Thursday, 2 May 2013

The Norwegian Credit Indicator C2, March 2013 - Up 6.1% on Last Year

Statistics Norway reports,

Decreased debt growth

The twelve-month growth in the credit indicator C2 was 6.1 per cent to end-March 2013, down from 6.3 per cent the previous month. The fall stems from decreased debt growth to non-financial corporations and municipal government.


 The general public’s gross domestic debt C2 amounted to NOK 4 152 billion at end-March, up from NOK 4 135 billion the previous month.

Unchanged debt growth for households

Households’ gross domestic debt totalled NOK 2 405 billion at end-March, up from NOK 2 400 billion the previous month. The twelve-month growth was 7.2 per cent to end-March and has remained stable since November 2012.

Reduced debt growth for non-financial corporations

Non-financial corporations’ gross domestic debt amounted to NOK 1 392 billion at end-March, up from NOK 1 383 billion at end-February. The twelve-month growth was 3.8 per cent to end-March, down from 4.2 per cent the month before.

Decreased debt growth for municipal government

Municipal government’s gross domestic debt totaled NOK 355 billion at end-March, up from NOK 353 billion the month before. The twelve-month growth was 7.5 per cent to end-March, down from 7.7 per cent the previous month.

Growth rates affected by portfolio shifts

Of the general public’s gross domestic debt, nearly half consisted of bank loans at end-March. This amounted to NOK 2 005 billion. The twelve-month growth in bank loans was 1.6 per cent to end-March, up from 0.9 pre cent the previous month. Mortgage companies’ loans amounted to NOK 1 386 billion at end-March, up from NOK 1 384 billion at end-February. The twelve-month growth in mortgage company loans was 8.5 per cent to end-March, down from 10.4 per cent the month before.
The growth rates are affected by transfers of loans from banks to mortgage companies. The growth rate for banks and mortgage companies in total was 4.3 per cent to end-March, down from 4.6 per cent the previous month.

Still high activity in the securities market

The twelve-month growth rate in bond debt was 21.2 per cent to end-March, up from 16.9 per cent to end-February. The twelve-month growth rate in certificate debt was 12.4 per cent to end-March, down from 16.7 per cent the previous month. 

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