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Norwegians borrow more than ever

The total loan growth in Norway in September was the highest since May of last year, and it is higher than what the market expected.

Norges Bank’s indicator of credit from domestic sources increased with 8.1 percent the last 12 months until the end of September, up from 7.8 percent from the end of August.

The increase in September is the highest since May 2003.

The analysts predicted in average an increase in September of 7.6 percent, in other words a lower growth than in August, according to a poll conducted by the news agency TDN Finans.

The development in Norway the last couple of years has been that households have borrowed significantly more, somewhat more than 10 percent annually, while businesses have borrowed less in spite of record low interest rate.

The last couple of months the two numbers have moved towards each other, a trend that continued in September. The households’ percentage fell from 11.5 to 11.2 percent, while the businesses’ increased from 0.8 to 1.6 percent compared to the same month last year.

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