Norway’s C2 credit indicator rose 4.3% year-on-year in July, easing from 4.4% in June and 4.5% in May, according to Statistics Norway. General public domestic loan debt reached NOK 8.01 trillion. Lending to non-financial corporations increased 4.0% to NOK 2.41 trillion, down from 4.1% in June, while municipal government borrowing grew 3.4% to NOK 836.6 billion, compared with 3.7% previously. Household loan debt rose 4.6% to NOK 4.77 trillion, easing from 4.7% in June. On a seasonally adjusted annualized one-month basis, total general public loan debt also grew 4.3%, down from 4.4% in the prior period. The C2 measure tracks domestic gross debt held by households, non-financial enterprises and municipal enterprises, including loans and securities. The continued moderation may reflect higher borrowing costs and tighter lending standards following Norges Bank’s policy rate hikes. Slower credit growth could cool the housing market and inflationary pressure, but may also weigh on economic activity if demand weakens. Economists will monitor whether the trend continues and its potential implications for future Norges Bank rate decisions. Statistics Norway compiles the seasonally adjusted indicator from a monthly survey of banks, credit companies and mortgage companies. The July figures were released on August 28, 2026, and remain subject to revision.