4271_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4271
Decrease in total gross debt growth
statistikk
2008-11-10T10:00:00.000Z
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, August 2008

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Decrease in total gross debt growth

The twelve-month growth in total gross debt (C3) was 13.2 per cent to end-August, down from 14.2 per cent to end-July. The decrease stems both from external loan debt and domestic debt.

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

Total gross debt amounted to NOK 3 881 billion at end-August, down from 3 883 billion at end-July. About 89 per cent of the gross debt came from mainland Norway.

Decrease in external loan debt growth

The general public gross external loan debt, which mainly relates to non-financial enterprises, decreased to NOK 709 billion at end-August. The twelve-month growth was 17.5 per cent to end-August, down from 20.0 per cent to end-July. More than 86 per cent of this decline in the annual growth came from offshore industries.

These industries accounted for 47 per cent of the external loan debt. For this part of the foreign debt, the annual growth dropped from 28.3 per cent to 23.8 per cent in August. The decline was spread equally between short-term and long-term debt.

The twelve-month growth in the foreign debt of mainland Norway went down from 12.8 per cent to 12.1 per cent during August. The whole decline here came from long-term debt.

Continued strong growth in domestic gross debt

The credit indicator C2 amounted to NOK 3 172 billion at end-August. The twelve-month growth was 12.3 per cent, down from 12.9 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 18.9 per cent, while the growth in household debt was 9.1 per cent. The C2 statistics shows that the annual growth in the general public domestic gross debt continued to fall to 12.0 per cent to end-September.

The decrease in the general public gross external loan debt and the continued high non-financial enterprise debt growth may indicate that the enterprises have replaced external loan debt with domestic debt.

Specifications for the credit indicator C3. Twelve-month growth.
Per cent
  March 2008 April 2008 May 2008 June 2008 July 2008 August 2008
Total gross debt (C3) 16.0 15.4 14.5 13.7 14.2 13.2
Domestic gross debt (C2)1 14.2 14.4 13.9 13.2 12.9 12.3
Gross external loan debt 24.1 19.5 17.3 16.0 20.0 17.5
Gross external loan debt, offshore ind. 41.1 25.7 22.2 24.6 28.3 23.8
Gross ext. loan debt, mainland-Norway 10.6 14.4 13.1 8.5 12.8 12.1
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/ .