281358
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281358
Increasing globalisation between western countries
statistikk
2017-01-25T08:00:00.000Z
External economy
en
di, Direct investment, stocks and income, FDI, abroad, investment, stocks, equity, loans, dividends, interest yieldForeign assets and liabilities , External economy
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Direct investment statistics show Norwegian investments abroad and foreign investments in Norway where the ownership part is 20 per cent or more.

Direct investment, stocks and income

Updated

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Key figures

1 493

billion NOK Norwegian foreign direct investment, total positions in 2015

Foreign direct investment, stocks and income. NOK million
201320142015
Norwegian foreign direct investment
Total positions1 111 7431 285 7281 493 313
Shares and other equity1 114 6271 277 1021 507 264
Debt instruments-2 8848 625-13 951
Total income50 93364 25971 710
Distrubuted earnings53 25459 04156 567
Reinvested earnings-4 4092 75111 660
Income on debt2 0882 4663 483
Foreign direct investment in Norway
Total positions1 174 9181 234 5021 217 929
Shares and other equity741 448762 328797 588
Debt instruments433 469472 175420 341
Total income89 19757 25390 436
Distrubuted earnings53 38156 49168 360
Reinvested earnings14 399-19 9594 701
Income on debt21 41820 72117 376

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Table 1 
Foreign direct investment, by stocks and geographical distribution. NOK million

Foreign direct investment, by stocks and geographical distribution. NOK million
201320142015
Norwegian foreign direct investment
Europe726 476829 509916 710
Africa42 86969 07865 231
Asia131 645166 818149 655
North and Central America159 855156 011271 420
South America27 45537 86640 915
Oceania3 06050213 625
Foreign direct investment in Norway
Europe841 339913 527948 320
Africa-1321 061975
Asia58 04750 05436 191
North and Central America203 818175 574145 378
South America9818-198
Oceania8 2744 6324 885

Table 2 
Foreign direct investment, by total income and geographical distribution. NOK million

Foreign direct investment, by total income and geographical distribution. NOK million
201320142015
Norwegian foreign direct investment
Europe22 61034 12354 496
Africa25 9237 816-4 891
Asia13 20620 79821 177
North and Central America-8 1811 8876 590
South America-3 182-509-6 485
Oceania390152501
Foreign direct investment in Norway
Europe77 21455 72978 832
Africa-247222 417
Asia-3 749-4 616-1 266
North and Central America16 4489 2304 679
South America15-304
Oceania-541-3 104-291

Table 3 
Foreign direct investment, by stock and industrial classification. NOK million

Foreign direct investment, by stock and industrial classification. NOK million
201320142015
Norwegian foreign direct investment
All industries1 111 7431 285 7281 493 313
Agriculture, forestry and fishing7 81612 18717 590
Mining and quarrying348 010359 971393 689
Manufacture204 971218 673232 954
Electricity, gas and steam52 32056 10448 626
Water supply, sewerage, waste764633
Construction5 7626 1437 969
Wholesale and retail trade: repair of motor vehicles and motorcycles24 96433 67836 912
Transportation and storage60 35969 22185 108
Accommodation and food service activities1 5501 6162 228
Information and communication64 707101 332121 506
Financial and insurance activities94 608117 175168 937
Real estate activities51 55958 43471 268
Professional, scientific and technical activities35 75649 86231 248
Administrative and support service activities16 93012 84513 379
Second homes131 145148 615171 755
Other industries11 21139 82590 111
Foreign direct investment in Norway
All industries1 174 9181 234 5021 217 929
Agriculture, forestry and fishing6 2065 2665 663
Mining and quarrying363 671413 693385 636
Manufacture200 019214 302186 952
Electricity, gas and steam6 2157 0547 137
Water supply, sewerage, waste6 5104 2801 242
Construction12 21113 63913 901
Wholesale and retail trade: repair of motor vehicles and motorcycles103 753104 940101 058
Transportation and storage81 38780 72877 133
Accommodation and food service activities1 8432 7353 162
Information and communication64 80971 16773 613
Financial and insurance activities117 468123 763150 430
Real estate activities46 25151 03868 732
Professional, scientific and technical activities50 63145 17043 005
Administrative and support service activities35 60228 05623 317
Second homes63 42560 84763 459
Other industries14 9177 82413 490

About the statistics

The statistics shall give an overview of direct investment (FDI) to and from Norway, in the form of positions and flows (income) compiled after international guidelines.

