Flattening debt growth for households
National accounts and business cycles
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Financial accountsQ4 2014



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Flattening debt growth for households

After falling from the end of 2012 up until the start of 2014, households’ debt growth is now estimated at 6.1 per cent in 2014. Corresponding figures for 2012 and 2013 were 7.6 and 6.8 per cent respectively. The development shows a flattening in debt growth in the last half of 2014.

Financial accounts for households. Key figures. Million NOK and percentage
4th quarter 20131st quarter 20142nd quarter 20143rd quarter 20144th quarter 2014
1Seasonal adjusted
Assets3 559 6103 621 7403 723 9163 749 6273 815 494
Liabilities2 761 1362 772 5772 840 5092 864 5132 934 147
Net financial assets798 474849 163883 407885 114881 347
Net lending-32 90929 8151 709-9 956-13 011
Other changes37 92520 87432 53511 6639 244
Debt to income ratio1224.4224.6225.1225.9227.4
Debt growth (per cent)

Households’ net incurrence of debt is estimated at NOK 168 billion in 2014. This is around the same level as in the last part of 2011. Simultaneous to the flattening of the debt development, the investment in currency and deposits also continues to increase. Investments in these assets have risen in the last three four-quarter periods, with households investing a total of NOK 76 billion in currency and deposits in 2014. The comparable amount invested in 2013 was NOK 63 billion.

The withdrawals of households’ investments in equity also continue. During the quarters of 2014, households’ net investments in these assets ended at minus NOK 4 billion. Listed shares account for the majority of this change, with a net sale of more than NOK 3 billion in 2014.

Positive net lending

Net lending for households amounted to NOK 9 billion in 2014. This was the first time since the period from the 4th quarter of 2011 to the 3rd quarter of 2012 that net lending for the last four quarters ended on the plus side. Changes in net financial assets for 2014 were NOK 83 billion, and net gains ended at NOK 74 billion.