Content
NOK 84 billion in current account surplus
The surplus on Norway’s current account with the rest of the world ended at NOK 84 billion in the first quarter of 2013. This was NOK 20 billion below the surplus of the previous quarter, mainly due to a weaker income and transfers balance.
| 2012 | 1st quarter 2012 | 2nd quarter 2012 | 3rd quarter 2012 | 4th quarter 2012 | 1st quarter 2013 | |
|---|---|---|---|---|---|---|
| Balance of goods and services | 384.2 | 130.7 | 94.1 | 68.2 | 91.2 | 95.7 |
| Balance of income and current transfers | 27.8 | 6.3 | -15.8 | 25.2 | 12.1 | -11.5 |
| Current account balance | 412.0 | 137.0 | 78.3 | 93.4 | 103.3 | 84.2 |
| Capital transfers to abroad, net | 1.3 | 0.7 | 0.2 | 0.2 | 0.2 | 0.7 |
| Net lending | 410.4 | 136.3 | 78.1 | 93.3 | 102.9 | 83.6 |
| Direct investment, net | 60.1 | 44.2 | 31.9 | -15.0 | -1.0 | 50.1 |
| Portifolio investment, net | 313.1 | -18.6 | 77.2 | 129.8 | 124.6 | 44.3 |
| Other investment, net | -49.5 | 69.7 | 19.7 | -68.5 | -70.4 | -35.0 |
| Revaluations, net | 65.7 | 84.3 | -69.2 | 51.1 | -0.5 | 284.3 |
| Increase in Norway's net assets | 476.1 | 220.5 | 8.9 | 144.3 | 102.4 | 367.9 |
The trade in goods and services gave a surplus of NOK 97 billion, while the income and current transfers ended with a deficit of NOK 12 billion in the first quarter of 2013.
Decrease in value of exports of goods and services
The value of exports of goods was NOK 224 billion in the first quarter of 2013, of which crude oil and natural gas amounted to NOK 145 billion. Compared to the fourth quarter last year, the exports of both crude oil and natural gas and other goods were lower, mainly due to a drop in volume. The value of imports of goods was NOK 127 billion, which was also below the level of the fourth quarter last year.
Exports of services are estimated at NOK 64 billion for the first quarter of 2013; almost NOK 3 billion lower than in the fourth quarter last year. Imports of services also ended below the level of the last quarter of 2012.
Income and transfers in surplus
There was a deficit in the income and transfers balance of NOK 12 billion in the first quarter. Compensation of employees and property income paid to the rest of the world exceeded corresponding payments from the rest of the world by NOK 5 billion. Net transfers to the rest of the world are estimated at NOK 6 billion.
Large investment in equities abroad
In the first quarter of 2013, there was a large Norwegian investment in equities in foreign companies. This applied to both direct investment (NOK 60 billion) and portfolio investment (NOK 45 billion). Loans to non-residents during the quarter were also considerable (NOK 65 billion). Most of the portfolio equity and the loans were invested by the Government Pension Fund Global.
Foreign investment in Norway was considerably smaller than the Norwegian investment abroad. The net investment in both securities other than debt securities and bank deposits was negative, at NOK - 40 billion and NOK - 94 billion respectively.
Net revaluations from changes in the foreign exchange rates and other price changes were very high, with a gain of NOK 284 billion. Most of the revaluations related to the Government Pension Fund Global.
Revisions Open and readClose
In the current account the figures for 2012 are revised due to new information. In the financial account the figures are revised for 2010-2012.
Additional information
Contact
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Håvard Sjølie
E-mail: havard.sjolie@ssb.no
tel.: (+47) 21 09 42 37
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Yngvar Holm
E-mail: yngvar.holm@ssb.no
tel.: (+47) 21 09 44 47
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Ulla Marie Vesterås
E-mail: ulla.vesteras@ssb.no
tel.: (+47) 21 09 46 00
