Unchanged growth in domestic loan debt

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The twelve-month growth in the credit indicator C2 was 5.7 per cent to the end of June 2019, unchanged from the previous month.

Written by: Anita Einarsdottir

The general public’s domestic loan debt amounted to NOK 5 903 billion at end-June, according to new figures from the Credit indicator statistics.

Figure 1. Credit indicator (C2)

General public Households Non-financial corporations Municipalities
Juni 2016 5 6 3 5.4
Juli 2016 5 5.9 3.3 5.1
Aug. 2016 5 6.1 3 5
Sep. 2016 5.1 6.3 2.6 6.4
Okt. 2016 5 6.1 2.7 5.9
Nov. 2016 5.2 6.5 2.7 5
Des. 2016 4.8 6.3 1.9 5.6
Jan. 2017 5 6.5 2.2 5.8
Feb. 2017 5 6.6 1.8 6.4
Mar. 2017 5.2 6.7 2.2 6.1
Apr. 2017 5.1 6.5 2.3 5.6
Mai 2017 5.4 6.7 3.1 5.2
Juni 2017 5.6 6.6 4 5.3
Juli 2017 5.7 6.6 4.1 5.8
Aug. 2017 5.6 6.5 3.7 6
Sep. 2017 5.8 6.4 4.7 5.3
Okt. 2017 5.7 6.3 4.7 5.4
Nov. 2017 5.8 6.4 4.9 5.3
Des. 2017 6.4 6.4 6.7 5.3
Jan. 2018 6.2 6.2 6.6 5.1
Feb. 2018 6.3 6.0 7.4 4.3
Mar. 2018 6.3 6.0 7.5 4.6
Apr. 2018 6.4 6.0 7.8 4.9
Mai 2018 6.2 5.8 7.0 5.8
Juni 2018 5.9 5.9 6.2 5.4
Juli 2018 5.8 5.8 6.2 5.0
Aug. 2018 5.9 5.8 6.5 4.8
Sep. 2018 5.5 5.8 5.0 4.8
Okt. 2018 5.8 5.8 6.0 4.7
Nov. 2018 5.7 5.6 6.2 5.3
Des. 2018 5.6 5.6 5.5 6.6
Jan. 2019 5.8 5.7 5.8 6.4
Feb. 2019 5.8 5.7 5.7 7.3
Mar. 2019 5.9 5.7 5.8 7.6
Apr. 2019 5.8 5.7 5.8 7.0
May 2019 5.7 5.6 5.6 6.8
June 2019 5.7 5.5 5.8 6.8

Decreased debt growth in households

Households’ domestic loan debt totalled NOK 3 550 billion at end-June. The twelve-month growth was 5.5 per cent to end-June, down from 5.6 per cent the previous month.

Increased debt growth in non-financial corporations

Non-financial corporations domestic loan debt amounted to NOK 1 822 billion at end-June. The twelve-month growth was 5.8 per cent to end-June, up from 5.6 per cent the previous month.

Decreased growth in loans from banks and mortgage companies

Of the general public’s domestic loan debt, 81 per cent consisted of loans from banks and mortgage companies at end-June. This amounted to NOK 4 768 billion. The twelve-month growth in loans from banks and mortgage companies was 5.7 per cent, down from 5.9 per cent the previous month.

Increased growth in debt securities

The twelve-month growth in the general public’s debt securities was 3.5 per cent to end-June, up from 2.3 per cent the previous month.

Relocation of loans from bank to mortgage companies

In May 2019, domestic loan debt was transferred from banks to mortgage companies. This will therefore be shown in transaction and growth calculations for banks and mortgage companies, as these transferrals have not been adjusted for breaks in the series.

Sectoral change of toll road companies

The sectoral classification of The Norwegian toll companies is changed from public incorporated enterprises, owned by local government, to central government. These companies’ loan debt is no longer included in the credit indicator. The change is submitted in September 2018 with statistical effect from January 2018.

Method for seasonal adjustment is revised from January 2019

From January 2019 the method and practice for seasonal adjustment is harmonized with guidelines from Eurostat. Seasonal adjusted data is revised from January 2018.

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