Financial corporations, balance sheet, February 2012

By end-February 2012, loans to the manufacturing industry amounted to NOK 57.5 billion. Loans to the manufacturing industry have declined by NOK 2.5 billion during the previous 12 months, which equals a 12-month growth of - 4.1 per cent. The year-to-year growth in February has also declined by 1.7 percentage points compared to the year-to-year growth in January 2012. The share of loans to the manufacturing industry has declined from 6.4 per cent in May 2009 to 4.6 per cent in February this year (see the fact box about industry classification below).

Compared to recent years’ negative development in loans to the manufacturing industry, the annual growth in the past three months can, however, be considered to be among the highest since May 2010, when it fell to -13 per cent.

Growth in total industry loans

At end-February 2012, the total loans from banks and mortgage companies to Norwegian industries has remained almost unchanged since last month and amounted to NOK 1 257 billion. The year-to-year growth in February was 6.5 per cent, which is an increase of 0.6 percentage points compared to the 12-month growth in January.

Loans to real estate, renting and business activities constitute a share of 38.3 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 8.5 per cent of the total industry loans respectively.

Total industry loans constitute a part of the gross domestic debt statistics ( C2 ). Total industry loans may therefore be compared to gross domestic debt for non-financial enterprises (see the fact box below). The C2 statistics show that the annual growth in loans to non-financial enterprises was 6.4 per cent in February compared to 5.8 per cent in January this year.

Highest contribution to growth from professional and financial services

Loans to professional and financial services contributed most to the annual growth in total industry loans in February compared to January this year. Loans to this industry amounted to NOK 106.3 billion; an increase by NOK 3.9 billion compared to the previous month. The annual growth in loans to professional and financial services was 14.2 per cent in February 2012; 9.1 percentage points up compared to the annual growth in January this year. This is the highest year-to-year growth since January 2011.

Loans to business-related services amounted to NOK 44.4 billon at end-February 2012; a decrease of NOK 177 million compared to the previous month. Loans to this industry have a high 12-month growth, reaching 32.5 per cent at end-February this year. Loans to business-related services constituted a share of 3.5 per cent of the total industry loans in the same period.

Loans to other service industries make up 3.3 per cent of total industry loans, and are NOK 41.9 billion at end-February 2012. The 12-month growth in loans to other services is equal to 9.9 per cent.

Growth in loans to building and real estate businesses

Loans to real estate, renting and business activities increased from NOK 469 billion in February 2011 to NOK 481.4 billion in February 2012. This corresponds to a 12-month growth of 2.6 per cent; the lowest annual growth since September 2010.

Loans to real estate development amounted to NOK 70.3 billion at end-February 2012, which is an increase of 20 per cent during the past 12 months. Loans to building and construction work amounted to NOK 35.6 billion. This is an increase of 9.8 per cent compared to the same period last year. Loans to real estate development and loans to building and construction work constituted a share of total industry loans amounting to 5.6 and 2.8 per cent respectively.

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-February 2012. Loans to this industry have almost been halved during the last 12 months and amounted to NOK 1.2 billion in February 2012. Loans to this industry have been declining through 2011 and the annual growth reached its lowest point at -46.7 per cent in February this year.

Loans to ship and boat building were also subject to a decrease of 3.7 per cent during the last 12 months. This is still an improvement compared to the earlier development in the annual growth.

Loans to petroleum and ship industries constitute a tiny share of total industry loans; a mere 0.1 and 0.5 per cent respectively.

High annual growth in loans to electricity and hot water supply

Annual growth in loans to electricity and hot water supply was low through the previous year. Loans to the industry amounted to NOK 40.5 billion in February 2012, compared to NOK 35 billion the same period last year. This is an increase of NOK 5.5 billion; equivalent to an annual growth of 15.8 per cent.