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Decreased money supply growth
The twelve-month growth in total money supply (M2) was 4.6 per cent to end-January 2014, down from 5.1 per cent the previous month.
| August 2013 | September 2013 | October 2013 | November 2013 | December 2013 | January 2014 | |
|---|---|---|---|---|---|---|
| 12-month growth, M0 | 51.3 | -6.8 | 9.7 | 7.3 | 44.5 | 67.0 |
| 12-month growth, M1 | 5.9 | 2.0 | 3.2 | 1.5 | 5.0 | 5.2 |
| 12-month growth, M2 | 6.1 | 3.9 | 3.9 | 3.4 | 5.1 | 4.6 |
| 3-month moving average, M2 | 5.4 | 4.1 | 0.9 | 3.1 | 5.0 | .. |
| 1-month growth, M2 | 19.1 | -14.5 | 3.1 | 11.1 | 11.4 | 0.1 |
| 12-month growth, households, M2 | 5.4 | 4.6 | 5.2 | 5.5 | 5.2 | 5.3 |
| 12-month growth, non-financial corporations, M2 | 9.7 | 5.9 | 5.6 | 4.1 | 6.8 | 5.6 |
The total money supply amounted to NOK 1 896 billion at end-January 2014, up from NOK 1 881 billion at end-December 2013.
Increased growth in money supply for households
Households’ money supply constitutes more than half of the total money supply. At end-January it accounted for NOK 1 032 billion, up from NOK 1 027 billion at end-December. The twelve-month growth in households’ money supply was 5.3 per cent to end-January, marginally up from 5.2 per cent the previous month.
The growth in households’ money supply was lower than the growth in households’ gross domestic debt, which amounted to 6.8 per cent to end-January, according to the credit indicator C2.
Decreasing growth of money supply for non-financial enterprises
Non-financial enterprises’ money supply amounted to NOK 611 billion at end-January, up from NOK 598 billion at end-December. The twelve-month growth was 5.6 per cent to end-January, down from 6.8 per cent the previous month. Non-financial enterprises’ money supply constituted 32 per cent of the total money supply at end-January.
Decreasing money supply growth for municipal government
Municipal government’s money supply amounted to NOK 64 billion at end-January, down from NOK 70 billion the previous month. The twelve-month growth rate was 0.3 per cent to end-January, down from 2.2 per cent to end-December.
Decreased money supply growth for other financial enterprises
Other financial enterprises’ money supply amounted to NOK 190 billion at end-January, up from NOK 187 billion at end-December. The twelve-month growth was -0.4 per cent to end-January, down from -0.2 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 1 896 billion at end-January, of which the major part, 93.7 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 3.6 and 0.3 per cent respectively.
Increased growth in base money
Base money (M0) amounted to NOK 134 billion at end-January, up from NOK 129 billion the previous month. The twelve-month growth in M0 increased from 44.5 per cent at the end of December to 67.0 per cent at the end of January.
The statistics is published with Monetary aggregates.
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