Norway the leading Nordic

Norway now has substantial net external assets, while the other Nordic countries have huge net external debt. In Sweden and Finland, net foreign debt as a percentage of the gross domestic product (GDP) increased from 1995 to 1996 while Denmark's net external debt declined.

Ten years ago, Norway, Sweden and Finland had about the same net overseas indebtedness, at just above 20 per cent of GDP. At the same time, Denmark's net foreign debt accounted for 40 per cent of the country's GDP. At the end of 1996 Norway's net overseas assets accounted for 3.7 per cent of GDP, with relatively strong growth in net foreign assets reported that year. In 1996, Sweden and Finland saw clear growth in net overseas debt, which now makes up 43 per cent of both countries' GDP. Denmark's net external debt also declined in 1996, and accounted for 25.7 per cent of GDP at year end.

Norwegian banks increasing their foreign debt

Commercial and savings banks in Norway reported very strong growth in their net foreign debt in 1996, after remaining stable or declining in 1993-1995. Swedish banks also have high net foreign debt, although it has come down in recent years. During the same period in Denmark the banks have had substantial and relatively stable net external debt. Finnish banks have also changed position from net debt to net assets in the course of 1996.

New Statistics

External assets and liabilities, 1996.
Statistics are published every year in the Weekly Bulletin of Statistics and in Banking and Credit Statistics. Current figures. For more information, contact: Leiv Ryalen, tel. +47 21 09 45 23, e-mail: try@ssb.no or Kjell Hammer, tel. +47 21 09 45 13, e-mail: klh@ssb.no.

Weekly Bulletin issue no. 7, 1998