Definitions

Definitions of the main concepts and variables

A direct investment is an investment beyond country borders where the investor plans to establish a long-term economic connection and exercise effective influence on the operation in an investment object. This definition is in line with international guidelines in this area. Since the data capture is based on accounts information, 20 per cent ownership is applied as the limit for distinguishing between direct investments and portfolio investments. (International statistics recommendations give a 10 per cent limit.) Directly invested capital covers investors' share of contributions and acquired equity in the investment object as well as investors' assets and liabilities with regard to the investment object. Other asset and liability relations between companies in the same group are also included in directly invested capital, e.g. loans between Norwegian and foreign fellow companies. Reinvested profits cover investors' share of the annual profit after taxes, minus the dividend allocated to the investor. The object distribution in the balance of payments is limited to share capital, reinvested profits and other capital (mainly loans). These classifications are also used in the detailed special statistics on direct investments, apart from in the positions, where reinvested profit is included in the share capital/equity.

The directional principle: the directional principle is a presentation of direct investment data organized according to the direction of the direct investment relationship, i.e. financial assets and liabilities between the direct investor and the direct investment enterprise are netted.

Fellow enterprises: fellow enterprises are enterprises that are directly or indirectly controlled or influenced by the same enterprise in the ownership hierarchy, but neither fellow enterprise controls or influences the other.

Ultimate controlling parent (UCP): UCP is defined as the controlling entity above which there is no other controlling entity in the Framework of foreign direct investment relationship.

Standard classifications

The industry classification is from the reference year 2010 in line with the revised Norwegian Standard industrial classification (SN07), which is based on the EU’s industry standard NACE Rev. 2 and the UN’s industry standard ISIC Rev. 4. Limited companies with operations in a number of industries are, in principle, classified according to the operation that makes the largest contribution to the company’s total value added. Further details of SN07 are given in the publication NOS Standard industrial classification (C 182) and on Statistics Norway’s website at Standard Industrial Classification

Prior to the reference year 2010, the industry classification was based on NACE Rev 1 and ISIC Rev. 3.

Administrative information

Name and topic

Name: Direct investment, stocks and income
Topic: External economy

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Responsible division

Division for Financial Markets Statistics

Regional level

National level.

Frequency and timeliness

Annual statistics on positions, transactions and Income.

.

International reporting

Reports to Eurostat, the Organization for Economic Co-operation and Development (OECD), the International Monetary Fund (IMF) and United Nations conference on trade and Development (UNCTAD).

 

Microdata

Raw data and revised microdata are filed in accordance with Statistics Norway’s standard for filing instructions (DataDok).

Background

Background and purpose

The purpose is to provide an overview of Norwegian direct investments abroad and foreign direct investments in Norway, in the form of positions and flows (income and transactions). Statistics on positions has been compiled every year since 1989. Statistics on transactions (broken down by country and industry) has been published from 1993 up until 2010, but is temporary discontinued from the reference year 2011.

Users and applications

The main users are the Statistical Office of the European Communities (Eurostat), the Organization for Economic Co-operation and Development (OECD), the International Monetary Fund (IMF) and United Nations Conference on Trade and Development (UNCTAD). The statistics is also used by the Norwegian authorities, embassies, educational establishments and research institutions.

Equal treatment of users

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 8 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar.

Coherence with other statistics

Up until the reference year 2013, the direct investment statistical series have been in coherence with the Foreign Direct Investments under the Balance of Payments (transactions and income) and the International Investment Position (positions), in the sense that the Directional Principle has been the basis for the compilation of all foreign direct investment figures. The statistics has been regarded as a specification of direct investments, broken down by country and industry. From the 2013 figures and onwards, the foreign direct investment figures in the different statistics go separate ways, i.e. foreign direct investment under the Balance of Payments and International Investment Position is now compiled on the basis of the Asset/Liability Principle and foreign direct investment published here is compiled on the basis of the directional principle. In addition, there are several extensions in the directional principle available from year 2013, of which one is related to the treatment of investments between fellows.      

Legal authority

Statistics Norway’s data collection from the reporters is based on the Statistics Act § 2-2 and § 3-2.

EEA reference

Regulation (EC) No. 184/2005 of the European Parliament and of the Council of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment, which entered into force on 11 June 2005. This regulation is replaced by no. 555/2012, which was entered into force in January 2015.

The statistics are compiled in line with recommendations by the International Monetary Fund (IMF), as stipulated in The Balance of Payments Manual, 5th edition from 1993 (BPM5) and from 2015 the 6th edition (BPM6). Definitions and principles in this manual are in accordance with corresponding rules for the specification of the national accounts, as provided in the manual of System of National Accounts (SNA2008) and EU’s version (ESA2010), which covers special conditions in the EU-member countries. Norway has an obligation to adhere to this manual in line with the EEA agreement. The OECD has more detailed recommendations on principles and definitions in the statistics on direct investments. These are given in the manual OECD Benchmark Definition of Foreign Direct Investment 4th edition (BMD4).

