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This is an archived release.
Decreased money supply growth
The twelve-month growth in total money supply (M2) was 5.0 per cent to end-November 2014, marginally down from 5.1 per cent the previous month.
| June 2014 | July 2014 | August 2014 | September 2014 | October 2014 | November 2014 | |
|---|---|---|---|---|---|---|
| 12-month growth, M2 | 6.5 | 5.1 | 5.1 | 5.8 | 5.1 | 5.0 |
| 3-month moving average, M2 | 6.5 | 6.7 | 3.2 | 3.0 | 0.3 | .. |
| 12-month growth, households, M2 | 6.1 | 6.1 | 6.4 | 6.4 | 6.3 | 6.9 |
| 12-month growth, non-financial corporations, M2 | 5.9 | 3.2 | 3.9 | 5.5 | 5.3 | 4.3 |
The total money supply amounted to NOK 1 952 billion at end-November last year, up from NOK 1 935 billion at end-October.
Increasing growth in money supply for households
Households’ money supply constitutes more than half of the total money supply. At end-November it accounted for NOK 1 087 billion, up from NOK 1 082 billion at end-October. The twelve-month growth in households’ money supply was 6.9 per cent to end-November, up from 6.3 per cent the previous month.
The growth in households’ money supply was higher than the growth in households’ gross domestic debt, which amounted to 6.3 per cent to end-November according to the credit indicator C2.
Decreasing growth of money supply for non-financial corporations
Non-financial corporations’ money supply amounted to NOK 610 billion at end-November, up from NOK 606 billion at end-October. The twelve-month growth was 4.3 per cent to end-November, down from 5.3 per cent the previous month. Non-financial corporations’ money supply constituted 31 per cent of the total money supply at end-November.
Increasing money supply growth for municipal government
Municipal government’s money supply amounted to NOK 84 billion at end-November, up from NOK 76 billion the previous month. The twelve-month growth rate was 4.4 per cent to end-November, up from 3.9 per cent to end-October.
Decreased money supply growth for other financial corporations
Other financial corporations’ money supply amounted to NOK 171 billion at end-November, unchanged from the end of the previous month. The twelve-month growth was -3.4 per cent to end-November, down from -2.8 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 1 952 billion at end-November, of which the major part, 94 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 3.6 and 0.1 per cent respectively.
Decreased growth in base money
Base money (M0) amounted to NOK 98 billion at the end of November, down from NOK 139 billion at the end of October. The twelve-month growth in M0 was at 5.1 per cent to end-November, down from 24.1 per cent the previous month.
The statistics is published with Monetary aggregates.
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