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This is an archived release.
Increase in money supply growth
The twelve-month growth in total money supply (M2) was 5.6 per cent to end-November, up from 4.1 per cent to end-October. The increase stems from non-financial enterprises and municipal government.
The total money supply amounted to NOK 1 775 billion at end-November, up from NOK 1 756 billion at end-October.
Unchanged growth in money supply for households
Households’ money supply constitutes more than half of the total money supply. At end-November it accounted for NOK 951 billion, down from NOK 955 billion at end-October. The twelve-month growth in households’ money supply was 6.7 per cent to end-November, unchanged from the previous month.
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-November, according to the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .
Increasing growth of money supply for non-financial enterprises
Non-financial enterprises’ money supply amounted to NOK 560 billion at end-November, up from NOK 547 billion at end-October. The twelve-month growth was 3.2 per cent to end-November, up from -0.4 per cent the previous month. Non-financial enterprises’ money supply constituted 31.5 per cent of the total money supply.
Increase in money supply growth for municipal government
Municipal government’s money supply amounted to NOK 78 billion at end-November, up from NOK 73 billion the previous month. The twelve-month growth rate was 12.4 per cent to end-November, up from 4.3 per cent to end-October.
Slight decrease in twelve-month growth for other financial enterprises
Other financial enterprises’ money supply amounted to NOK 186 billion at end-November, up from NOK 181 billion at end-October. The twelve-month growth was 4.9 per cent to end-November, down from 5.0 per cent the previous month.
May 2012 2 | June 2012 2 | July 2012 2 | August 2012 2 | September 2012 2 | October 2012 2 | November 2012 2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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M0 - 12 mth. | -19.7 | 1.9 | -19.2 | -18.2 | -10.5 | -20.7 | -26.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M1 - 12 mth. | 0.8 | 4.9 | 2.3 | 3.5 | 3.3 | 1.0 | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M2 - 12 mth. | 3.2 | 5.6 | 5.0 | 5.1 | 4.6 | 4.1 | 5.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M2 - 3 mth. moving average 1 | 0.1 | 0.2 | 5.3 | 5.5 | 5.5 | 6.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M2 households - 12 mth. | 8.1 | 8.3 | 7.5 | 8.0 | 8.3 | 6.7 | 6.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
M2 non-financial enterprises - 12 mth. | -3.5 | 1.7 | 2.6 | 0.1 | -0.3 | -0.4 | 3.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | Annualised figure. |
2 | Reference to month was corrected 08 January at 10:40. |
Steady composition of money supply
The composition of the money supply has been steady. The broad monetary aggregate M2 amounted to NOK 1 775 billion at end-November, of which the major part, 92.9 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.6 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 4.3 and 0.2 per cent respectively.
Decrease in base money
Base money (M0) amounted to NOK 87 billion at end-November, down from NOK 102 billion the previous month. The twelve-month growth in M0 decreased from -20.7 per cent by the end of October to -26.7 per cent at the end of November.
Tables
The statistics is published with Monetary aggregates.
Contact
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