FX.co ★ Norway Loan Debt Rises to Over 2-Year High

In December 2025, Norway experienced a year-on-year increase in domestic loan debt to NOK 7.81 billion, representing a 4.4% rise from the 3.9% growth recorded in November. This level is the highest observed since May 2023. Credit growth saw a notable acceleration in the debt of non-financial corporations, climbing from 1.7% in November to 2.9%, and household debt increasing from 4.5% to 4.8%. Meanwhile, municipal government debt maintained a stable rate at 6.7%. When examining the annualized one-month growth for December, general public debt saw a significant surge, rising to 7% from the previous month's 3.2%. Household debt also increased, reaching 5.9% compared to 4.8% earlier, municipal government debt went up to 5.1% from 0.5%, and non-financial corporations’ debt grew to 9.8%, a substantial increase from 1.1%.