Norway’s general public domestic loan debt rose 4.4% year-on-year to NOK 7.81 billion at the end of December 2025 from a 3.9% gain in November, marking the highest level since May 2023. Credit expansion accelerated for non-financial corporations’ debt (2.9% vs 1.7% in November), and household debt (4.8% vs 4.5%), while municipal government held steady at 6.7%. Looking at the annualised one-month growth in December, general public debt surged 7% from 3.2% in the prior month. Household debt increased to 5.9% from 4.8%, municipal government debt rose to 5.1% from 0.5%, and non-financial corporations’ debt picked up to 9.8% from 1.1%. source: Statistics Norway

The value of loans in Norway increased 4.40 percent in December of 2025 over the same month in the previous year. Loan Growth in Norway averaged 6.86 percent from 1986 until 2025, reaching an all time high of 24.20 percent in February of 1987 and a record low of -4.40 percent in October of 1992. This page provides - Norway Loan Growth- actual values, historical data, forecast, chart, statistics, economic calendar and news. Norway Credit Indicator - data, historical chart, forecasts and calendar of releases - was last updated on February of 2026.

The value of loans in Norway increased 4.40 percent in December of 2025 over the same month in the previous year. Loan Growth in Norway is expected to be 4.40 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Norway Credit Indicator is projected to trend around 4.30 percent in 2027, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2025-12-23 07:00 AM
Loan Growth YoY
Nov 3.9% 3.9% 3.9%
2026-01-29 07:00 AM
Loan Growth YoY
Dec 4.4% 3.9% 3.8%
2026-02-24 07:00 AM
Loan Growth YoY
Jan 4.4%


Related Last Previous Unit Reference
Central Bank Balance Sheet 22013354.00 21948032.00 NOK Million Nov 2025
Deposit Interest Rate 3.00 3.00 percent Jan 2026
Foreign Exchange Reserves 861206.00 878633.00 NOK Million Dec 2025
Interbank Rate 4.00 4.00 percent Feb 2026
Norges Bank Interest Rate 4.00 4.00 percent Jan 2026
Lending Rate 5.00 5.00 percent Jan 2026
Loan Growth YoY 4.40 3.90 percent Dec 2025
Loans to Private Sector 2090928.00 2083039.00 NOK Million Dec 2025
Money Supply M0 255004.00 174562.00 NOK Million Dec 2025
Money Supply M1 2976909.00 2986384.00 NOK Million Dec 2025
Money Supply M2 3412829.00 3437046.00 NOK Million Dec 2025


Norway Credit Indicator
Loan growth in Norway refers to an annual change in the general public’s gross domestic debt.
Actual Previous Highest Lowest Dates Unit Frequency
4.40 3.90 24.20 -4.40 1986 - 2025 percent Monthly
NSA

News Stream
Norway Loan Debt Rises to Over 2-Year High
Norway’s general public domestic loan debt rose 4.4% year-on-year to NOK 7.81 billion at the end of December 2025 from a 3.9% gain in November, marking the highest level since May 2023. Credit expansion accelerated for non-financial corporations’ debt (2.9% vs 1.7% in November), and household debt (4.8% vs 4.5%), while municipal government held steady at 6.7%. Looking at the annualised one-month growth in December, general public debt surged 7% from 3.2% in the prior month. Household debt increased to 5.9% from 4.8%, municipal government debt rose to 5.1% from 0.5%, and non-financial corporations’ debt picked up to 9.8% from 1.1%.
2026-01-29
Norway Loan Debt Growth Steady at 3.9%
The general public’s domestic loan debt in Norway rose by 3.9% year-on-year to NOK 7.79 billion at the end of November 2025, matching the pace seen in the previous two months. This remained the softest growth since March, as loan debt growth in municipal government eased (6.7% vs 7.4% in October), which more than offset increases in loan debt among households (4.5% vs 4.4%) and non-financial corporations (1.8% vs 1.7%). Looking at the annualised one-month growth in November, the data indicated a 3.3% increase for the general public, slowing from a 4.2% growth in October.
2025-12-23
Norway Loan Debt Growth Steady in October
The general public’s domestic loan debt in Norway increased by 3.9% year-on-year, reaching NOK 7.76 trillion at the end of October 2025, in line with the revised figure reported for the previous month. This remained the slowest pace of loan growth since March, as credit expansion remained steady for non-financial corporations at 1.7% and for households at 4.4%. In contrast, loan growth accelerated for the municipal government, rising to 7.4% from 6.9% in the prior period. Looking at the annualised one-month growth in October, the data indicated a 4.1% increase for the general public, following a 1.9% rise in September. Municipal government lending surged by 11.4% compared with a decline of 5.8% previously, non-financial corporations saw a 1.2% increase from a 1.2% decrease, and household lending growth eased to 4.4% from 5%.
2025-11-24