Decrease in money supply growth

Published:

The twelve-month growth in the monetary aggregate M3 was 7.1 per cent to end-April, down from 7.4 per cent the previous month. Households’ growth in M3 was 3.6 per cent to end-April, up from 3.5 per cent the previous month.

The twelve-month growth in households’ money supply was weaker than the growth in households’ gross domestic debt, which was 6.5 per cent to end-April according to the credit indicator C2.

The money supply growth for non-financial corporations was 12.4 per cent to end-April, while the growth for municipal government was 15.7 per cent. Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was 6.1 per cent to end-April.

Figure 1. Monetary aggregate M3. Twelve-month growth

Money-holding sector Households Non-financial corporations
Apr. 2011 9.2 6.8 11.4
May 2011 10.6 6.6 15.6
Jun. 2011 8.5 6.4 10.1
Jul. 2011 7.9 7.1 7.9
Aug. 2011 7.7 7.1 7.3
Sep. 2011 8.6 7.0 8.2
Oct. 2011 8.5 6.3 9
Nov. 2011 7.7 7.0 5.5
Dec. 2011 6.4 7.9 4.6
Jan. 2012 6 7.6 3.5
Feb 2012 6.3 7.7 4.8
Mar. 2012 6.8 8.7 3
Apr. 2012 5.2 8.3 0.2
May 2012 3.3 8.6 -4.2
Jun. 2012 5.7 8.8 1.2
Jul. 2012 5.2 7.9 2
Aug. 2012 5.3 8.5 -0.5
Sep. 2012 5 8.8 -0.9
Oct. 2012 4 7.3 -0.8
Nov. 2012 5.3 7.2 3.2
Dec. 2012 4.8 6.8 1.4
Jan. 2013 4.9 6.8 2.1
Feb 2013 3.8 6.5 -0.5
Mar. 2013 3.8 6.3 -0.5
Apr. 2013 4.1 5.8 1.3
May 2013 6.1 5.9 6
Jun. 2013 4.7 6.0 2.8
Jul. 2013 5.2 5.8 4.3
Aug. 2013 6.1 6.5 8.3
Sep. 2013 4 5.7 4.3
Oct. 2013 4.5 6.1 4.5
Nov. 2013 4.2 6.4 3.1
Dec. 2013 6.1 6.3 5.9
Jan. 2014 5.2 6.3 5
Feb 2014 5.7 6.4 6
Mar. 2014 5.8 5.8 8.4
Apr. 2014 6.3 6.5 6.2
May 2014 5.4 6.7 3.7
Jun. 2014 6.8 6.2 5.6
Jul. 2014 5.3 6.3 2.9
Aug. 2014 5.9 6.6 3.8
Sep. 2014 6.4 6.6 5.6
Oct. 2014 5.4 6.5 5.2
Nov. 2014 5.7 7 4.3
Dec. 2014 5.5 7.4 4.5
Jan. 2015 5.6 7.2 3.9
Feb 2015 4.9 7.2 2.1
Mar. 2015 6 6.7 6
Apr. 2015 4.9 6.7 3.6
May 2015 5.7 7.4 6.5
Jun. 2015 4.6 6.3 5.1
Jul. 2015 5.6 6.2 7.5
Aug. 2015 3.5 5.7 1.5
Sep. 2015 4.6 5.8 4.1
Oct. 2015 5.5 6.2 3.3
Nov. 2015 4.1 5.2 3.1
Dec. 2015 3.1 5.1 0.7
Jan. 2016 3.1 5.5 0.6
Feb 2016 4.4 5.1 5
Mar. 2016 3.6 5.4 0.7
Apr. 2016 5.3 5.8 5.6
May 2016 3.2 4.6 0.6
Jun. 2016 4.6 5.3 2.6
Jul. 2016 4.6 5.9 2.0
Aug. 2016 5.8 5.2 6.9
Sep. 2016 6.8 5.3 8.3
Oct. 2016 6.2 4.9 9.2
Nov. 2016 6.6 5.1 9.3
Dec. 2016 5.4 4.1 8.2
Jan. 2017 6.6 3.1 11.6
Feb 2017 6.6 3.4 11.7
Mars 2017 7.4 3.5 15.4
Apr. 2017 7.1 3.6 12.4

More than half of the money supply in households

The monetary aggregate M3 was NOK 2 093 billion at the end of April, up from NOK 2 084 billion the previous month. Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-April, households’ money supply amounted to NOK 1 177 billion, up from NOK 1 167 billion at end-March.

The money supply for non-financial corporations was NOK 677 billion at end-April, down from NOK 693 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 103 billion and NOK 137 billion respectively.

Steady composition of money supply

The composition of the money supply remains steady. Transaction deposits accounted for 87.4 per cent of the total money supply, while other deposits accounted for 10.0 per cent at the end of April. Notes and coins accounted for 2.1 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.5 per cent of the money supply at end-April.

Contact