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Total gross debt decreases 
statistikk
2009-02-09T10:00:00.000Z
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, November 2008

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Total gross debt decreases 

The twelve-month growth in total gross debt (C3) was 11.3 per cent to end-November, down from 14.3 per cent to end-October. This is the lowest growth rate in three years. 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 3 983 billion at end-November, down from NOK 4 006 billion at end-October. Almost 90 per cent of the gross debt came from mainland Norway.

Fall in external loan debt

The general public gross external loan debt, which mainly relates to non-financial enterprises, decreased to NOK 702 billion at end-November. The twelve-month growth was 13.4 per cent to end-November, down from 25.0 per in the previous month. Offshore industries accounted for 42 per cent of the external loan debt. For this part of the foreign debt, the annual growth decreased from 36.1 per cent to 10.3 per cent in November. Almost 90 per cent of the decline came from short-term debt.

The twelve-month growth in the foreign debt of mainland Norway went down from 17.1 per cent to 15.6 per cent during November. The whole decline stems from short-term debt.

Decline in domestic gross debt growth

The credit indicator C2 amounted to NOK 3 281 billion at end-November. The twelve-month growth was 10.8 per cent, down from 11.9 per cent in the previous month. The debt growth in non-financial enterprise was still 17.4 per cent, while the growth in household debt was 7.3 per cent. The C2 statistics show that the annual growth in the general public domestic gross debt continued to fall to 9.9 per cent to end-December.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  June 2008 July 2008 August 2008 September 2008 October 2008 November 2008
Total gross debt (C3) 13.8 14.2 13.1 14.5 14.1 11.3
Domestic gross debt (C2)1 13.2 12.9 12.3 12.1 11.9 10.8
Gross external loan debt 16.3 19.9 16.4 25.9 25.0 13.4
Gross external loan debt, offshore ind. 24.8 28.5 22.9 41.9 36.1 10.3
Gross ext. loan debt, mainland-Norway 8.8 12.3 10.8 12.7 17.1 15.6
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.