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159768
Decreased money supply growth
statistikk
2014-06-30T10:00:00.000Z
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, May 2014

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Decreased money supply growth

The twelve-month growth in total money supply (M2) was 5.5 per cent to end-May, down from 6.0 per cent the previous month.

Monetary aggregates. Percentage changePublished 30 June 2014
December 2013January 2014February 2014March 2014April 2014May 2014
12-month growth, M044.567.041.26.414.38.3
12-month growth, M15.25.34.65.05.96.3
12-month growth, M25.24.85.05.46.05.5
3-month moving average, M25.57.56.46.87.5..
1-month growth, M212.10.15.012.39.81.8
12-month growth, households, M26.06.06.25.66.36.5
12-month growth, non-financial corporations, M25.94.75.47.35.73.6

Source: Statistics Norway

Figure 1. Money supply growth (M2)

The total money supply amounted to NOK 1 895 billion at end-May, up from NOK 1 888 billion at end-April.

Increased growth in money supply for households

Households’ money supply constitutes more than half of the total money supply. At end-May it accounted for NOK 1 040 billion, down from NOK 1 043 billion at end-April. The twelve-month growth in households’ money supply was 6.5 per cent to end-May, up from 6.3 per cent the previous month.

The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 6.8 per cent to end-May, according to the credit indicator C2.

Decreasing growth of money supply for non-financial corporations

Non-financial enterprises’ money supply amounted to NOK 572 billion at end-May, down from NOK 575 billion at end-April. The twelve-month growth was 3.6 per cent to end-May, down from 5.7 per cent the previous month. Non-financial enterprises’ money supply constituted 30 per cent of the total money supply at end-May.

Decreasing money supply growth for municipal government

Municipal government’s money supply amounted to NOK 89 billion at end-May, up from NOK 82 billion the previous month. The twelve-month growth rate was 2.4 per cent to end-May, down from 3.6 per cent to end-April.

Increased money supply growth for other financial corporations

Other financial enterprises’ money supply amounted to NOK 194 billion at end-May, up from NOK 188 billion at end-April. The twelve-month growth was 7.4 per cent to end-May, up from 6.8 per cent the previous month.

Steady composition of money supply

The composition of the money supply remains steady. The broad monetary aggregate M2 amounted to NOK 1 895 billion at end-May, of which the major part, 93.9 per cent, consisted of bank deposits. In comparison, notes and coins accounted for 2.3 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 3.6 and 0.1 per cent respectively.

Decreased growth in base money

Base money (M0) amounted to NOK 90 billion at end-May, marginally up from NOK 88 billion the previous month. The twelve-month growth in M0 decreased from 14.3 per cent at the end of April to 8.3 per cent at the end of May.