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107076
Decrease in money supply growth
statistikk
2013-08-08T10:00:00.000Z
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, June 2013

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Decrease in money supply growth

The twelve-month growth in total money supply (M2) was 5.2 per cent to end-June, down from 6.6 per cent to end-May. The decrease stems from all sectors.

Monetary aggregates. Percentage changePublished 8 August 2013
January 2013February 2013March 2013April 2013May 2013June 2013
12-month growth, M0-40.5-3.0-2.5-9.88.0-10.8
12-month growth, M11.82.01.72.53.93.4
12-month growth, M24.23.54.14.36.65.2
3-month moving average, M23.83.53.05.66.4..
1-month growth, M23.61.48.73.012.74.9
12-month growth, households, M26.46.26.25.75.85.7
12-month growth, non-financial corporations, M22.20.20.52.47.14.4

Source: Statistics Norway

Figure 1. Money supply M2 - growth

The total money supply amounted to NOK 1 837 billion at end-June, up from NOK 1 791 billion at end-May.

Decreased growth in money supply for households

Households’ money supply constitutes more than half of the total money supply. At end-June it accounted for NOK 1 027 billion, up from NOK 970 billion at end-May. The twelve-month growth in households’ money supply was 5.7 per cent to end-June, marginally down from 5.8 per cent the previous month.

The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 7.3 per cent to end-June, according to the credit indicator C2.

Decreased growth of money supply for non-financial enterprises

Non-financial enterprises’ money supply amounted to NOK 552 billion at end-June, down from NOK 556 billion at end-May. The twelve-month growth was 4.4 per cent to end-June, down from 7.1 per cent the previous month. Non-financial enterprises’ money supply constituted 30 per cent of the total money supply at end-June.

Decrease in money supply growth for municipal government

Municipal government’s money supply amounted to NOK 90 billion at end-June, up from NOK 87 billion the previous month. The twelve-month growth rate was 9.0 per cent to end-June, down from 9.8 per cent to end-May.

Decrease in money supply growth for other financial enterprises

Other financial enterprises’ money supply amounted to NOK 169 billion at end-June, down from NOK 179 billion at end-May. The twelve-month growth was 2.5 per cent to end-June, down from 7.7 per cent the previous month.

Steady composition of money supply

The composition of the money supply remains steady. The broad monetary aggregate M2 amounted to NOK 1 837 billion at end-June, of which the major part, 93.0 per cent, consisted of bank deposits. In comparison, notes and coins accounted for 2.4 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 4.4 and 0.2 per cent respectively.

Reduced growth in base money

Base money (M0) amounted to NOK 86 billion at end-June, up from NOK 83 billion the previous month. The twelve-month growth in M0 decreased from 8.0 per cent by the end of May to -10.8 per cent at the end of June.