FX.co ★ Norway’s Credit Growth Slows Slightly in January, YoY Indicator Eases to 4.4%

Norway’s credit indicator showed a marginal deceleration at the start of 2026, with year-over-year growth easing to 4.4% in January 2026 from 4.5% in December 2025. The fresh data, updated on 24 February 2026, suggests a modest cooling in credit dynamics compared with the same period a year earlier.

The credit indicator figures are assessed on a year-over-year basis, meaning January’s 4.4% reflects the change in credit relative to January of the previous year, while December’s 4.5% was measured against December a year earlier. The slight downtick indicates that, although credit growth remains relatively stable, momentum has softened marginally as Norway moves further into 2026.