4269_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4269
Rise in total gross debt growth
statistikk
2008-12-09T10:00:00.000Z
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, September 2008

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Rise in total gross debt growth

The twelve-month growth in total gross debt (C3) was 14.5 per cent to end-September, up from 13.1 per cent to end-August. The increase stems from external loan debt.

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

Total gross debt amounted to NOK 3 986 billion at end-September, up from 3 876 billion at end-August. About 88 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, increased to NOK 776 billion at end-September. The twelve-month growth was 25.9 per cent to end-September, up from 16.4 per cent to end-August. Almost 90 per cent of this increase in the annual growth came from offshore industries. These industries accounted for barely one half of the external loan debt. For this part of the foreign debt, the annual growth increased from 22.9 per cent to 41.9 per cent in September. More than 60 per cent of the rise came from short-term debt.

The twelve-month growth in the foreign debt of mainland Norway went up from 10.8 per cent to 12.7 per cent during September. More than 80 per cent of this increase came from short-term debt.

Continued strong growth in domestic gross debt

The credit indicator C2 amounted to NOK 3 210 billion at end-September. The twelve-month growth was 12.1 per cent, down from 12.3 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 8.8 per cent. The C2 statistics shows that the annual growth in the general public domestic gross debt continued to fall to 11.9 per cent to end-October.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  April 2008 May 2008 June 2008 July 2008 August 2008 September 2008
Total gross debt (C3) 15.4 14.5 13.8 14.2 13.1 14.5
Domestic gross debt (C2)1 14.4 13.9 13.2 12.9 12.3 12.1
Gross external loan debt 19.5 17.3 16.3 19.9 16.4 25.9
Gross external loan debt, offshore ind. 25.7 22.2 24.8 28.5 22.9 41.9
Gross ext. loan debt, mainland-Norway 14.4 13.1 8.8 12.3 10.8 12.7
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 the StatBank.