250189_not-searchable
/en/bank-og-finansmarked/statistikker/pengemengde/maaned
250189
Unchanged money supply growth
statistikk
2016-08-31T10:00:00.000Z
Banking and financial markets
en
pengemengde, Monetary aggregates, money, notes and coins, assetsFinancial indicators, Banking and financial markets
false

Monetary aggregates, July 2016

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As from 23 September, all of Statistics Norway’s statistics will be released at 8 am.

Unchanged money supply growth

The twelve-month growth in the monetary aggregate M3 was 4.6 per cent to end-July, unchanged from the previous month. Households’ growth in M3 was 5.9 per cent to end-July, up from 5.3 per cent the previous month.

Monetary aggregate M3. Twelve-month growth. Per centPublished 31 August 2016
April 2016May 2016June 2016July 2016
Money holding sector5.23.14.64.6
Households etc.5.84.65.35.9
Non-financial corporations5.60.62.62.0
Municipal government17.38.312.212.7
Other financial corporations-7.3-1.81.50.5

Source: Statistics Norway

Figure 1. Monetary aggregate M3. Twelve-month growth

The twelve-month growth in households’ money supply was higher than the growth in households’ gross domestic debt, which was 5.8 per cent to end-July according to the credit indicator C2.

The money supply growth for non-financial corporations was 2.0 per cent to end-July, while the growth for municipal government was 12.7 per cent. Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was 0.5 per cent to end-July.

More than half of the money supply in households

The monetary aggregate M3 was NOK 2 030 billion at the end of July, up from NOK 2 023 billion the previous month. Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-July households’ money supply amounted to NOK 1 182 billion, down from NOK 1 186 billion at end-June.

The money supply for non-financial corporations was NOK 619 billion at end-July, up from 596 the previous month. The money supply for municipal government and other financial corporations amounted to NOK 100 billion and NOK 129 billion respectively.

Steady composition of money supply

The composition of the money supply remains steady. Transaction deposits accounted for 89.0 per cent of the total money supply, while other deposits accounted for 8.3 per cent at the end of July. Notes and coins accounted for 2.3 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.4 per cent of the money supply at end-July.