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Further decrease in money supply growth
The twelve-month growth in total money supply (M2) was 4.2 per cent to end-January, down from 5.4 per cent to end-December 2012. The decrease stems from households, other financial enterprises and municipal government.
| August 2012 | September 2012 | October 2012 | November 2012 | December 2012 | January 2013 | |
|---|---|---|---|---|---|---|
| 12-month growth, M0 | -18.2 | -10.5 | -20.7 | -26.7 | -39.4 | -40.5 |
| 12-month growth, M1 | 3.5 | 3.3 | 1.1 | 4.4 | 2.7 | 1.9 |
| 12-month growth, M2 | 5.1 | 4.6 | 4.1 | 5.7 | 5.4 | 4.2 |
| 3-month moving average, M2 | 5.9 | 5.7 | 5.5 | 6.0 | 6.8 | .. |
| 1-month growth, M2 | 2.9 | 4.5 | 2.5 | 20.6 | -4.1 | 2.1 |
| 12-month growth, households, M2 | 8.0 | 8.3 | 6.7 | 6.7 | 6.7 | 6.5 |
| 12-month growth, non-financial corporations, M2 | 0.1 | -0.3 | -0.3 | 3.5 | 1.7 | 1.8 |
The total money supply amounted to NOK 1 790 billion at end-January, up from NOK 1 772 billion at end-December.
Decreased growth in money supply for households
Households’ money supply constitutes more than half of the total money supply. At end-January it accounted for NOK 974 billion, up from NOK 970 billion at end-December. The twelve-month growth in households’ money supply was 6.5 per cent to end-January, down from 6.7 per cent 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-January, according to the credit indicator C2. For more information on the financial position of households, see the financial accounts in the national accounts.
Increased growth of money supply for non-financial enterprises
Non-financial enterprises’ money supply amounted to NOK 569 billion at end-January, up from NOK 554 billion at end-December. The twelve-month growth was 1.8 per cent to end-January, marginally up from 1.7 per cent the previous month. Non-financial enterprises’ money supply constituted 31.8 per cent of the total money supply at end-January.
Decrease in money supply growth for municipal government
Municipal government’s money supply amounted to NOK 64 billion at end-January, down from NOK 69 billion the previous month. The twelve-month growth rate was 8.9 per cent to end-January, down from 9.3 per cent to end-December.
Decrease in twelve-month growth for other financial enterprises
Other financial enterprises’ money supply amounted to NOK 183 billion at end-January, up from NOK 180 billion at end-December. The twelve-month growth was -2.2 per cent to end-January, down from 9.6 per cent the previous month.
Steady composition of money supply
The composition of the money supply has been steady. The broad monetary aggregate M2 amounted to NOK 1 790 billion at end-January, of which the major part, 93.1 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.5 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 4.2 and 0.2 per cent respectively.
Decreasing growth in base money
Base money (M0) amounted to NOK 80 billion at end-January, down from NOK 89 billion the previous month. The twelve-month growth in M0 decreased from -39.4 per cent by the end of December to -40.5 per cent at the end of January.
Revision of seasonally-adjusted figures Open and readClose
The seasonally-adjusted figures were revised in December 2012 with new seasonal components.
The statistics is published with Monetary aggregates.
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