Reduced current account surplus
Preliminary figures show current account surplus of NOK 72.6 billion for the 1st quarter of 2015, which is NOK 33 billion less than the same quarter in 2014, and also lower than the 4th quarter of 2014.
|1st quarter 2014||2nd quarter 2014||3rd quarter 2014||4th quarter 2014||1st quarter 2015|
|Current account balance||105 196||61 642||46 878||83 277||72 620|
|Balance of goods and services||98 594||60 198||36 485||79 877||56 032|
|Balance of income and current transfers||6 602||1 444||10 393||3 400||16 588|
|Capital transfers to abroad, net||736||257||39||90||738|
|Net lending, current account||104 448||61 383||46 839||83 187||71 870|
|Direct investment||51 151||-27 688||-9 930||53 039||26 231|
|Portofolio investment||62 621||69 489||13 831||-29 685||-50 152|
|Other investments||-4 590||59 008||7 488||69 776||-8 827|
|Reserve assets (IMF breakdown)||24 870||4 521||25 922||-15 185||17 995|
|Net lending, financial account||134 052||105 330||37 311||77 945||-14 753|
|Net errors and omissions||-29 604||-43 947||9 528||5 242||86 623|
The low surplus on the current account is a result of stagnation in the export value at the same time as imports continue to increase.
Lower crude oil prices, low export quantity
Lower crude oil prices together with a low export quantity are two of the main reasons for the falling export values. The export of other goods rose by 11.6 per cent compared with the same quarter last year, with prices and volumes both increasing. Imports of goods rose by 8,8 per cent.
Preliminary calculations indicate certain growth in the value of exports of services in the 1st quarter of 2015 from the same period in 2014. The value of imports of services also increased. Compared with the previous quarter, however, both exports and imports of services were lower. For more information about volume and price changes and seasonal adjustment, see Quarterly national accounts.
For the balance of income and current transfers, the preliminary calculations imply a surplus of NOK 16.6 billion for the 1st quarter of 2015. This is close to the highest surplus ever measured. Compared to the 1st quarter of 2014, higher investment income from abroad and correspondingly lower expenses to abroad contributed to raising the surplus of the balance of income and current transfers.
Financial account: negative net financial investments abroad
The total Norwegian acquisitions of financial assets abroad in the 1st quarter of 2015 amounted to NOK 185 billion. The portfolio investment was NOK 73 billion and the direct investment was NOK 50 billion. Norwegian banks invested large amounts in deposits abroad, while banks’ loans to non-residents were considerably reduced during the first quarter.
The total incurrence of liabilities abroad was NOK 200 billion. The foreign portfolio investment in Norway amounted to NOK 124 billion, of which transactions in debt securities dominated with NOK 114 billion.
Exports and imports are revised for the quarters in 2014. Balance of income and current transfers are also revised as new information has become available.
In the financial account only the figures for the first quarter of 2015 has been updated. Revisions of previous quarters will be included in the next publication.
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.