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/en/bank-og-finansmarked/statistikker/m2/maaned
54126
Decrease in money supply growth
statistikk
2011-09-30T10:00:00.000Z
Banking and financial markets
en
m2, The money supply M2, money, notes and coins, assetsFinancial indicators, Banking and financial markets
false

The money supply M2, August 2011

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Decrease in money supply growth

The twelve-month growth in total money supply (M2) was 7.0 per cent to end-August, down from 8.0 per cent to end-July. All the underlying sectors contributed to the decrease, except for the twelve-month growth for households, which remained unchanged.

The total money supply amounted to NOK 1 671 billion by end-August, down from NOK 1 698 billion by end-July.

Decrease in households’ money supply growth

Households’ money supply constitutes more than half of the total money supply. By end-August it accounted for NOK 909 billion, down from NOK 918 billion the previous month. The twelve-month growth in households’ money supply remained unchanged from the previous month and amounted to 6.6 per cent to end-August.

The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 7.2 per cent to end-August, according to the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Decrease in money supply growth for non-financial enterprises

Non-financial enterprises’ money supply amounted to NOK 542 billion at end-August, down from NOK 543 billion at end-July. The twelve-month growth decreased from 8.0 per cent to end-July, to 7.6 per cent to end-August. Non-financial enterprises’ money supply constituted about 43 per cent of their gross domestic debt measured by the credit indicator C2 at end-August.

Decrease in the money supply growth for municipal government

Municipal government’s money supply amounted to NOK 63 billion at end-August, down from NOK 70 billion the previous month. The twelve-month growth went down from 15.5 per cent to end-July to 11.1 per cent to end-August.

Heavy decrease in growth for other financial enterprises

Other financial enterprises’ money supply amounted to NOK 157 billion at end-August, down from NOK 158 billion at end-July. The twelve-month growth was 5.2 per cent to end-August, down from 13.0 per cent to the previous month.

Money supply (M2) - growth

Monetary aggregates, growth (per cent)
  February 2011 March 2011 April 2011 May 2011 June 2011 July 2011 August 2011
M0 - 12 mth. 7.5 25.2 -19.3 -8.7 -8.6 0.2 8.4
M1 - 12 mth. 5.7 7.5 7.9 11.2 7.0 8.1 6.7
M2 - 12 mth. 7.3 7.4 8.8 10.1 7.9 8.0 7.0
M2 - 3 mth. moving average1 11.4 11.4 12.1 9.9 6.7 2.2  
M2 households - 12 mth. 5.2 5.9 6.3 6.0 5.9 6.6 6.6
M2 non-financial enterprises - 12 mth. 9.0 8.2 11.0 15.0 9.8 8.0 7.6
1  Annualised figure.

Composition of money supply

The broad monetary aggregate M2 amounted to NOK 1 671 billion at end-August, of which the major part, 91.2 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.7 per cent. The rest of the broad monetary aggregate mainly consisted of shares in money market funds and certificates of deposits, which accounted for 5.8 and 0.3 per cent respectively.

The money supply (broad monetary aggregate) M2 consists of notes and coins, unrestricted bank deposits, certificates of deposit and units in money market funds owned by the money-holding sector, i.e. households, non-financial enterprises, municipalities and financial enterprises other than state lending institutions, banks and money market funds.

The base money (M0) is defined as banks’ and the money-holding sector's notes and coins and deposits in Norges Bank. Banks’ deposits in Norges Bank comprise current account (sight) deposits and fixed rate (time) deposits (F-deposits), from Norges Bank’s monthly balance sheet.

Other financial enterprises include financial enterprises other than lending institutions, banks and money market funds.

Growth based on the three-month moving average is defined as growth in average money supply (seasonally-adjusted figures) in the latest three-month period in relation to the previous three-month period. The growth is adjusted for exchange rate valuation changes and statistical breaks as an annualised figure. The calculation is centred; in other words, the observation is set at the middle month of the latest three-month period.