Households net financial assets continued to increase in the first quarter of 2025. Central government is more exposed to the turmoil in global markets than households, and net financial assets was reduced in the last quarter. The main picture is illustrated in the figures below and summarized in the bullet points.
- Central government's In the financial accounts, net lending is calculated as the difference between financial investments and the increase in debt. Alternatively, it can be described as the difference between net acquisitions of financial assets and net incurrence of liabilities increased from NOK 179 billion in the first quarter of 2024 to NOK 230 billion in the first quarter of 2025. The Norwegian krone appreciated in the last quarter and reduced the value of Central government's foreign assets mainly comprise shares and bonds. in NOK. Negative price developments in the securities markets led to the central governement incurring a total net loss of NOK 1 384 billion. Net financial worth or net financial assets are calculated as the difference between financial assets and liabilities. fell by NOK 1 154 billion to NOK 21 408 billion at the end of the first quarter of 2025. Central governments net financial worth was 5.2 times higher than Mainland Norway's GDP refers to value added for all domestic production activity except extraction of crude oil and natural gas, pipeline transport and ocean transport. The percentage is calculated as net financial worth the end of the quarter as a percentage of the sum of GDP from Q2 2024 to the Q1 2025. at the end of the quarter.
- Households' net lending increased moderately from NOK 43 billion in the first quarter of 2024 to NOK 47 billion in first quarter of 2025. Developments in exchange rates and securities markets led to households incurring in a net loss of NOK 16 billion. However, net financial assets increased by NOK 31 billion to NOK 2 672 billion at the end of the quarter. The seasonally adjusted The net financial asset-to-income ratio at the end of Q1 2025 is the net financial assets at the end of the quarter as a percentage of sum of disposable income in period from Q4 2024 to Q3 2025. Disposable income in Q2 and Q3 2025 is estimated. fell by -2.4 percentage points from the end of the year 2024 to 122.5 per cent of disposable income at the end of the first quarter of 2025.
Central government's and households' net lending and net holding gains or losses are illustrated in figures 1 and 2. The figures also include a series of central government's net lending as a percentage of mainland Norway's GDP and a series of households' net lending as a percentage of disposable income and adjustment for the change in pension entitlements. The two figures comprise the 7-year period from 2018 to 2024 and the last 4-quarter period from the second quarter of 2024 to first quarter of 2025.
Central government's net lending as The percentage is calculated as the sum of net lending in the period from Q2 2024 to Q1 2025 as a percentage of the sum of GDP for Mainland Norway in the same period is estimated at 19.2 per cent in the first quarter of 2025. This is 3.8 percentage points higher than the average in the 24-year period from 2001 to 2024, which is estimated at 15.5 per cent. The GDP share in 2024 is estimated at 18.2 per cent.
Households' net lending is estimated at The percentage is calculated as the sum of net lending in the period from Q2 2024 to the Q1 2025 as a percentage of the sum of disposable income in the same period. in the first quarter of 2025, which is a marginal increase from 2024, when the ratio was estimated at 3.0 per cent. The average net lending-to-come ratio over the last 24-year period is estimated at -0.5 per cent of disposable income.