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 paymentsQ1 2014


NOK 118 billion in current account surplus

The surplus in Norway’s current account with the rest of the world ended at NOK 118 billion in the 1st quarter of 2014. This was NOK 24 billion more than the surplus in the previous quarter, due to both a stronger goods and services balance and lower net transfers to the rest of the world.

Balance of payments. NOK billion
2013 1st quarter 2013 2nd quarter 2013 3rd quarter 2013 4th quarter 2013 1st quarter 2014
Balance of goods and services 322.9 96.8 72.5 62.5 91.0 104.2
Balance of income and current transfers 10.8 -10.1 4.8 13.4 2.6 13.5
Current account balance 333.6 86.8 77.3 76.0 93.6 117.6
Capital transfers to abroad, net 1.4 0.7 0.3 0.1 0.3 0.8
Net lending 332.2 86.1 77.0 75.8 93.3 116.8
Direct investment, net 83.0 3.9 4.1 6.7 68.3 57.4
Portifolio investment, net 293.6 47.4 113.5 69.1 63.6 42.3
Other investment, net -101.2 -54.4 -11.9 -29.4 -5.4 10.5
Revaluations, net 829.8 298.7 133.0 199.9 198.3 -23.3
Increase in Norway's net assets 1 162.0 384.7 210.0 275.7 291.5 93.6
Figure 1. The current account
Figure 1. The current account

The trade in goods and services gave a surplus of NOK 104 billion, while the income and current transfers ended with a surplus of NOK 13 billion in the 1st quarter of 2014.

Increased goods and services balance

The value of exports of goods was NOK 244 billion in the 1st quarter of 2014, of which crude oil and natural gas amounted to NOK 156 billion. Compared to the 4th quarter last year, the exports of crude oil and natural gas were slightly higher due to a rise in volume, while traditional goods were approximately at the same level. The value of imports of goods was NOK 138 billion, which was below the level of the 4th quarter last year.

Exports of services are estimated at NOK 67 billion for the 1st quarter of 2014; almost NOK 5 billion lower than in the 4th quarter last year. Imports of services also ended below the level of the last quarter of 2013.

Surplus of income and transfers

There was a surplus in the income and transfers balance of NOK 13 billion in the 1st quarter this year, up from NOK 3 billion in the 4th quarter last year. Compensation of employees and property income received from the rest of the world exceeded the corresponding payments to the rest of the world by nearly NOK 20 billion. Net transfers to the rest of the world are estimated at almost NOK 7 billion.

Positive net financial transactions

The total Norwegian investment abroad in the 1st quarter of 2014 amounted to NOK 190 billion, of which NOK 72 billion was in portfolio investment and NOK 45 billion in direct investment. Norwegian banks invested large amounts in deposits abroad, while banks’ loans to non-residents were reduced during the 1st quarter.

Foreign investment in Norway was considerably smaller than the Norwegian investment abroad. The total amount was NOK 54 billion. The transactions in foreign investment in Norway were dominated by portfolio investment and other investment, with NOK 30 and 37 billion respectively.

RevisionsOpen and readClose

The figures for 2013 have been revised due to new information.

Planned changes in the national accounts statisticsOpen and readClose

New revised figures for national accounts and related statistics will be published in November and December 2014. Statistics Norway complies with international guidelines in its preparation of national accounts and statistics on foreign affairs. New international guidelines have now been issued for these statistics. Statistics Norway is currently in the process of implementing the changes, in addition to new source data for some of the statistics.