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Increase in money supply growth in Norway

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Staff Writer | January 7, 2017
The twelve-month growth in households’ money supply was higher than the growth in households’ gross domestic debt, which was 6.1 percent to end-November according to the credit indicator C2.
Norway households
Norwegian economy   Steady composition of money supply
The money supply growth for non-financial corporations was 8.9 percent to end-November, while the growth for municipal government was 14.2 percent.

Other financial corporations accounted for the last share of the money supply, and this sector’s money supply growth was 1.2 percent to end-November.

The monetary aggregate M3 was NOK 2 035 billion at the end of November, marginally down from NOK 2 036 billion the previous month.

Households’ money supply constitutes more than half of the total monetary aggregate M3. At end-November households’ money supply amounted to NOK 1 158 billion, down from NOK 1 163 billion at end-October.

The money supply for non-financial corporations was NOK 654 billion at end-November, up from 651 billion the previous month. The money supply for municipal government and other financial corporations amounted to NOK 99 billion and NOK 123 billion respectively.

The composition of the money supply remains steady. Transaction deposits accounted for 88.8 percent of the total money supply, while other deposits accounted for 8.6 percent at the end of November.

Notes and coins accounted for 2.2 percent, while repurchase agreements, debt securities and bonds in total accounted for 0.4 percent of the money supply at end-November.