Reduced settlement flows
From the fourth quarter of 2012 to the first quarter of 2013, there was a reduction in both the incoming and outgoing settlement flows. In this period, more money was transferred into Norway than was sent out abroad.
|1st quarter 2013||Change in per cent||Change in per cent|
|NOK million||4th quarter 2012 - 1st quarter 2013||1st quarter 2012 - 1st quarter 2013|
|Incoming value||453 077||-6.7||-0.2|
|Outgoing value||436 389||-10.4||-4.7|
Norwegian non-financial enterprises and private persons received NOK 453 billion from abroad during the first quarter of 2013. This was NOK 32 billion less than in the fourth quarter of 2012.
Outward bank settlements from Norway to countries abroad ended at NOK 436 billion; a reduction of NOK 51 billion from the fourth quarter of 2012.
Compared to the first quarter of 2012, incoming settlements were approximately unchanged, while outgoing settlements saw a drop of 4.7 per cent, equalling a reduction of NOK 22 billion.
Reduced transfers from EU and Nordic countries
The decline in inward settlements was mainly due to a reduction from non-Nordic EU countries, which shrunk by 12.1 per cent from the fourth quarter of 2012, and ended at NOK 199 billion. Bank transfers from Nordic countries were reduced by NOK 6 billion in the same period. The only regions with increased settlement flows to Norway were North and Central America and Oceania, by NOK 4 billion and NOK 1 billion respectively.
Outgoing bank transfers from Norway decreased by NOK 51 billion from the previous quarter; a reduction of 10.4 per cent. Of this, transfers to non-Nordic countries were reduced by NOK 44 billion, and ended at NOK 190 billion. This was a fall of 18.8 per cent from the fourth quarter of 2012.
Decrease in transfers to industry sector, increase for mining and quarrying sector
Enterprises within the manufacturing industry were still the largest recipients of bank payments from abroad in the first quarter of 2013, with a share of 28.8 per cent of the transfers. The share was similar for the outgoing settlements. The mining and quarrying industry was the second largest recipient of transfers from abroad, and received a share of 22.7 per cent of the transfers to Norway.
Inward settlements to enterprises within the manufacturing industry ended at NOK 129 billion in the first quarter of 2013. The transfers were NOK 23 billion lower than in the fourth quarter of 2012; down 15.3 per cent. Transfers from the manufacturing industry to abroad were NOK 122 billion, which equalled a reduction of NOK 26 billion, or 17.5 per cent, from the previous quarter.
More cash sent in to Norway than was sent out
Incoming settlements to Norwegian non-financial enterprises and private persons were 3.8 per cent higher than the outgoing settlements from Norway. The first quarter of 2013 ended with a net surplus in external settlements of NOK 17 billion.