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182146
Increase in total debt growth
statistikk
2014-12-08T10:00:00.000Z
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, September 2014

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Increase in total debt growth

The twelve-month growth in total gross debt (C3) was 4.6 per cent to end-September, up from 4.4 per cent the previous month. The increase stemmed from both domestic and foreign debt sources.

Total gross dept (C3). Twelve-month growth. Per centPublished 8 December 2014
September 2014August 2014July 2014June 2014May 2014April 2014
Total gross debt (C3)4.64.45.25.35.76.1
Total gross loan debt, offshore ind.1.93.25.47.611.09.8
Total gross loan debt, mainland-Norway5.04.65.14.94.95.5
Domestic gross debt (C2)5.45.35.45.35.55.6
Gross external loan debt2.01.44.45.06.57.7
Gross external loan debt, offshore ind.1.63.36.39.514.112.6
Gross external loan debt, mainland-Norway2.3-0.22.71.20.23.5

Source: Statistics Norway

Figure 1. The credit indicator C3. 12-month growth

Total gross debt amounted to NOK 5 858 billion at end-September, up from NOK 5 796 billion at end-August.

Mainland Norway’s gross debt accounted for 86 per cent of the total gross debt at end-September. This amounted to NOK 5 034 billion, up from NOK 5 003 billion at end-August.

Increased foreign debt growth

The general public gross foreign debt, which mainly relates to non-financial corporations, amounted to NOK 1 304 billion at end-September, up from NOK 1 276 billion the previous month. The twelve-month growth increased from 1.4 per cent to end-August to 2.0 per cent to end-September.

Mainland Norway accounted for 51 per cent of the public gross foreign debt, which amounted to NOK 666 billion at end-September. The twelve-month growth in mainland Norway’s foreign debt was 2.3 per cent to end-September, up from -0.2 per cent to end-August. The decrease in mainland Norway’s foreign debt growth stemmed from both short and long-term debt.

Offshore industries accounted for the remainder of the foreign debt, which amounted to NOK 638 billion at end-September. The twelve-month growth was 1.6 per cent to end-September, down from 3.3 per cent to end-August. The decrease in the twelve-month growth rate for the offshore industries stemmed from long-term debt.

Stronger domestic debt growth in September

The credit indicator (C2) amounted to NOK 4 585 billion at end-September. The twelve-month growth was 5.4 per cent to end-September, moderately up from 5.3 per cent the month before. The debt growth in non-financial corporations was 2.7 per cent to end-September, while the growth in household debt was 6.4 per cent in the same period. The C2 statistics show that the twelve-month growth in the general public domestic debt remained unchanged at 5.4 per cent to end-October.

Corrections due to the main revision of the Norwegian national accounts 2014Open and readClose

Due to the main revision of the Norwegian national accounts 2014, stock data and revaluations for the general public gross foreign debt have been revised as from March 2012. Besides incorporation of new data from reporting entities and corrections of time series, the definition of mainland Norway has been extended. The industries “Other support activities for petroleum and natural gas extraction” and “Supply and other sea transport offshore services” are now a part of mainland Norway.