274826_not-searchable
/en/bank-og-finansmarked/statistikker/pengemengde/maaned
274826
Decrease in money supply growth
statistikk
2017-01-31T08:00:00.000Z
Banking and financial markets
en
pengemengde, Monetary aggregates, money, notes and coins, assetsFinancial indicators, Banking and financial markets
false

Monetary aggregatesDecember 2016

Content

Published:

This is an archived release.

Go to latest release

Decrease in money supply growth

The twelve-month growth in the monetary aggregate M3 was 5.2 per cent to end-December, down from 6.4 per cent the previous month. Households’ growth in M3 was 4.1 per cent to end-December, down from 5.1 per cent the previous month.

Monetary aggregate M3. Twelve-month growth. Per cent
September 2016October 2016November 2016December 2016
Money holding sector6.86.16.45.2
Households etc.5.34.95.14.1
Non-financial corporations8.39.08.97.7
Municipal government18.412.614.218.5
Other financial corporations5.6-0.81.2-5.4
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 6.4 per cent to end-December according to the credit indicator C2.

The money supply growth for non-financial corporations was 7.7 per cent to end-December, while the growth for municipal government was 18.5 per cent. Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was -5.4 per cent to end-December. 

More than half of the money supply in households

The monetary aggregate M3 was NOK 2 025 billion at the end of December, down from NOK 2 035 billion the previous month. Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-December households’ money supply amounted to NOK 1 171 billion, up from NOK 1 158 billion at end-November. 

The money supply for non-financial corporations was NOK 646 billion at end-December, down from 654 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 90 billion and NOK 118 billion respectively.

Steady composition of money supply

The composition of the money supply remains steady. Transaction deposits accounted for 88.7 per cent of the total money supply, while other deposits accounted for 8.6 per cent at the end of December. Notes and coins accounted for 2.3 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.4 per cent of the money supply at end-December.