4257_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4257
High growth in foreign debt
statistikk
2009-06-08T10:00:00.000Z
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, March 2009

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High growth in foreign debt

The twelve-month growth in public gross external loan debt was 19.4 per cent to end-March, up from -8.2 per cent to end-February. The increase stems from both offshore industries and mainland Norway.

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

The general public gross foreign debt, which mainly relates to non-financial enterprises, increased from NOK 670 billion to NOK 890 billion in March. Offshore industries accounted for 51 per cent of the foreign debt. For this part of the foreign debt, the annual growth increased from -20.1 per cent to 24.1 per cent in March. More than 60 per cent of the increase came from short-term debt, where the major part is corporation’s internal loan 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 up from 0.5 per cent to 15 per cent during March. Almost the whole increase came from long-term debt. The foreign debt for this part of the economy amounted to NOK 439 billion at end-March.

Rise in total gross debt growth

The twelve-month growth in total gross debt (C3) was 10.9 per cent to end-March, up from 6 per cent to end-February. This is the first month with a rise in annual growth since September last year. Total gross debt amounted to NOK 4 234 billion at end-March, up from NOK 4 006 billion at end-February. About 86 per cent of the gross debt came from mainland Norway.

Decline in domestic gross debt growth

The credit indicator C2 amounted to NOK 3 344 billion at end-March. The twelve-month growth was 8.8 per cent, down from 9.3 per cent in the previous month. The debt growth in non-financial enterprises was 11 per cent, while the growth in household debt was 6.7 per cent. The C2 statistics show that the annual growth in the general public domestic gross debt continued to fall to 8 per cent to end-April this year.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  October 2008 November 2008 December 2008 January 2009 February 2009 March 2009
Total gross debt (C3) 13.7 11.0 10.9 6.3 6.0 10.9
Domestic gross debt (C2)1 11.9 10.9 10.2 9.9 9.3 8.8
Gross external loan debt 22.2 11.3 13.8 -8.7 -8.2 19.4
Gross external loan debt, offshore ind. 42.1 16.6 18.7 -18.5 -20.1 24.1
Gross ext. loan debt, mainland-Norway 9.7 8.0 9.9 -1.6 0.5 15.0
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.