Reduced current account surplus
External economy;National accounts and business cycles
ur, Balance of payments, current balance, direct investments, operational and capital accounts, financial accounts, investment abroad, foreign investment, transactions, stocks, financial assets, liabilities, portofolio investment, financial investments, revaluations, current account balance, balance of income and current transfers, reinvested earnings, net assets, imports, exportsBalance of payments, National accounts , National accounts and business cycles, External economy

Balance of paymentsQ3 2015



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Reduced current account surplus

The 3rd quarter surplus on Norway’s current account with the rest of the world is estimated at NOK 44 billion. This is NOK 27 billion below the surplus of the 2nd quarter. Both the balance of goods and services and the income and transfers balance contributed to the decline.

Balance of payments. NOK million
3rd quarter 20144th quarter 20141st quarter 20152nd quarter 20153rd quarter 2015
Current account balance49 29289 75776 08671 09543 597
Balance of goods and services41 01780 35960 51246 64535 309
Balance of income and current transfers8 2759 39815 57424 4508 288
Capital transfers to abroad, net78-11371912224
Net lending, current account49 21489 87075 35570 97343 573
Direct investment-10 63386 85330 43132 91642 921
Portofolio investment17 662-4 703-13 044166 74337 993
Other investments-7 49165 029-11 784-143 901-25 522
Reserve assets (IMF breakdown)25 922-15 18517 995-5 526-24 023
Net lending, financial account25 460131 99423 59850 23231 369
Net errors and omissions23 754-42 12451 75720 74112 204
Figure 1. The current account

The export value of both crude oil and other goods decreased from the 2nd to the 3rd quarter of 2015. The total value of imports of goods and services was however higher, mostly due to the normal seasonal development in travel expenditures abroad in the 3rd quarter. The total balance of goods and services is estimated at NOK 35 billion, more than NOK 11 billion below the balance of the 2nd quarter. Compared to the 3rd quarter of 2014, the decline was however more modest. For more information about exports and imports, including price and volume considerations and seasonal adjustments, please see the quarterly national accounts .

Decline in balance of income and current transfers

The balance of income and current transfers ended at NOK 8 billion in the 3rd quarter, markedly lower than in the 2nd quarter. The decline was mainly due to a reduction in investment dividends received from the rest of the world, of NOK 43 billion, while dividends paid to the rest of the world were reduced by less than half that amount.

Reduced net lending in financial transactions

Net lending in the financial account amounted to NOK 31 billion in the 3rd quarter; NOK 19 billion lower than in the 2nd quarter. Transactions in financial assets amounted to NOK 227 billion, while on the liability side, the transactions were NOK 196 billion. ‘Other financial investments’ dominated on both sides, where transactions in assets were NOK 160 billion and transactions in liability were NOK 186 billion. The general government sector’s (including Government Pension Fund Global) lending amounted to NOK 52 billion, and the increase in loan debt amounted to NOK 37 billion. Repurchase agreements (repos) were considerable on both sides.

RevisionsOpen and readClose

Current Account 

Both balance of goods and services and balance of income and current transfers have been revised for all quarters dating back to the 1st quarter of 2013. This is due to new information in conjunction with the calculation of final national accounts published on 9 September this year.

Revision of household assets abroad

The use of new data sources has led to a revision of household assets abroad dating back to the 1st quarter of 2005. This mainly has a negative effect on foreign direct investment, whilst the effect on portfolio investment is positive.

Due to new deposit codes reported for the sector deposit-taking corporations, there has been a revision of short-term and long-term deposits. Data are revised dating back to the 1st quarter of 2012.