84770_not-searchable
/en/bank-og-finansmarked/statistikker/m2/maaned
84770
Decreased money supply growth
statistikk
2012-10-31T10:00:00.000Z
Banking and financial markets
en
m2, The money supply M2, money, notes and coins, assetsFinancial indicators, Banking and financial markets
false

The money supply M2, September 2012

Content

Published:

This is an archived release.

Go to latest release

Decreased money supply growth

The twelve-month growth in total money supply (M2) was 4.5 per cent to end-September, down from 4.9 per cent to end-August. The decrease stems from non-financial enterprises and other financial enterprises.

The total money supply amounted to NOK 1 759 billion at end-September, up from NOK 1 745 billion at end-August.

Increase in money supply growth for households

Households’ money supply constitutes more than half of the total money supply. At end-September it accounted for NOK 966 billion, down from NOK 967 billion the previous month. The twelve-month growth in households’ money supply increased from 8.2 per cent to end-August to 8.5 per cent to end-September.

The growth in households’ money supply was higher than the growth in households’ gross domestic debt, which amounted to 7 per cent to end-September, according to the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Money supply (M2) - growth

Decrease in the money supply growth for non-financial enterprises

Non-financial enterprises’ money supply amounted to NOK 540 billion at end-September, up from NOK 535 billion at end-August. The twelve-month growth decreased from 0.1 per cent to end-August to -0.3 per cent to end-September. Non-financial enterprises’ money supply constituted 30.7 per cent of the total money supply and 39.5 per cent of their gross domestic debt measured by the credit indicator C2 at end-August.

Increase in money supply growth for municipal government

Municipal government’s money supply amounted to NOK 78 billion at end-September, up from NOK 68 billion the previous month. The twelve-month growth rate was 8.5 per cent to end-September, up from 7.9 per cent to end-August.

Decrease in growth for other financial enterprises

Other financial enterprises’ money supply amounted to NOK 175 billion at end-September, marginally up from NOK 174 billion at end-August. The twelve-month growth was -3.2 per cent to end-September, down from 1.3 per cent the previous month.

Monetary aggregates, growth (per cent)
    March 2012   April 2012   May 2012   June 2012   July 2012   August 2012   September 2012
M0 - 12 mth. -13.8 -0.4 -19.7 1.9 -19.2 -18.2 -10.5
M1 - 12 mth. 5.9 3.7 1.0 5.0 2.6 3.8 3.8
M2 - 12 mth. 6.1 4.6 2.9 5.3 4.9 4.9 4.5
M2 - 3 mth. moving average1 6.5 2.8 1.2 0.9 5.8 6.3  
M2 households - 12 mth. 8.2 7.8 8.2 8.4 7.6 8.2 8.5
M2 non-financial enterprises - 12 mth. 3.0 0.4 -3.7 1.5 2.5 0.1 -0.3
1  Annualised figure.

Composition of money supply

The broad monetary aggregate M2 amounted to NOK 1 759 billion at end-September, of which the major part, 91.9 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.6 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 5.4 and 0.2 per cent respectively.

Change in base money

Base money (M0) amounted to NOK 99 billion at end-September, up from NOK 81 billion the previous month. The twelve-month growth in M0 increased from -18.2 per cent to end-August to -10.5 per cent to end-September.