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4239
Sharp drop in foreign debt growth
statistikk
2010-03-10T10:00:00.000Z
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 2009

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Sharp drop in foreign debt growth

The twelve-month growth in total gross debt (C3) was 0.9 per cent to end-December, down from 6.1 per cent to end-November. The major part of the decrease stems from foreign debt.

Total gross debt amounted to NOK 4 190 billion at end-December; a decrease from NOK 4 208 billion at end-November. About 90 per cent of the gross debt came from mainland Norway.

Fall in foreign debt

The general public gross foreign debt, which mainly relates to non-financial enterprises, went down from NOK 797 billion to NOK 782 billion in December. The twelve-month growth in public gross external loan debt decreased from 11.8 per cent to -11.0 per cent during December.

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

Mainland Norway accounted for 61 per cent of the public gross external loan debt. The foreign debt of mainland Norway amounted to NOK 477 billion at end-December. The twelve-month growth in mainland Norway’s foreign debt was -0.5 per cent to end-December, down from 17.1 per cent to the previous month. The decrease emanates from both long-term and short-term debt.

Offshore industries accounted for the remainder of the foreign debt. For this part of the foreign debt, the annual growth decreased from 4.4 per cent to -23.6 per cent in December. The decrease emanates mainly 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.

Decline in domestic gross debt growth

The credit indicator C2 amounted to NOK 3 408 billion at end-December. The twelve-month growth was 4.2 per cent, down from 4.8 per cent in the previous month. The debt growth in non-financial enterprises was -1.3 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 was unchanged at 4.2 per cent to end-January.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  Jul. 2009 Aug. 2009 Sep. 2009 Oct. 2009 Nov. 2009 Dec. 2009
Total gross debt (C3) 5.7 6.1 6.9 4.6 6.1 0.9
Total gross loan debt, mainland-Norway 6.9 7.0 6.6 5.9 5.8 3.4
Domestic gross debt (C2)1 6.5 5.9 5.5 5.1 4.8 4.2
Gross external loan debt 2.6 6.8 12.6 2.5 11.8 -11.0
Gross external loan debt, offshore ind. -15.4 -12.0 4.2 -14.1 4.4 -23.6
Gross ext. loan debt, mainland-Norway 19.1 23.2 20.8 16.6 17.1 -0.5
1  The growth rates for C2 are in the table presented as they were at the time of the C3 release.

Revision of data

Note that the data of industry has been audited as a consequence of improved calculation.

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.