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Total gross debt growth decreases 
statistikk
2009-01-13T10:00:00.000Z
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, October 2008

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Total gross debt growth decreases 

The twelve-month growth in total gross debt (C3) was 14.1 per cent to end-October, down from 14.5 per cent to end-September. The major part of the decrease stems from external loan debt.

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

Total gross debt amounted to NOK 4 006 billion at end-October, up from NOK 3 986 billion at end- September. Almost 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 756 billion at end-October. The twelve-month growth was 24.9 per cent to end-October, down from 25.9 per cent to end-September. Offshore industries accounted for 46 per cent of the external loan debt. For this part of the foreign debt, the annual growth decreased from 41.9 per cent to 36.2 per cent in October. Almost 83 per cent of the decline came from long-term debt.

Mainland Norway contributed to pulling up the growth in the external loan debt. The twelve-month growth in the foreign debt of mainland Norway went up from 12.7 per cent to 17 per cent during October. Almost 60 per cent of this increase came from long-term debt.

Continued strong growth in domestic gross debt

The credit indicator C2 amounted to NOK 3 250 billion at end-October. The twelve-month growth was 11.9 per cent, down from 12.1 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 19.1 per cent, while the growth in household debt was 8.2 per cent. The C2 statistics show that the annual growth in the general public domestic gross debt continued to fall to 10.9 per cent to end-November.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  May 2008 June 2008 July 2008 August 2008 September 2008 October 2008
Total gross debt (C3) 14.5 13.8 14.2 13.1 14.5 14.1
Domestic gross debt (C2)1 13.9 13.2 12.9 12.3 12.1 11.9
Gross external loan debt 17.3 16.3 19.9 16.4 25.9 24.9
Gross external loan debt, offshore ind. 22.2 24.8 28.5 22.9 41.9 36.2
Gross ext. loan debt, mainland-Norway 13.1 8.8 12.3 10.8 12.7 17.0
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 of which C2 constitutes the largest part. The C3 statistics are published approximately one month later than C2.

It should be noted 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 at a later date due to improved information. For more details concerning the public’s gross external loan debt see StatBank.