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208879
Increase in money supply growth
statistikk
2015-04-30T10:00:00.000Z
Banking and financial markets
en
m2, The money supply M2, money, notes and coins, assetsFinancial indicators, Banking and financial markets
true

The money supply M2, March 2015

The statistics will be released as Monetary aggregates as from autumn 2015.

Content

Published:

Increase in money supply growth

The twelve-month growth in total money supply (M2) was 5.4 per cent to end-March 2015, up from 3.9 per cent the previous month.

Monetary aggregates. Percentage changePublished 30 April 2015
October 2014November 2014December 2014January 2015February 2015March 2015
12-month growth, M25.04.94.44.63.95.4
3-month moving average, M21.92.53.13.04.8..
12-month growth, households, M26.36.87.27.17.16.5
12-month growth, non-financial corporations, M25.34.24.13.51.75.5

Source: Statistics Norway

Figure 1. Money supply growth (M2)

The total money supply amounted to NOK 2 003 billion at end-March, up from NOK 1 966 billion at end-February.

Weaker 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 1 108 billion, down from NOK 1 122 billion at end-February. The twelve-month growth in households’ money supply was 6.5 per cent to end-March, down from 7.1 per cent the previous month.

The growth in households’ money supply was higher than the growth in households’ gross domestic debt, which amounted to 6.4 per cent to end-March according to the credit indicator C2.

Stronger growth in money supply for non-financial corporations

Non-financial corporations’ money supply amounted to NOK 634 billion at end-March, up from NOK 600 billion at end-February. The twelve-month growth was 5.5 per cent to end-March, up from 1.7 per cent the previous month. Non-financial corporations’ money supply constituted 32 per cent of the total money supply at end-March.

Weaker money supply growth for municipal government

Municipal government’s money supply amounted to NOK 79 billion at end-March, up from NOK 70 billion the previous month. The twelve-month growth rate was -0.6 per cent to end-March, down from 1.3 per cent to end-February.

Stronger money supply growth for other financial corporations

Other financial corporations’ money supply amounted to NOK 181 billion at end-March, up from NOK 174 billion at the end of the previous month. The twelve-month growth was 0.5 per cent to end-March, up from -6.3 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 2 003 billion at end-March, 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 3.3 and 0.1 per cent respectively.

Weaker growth in base money

Base money (M0) amounted to NOK 87 billion at the end of March, down from NOK 107 billion at the end of February. The twelve-month growth in M0 was at -9.0 per cent to end-March, down from -6.5 per cent the previous month.