Norges Bank's credit indicator (C2) rose by 13.7 per cent in the twelve months to end-May, unchanged from end-April. Growth in the three-month moving average for C2 was 13.7 per cent at end-April, down from 14.3 per cent at end-March. 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 13.0 per cent to end-May, unchanged from end-April. Credit to non-financial enterprises increased by 17.4 per cent in the twelve months to end-May, up from 17.1 per cent in the 12 months to the end of the previous month.

The money supply grew by 11.9 per cent in the twelve months to end-May, an increase from 11.5 per cent to end-April. The money supply has previously consisted 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, banks and money market funds. The concept ‘money supply' has been broadened with effect from the current statistics to include units in money market funds. Twelve-month growth in the household money supply was 6.2 per cent to end-May, down from 6.7 per cent to end-April. The money supply of non-financial enterprises rose by 32.7 per cent to end-May, compared with 29.5 per cent to the end of the previous month.