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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.
October 2014 | November 2014 | December 2014 | January 2015 | February 2015 | March 2015 | |
---|---|---|---|---|---|---|
12-month growth, M2 | 5.0 | 4.9 | 4.4 | 4.6 | 3.9 | 5.4 |
3-month moving average, M2 | 1.9 | 2.5 | 3.1 | 3.0 | 4.8 | .. |
12-month growth, households, M2 | 6.3 | 6.8 | 7.2 | 7.1 | 7.1 | 6.5 |
12-month growth, non-financial corporations, M2 | 5.3 | 4.2 | 4.1 | 3.5 | 1.7 | 5.5 |
![Figure 1. Money supply growth (M2) Figure 1. Money supply growth (M2)](/en/bank-og-finansmarked/statistikker/m2/maaned/_image/225836.png?_encoded=2f66666666666678302f35382f&_ts=14d03b08a78)
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.
The statistics is published with Monetary aggregates.
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