Norway Loan Debt Growth at 19-Month High

Norway’s general public domestic loan debt rose by 4.6% year-on-year to NOK 7.88 billion at the end of February 2026, following an upwardly revised 4.5% increase in the previous month. The latest reading marked the fastest growth since May 2023, driven by stronger lending to non-financial corporations, which climbed 4.1% to NOK 2.37 billion, accelerating from a 3.5% rise in January. On the other hand, credit expansion softened for municipal governments (4.9% vs 6.5%), while household loan debts remained steady (at 4.7%). Looking at the annualised one-month growth in February, the data indicated a 4.1% increase for the general public, slowing from a 5.9% growth in the preceding period.

Norway’s general public domestic loan debt increased by 4.4% year-on-year to NOK 7.84 billion at the end of January 2026, following an upwardly revised 4.5% rise in the previous month, which had marked the highest growth since May 2023. Loan growth in both the household sector (4.7% vs 4.8% in December) and municipal government (6.5% vs 6.7%) eased, while lending to non-financial corporations remained unchanged (at 3.1%).

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%.