204508
204508
Flattening debt growth for households
statistikk
2015-03-26T10:00:00.000Z
National accounts and business cycles
en
finsek, Financial accounts, financial investments, households and non-profit organisations, general government, abroad, balance sheets, FINSEFinancial accounts , National accounts and business cycles
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Statistics

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Financial accountsQ4 2014

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Flattening debt growth for households

After falling from the end of 2012 up until the start of 2014, households’ debt growth is now estimated at 6.1 per cent in 2014. Corresponding figures for 2012 and 2013 were 7.6 and 6.8 per cent respectively. The development shows a flattening in debt growth in the last half of 2014.

Financial accounts for households. Key figures. Million NOK and percentage
4th quarter 2013 1st quarter 2014 2nd quarter 2014 3rd quarter 2014 4th quarter 2014
1Seasonal adjusted
Assets 3 559 610 3 621 740 3 723 916 3 749 627 3 815 494
Liabilities 2 761 136 2 772 577 2 840 509 2 864 513 2 934 147
Net financial assets 798 474 849 163 883 407 885 114 881 347
 
Net lending -32 909 29 815 1 709 -9 956 -13 011
Other changes 37 925 20 874 32 535 11 663 9 244
 
Debt to income ratio1 224.4 224.6 225.1 225.9 227.4
Debt growth (per cent)1 6.8 6.6 6.3 6.2 6.1
Figure 1. Households' net lending and change in net financial assets over the last four quarters. Net financial assets as ratio of disposable income, seasonally adjusted
Figure 2. Households' incurrence of debt and investment in currency and deposits over the last four quarters
Figure 1. Households' net lending and change in net financial assets over the last four quarters. Net financial assets as ratio of disposable income, seasonally adjustedFigure 2. Households' incurrence of debt and investment in currency and deposits over the last four quarters

Households’ net incurrence of debt is estimated at NOK 168 billion in 2014. This is around the same level as in the last part of 2011. Simultaneous to the flattening of the debt development, the investment in currency and deposits also continues to increase. Investments in these assets have risen in the last three four-quarter periods, with households investing a total of NOK 76 billion in currency and deposits in 2014. The comparable amount invested in 2013 was NOK 63 billion.

The withdrawals of households’ investments in equity also continue. During the quarters of 2014, households’ net investments in these assets ended at minus NOK 4 billion. Listed shares account for the majority of this change, with a net sale of more than NOK 3 billion in 2014.

Positive net lending

Net lending for households amounted to NOK 9 billion in 2014. This was the first time since the period from the 4th quarter of 2011 to the 3rd quarter of 2012 that net lending for the last four quarters ended on the plus side. Changes in net financial assets for 2014 were NOK 83 billion, and net gains ended at NOK 74 billion.