Unchanged growth in domestic debt

Published:

The twelve-month growth in the credit indicator C2 was 5.7 per cent up to the end of July, unchanged from the previous month.

The general public’s domestic loan debt amounted to NOK 5 329 billion at end-July, according to new figures from the  Credit indicator.

Figure 1. Credit indicator (C2)
Figure 1. Credit indicator (C2)
12-month growth 3-month moving average
July 2014 5.4 5.0
Aug. 5.3 5.3
Sep. 5.4 5.6
Oct. 5.4 5.9
Nov. 5.2 5.5
Dec. 5.4 5.3
Jan. 5.6 5.2
Feb. 5.5 6.0
March 5.8 6.5
April 5.7 7.1
May 5.9 6.4
June 5.8 5.7
July 2015 5.7 4.7
Aug. 5.8 4.6
Sep. 5.5 4.8
Oct. 5.6 4.7
Nov. 5.2 4.6
Dec. 5.4 4.1
Jan. 5.3 4.6
Feb. 5.2 4.9
March 4.9 5.6
April 5.1 5.6
May 4.8 5.6
June 5.0 5.1
July 2016 5.0 4.9
Aug. 5.0 4.9
Sep. 5.1 5.3
Oct. 5.0 5.2
Nov. 5.2 4.6
Dec. 4.8 4.2
Jan. 5.1 4.3
Feb. 5.0 5.4
March 5.2 6.0
April 5.1 6.6
May 5.4 6.7
June 5.7 6.9
July 2017 5.7

Unchanged debt growth in households

Households’ domestic debt totalled NOK 3 183 billion at end-July. The twelve-month growth was 6.6 per cent to end-July, unchanged from the month before.

Increased debt growth for non-financial corporations

Non-financial corporations’ domestic debt amounted to NOK 1 672 billion at end-July. The twelve-month growth was 4.1 per cent to end-July, up from 4.0 per cent the previous month.

Unchanged growth in loans from banks and mortgage companies

Of the general public’s domestic debt, 80 per cent consisted of loans from banks and mortgage companies at end-July. This amounted to NOK 4 269 billion. The twelve-month growth in banks and mortgage companies’ loans was 5.6 per cent, unchanged from the month before.

Weaker growth in bond debt

The twelve-month growth in the general public’s bond debt was 8.9 per cent to end-July, down from 9.7 per cent the previous month.

External debt growth dropped in the 2nd quarter

The general public’s total loan debt (C3) amounted to NOK 6 759 billion at the end of the 2nd quarter 2017, of which the external debt constitutes NOK 1 430 billion.

The external loan debt kept on declining to the end of the 2nd quarter. The twelve-month growth in external debt decreased from -12.0 per cent to -13.1 per cent from the end of the 1st quarter to the end of the 2nd quarter.

The external loan debt mainly relates to non-financial corporations.

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