Households’ debt growth levels off
National accounts and business cycles
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Financial accountsQ3 2014



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Households’ debt growth levels off

Households’ borrowing over the last four quarters to the third quarter of 2014 amounted to NOK 168 billion, compared to NOK 169 billion in the previous four-quarter period. This is the fourth quarter in a row with a fall in borrowing.

Financial accounts for households. Key figures. Million NOK and percentage
3rd quarter 20134th quarter 20131st quarter 20142nd quarter 20143rd quarter 2014
1Seasonal adjusted
Assets3 498 4803 570 2473 629 1743 731 3353 756 485
Liabilities2 699 6382 764 5332 775 5262 843 5182 867 591
Net financial assets798 842805 714853 648887 817888 894
Net lending-12 973-32 43824 975-344-12 227
Other changes24 95339 31022 95934 51313 304
Debt to income ratio1203.7204.8204.9206.2207.9
Debt growth (per cent)

Banks and mortgage companies are households’ most important credit sources. Households borrowed NOK 121 billion from these sources in the last four-quarter period, compared to NOK 118 billion in the previous period. Borrowing from the central government went down from NOK 21 billion to NOK 17 billion in last four-quarter period.

Steady development in households’ net lending

Households’ net lending is estimated at NOK -20 billion over the last four quarters, compared to NOK -21 billion in the previous four-quarter period. The increase in net financial assets is estimated at NOK 90 billion in the last period and net holding gains at NOK 110 billion. The revaluation of unlisted shares made a major contribution to total holding gains, but is estimated and uncertain.