Stronger money supply growth
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The twelve-month growth in the monetary aggregate M3 was 6.6 per cent to end-February, up from 6,5 per cent the previous month. Households’ growth in M3 was 3.5 per cent to end-February, up from 3.2 per cent the previous month.
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The twelve-month growth in households’ money supply was lower than the growth in households’ gross domestic debt, which was 6.6 per cent to end-February according to the credit indicator C2.
Figure 1. Monetary aggregate M3. Twelve-month growth
| Money-holding sector | Households | Non-financial corporations | |
| Feb 2011 | 8.0 | 5.7 | 9.4 |
| Mar. 2011 | 8.1 | 6.4 | 8.6 |
| 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 | 6.5 | 3.2 | 11.4 |
| Feb 2017 | 6.6 | 3.5 | 11.4 |
The money supply growth for non-financial corporations was 11.4 per cent to end-February, while the growth for municipal government was 23.5 per cent. Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was 1.8 per cent to end-February.
More than half of the money supply in households
The monetary aggregate M3 was NOK 2 056 billion at the end of February, marginally up from NOK 2 054 billion the previous month. Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-February, households’ money supply amounted to NOK 1 179 billion, up from NOK 1 169 billion at end-January.
The money supply for non-financial corporations was NOK 662 billion at end-February, down from NOK 671 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 89 billion and NOK 126 billion respectively.
Steady composition of money supply
The composition of the money supply remains steady. Transaction deposits accounted for 88.2 per cent of the total money supply, while other deposits accounted for 9.2 per cent at the end of February. Notes and coins accounted for 2.1 per cent, while repurchase agreements, debt securities and bonds in total accounted for 0.4 per cent of the money supply at end-February.
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Heidi Vegsund
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Katharina Østensen
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Statistics Norway's Information Centre