The credit indicator C3, October 2013

Total gross debt amounted to NOK 5 527 billion at end-October 2013, up from NOK 5 504 billion at end-September.

Mainland Norway’s gross debt accounted for 86 per cent of the total gross debt at end-October. This amounted to NOK 4 768 billion, up from NOK 4 755 billion the previous month.

Increase in foreign debt growth

The general public gross foreign debt, which mainly relates to non-financial corporations, amounted to NOK 1 204 billion at end-October, up from NOK 1 201 billion the previous month. The twelve-month growth increased from 10.9 per cent to end-September to 13.4 per cent to end-October.

Mainland Norway accounted for 52 per cent of the public gross foreign debt, which amounted to NOK 622 billion at end-October. The twelve-month growth in mainland Norway’s foreign debt was 4.2 per cent to end-October, down from 7.4 per cent to end-September. The decrease in mainland Norway’s foreign debt stemmed from both short and long-term debt.

Offshore industries accounted for the remainder of the foreign debt, which amounted to NOK 582 billion at end-October. The twelve-month growth was 25.2 per cent to end-October, up from 15.0 per cent to end-September. The increase in the twelve-month growth rate for the offshore industries stemmed from short-term debt.

Decrease in domestic debt growth

The credit indicator (C2) amounted to NOK 4 323 billion at end-October. The twelve-month growth was 6.2 per cent to end-October, down from 6.3 per cent the month before. The debt growth in non-financial corporations was 3.9 per cent to end-October, while the growth in household debt was 7.2 per cent in the same period. The C2 statistics show that the twelve-month growth in the general public domestic debt decreased further to 6.0 per cent to end-November.