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Increased money supply growth
The twelve-month growth in total money supply (M2) was 5.4 per cent to end-March, up from 5.0 per cent the previous month.
| October 2013 | November 2013 | December 2013 | January 2014 | February 2014 | March 2014 | |
|---|---|---|---|---|---|---|
| 12-month growth, M0 | 9.7 | 7.3 | 44.5 | 67.0 | 41.2 | 6.4 |
| 12-month growth, M1 | 3.2 | 1.6 | 5.2 | 5.4 | 4.7 | 5.2 |
| 12-month growth, M2 | 4.0 | 3.5 | 5.2 | 4.8 | 5.0 | 5.4 |
| 3-month moving average, M2 | 1.2 | 3.5 | 5.5 | 7.5 | 6.4 | .. |
| 1-month growth, M2 | 3.7 | 11.7 | 12.1 | 0.1 | 5.0 | 12.2 |
| 12-month growth, households, M2 | 5.1 | 5.4 | 5.1 | 5.2 | 5.3 | 4.8 |
| 12-month growth, non-financial corporations, M2 | 5.8 | 4.5 | 7.4 | 6.1 | 6.8 | 8.7 |
The total money supply amounted to NOK 1 884 billion at end-March, up from NOK 1 878 billion at end-February.
Decreased growth in money supply for households
Households’ money supply constitutes more than half of the total money supply. At end-March it accounted for NOK 1 032 billion, down from NOK 1 040 billion at end-February. The twelve-month growth in households’ money supply was 4.8 per cent to end-March, down from 5.3 per cent the previous month.
The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 6.9 per cent to end-March, according to the credit indicator C2.
Increasing growth of money supply for non-financial corporations
Non-financial enterprises’ money supply amounted to NOK 595 billion at end-March, up from NOK 587 billion at end-February. The twelve-month growth was 8.7 per cent to end-March, up from 6.8 per cent the previous month. Non-financial enterprises’ money supply constituted for 32 per cent of the total money supply at end-March.
Increasing money supply growth for municipal government
Municipal government’s money supply amounted to NOK 80 billion at end-March, up from NOK 69 billion the previous month. The twelve-month growth rate was 3.5 per cent to end-March, up from 3.1 per cent to end-February.
Increased money supply growth for other financial corporations
Other financial enterprises’ money supply amounted to NOK 177 billion at end-March, down from NOK 182 billion at end-February. The twelve-month growth was -0.6 per cent to end-March, up from -1.2 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 1 884 billion at end-March, of which the major part, 93.8 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 3.6 and 0.2 per cent respectively.
Decreased growth in base money
Base money (M0) amounted to NOK 96 billion at end-March, down from NOK 114 billion the previous month. The twelve-month growth in M0 decreased from 41.2 per cent at the end of February to 6.4 per cent at the end of March.
The statistics is published with Monetary aggregates.
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