Decrease in household net lending
National accounts and business cycles
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Financial accountsQ4 2016



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Decrease in household net lending

Households’ net lending in 2016 amounted to NOK -32 billion, compared to NOK -12 billion in 2015. The decrease can be explained by higher borrowing and lower investments in deposits, but also lower investments in unlisted shares and loans to corporations.

Financial accounts for households. Key figures. Million NOK and percentage
4th quarter 20151st quarter 20162nd quarter 20163rd quarter 20164th quarter 2016
1Seasonal adjusted
Assets4 054 6184 089 1964 184 5694 219 1494 290 784
Liabilities3 119 9663 126 7373 203 9393 229 3443 296 648
Net financial assets934 652962 459980 630989 805994 136
Net lending1 27218 427-6 310-25 281-18 976
Other changes26 7399 38024 48134 45623 307
Debt to income ratio1229.7230.7233.3234.0234.8
Debt growth (per cent)

Households’ net lending is estimated at NOK -32 billion in 2016, which means that net borrowing has been higher than net investments in financial assets. The year 2016 was primarily characterised by higher borrowing and lower investments in deposits than in 2015. Net incurrence of loans increased from NOK 167 billion to NOK 186 billion, while net investments in deposits decreased from NOK 65 billion to NOK 55 billion. 

The accounts also show that household lending to and investments in unlisted shares in corporations were lower in 2016 than in 2015. These high investments in 2015 were due to higher reinvested dividends in loans and shares, and must be seen in conjunction with an increase in dividends in 2015 caused by higher tax on dividends from 2016. In 2016, the level of dividends and reinvestments are assumed to be lower and at more normal levels. It should be noted that these estimates are based on preliminary sources, both for 2015 and 2016. 

The household accounts have been revised since the last publication for the period first quarter 2014 to third quarter 2016. Investments in fund shares, other liabilities and pension entitlements in particular have been revised. There have also been large revisions for the non-financial corporations and the rest of the world accounts.