Norges Bank's credit indicator (C2) rose by 13.3 per cent in the twelve months to end-December, up from 12.3 per cent in the 12 months to end-November. Growth in the three-month moving average for C2 was 15.1 per cent at end-November, up from 13.8 per cent at end-October. C2 is an approximate measure of the size of the gross domestic debt of the public (households, non-financial enterprises and municipalities) in NOK and foreign exchange. Twelve-month growth in credit to households was 13.4 per cent to end-December, compared with 13.2 per cent to end-November. Credit to non-financial enterprises increased by 14.6 per cent in the twelve months to end-December, up from 12.1 per cent in the 12 months to the end of the previous month.

The money supply grew by 9.7 per cent in the twelve months to end-December, up from 8.7 per cent to end-November. The money supply consists of notes and coins, bank deposits and certificates of deposit owned by households, non-financial enterprises and municipalities and financial enterprises other than state lending institutions and banks. Twelve-month growth in the household money supply was 4.6 per cent to end-December, down from 6.7 per cent to end-November. The money supply of non-financial enterprises rose by 17.2 per cent to end-December, compared with 17.1 per cent to the end of the previous month.