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92622
Decrease in money supply growth
statistikk
2013-01-31T10:00:00.000Z
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, December 2012

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Decrease in money supply growth

The twelve-month growth in total money supply (M2) was 5.2 per cent to end-December 2012, down from 5.6 per cent to end-November. The decrease stems from non-financial enterprises and municipal government.

Monetary aggregates. Percentage changePublished 31 January 2013
July 2012August 2012September 2012October 2012November 2012December 2012
12-month growth, M0-19.2-18.2-10.5-20.7-26.7-39.4
12-month growth, M12.33.53.31.04.22.3
12-month growth, M25.05.14.64.15.65.2
3-month moving average, M25.35.55.56.06.8..
1-month growth, M23.1-0.48.52.423.6-6.1
12-month growth, households, M27.58.08.36.76.76.7
12-month growth, non-financial corporations, M22.60.1-0.3-0.43.21.2

Source: Statistics Norway

Money supply (M2) - growth

The total money supply amounted to NOK 1 773 billion at end-December, down from NOK 1 775 billion at end-November.

Unchanged growth in money supply for households

Households’ money supply constitutes more than half of the total money supply. At end-December it accounted for NOK 970 billion, up from NOK 951 billion at end-November. The twelve-month growth in households’ money supply was 6.7 per cent to end-December, unchanged from the previous month.

The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 7.2 per cent to end-December, according to the credit indicator C2 . For more information on the financial position of households, see the financial accounts in the national accounts .

Decreasing growth of money supply for non-financial enterprises

Non-financial enterprises’ money supply amounted to NOK 554 billion at end-December, down from NOK 560 billion at end-November. The twelve-month growth was 1.2 per cent to end-December, down from 3.2 per cent the previous month. Non-financial enterprises’ money supply constituted 31.2 per cent of the total money supply at end-December.

Decrease in money supply growth for municipal government

Municipal government’s money supply amounted to NOK 69 billion at end-December, down from NOK 78 billion the previous month. The twelve-month growth rate was 9.3 per cent to end-December, down from 12.4 per cent to end-November.

Increase in twelve-month growth for other financial enterprises

Other financial enterprises’ money supply amounted to NOK 180 billion at end-December, down from NOK 186 billion at end-November. The twelve-month growth was 9 per cent to end-December, up from 4.9 per cent the previous month.

Steady composition of money supply

The composition of the money supply has been steady. The broad monetary aggregate M2 amounted to NOK 1 773 billion at end-December, of which the major part, 92.8 per cent, consisted of bank deposits. In comparison, notes and coins only accounted for 2.7 per cent. The rest of the broad monetary aggregate consisted of shares in money market funds and certificates of deposits, which accounted for 4.3 and 0.2 per cent respectively.

Decreasing growth in base money

Base money (M0) amounted to NOK 89 billion at end-December, up from NOK 87 billion the previous month. The twelve-month growth in M0 decreased from -26.7 per cent by the end of November to -39.4 per cent at the end of December.