4305_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4305
Strong growth in external debt
statistikk
2007-06-11T10:00:00.000Z
Banking and financial markets
en
k3, The credit indicator C3, total gross debt, foreign debt, debt, credit, total debtFinancial indicators, Banking and financial markets
false

The credit indicator C3, March 2007

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Strong growth in external debt

Twelve-month growth in the public’s external loan debt increased in March for the second month in a row, this time from 13.8 per cent to 19.5 per cent. There was strong increase in debt growth both of offshore industries and mainland Norway.

Credit indicator C3 by credit sources. Twelve-month growth. Per cent

The public’s gross external loan debt, which mainly relates to non-financial enterprises, amounted to NOK 592 billion at end-March. The public’s gross external loan debt now grows at a faster pace than domestic gross debt (C2), and tends to speed up the growth in the total gross debt of the public (C3). About 55 per cent of the external loan debt came from mainland Norway. For this part of the foreign debt the annual growth increased from 17.1 per cent to 21.2 per cent, while twelve-month growth in foreign debt of offshore industries went up from 9.9 per cent to 17.6 per cent through March.

Increasing growth in total gross debt

Twelve-month growth in total gross debt (C3) also increased for the second month in a row and went up from 14.5 per cent to 15.4 per cent through March. Total gross debt (C3) amounted to NOK 3 267 billion at end-March, whereby NOK 2 939 billion (close to 90 per cent) came from mainland Norway.

Continued high growth in domestic gross debt

The credit indicator C2 amounted to NOK 2 675 billion at end-March. Twelve-month growth was 14.5 per cent, down from 14.6 per cent to end-February. The annual growth in the public’s domestic gross debt is still high, due to the very high growth in non-financial enterprise debt (21.1 per cent) and considerably sharp growth in household debt (11.8 per cent). See also the C2 statistics .

The credit indicator C3 by credit sources.
Twelve-month growth. Per cent
  January 2007 February 2007 March 2007
Total gross debt (C3) 13.5 14.5 15.4
Domestic gross debt (C2)1 14.5 14.6 14.5
Gross external loan debt 9.3 13.8 19.5
1  The growth rates for C2 are in the table presented as they were
on the time of the C3 release.

C3 is an approximate measure of the size of the total gross debt of the public (households, non-financial enterprises and municipalities) in NOK and foreign exchange. C3 comprises the sum of C2 (the public’s domestic gross debt) and the public’s external loan debt where C2 constitutes the major part. The C3 statistics is published approximately one month later than C2.

Be aware that the growth rates for the public’s gross external loan debt vary from month to month due to shifting amounts of short-time internal dept by oil-companies. In addition, the first-time-published growth rates are often revised due to better information after some time.