Decrease in household borrowing
Household borrowing fell for the third successive quarter in the first quarter of 2016.
|1st quarter 2015||2nd quarter 2015||3rd quarter 2015||4th quarter 2015||1st quarter 2016|
|Assets||3 809 601||3 892 771||3 877 225||3 954 157||3 983 583|
|Liabilities||2 956 357||3 031 380||3 049 020||3 113 478||3 125 903|
|Net financial assets||853 244||861 391||828 205||840 679||857 680|
|Net lending||13 418||-7 225||-29 709||58||13 085|
|Other changes||27 519||15 372||-3 477||12 416||3 916|
|Debt to income ratio1||228.2||229.2||230.3||231.4||232.2|
|Debt growth (per cent)1||6.4||6.5||6.3||5.9||5.7|
The financial account shows that net lending in the last four-quarter period for the household sector fell from NOK -23 billion in the fourth quarter of 2015 to NOK -24 billion in the fourth quarter of 2016. Household borrowing (loans) decreased and amounted to NOK 162 billion in the last four-quarter period, compared to NOK 166 billion in the previous period. This is the lowest household borrowing since the first quarter of 2012. Smaller investments in mutual fund shares and insurance technical reserves contributed to the decrease in net lending.
General government’s net financial assets amounted to NOK 8 439 billion at the end of the first quarter of 2016 compared to NOK 8 867 billion at the end of 2015. General government net lending in the last four-quarter period amounted to NOK 204 billion in 2015 compared to NOK 183 billion in the previous period.
Accrued but not paid interest on long-term debt securities are for the first time included in the central government long-term debt securities. This has caused some revisions in these asset relationships between the central government and the counterpart sectors. The revisions go back to the first quarter of 2012.