High balance of income and current transfers
Preliminary figures show a balance of income and current transfers surplus of NOK 34 billion for the 2nd quarter of 2015. The total current account balance was NOK 72 billion; slightly higher than that of the 1st quarter of 2015.
|2nd quarter 2014||3rd quarter 2014||4th quarter 2014||1st quarter 2015||2nd quarter 2015|
|Current account balance||61 642||46 878||83 277||69 361||71 918|
|Balance of goods and services||60 198||36 485||79 877||52 108||38 364|
|Balance of income and current transfers||1 444||10 393||3 400||17 253||33 554|
|Capital transfers to abroad, net||257||39||90||719||122|
|Net lending, current account||61 383||46 839||83 187||68 630||71 796|
|Direct investment||-22 954||-12 053||63 497||14 722||2 863|
|Portofolio investment||85 941||21 067||1 626||-23 621||152 812|
|Other investments||61 272||1 329||54 693||6 636||-120 712|
|Reserve assets (IMF breakdown)||4 521||25 922||-15 185||17 995||-5 526|
|Net lending, financial account||128 780||36 265||104 631||15 732||29 437|
|Net errors and omissions||-67 397||10 574||-21 444||52 898||42 359|
Low level of balance of goods and services
The export value of crude oil and natural gas decreased markedly from the 1st to 2nd quarter, to quite a low level. This caused a reduction in the total value of exports of goods and services. The value of imports, on the other hand, saw modest growth. For more information about exports and imports, including price and volume considerations and seasonal adjustments, please see the quarterly national accounts (http://www.ssb.no/knr).
Extraordinary high balance of income and current transfers
The balance of income and current transfers moved in the opposite direction from the balance of goods and services. The balance of income and current transfers has been rising over recent years, and in the two first quarters of 2015 the balance was very high. In particular, the large investments abroad through the Government Pension Fund have given high dividends. A weaker NOK gives even higher values measured in NOK. The dividends going to abroad have not had the same growth.
Financial account transactions
Total financial asset transactions amounted to NOK 82 billion in the 2nd quarter of 2015. NOK 12 billion is accounted for under direct investments. Portfolio investments were NOK 86 billion and other financial transactions were NOK -10 billion. Norwegian banks had a large increase in loans to non-residents during the second quarter, while their deposits were considerably reduced.
Total financial liability transactions amounted to NOK 53 billion. Direct investment amounted to NOK 9 billion. Portfolio investments were negative this quarter, with the transactions falling to NOK -66 billion. Transactions in other financial investments were considerable this quarter, and amounted to NOK 110 billion.
Exports and imports are revised only for the 1st quarter in 2015. Balance of income and current transfers are also revised for the same period as new information has become available. Total export is not revised much since last time the BoP was published in June 2015. A downward adjustment of the export of services was compensated by a reverse adjustment of the export of goods. Revisions on the import are due to new information on imports of services. Total imports have been revised up NOK 4 billion since June.
For the financial account, revisions have been made back to the 1st quarter of 2014.
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 1st quarter of 2014.
A minor adjustment has been made on the current and capital account table where some of the content of the post “Export of gross receipts, shipping” has been moved to the post “Export of transport and communication”. The item that has been moved is “Export of supply services to shipping”. This modification has been made for all years dating back to 1981.