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/en/bank-og-finansmarked/statistikker/m2/maaned
84764
Increase in money supply growth
statistikk
2012-08-10T10:00:00.000Z
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, June 2012

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Increase in money supply growth

The twelve-month growth in total money supply (M2) was 5.4 per cent to end-June, up from 2.9 per cent to end-May. The increase stems from all sectors.

The total money supply amounted to NOK 1 767 billion at end-June, up from NOK 1 703 billion at end-May.

Increase in money supply growth for households

Households’ money supply constitutes more than half of the total money supply. At end-June it accounted for NOK 978 billion, up from NOK 923 billion the previous month. The twelve-month growth in households’ money supply increased from 8.2 per cent to end-May to 8.4 per cent to end-June.

Money supply (M2) - growth

The growth in households’ money supply was higher than the growth in households’ gross domestic debt, which amounted to 7.1 per cent to end-June, according to the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Increase in the money supply growth for non-financial enterprises

Non-financial enterprises’ money supply amounted to NOK 536 billion at end-June, up from NOK 528 billion at end-May. The twelve-month growth increased from -3.6 per cent to end-May to 1.8 per cent to end-June. Non-financial enterprises’ money supply constituted 30.4 per cent of the total money supply and 39.6 per cent of their gross domestic debt measured by the credit indicator C2 at end-June.

Increase in money supply growth for municipal government

Municipal government’s money supply amounted to NOK 83 billion at end-June, up from NOK 80 billion the previous month. The twelve-month growth rate was 5.8 per cent to end-June, up from 5.4 per cent to end-May.

Increase in growth for other financial enterprises

Other financial enterprises’ money supply amounted to NOK 169 billion at end-June, down from NOK 171 billion at end-May. The twelve-month growth was -0.9 per cent to end-June, up from -4.9 per cent the previous month.

Monetary aggregates, growth (per cent)
  December 2011 January2012 February 2012 March 2012 April 2012 May 2012 June 2012
M0 - 12 mth. 9.8 35.9 -5.1 -13.8 -0.4 -19.7 1.9
M1 - 12 mth. 4.5 5.5 5.4 5.9 3.8 1.1 5.2
M2 - 12 mth. 6.0 5.9 6.2 6.1 4.7 2.9 5.4
M2 - 3 mth. moving average1 4.5 3.9 6.1 6.5 3.0 1.5  
M2 households - 12 mth. 7.5 7.3 7.3 8.2 7.8 8.2 8.4
M2 non-financial enterprises - 12 mth. 4.5 3.5 4.7 3.0 0.5 -3.6 1.8
1  Annualised figure.

Composition of money supply

The broad monetary aggregate M2 amounted to NOK 1 767 billion at end-June, of which the major part, 91.8 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.6 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 5.3 and 0.3 per cent respectively.

Base money decrease

Base money (M0) amounted to NOK 97 billion at end-June, up from NOK 77 billion the previous month. The twelve-month growth in M0 increased from -19.7 per cent to end-May to 1.9 per cent to end-June.

New institutional sector classification

As from January 1st 2012, the Norwegian institutional sector classification has been revised in line to the international classification. This change implies a break in the statistics for the money supply (M2) from March 2012.

As a result of the new classification, a number of enterprises which used to be classified as non-financial enterprises, now are classified as financial enterprises. In addition, some private quasi-unincorporated enterprises which used to be in the household sector are now classified as non-financial enterprises. Non-profit institutions serving households will be included in the household sector. Further, some enterprises classified as financial enterprises before, now are classified as state lending institutions. These enterprises are therefore no longer a part of money-holding sector and as such are not included in M2.

Consequently, the new sector classification will have an impact on the total money supply (M2) and on the distribution within the money holding sector. Based on data from the relevant enterprises, Statistics Norway has estimated and corrected transactions and growth rates. However, it should be noted that there is some uncertainty associated with the changes in sector classification between February 2012 and March 2012.