4263_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4263
Continued drop in total gross debt growth
statistikk
2009-03-11T10:00:00.000Z
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, December 2008

Content

Published:

This is an archived release.

Go to latest release

Continued drop in total gross debt growth

The twelve-month growth in total gross debt (C3) was 10.7 per cent to end-December, down from 11.0 per cent to end-November. This is the lowest growth rate for more than three years. The decrease stems from internal loan debt.

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

Total gross debt amounted to NOK 4 121 billion at end-December, up from NOK 4 003 billion at end-November. About 87 per cent of the gross debt came from mainland Norway.

Increased growth in external loan debt

The general public gross external loan debt, which mainly relates to non-financial enterprises, increased to NOK 813 billion at end-December. The twelve-month growth was 13.1 per cent to end-December, up from 11.3 per cent in the previous month. Offshore industries accounted for 48 per cent of the external loan debt. For this part of the foreign debt, the annual growth increased from 16.6 per cent to 18.6 per cent in December. The whole increase came from short-term debt.

The twelve-month growth in the foreign debt of mainland Norway went up from 8.0 per cent to 8.7 per cent during December. Most of this rise stems from short-term debt.

Decline in domestic gross debt growth

The credit indicator C2 amounted to NOK 3 307 billion at end-December. The twelve-month growth was 10.1 per cent, down from 10.9 per cent in the previous month. The debt growth in non-financial enterprise was 14.9 per cent, while the growth in household debt was 7.1 per cent. The C2 statistics show that the annual growth in the general public domestic gross debt continued to fall to 9.7 per cent to end-January this year.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  July 2008 August 2008 September 2008 October 2008 November 2008 December 2008
Total gross debt (C3) 13.6 12.7 14.3 13.7 11.0 10.7
Domestic gross debt (C2)1 12.9 12.3 12.1 12.0 10.9 10.1
Gross external loan debt 16.5 14.3 24.2 22.2 11.3 13.1
Gross external loan debt, offshore ind. 31.7 27.7 47.4 42.1 16.6 18.6
Gross ext. loan debt, mainland-Norway 4.4 3.9 6.9 9.7 8.0 8.7
1  The growth rates for C2 are in the table presented as they were at the time of the C3 release.

Revision of external loan debt data

Note that external loan debt data has been audited. Samples are used for monthly, quarterly and annual surveys. The samples cover about 70 per cent of the public’s external loan debt on a monthly basis, and approximately 95 per cent of the annual surveys on average. Previously reported revised data and annual surveys for December 2007 are now incorporated in the statistics. This can lead to major revisions as the basis for the monthly surveys is affected.

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.