Central governments net lending and net holding gains and losses are illustrated in Figure 1. The figure also includes net lending estimated as a percentage of GDP excluding extraction of crude oil and natural gas, transport via pipelines and ocean transport..
Central government’s net lending decreased from NOK 881 billion in 2023 to NOK 738 billion in the four-quarter period from the fourth quarter of 2023 to the third quarter of 2024. A weaker Norwegian krone and positive price developments in the securities markets increased the value of net financial assets by NOK 3,242 billion. Net financial assets totaled NOK 21,637 billion at the end of the third quarter of 2024.
Central government's net lending accounted for 19 per cent of GDP in the four-quarter period. This is approximately 4 percentage points higher than the average for the period from 2001 to 2023. Central government's net lending is dominated by investments in the Government Pension Fund Global.
Households' net lending and net holding gains and losses are illustrated in Figure 2. The figure also includes households' net lending as a percentage of disposable income.
Households’ net lending fell from NOK 64 billion in 2023 to NOK 57 billion in the last four-quarter period. Net holding gains on securities of NOK 389 billion along with net lending, increased net financial assets by NOK 447 billon. Net financial assets totaled NOK 2,651 billion at the end of the four-quarter period.
Net lending continued to be positive in 2024 and was estimated at 2.9 per cent of disposable income in the four-quarter period from the fourth quarter of 2023 to the third quarter of 2024. This is significantly higher compared to the average for the period from 2012 to 2023.