Debt in Norway increases by 6.4 percent

Debt in Norway increases by 6.4 percent
Lilletorget square in Oslo. File photo: Stian Lysberg Solum/Scanpix
Norwegian households and companies have gone 6.4 percent further into debt in the past year, with the business sector leading the way in increased borrowing.

Norwegian indebtedness increased by 6.4 percent from May 2012 to May 2013.

Gross domestic debt hit 4.22 billion kroner ($690 billion) in May, compared to 4.18 billion at the end of April, according to newly-released figures from the state-run Statistics Norway (Statistisk sentralbyrå).

Norwegian companies, excluding the banking sector, had borrowed 1.4 billion kronor at the end of May – a 4.2 percent increase from the same period last year. Corporate debt outpaced domestic borrowing in the past year, according to a review by the NTB news agency.

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