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108354
Unchanged money supply growth
statistikk
2013-09-02T10:00:00.000Z
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, July 2013

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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.

Monetary aggregates. Percentage changePublished 2 September 2013
February 2013March 2013April 2013May 2013June 2013July 2013
12-month growth, M0-3.0-2.5-9.88.0-10.812.4
12-month growth, M12.01.72.64.03.54.3
12-month growth, M23.54.14.36.65.25.2
3-month moving average, M23.53.05.76.57.5..
1-month growth, M21.48.73.112.85.04.5
12-month growth, households, M26.26.25.75.85.74.9
12-month growth, non-financial corporations, M20.20.52.47.14.56.9

Source: Statistics Norway

Figure 1. Money supply M2 - growth

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.