Norway Loan Debt Growth Slows in March

Norway’s general public domestic loan debt increased by 4.4% year-on-year to NOK 7.90 billion at the end of March 2026 following a 4.6% rise in the previous month.Loan growth to non-financial corporations eased to 3.7%, reaching NOK 2.45 billion, compared with 4.1% and NOK 2.39 billion previously. At the same time, household loan debt remained steady at 4.7% for a third consecutive month. In contrast, credit activity strengthened for municipal governments (5.1% vs 4.9%). On a seasonally adjusted annualised one-month basis, total lending growth in March increased by 3.7%, slowing from an upwardly revised 4.2% in the previous period.

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%).