4331_not-searchable
/en/bank-og-finansmarked/statistikker/m2/maaned
4331
Rise in enterprises’ money supply
statistikk
2010-09-30T10:00:00.000Z
Banking and financial markets
en
m2, The money supply M2, money, notes and coins, assetsFinancial indicators, Banking and financial markets
false

The money supply M2, August 2010

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Rise in enterprises’ money supply

The twelve-month growth in total money supply (M2) was 4.3 per cent to end-August, up from 3.2 per cent to end-July. The money supply growth stems from non-financial enterprises and other financial enterprises.

The total money supply amounted to NOK 1 577 billion by end-August, down from NOK 1 583 billion by end-July. The increase in the twelve-month growth compared to the previous month is related to a larger decrease in total money supply during August last year than August this year (base effect).

Strong increase in money supply growth for non-financial enterprises and other financial enterprises

Non-financial enterprise money supply amounted to NOK 514 billion at end-August, up from NOK 511 billion at end-July. The twelve-month growth was 1.2 per cent to end-August, up from -1.6 per cent to end-July. The rise in the growth is the highest so far this year. Non-financial enterprise money supply constituted 43 per cent of their gross domestic debt measured by the credit indicator C2 .

Other financial enterprise money supply (other than state lending institutions, banks and money market funds) amounted to NOK 152 billion at end-August, up from NOK 142 billion the previous month. The twelve-month growth was 18.2 per cent to end-August, up from 13.8 per cent to end-July.

Money supply (M2) - growth

Reduced growth in household money supply

Household money supply amounted to NOK 854 billion by end-August, down from NOK 862 billion to the previous month. This constituted more than half of the total money supply. The twelve-month growth in household money supply was 4.1 per cent to end-August, down from 4.4 per cent to end-July. The growth in household money supply was lower than the growth in household gross domestic debt, which was 6.2 per cent to end-August, according to the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Monetary aggregates, growth (per cent)
 
  March 2010 April 2010 May 2010 June 2010 July 2010 August 2010
 
M0 - 12 mth. -27.5 -23.5 -22.4 -31.2 -31.3 -5.7
M1 - 12 mth. 1.9 2.7 -0.9 0.3 1.6 2.2
M2 - 12 mth. 2.6 2.7 0.8 2.2 3.2 4.3
M2 - 3 mth. moving average 1.5 1.0 2.4 4.0 8.8  
M2 households - 12 mth. 3.6 4.0 3.4 3.8 4.4 4.1
M2 non-financial enterprises - 12 mth. -0.3 -0.6 -4.6 -2.9 -1.6 1.2
 

Composition of money supply

The broad monetary aggregate M2 amounted to NOK 1 577 billion at end-August, of which the major part, 91.3 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.9 per cent. The rest of the broad money mainly consisted of shares in money market funds and certificates of deposits, which accounted for 5.4 and 0.4 per cent respectively.

The money supply (broad monetary aggregate) M2 consists of notes and coins, unrestricted bank deposits, certificates of deposit and units in money market funds owned by the money-holding sector i.e. households, non-financial enterprises, municipalities and financial enterprises other than state lending institutions, banks and money market funds.

Growth based on the three-month moving average is defined as growth in average money supply (seasonally-adjusted figures) in the latest three-month period in relation to the previous three-month period. The growth is adjusted for exchange rate valuation changes and statistical breaks as an annualised figure. The calculation is centred; in other words, the observation is set at the middle month of the latest three-month period.

 

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