This is an archived release.
Unchanged money supply growth
The twelve-month growth in total money supply (M2) was 5.2 per cent to end-July, unchanged from the previous month.
|February 2013||March 2013||April 2013||May 2013||June 2013||July 2013|
|12-month growth, M0||-3.0||-2.5||-9.8||8.0||-10.8||12.4|
|12-month growth, M1||2.0||1.7||2.6||4.0||3.5||4.3|
|12-month growth, M2||3.5||4.1||4.3||6.6||5.2||5.2|
|3-month moving average, M2||3.5||3.0||5.7||6.5||7.5||..|
|1-month growth, M2||1.4||8.7||3.1||12.8||5.0||4.5|
|12-month growth, households, M2||6.2||6.2||5.7||5.8||5.7||4.9|
|12-month growth, non-financial corporations, M2||0.2||0.5||2.4||7.1||4.5||6.9|
The total money supply amounted to NOK 1 845 billion at end-July, up from NOK 1 837 billion at end-June.
Decreased growth in money supply for households
Households’ money supply constitutes more than half of the total money supply. At end-July it accounted for NOK 1 012 billion, down from NOK 1 027 billion at end-June. The twelve-month growth in households’ money supply was 4.9 per cent to end-July, down from 5.7 per cent the previous month.
The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 7.1 per cent to end-July, according to the credit indicator C2.
Upturn in growth of money supply for non-financial enterprises
Non-financial enterprises’ money supply amounted to NOK 581 billion at end-July, up from NOK 552 billion at end-June. The twelve-month growth was 6.9 per cent to end-July, up from 4.5 per cent the previous month. Non-financial enterprises’ money supply constituted 32 per cent of the total money supply at end-July.
Declining money supply growth for municipal government
Municipal government’s money supply amounted to NOK 81 billion at end-July, down from NOK 90 billion the previous month. The twelve-month growth rate was 6.4 per cent to end-July, down from 9.0 per cent to end-June.
Decrease in money supply growth for other financial enterprises
Other financial enterprises’ money supply amounted to NOK 170 billion at end-July, marginally up from NOK 169 billion at end-June. The twelve-month growth was 0.7 per cent to end-July, down from 2.6 per cent the previous month.
Steady composition of money supply
The composition of the money supply remains steady. The broad monetary aggregate M2 amounted to NOK 1 845 billion at end-July, of which the major part, 93.0 per cent, consisted of bank deposits. In comparison, notes and coins accounted for 2.4 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.
Increasing growth in base money
Base money (M0) amounted to NOK 105 billion at end-July, up from NOK 86 billion the previous month. The twelve-month growth in M0 increased from -10.8 per cent by the end of June to 12.4 per cent at the end of July.
The statistics is published with Monetary aggregates.