4273_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4273
Rise in total gross debt growth
statistikk
2008-10-09T10:00:00.000Z
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, July 2008

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Rise in total gross debt growth

The twelve-month growth in total gross debt (C3) was 14.3 per cent to end-July, up from 13.9 per cent to end-June. The whole increase stems from external loan debt.

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

Total gross debt amounted to NOK 3 888 billion at end-July, up from 3 866 billion at end-June. Almost 89 per cent of the gross debt came from mainland Norway.

Increase in external loan debt growth

The general public gross external loan debt, which mainly relates to non-financial enterprises, amounted to NOK 727 billion at end-July. The twelve-month growth was 20.0 per cent to end-July, up from 16.0 per cent to end-May. The increased annual growth rate must be seen in connection with a substantial decline in the external loan debt in July last year.

About 48 per cent of the external loan debt came from offshore industries. For this part of the foreign debt, the annual growth increased from 24.6 per cent to 28.3 per cent in July, of which the whole increase stems from short-term debt. The twelve-month growth in the foreign debt of mainland Norway also increased and went up from 8.5 per cent to 12.8 per cent. Here scarcely 60 per cent of the rise came from short-term debt and a bit more than 40 per cent from long-term debt.

Continued strong growth in domestic gross debt

The credit indicator C2 amounted to NOK 3 160 billion at end-July. The twelve-month growth was 13.1 per cent, down from 13.4 per cent in the previous month. The fact that the annual growth in the public domestic gross debt is still high can be explained by the strong growth in non-financial enterprise debt. The debt growth in this sector was 20.7 per cent, while the growth in household debt was 9.4 per cent. See also the C2 statistics , which shows that the annual growth in the general public domestic gross debt fell to 12.5 per cent to end-August.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  February 2008 March 2008 April 2008 May 2008 June 2008 July 2008
Total gross debt (C3) 15.6 15.9 15.3 14.6 13.9 14.3
Domestic gross debt (C2)1 14.4 14.1 14.4 14.0 13.4 13.1
Gross external loan debt 21.1 24.1 19.5 17.3 16.0 20.0
Gross external loan debt, offshore ind. 28.6 41.1 25.7 22.2 24.6 28.3
Gross ext. loan debt, mainland-Norway 15.5 10.6 14.4 13.1 8.5 12.8
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/ .