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244662
Decrease in money supply growth
statistikk
2016-02-29T10:00:00.000Z
Banking and financial markets
en
pengemengde, Monetary aggregates, money, notes and coins, assetsFinancial indicators, Banking and financial markets
false

Monetary aggregates, January 2016

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Decrease in money supply growth

The twelve-month growth in the monetary aggregate M3 was 2.9 per cent to end-January this year, down from 3.1 per cent the previous month. Households’ growth in M3 was 5.5 per cent to end-January, up from 5.1 per cent the previous month.

Monetary aggregate M3. Twelve-month growth. Per centPublished 29 February 2016
October 2015November 2015December 2015January 2016
Money holding sector5.54.23.12.9
Households etc.6.25.25.15.5
Non-financial corporations3.43.20.70.0
Municipal government16.311.218.117.3
Other financial corporations4.2-3.0-7.6-10.6

Source: Statistics Norway

Figure 1. Monetary aggregate M3. Twelve-month growth

The twelve-month growth in households’ money supply was lower than the growth in households’ gross domestic debt, which was 6.1 per cent to end-January according to the credit indicator C2.

The money supply growth for non-financial corporations was 0.0 per cent to end-January, while the growth for municipal government was 17.3 per cent. Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was -10.6 per cent to end-January.

More than half of the money supply in households

The monetary aggregate M3 was NOK 1 938 billion at the end of January, up from NOK 1 935 billion the previous month. Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-January households’ money supply amounted to NOK 1 134 billion, up from NOK 1 125 billion at end-December 2015.

The money supply for non-financial corporations was NOK 605 billion at end-January, up from NOK 602 billion from end-December. The money supply for municipal government and other financial corporations amounted to NOK 73 billion and NOK 126 billion respectively.

Steady composition of money supply

The composition of the money supply remains steady. Transaction deposits accounted for 89.1 per cent of the total money supply, while other deposits accounted for 8.1 per cent at the end of January. Notes and coins accounted for 2.4 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.4 per cent of the money supply at end-January.