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160702
Increased money supply growth
statistikk
2014-08-08T10:00:00.000Z
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 2014

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Increased money supply growth

The twelve-month growth in total money supply (M2) was 6.7 per cent to end-June, up from 5.5 per cent the previous month.

Monetary aggregates. Percentage changePublished 8 August 2014
January 2014February 2014March 2014April 2014May 2014June 2014
12-month growth, M067.041.26.414.38.339.1
12-month growth, M15.34.64.95.96.56.7
12-month growth, M24.85.05.46.05.56.7
3-month moving average, M27.56.46.87.59.0..
1-month growth, M20.15.012.39.81.819.7
12-month growth, households, M26.06.25.66.36.56.0
12-month growth, non-financial corporations, M24.75.47.35.73.65.9

Source: Statistics Norway

Figure 1. Money supply growth - M2

The total money supply amounted to NOK 1 964 billion at end-June, up from NOK 1 895 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 1 098 billion, up from NOK 1 040 billion at end-May. The twelve-month growth in households’ money supply was 6.0 per cent to end-June, down from 6.5 per cent the previous month.

The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 6.5 per cent to end-June, according to the credit indicator C2.

Increasing growth of money supply for non-financial corporations

Non-financial enterprises’ money supply amounted to NOK 577 billion at end-June, down from NOK 572 billion at end-May. The twelve-month growth was 5.9 per cent to end-June, up from 3.6 per cent the previous month. Non-financial enterprises’ money supply constituted 29 per cent of the total money supply at end-June.

Increasing money supply growth for municipal government

Municipal government’s money supply amounted to NOK 95 billion at end-June, up from NOK 89 billion the previous month. The twelve-month growth rate was 6.2 per cent to end-June, up from 2.4 per cent to end-May.

Increased money supply growth for other financial corporations

Other financial enterprises’ money supply amounted to NOK 194 billion at end-June, unchanged compared to the previous month. The twelve-month growth was 14.1 per cent to end-June, up from 7.4 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 1 964 billion at end-June, of which the major part, 94.1 per cent, consisted of bank deposits. In comparison, notes and coins accounted for 2.3 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 3.5 and 0.1 per cent respectively.

Increased growth in base money

Base money (M0) amounted to NOK 120 billion at end-June, up from NOK 90 billion the previous month. The twelve-month growth in M0 increased from 8.3 per cent at the end of May to 39.1 per cent at the end of June.