The latest financial accounts for households in Norway, released by the authorities, reveal a notable development in debt growth for the household sector during the first quarter of 2023. The annual change in debt for households stood at 3.3 percent, indicating a slowdown compared to previous quarters. The data, which is presented in billion NOK and percentages, showcases key figures regarding assets, liabilities, net financial assets, net lending, and other changes.
In terms of assets, households’ total holdings reached 6,335 billion NOK in the first quarter of 2023, showing a consistent increase from the previous quarters. Liabilities also followed a similar trend, totaling 4,534 billion NOK. The net financial assets of households reached 1,801 billion NOK, reflecting a positive financial position.
The net lending figure for households in the first quarter of 2023 was 35 billion NOK, indicating a moderate increase in borrowing. However, there were other changes that contributed to a positive financial outcome, with an increase of 56 billion NOK during the same period.
The debt-to-income ratio, a crucial measure of household indebtedness, stood at 248.8 in the first quarter of 2023, suggesting a slight decline compared to the previous quarters. This ratio indicates that households’ debt levels remain high but are relatively stable. Furthermore, the debt growth rate for households also showed a deceleration, recording 3.3 percent during the first quarter of 2023, a lower growth rate compared to the previous quarters.
The data presented is seasonally adjusted, providing a more accurate representation of the financial accounts for households in Norway. The next update is scheduled for 8 September 2023, enabling a comprehensive analysis of the financial situation and trends within the household sector.