Norges Bank's credit indicator (C2) rose by 14.4 per cent in the twelve months to end-June, up from 13.7 per cent to end-May. Growth in the three-month moving average for C2 was 13.8 per cent at end-May, up from 13.7 per cent at end-April. 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 currency. Twelve-month growth in credit to households was 12.9 per cent to end-June, down from 13.0 per cent to end-May. Credit to non-financial enterprises increased by 19.4 per cent in the twelve months to end-June, up from 17.4 per cent in the twelve months to the end of the previous month.

The money supply grew by 13.1 per cent in the twelve months to end-June, an increase from 12.0 per cent to end-May. The money supply consists of notes and coins, bank deposits, certificates of deposit and units in money market funds owned by households, non-financial enterprises and municipalities and financial enterprises other than state lending institutions, banks and money market funds. Twelve-month growth in the household money supply was 5.9 per cent to end-June, down from 6.2 per cent to end-May. The money supply to non-financial enterprises rose by 37.1 per cent to end-June, compared with 32.7 per cent to the end of the previous month.