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249810
Decrease in money supply growth
statistikk
2016-06-30T10:00:00.000Z
Banking and financial markets
en
pengemengde, Monetary aggregates, money, notes and coins, assetsFinancial indicators, Banking and financial markets
false

Monetary aggregates, May 2016

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Decrease in money supply growth

The twelve-month growth in the monetary aggregate M3 was 3.2 per cent to end-May, down from 5.3 per cent the previous month. Households’ growth in M3 was 4.6 per cent to end-May, down from 5.8 per cent the previous month.

Monetary aggregate M3. Twelve-month growth. Per centPublished 30 June 2016
February 2016March 2016April 2016May 2016
Money holding sector4.43.65.33.2
Households etc.5.15.45.84.6
Non-financial corporations5.00.75.70.8
Municipal government10.811.517.38.4
Other financial corporations-5.9-2.4-7.1-1.6

Source: Statistics Norway

Figure 1. Monetary aggregate M3. Twelve-month growth

The twelve-month growth in households’ money supply was lower than the growth in households’ gross domestic debt, which was 5.8 per cent to end-May according to the credit indicator C2.

The money supply growth for non-financial corporations was 0.8 per cent to end-May, while the growth for municipal government was 8.4 per cent. Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was –1.6 per cent to end-May. 

More than half of the money supply in households

The monetary aggregate M3 was NOK 1 937 billion at the end of May, down from NOK 1 959 billion the previous month. Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-May households’ money supply amounted to NOK 1 127 billion, down from NOK 1 135 billion at end-April. 

The money supply for non-financial corporations was NOK 590 billion at end-May, down from 602 the previous month. The money supply for municipal government and other financial corporations amounted to NOK 94 billion and NOK 127 billion respectively.

Steady composition of money supply

The composition of the money supply remains steady. Transaction deposits accounted for 89.0 per cent of the total money supply, while other deposits accounted for 8.2 per cent at the end of May. Notes and coins accounted for 2.3 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.5 per cent of the money supply at end-May.