4253_not-searchable
/en/bank-og-finansmarked/statistikker/k3/maaned
4253
Continued high growth in mainland Norway’s foreign debt
statistikk
2009-08-17T10:00:00.000Z
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, May 2009

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Continued high growth in mainland Norway’s foreign debt

The twelve-month growth in mainland Norway’s foreign debt was 16.6 per cent to end-May, down from 18.3 per cent to the previous month. The decrease emanates from long-term debt.

Mainland Norway accounted for almost 60 per cent of the public gross external loan debt. The foreign debt of mainland Norway amounted to NOK 441 billion at end-May.

Offshore industries accounted for the remaining part of the foreign debt. For this part of the foreign debt, the annual growth was still negative, but went up from -2.9 per cent to -2.3 per cent in May. The decrease emanates from short-term debt, where the major part is corporations’ internal loan debt. As accounted for in the boxes below, the figures can fluctuate considerably from month to month.

The general public gross foreign debt, which mainly relates to non-financial enterprises, decreased from NOK 766 billion to NOK 758 billion in May. The twelve-month growth in public gross external loan debt decreased from 8.6 per cent to 8.0 per cent during May.

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

Decrease in total gross debt growth

The twelve-month growth in total gross debt (C3) was 7.6 per cent to end-May, down from 8.1 per cent to end-April. Total gross debt amounted to NOK 4 126 billion at end-May; an increase from NOK 4 119 billion at end-April. About 89 per cent of the gross debt came from mainland Norway.

Decline in domestic gross debt growth

The credit indicator C2 amounted to NOK 3 368 billion at end-May. The twelve-month growth was 7.5 per cent, down from 8.0 per cent in the previous month. The debt growth in non-financial enterprises was 8.1 per cent, while the growth in household debt was 6.4 per cent. The C2 statistics show that the annual growth in the general public domestic gross debt continued to fall to 6.5 per cent to end-June this year.

Specifications for the credit indicator C3. Twelve-month growth. Per cent
  December 2008     January 2009     February 2009     March 2009     April 2009     May 2009
Total gross debt (C3) 11.0 6.4 6.2 10.6 8.1 7.6
Domestic gross debt (C2)1 10.2 9.8 9.3 8.8 8.0 7.5
Gross external loan debt 14.4 -8.1 -7.5 18.3 8.6 8.0
Gross external loan debt, offshore ind. 22.1 -17.0 -18.5 21.9 -2.9 -2.3
Gross ext. loan debt, mainland-Norway 8.2 -1.6 0.5 14.9 18.3 16.6
1  The growth rates for C2 are in the table presented as they were at the time of the C3 release.

The statistics for external loan debt are based on samples, and therefore associated with more uncertainty than the statistics for domestic debt (C2). For more details concerning sampling, see chapter 3.3 in About the statistics .

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 of which C2 constitutes the largest part. The C3 statistics are published approximately one month later than C2.

It should be noted 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 debt by oil companies. In addition, the first-time-published growth rates are often revised at a later date due to improved information. For more details concerning the public’s gross external loan debt see StatBank.