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/en/bank-og-finansmarked/statistikker/k3/maaned
4261
Sharp drop in external loan debt growth
statistikk
2009-04-06T10:00:00.000Z
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, January 2009

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Published:

This is an archived release.

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Sharp drop in external loan debt growth

The twelve-month growth in public gross external loan debt was -11.3 per cent to end-January, down from 12.7 per cent to end-December. The major part of the decrease stems from a large drop in offshore industries.

The general public gross external loan debt, which mainly relates to non-financial enterprises, decreased from NOK 811 billion to NOK 661 billion in January. Offshore industries accounted for 40 per cent of the external loan debt. For this part of the foreign debt, the annual growth decreased from 18.3 per cent to -20.0 per cent in January. The whole increase came from short-term debt. As accounted for in the boxes below, the figures can fluctuate considerably from month to month.

The twelve-month growth in the foreign debt of mainland Norway went down from 8.3 per cent to -5.0 per cent during January. Almost 60 per cent of this decrease came from long-term debt.

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

Slowdown in total gross debt growth

The twelve-month growth in total gross debt (C3) was 5.9 per cent to end-January, down from 10.6 per cent to end-December. Total gross debt amounted to NOK 3 975 billion at end-January, down from NOK 4 119 billion at end-December. About 90 per cent of the gross debt came from mainland Norway.

Decline in domestic gross debt growth

The credit indicator C2 amounted to NOK 3 314 billion at end-January. The twelve-month growth was 9.9 per cent, down from 10.1 per cent in the previous month. The debt growth in non-financial enterprise was 14.6 per cent, while the growth in household debt was 6.8 per cent. The C2 statistics show that the annual growth in the general public domestic gross debt continued to fall to 9.4 per cent to end-February this year.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  August 2008 September 2008 October 2008 November 2008 December 2008 January 2009
Total gross debt (C3) 12.7 14.3 13.7 11.0 10.6 5.9
Domestic gross debt (C2)1 12.3 12.1 12.0 10.9 10.1 9.9
Gross external loan debt 14.3 24.2 22.2 11.3 12.7 -11.3
Gross external loan debt, offshore ind. 27.7 47.3 42.1 16.6 18.3 -20.0
Gross ext. loan debt, mainland-Norway 3.9 6.9 9.7 8.0 8.3 -5.0
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.