Tuesday, 7 May 2013

Continued increase in total debt growth in Norway

Statistics Norway reports continued significant growth in total debt as measured by the C3 credit indicator,
The twelve-month growth in total gross debt (C3) was 9.0 per cent to end-February 2013, up from 8.9 per cent the previous month. The increase stemmed from foreign debt sources. 

Total gross debt amounted to NOK 5 239 billion at end-February, up from NOK 5 202 billion at end-January.
Mainland Norway’s gross debt accounted for 86 per cent of the total gross debt at end-February. This amounted to NOK 4 518 billion, up from NOK 4 495 billion the previous month.
Increase in foreign debt growth
The general public gross foreign debt, which mainly relates to non-financial corporations, amounted to NOK 1 104 billion at end-February, up from NOK 1 090 billion the previous month. The twelve-month growth increased from 19.8 per cent to end-January to 20.2 per cent to end-February.
Mainland Norway accounted for 51 per cent of the public gross foreign debt, which amounted to NOK 558 billion at end-February. The twelve-month growth in mainland Norway’s foreign debt was 4.6 per cent to end-February, down from 4.8 per cent to end-January. The decrease in mainland Norway’s foreign debt stemmed from short-term debt.
Offshore industries accounted for the remainder of the foreign debt, which amounted to NOK 546 billion at end-February. The twelve-month growth was 42.0 per cent to end-February, up from 41.1 per cent to end-January. The increase in the twelve-month growth rate for the offshore industries stemmed from long-term debt.
Decrease in domestic debt growth
The credit indicator (C2) amounted to NOK 4 135 billion at end-February. The twelve-month growth was 6.3 per cent to end-February, unchanged from the month before. The debt growth in non-financial corporations was 4.2 per cent, while the growth in household debt was 7.2 per cent. The C2 statistics show that the twelve-month growth in the general public domestic debt went down to 6.1 per cent to end-March. 


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