gross debt came from mainland Norway.

Reduction in external loan debt growth

The twelve-month growth in the general public gross external loan debt was 14.7 per cent to end-June, down from 17.7 per cent to end-May. The general public gross external loan debt, which mainly relates to non-financial enterprises, amounted to NOK 714 billion at end-June. About 49 per cent of the external loan debt came from offshore industries. For this part of the foreign debt, the annual growth increased from 23 per cent to 24.6 per cent in June. The twelve-month growth in the foreign debt of mainland Norway dropped from 13.1 per cent to 6 per cent. Most of the decline stems from lower growth in long-term debt.

Continued strong growth in domestic gross debt

The credit indicator C2 amounted to NOK 3 144 billion at end-June. The twelve-month growth was 13.4 per cent, down from 14 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 per cent. The growth in household debt was 9.8 per cent. See also the C2 statistics , which shows that the annual growth in the general public domestic gross debt fell to 13.1 per cent at end-June.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  January 2008 February 2008 March 2008 April 2008 May 2008 June 2008
Total gross debt (C3) 16.5 15.6 16.0 15.4 14.7 13.6
Domestic gross debt (C2)1 14.5 14.4 14.1 14.4 14.0 13.4
Gross external loan debt 26.3 21.1 24.4 19.9 17.7 14.7
Gross external loan debt, offshore ind. 40.7 28.6 41.9 26.5 23.0 24.6
Gross ext. loan debt, mainland-Norway 16.3 15.5 10.6 14.4 13.1 6.0
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/ .