The financial net wealth of households and central governement continued to increase according to the financaial accounts for second quater of 2025. The development is explained by net holdning gains and net lending that largly follow the trend from recent years. The development in the seven and half year period starting from 2018 is illustrated in the figures 1 and 2. The main picture for the two sectors in the last quater is 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 decreased from NOK 196 billion in the second quarter of 2024 to NOK 146 billion in the second 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. However price developments in the securities markets led to net holding gains of NOK 862 billion. Net financial worth or net financial assets are calculated as the difference between financial assets and liabilities. increased by NOK 1 008 billion to NOK 22 423 billion at the end of the seecond quarter of 2025. Central government's net financial worth was 5.4 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 significantly from NOK 29 billion in the second quarter of 2024 to NOK 62 billion in the second quarter of 2025. Listed securities contributed to households' net holding gains of NOK 116 billion. Net financial assets increased by NOK 178 billion to NOK 2 870 billion at the end of the quarter. The seasonally adjusted The net financial asset-to-income ratio at the end of Q2 2025 is the net financial assets at the end of the quarter as a percentage of sum of disposable income in period from Q1 2025 to Q4 2025. Disposable income in Q2 and Q3 2025 is estimated. rose by 5.8 percentage points from the end of the first quater of 2025 to 128.2 per cent of disposable income at the end of the second quarter of 2025.
Central government's and households' net lending and net holding gains or losses are illustrated in figures 1 and 2. The two figures comprise the period from 2018 to 2024 and the last-four-quarter period from the third quarter of 2024 to the second quarter of 2025.
Central government's net lending as a percentage of GDP is estimated at 17.7 per cent in the second quarter of 2025. This is 2.3 percentage points higher than the average in the twenty-four-year period from 2001 to 2024, which is estimated at 15.4 per cent.
Households' net lending is estimated at 5.0 per cent of disposable income in the second quarter of 2025. The average net-lending-to-income ratio over the twenty-four-year period is estimated at -0.4 per cent of disposable income.