Financial corporations, balance sheet, October 2011

By end-October 2011, loans to the manufacturing industry amounted NOK 55.7 billion; a decrease of NOK 1.5 billion compared to September. Loans to the manufacturing industry have declined by NOK 6.1 billion during the previous 12 months, which equals a twelve-month growth of nearly -10 per cent. Loans to the manufacturing industry constituted a share of 4.5 per cent of total industry loans this October; a reduction of 0.7 percentage points compared to October last year.

Growth in total industry loans

At end-October 2011, the total loans from banks and mortgage companies to Norwegian industries amounted to NOK 1 230 billion; an increase of NOK 1.2 billion from the previous month. The year-to-year growth was 4.2 per cent. With the exception of February, industry loans have increased every month this year.

Loans to real estate, renting and business activities constitute a share of 39.3 per cent. This is by far the largest share of the total industry loans. Among other large borrowers are sea transport abroad and transport via pipelines and professional and financial services, with a share of 9.8 and 8.2 per cent of the total industry loans respectively.

Growth in loans to building and real estate businesses

Loans to real estate, renting and business activities increased from NOK 460.7 billion in October 2010 to NOK 483.9 billion in October this year. This corresponds to a twelve-month growth of 5 per cent. Loans to real estate development amounted to NOK 65.6 billion at end-October 2011, which is an increase of 12.9 per cent during the past twelve months. These loans constitute 5.3 per cent of the total industry loans. Loans to building and construction work amounted to NOK 34.9 billion, which represents 2.8 per cent of the total industry loans. This is an increase of 8.2 per cent compared to end-October 2010.

High growth in loans to services

Loans to businesslike services amounted to NOK 40.5 billon at end-October 2011; an increase of NOK 575 million compared to the previous month. Loans to this industry have a high twelve-month growth, reaching 32.1 per cent at end-October this year. Loans to businesslike services constituted a share of 3.3 per cent of the total industry loans in the same period.

Other service industries have also escalated their borrowing. Loans to professional and financial services amounted to NOK 100.3 billon in October 2011; an increase of NOK 1.2 billion compared to September figures. The twelve-month growth is 3.3 per cent for this service industry, and constitutes a share of 8.2 per cent of total industry loans. Loans to other service industries amounted to 3.3 per cent of total industry loans, and total NOK 40.3 billion at end-October 2011. The twelve-month growth in loans to other services is equal to 8.5 per cent.

Large decrease in loans to petroleum and ship industries

Services linked to extraction of crude petroleum and natural gas have the largest percentage decrease in loans at end-October 2011. Loans to this industry have decreased by NOK 430 million during the last year. This is a decline of more than 30 per cent, leaving a share of 1.1 per cent of total industry loans to services linked to extraction of crude petroleum and natural gas. Loans to ship and boat building were also subject to a large decrease in the same period, with a twelve-month growth of -26.1 per cent. Loans to this industry constitute a tiny share of total industry loans; a mere 0.5 per cent.