Norges Bank's credit indicator (C2) rose by 13.9 per cent in the twelve months to end-March, up from 13.8 per cent in the 12 months to end-February. Growth in the three-month moving average for C2 was 14.3 per cent at end-February, down from 15.2 per cent at end-January. 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-March, up from 13.3 per cent at end-February. Credit to non-financial enterprises increased by 16.6 per cent in the twelve months to end-March, down from 16.9 per cent in the 12 months to the end of the previous month.

The money supply grew by 9.3 per cent in the twelve months to end-March, down from 9.6 per cent to end-February. 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 5.4 per cent to end-March, up from 5.2 per cent to end-February. The money supply of non-financial enterprises rose by 22.5 per cent to end-March, compared with 21.4 per cent to the end of the previous month.