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/en/bank-og-finansmarked/statistikker/k3/maaned
4251
Decrease in mainland Norway’s foreign debt
statistikk
2009-09-09T10:00:00.000Z
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, June 2009

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Published:

This is an archived release.

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Decrease in mainland Norway’s foreign debt

The twelve-month growth in mainland Norway’s foreign debt was 11.6 per cent to end-June, down from 17 per cent to the previous month. The decrease emanates from both long-term and short-term debt.

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

Mainland Norway accounted for almost 50 per cent of the public gross external loan debt. The foreign debt of mainland Norway amounted to NOK 435 billion at end-June.

Offshore industries accounted for the remaining part of the foreign debt. For this part of the foreign debt, the annual growth increased from -3 per cent to 26 per cent in June. The increase emanates from short-term debt, where the major part is corporations’ internal loan debt. As shown in the boxes below, the figures can fluctuate considerably from month to month.

The general public gross foreign debt, which mainly relates to non-financial enterprises, went up from NOK 757 billion to NOK 921 billion in June. The twelve-month growth in public gross external loan debt increased from 7.9 per cent to 18.5 per cent during June.

Increase in total gross debt growth

The twelve-month growth in total gross debt (C3) was 9.0 per cent to end-June, up from 7.6 per cent to end-May. Total gross debt amounted to NOK 4 302 billion at end-June; an increase from NOK 4 126 billion at end-May. About 85 per cent of the gross debt came from mainland Norway.

Decline in domestic gross debt growth

The credit indicator C2 amounted to NOK 3 381 billion at end-June. The twelve-month growth was 6.7 per cent, down from 7.5 per cent in the previous month. The debt growth in non-financial enterprises was 5.5 per cent, while the growth in household debt was 6.4 per cent. The C2 statistics show that the annual growth in the general public domestic gross debt continued to fall to 6.4 per cent to end-July this year.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  January 2009 February 2009 March 2009 April 2009 May 2009 June 2009
Total gross debt (C3) 6.7 6.5 10.9 8.3 7.6 9.0
Domestic gross debt (C2)1 9.8 9.3 8.8 8.0 7.5 6.7
Gross external loan debt -6.5 -5.9 19.8 9.6 7.9 18.5
Gross external loan debt, offshore ind. -16.0 -17.6 23.7 -1.3 -3.0 26.0
Gross ext. loan debt, mainland-Norway 0.5 2.6 16.2 18.8 17.0 11.6
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.