Production

Population

The statistics on direct investments abroad cover, in principle, all Norwegian institutional sectors, but non-financial enterprises in this context is the most important sector by a wide margin.

Data sources and sampling

Positions
The main sources for statistics on positions of direct investments abroad is Statistics Norway’s own collection of data on investments abroad, supplemented with information from the survey on non-financial companies external balance data. The survey on investments abroad provide information on the foreign enterprises that the Norwegian enterprise owns or is associated with, including accounting information on annual financial dividend and equity, while the survey on non- financial companies external balance data provides information on other capital and returns. Other sources are annual accounts submitted to the Register of Company Accounts, Internet, the media etc. Figures for Norwegian households' investments in holiday homes abroad and figures for foreign investments in holiday homes in Norway are calculated.

Transaction figures (for the time being discontinued):
The source, for both outgoing and incoming transactions, is mainly the survey on non-financial companies external balance data. But, other sources are used.

Statistics Norway's survey on investments abroad is a cut-off sampling and covers approximately 95 per cent of the Norwegian investments abroad. The survey on non-financial company’s external balance provides information on other capital and returns and on equity for those units not included in the survey on investments abroad.

The statistics on direct investments are mainly based on data collected under the provisions of the Statistics Act, where the two most important surveys are the collection of non-financial companies external balance

Collection of data, editing and estimations

The two most important surveys are the collection of non-financial companies external balance data and the survey on investments abroad.

The data collected is to a large extent compared to information from the annual accounts submitted to the Register of Company Accounts in Brønnøysund.

The share/stock statistics are as close to full counts that no method has so far been established for inflating to population level.

 

Seasonal adjustment

Not relevant

Confidentiality

Figures are not published in the event that less than three units (enterprises) form a cell in the table, since this would lead to the risk of identification, i.e. the figures could be traced back to the respondent. This also applies when there are more than three units, if one of the respondents is so big that it can be identified.

Comparability over time and space

In the latest international guidelines for the compilation of foreign direct investments (BMD4 and BPM6) there are some new extensions to the directional principle, one is regarding the treatment of investments between fellows. The BMD4 says:

The direction of direct investment between fellow enterprises is determined according to the residency of the ultimate controlling parent of the fellow enterprises involved in the specific transaction/position. It the ultimate controlling parent is a non-resident in either of the economies of the fellow enterprises, all transactions and positions between these fellow enterprises are classified as inward FDI in both countries. If the ultimate controlling parent is resident in the economy of one of the fellow enterprises, all transactions and positions between that fellow enterprise and non-resident fellow enterprise are classified as outward FDI for the economy of the resident enterprise and as inward for the economy of the non-resident fellow enterprise.  

Loans between fellows are from the reference year 2013 recorded according to this new directional treatment, with no back-casting.  

Postions
The positions for outgoing direct investments has followed the same principles from 1998, except for the treatment of investments between fellows from the reference year 2013, as mentioned above.

Until 2003, the positions for incoming direct investments were based on surveys conducted by Norges Bank and the Norwegian Tax administration. Since 2004, the positions have been based on surveys performed by Statistics Norway.

Transaction figures
Unntil 2004, transaction figures for direct investments were based on surveys to Norges Bank and the Norwegian Tax administration. The data basis was the banks’ reporting of international transactions for customers (the Bravo reporting) and direct reports from the enterprises in the form of account relations with non-residents. From 2004 until 2010 the basis for the transaction figures was the survey on non-financial companies external balance data.

Break in statistics
The use of new data sources and calculation methods can result in a break in the series, for instance as mentioned above.

The change from NACE Rev 1. to NACE Rev 2. from reference year 2010 is of little importance to the direct investment statistics, due to the aggregated level of classification.

Accuracy and reliability

Sources of error and uncertainty

The quality of the statistics is affected by the quality of the population register that is the basis for the data collection, as well as the quality of the data that is reported. Respondents can sometimes make errors when completing forms, and Statistics Norway's processing of the data during registration can lead to errors.

Statistics on direct investments are based on Statistics Norway’s own data collections. The data collections have a compulsory fine in the event of a reporting obligation not being met. Some enterprises might not be detected in time of publishing or at all, but the most important units are included in the statistics.

Revision

Not relevant

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