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This is an archived release.
Further decrease in money supply growth
The twelve-month growth in total money supply (M2) was 3.4 per cent to end-February, down from 4.2 per cent to end-January. The decrease stems from households, non-financial enterprises and other financial enterprises.
September 2012 | October 2012 | November 2012 | December 2012 | January 2013 | February 2013 | |
---|---|---|---|---|---|---|
12-month growth, M0 | -10.5 | -20.7 | -26.7 | -39.4 | -40.5 | -3.0 |
12-month growth, M1 | 3.3 | 1.1 | 4.3 | 2.6 | 1.8 | 2.1 |
12-month growth, M2 | 4.6 | 4.1 | 5.7 | 5.3 | 4.2 | 3.4 |
3-month moving average, M2 | 5.6 | 5.4 | 6.0 | 6.8 | 3.5 | .. |
1-month growth, M2 | 4.3 | 2.5 | 20.6 | -3.7 | 1.5 | -0.1 |
12-month growth, households, M2 | 8.2 | 6.6 | 6.6 | 6.6 | 6.4 | 6.3 |
12-month growth, non-financial corporations, M2 | -0.3 | -0.3 | 3.5 | 1.7 | 1.8 | -0.6 |
The total money supply amounted to NOK 1 779 billion at end-February, down from NOK 1 797 billion at end-January.
Decreased growth in money supply for households
Households’ money supply constitutes more than half of the total money supply. At end-February it accounted for NOK 988 billion, up from NOK 981 billion at end-January. The twelve-month growth in households’ money supply was 6.3 per cent to end-February, down from 6.4 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-February, according to the credit indicator C2.
Decreased growth of money supply for non-financial enterprises
Non-financial enterprises’ money supply amounted to NOK 544 billion at end-February, down from NOK 569 billion at end-January. The twelve-month growth was -0.6 per cent to end-February, down from 1.8 per cent the previous month. Non-financial enterprises’ money supply constituted 30.6 per cent of the total money supply at end-February.
Increase in money supply growth for municipal government
Municipal government’s money supply amounted to NOK 67 billion at end-February, up from NOK 64 billion the previous month. The twelve-month growth rate was 10.4 per cent to end-February, up from 8.9 per cent to end-January.
Decrease in twelve-month growth for other financial enterprises
Other financial enterprises’ money supply amounted to NOK 180 billion at end-February, down from NOK 183 billion at end-January. The twelve-month growth was -2.5 per cent to end-February, down from -2.2 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 1 779 billion at end-February, of which the major part, 92.7 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.8 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.
Increasing growth in base money
Base money (M0) amounted to NOK 81 billion at end-February, marginally up from NOK 80 billion the previous month. The twelve-month growth in M0 increased from -40.5 per cent by the end of January to -3.0 per cent at the end of February.
The statistics is published with Monetary aggregates.
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