Statistikk innhold
Statistics on
Financial accounts
The financial accounts are designed to provide a comprehensive and consistent survey of institutional sectors’ financial assets, liabilities and financial transactions.
Selected figures from these statistics
- Financial accounts for households. Key figures. Billion NOK and percentageDownload table as ...Financial accounts for households. Key figures. Billion NOK and percentage
1st quarter 2024 2nd quarter 2024 3rd quarter 2024 4th quarter 2024 1st quarter 2025 Assets 7 010 7 183 7 279 7 387 7 424 Liabilities 4 568 4 647 4 672 4 745 4 752 Net financial assets 2 442 2 536 2 607 2 641 2 672 Net lending 43 26 -12 5 47 Other changes 121 68 83 30 -17 Debt to income ratio1 226.1 223.7 221.9 221.1 220.4 Debt growth (per cent)1 3.2 3.5 3.7 3.9 4.1 1Seasonal adjusted Explanation of symbolsDownload table as ... - Financial assets, liablilities and net lending by institutional sectors. Last period. NOK million.Download table as ...Financial assets, liablilities and net lending by institutional sectors. Last period. NOK million.
1st quarter 2025 Non-financial corporations1 Financial corporations General government Households & NPISH Rest of the world Net finanical assets -6 141 784 487 748 21 111 944 2 847 419 -18 305 327 Assets 12 441 194 19 029 469 24 189 360 7 634 208 11 345 310 Cash and currency, etc. 4 710 79 899 764 28 644 72 557 Deposits 1 208 424 1 384 258 495 088 1 894 072 1 907 373 Debt securities 306 790 3 507 009 5 587 421 15 665 3 564 244 Loans 3 617 097 8 568 040 1 624 985 155 856 2 015 336 Equity 4 887 989 2 951 975 15 416 961 2 048 984 2 883 838 Investment fund shares or units 271 419 1 852 091 34 695 642 150 130 597 Insurance and pension entitlements 70 385 37 284 78 827 2 479 794 52 020 Other accounts receivable 2 058 219 297 735 923 266 362 495 468 044 Liabilities 18 582 978 18 541 721 3 077 416 4 786 789 29 650 637 Cash and currency, etc. 0 109 454 0 0 77 120 Deposits 0 5 904 507 0 0 984 708 Debt securities 1 114 219 3 418 956 900 206 3 939 7 543 809 Loans 6 353 819 1 255 830 1 682 975 4 636 393 2 052 297 Equity 8 853 657 2 380 154 0 0 16 955 936 Investment fund shares or units 0 2 093 930 0 0 837 022 Insurance and pension entitlements 0 2 690 623 0 0 27 687 Other accounts payable 2 207 644 340 060 469 123 146 363 946 569 Net lending, sum 4 last quarters -19 813 96 237 748 077 75 609 -900 110 1Including reconciliation sector Explanation of symbolsDownload table as ... - Households' financial assets, liabilities and net lending. NOK million.Download table as ...Households' financial assets, liabilities and net lending. NOK million.
1st quarter 2024 2nd quarter 2024 3rd quarter 2024 4th quarter 2024 1st quarter 2025 Net financial assets 2 442 322 2 535 780 2 607 059 2 641 459 2 672 339 Assets 7 010 097 7 183 190 7 278 805 7 386 662 7 423 865 Cash and currency 28 337 28 530 28 101 28 841 27 995 Deposits 1 690 468 1 765 097 1 738 212 1 743 508 1 801 526 Debt securities 9 856 9 901 9 695 8 930 8 640 Loans 152 435 153 434 154 517 154 833 155 856 Equity 1 980 603 1 993 003 2 000 729 2 009 532 2 013 790 Investment fund shares or units 492 343 530 477 581 589 606 080 578 566 Insurance and pension entitilements 2 314 446 2 375 276 2 432 862 2 470 512 2 479 720 Other accounts receivable 334 614 320 386 325 914 359 042 351 482 Liabilities 4 567 775 4 647 410 4 671 746 4 745 203 4 751 526 Loans 4 423 166 4 481 556 4 534 519 4 572 104 4 606 497 Other accounts payable 144 079 165 774 137 137 173 007 144 950 Net lending 43 016 25 944 -12 162 4 570 47 403 Explanation of symbolsDownload table as ... - Interlinkages of creditor and debtors. Loan. NOK million.Download table as ...Interlinkages of creditor and debtors. Loan. NOK million.
1st quarter 2025 Debtor sector Non-financial corporations1 Financial corporations General government Households & NIPSH Rest of the world Creditor sector Assets Non-financial corporations1 3 198 195 4 574 14 493 18 656 381 179 Financial corporations 2 040 294 618 178 592 194 4 410 009 907 365 General government 50 306 503 677 121 617 185 632 763 753 Households & NIPSH 141 621 14 226 9 0 0 Rest of the world 923 403 115 175 954 662 22 096 0 Flows Non-financial corporations1 91 -25 962 200 14 868 Financial corporations 17 265 -58 422 20 496 34 150 152 337 General government -86 17 835 0 981 -391 921 Households & NIPSH 1 000 38 -14 0 0 Rest of the world -32 161 -163 -453 611 0 0 1Including reconciliation sector. Explanation of symbolsDownload table as ... - Interlinkages of creditors and debtors. Debt securities. NOK million.Download table as ...Interlinkages of creditors and debtors. Debt securities. NOK million.
1st quarter 2025 Debtor sector Non-financial corporations1 Financial corporations General government Rest of the world Creditor sector Stocks Non-financial corporations1 38 321 22 408 24 340 221 721 Financial corporations 278 349 988 135 333 889 1 902 697 General government 30 769 59 369 80 619 5 416 664 Household & NIPSH 5 082 7 615 241 2 727 Rest of the world 761 698 2 341 429 461 117 0 Flows Non-financial corporations1 5 797 -2 341 504 103 415 Financial corporations 20 784 15 160 28 882 -50 814 General government -1 410 -1 423 -3 233 114 195 Household & NIPSH 557 168 -118 -223 Rest of the world 28 013 -9 473 -23 426 0 1Including reconciliation sector. Explanation of symbolsDownload table as ... - Interlinkages of creditors and debtors. Listed and unlisted shares. NOK million.Download table as ...Interlinkages of creditors and debtors. Listed and unlisted shares. NOK million.
1st quarter 2025 Issuing sector Non-financial corporations1 Financial corporations Rest of the world Holding sector Stocks Non-financial corporations1 3 135 192 154 444 1 418 103 Financial corporations 726 244 561 908 1 628 183 General government 1 105 674 242 908 13 360 742 Households & NIPSH 1 262 906 295 355 108 276 Rest of the world 2 136 164 579 229 0 Flows Non-financial corporations1 1 956 3 891 27 213 Financial corporations -7 341 2 199 -12 940 General government -2 351 538 36 323 Households & NIPSH -1 695 -48 -168 Rest of the world -9 182 -35 826 0 1Including reconciliation sector. Explanation of symbolsDownload table as ... - Domestic sectors' financial assets and liabilities towards the rest of the world. Last period. NOK million.Download table as ...Domestic sectors' financial assets and liabilities towards the rest of the world. Last period. NOK million.
1st quarter 2025 Non-financial corporations1 Financial corporations General government Households & NIPSH Sum domestic sectors Net financial assets -1 290 512 915 122 18 164 655 516 063 18 305 327 Assets 2 904 074 6 431 985 19 776 420 538 159 29 650 637 Cash and currency, etc. 0 77 120 0 0 77 120 Deposits 49 104 903 672 16 087 15 845 984 708 Debt securities 221 721 1 902 697 5 416 664 2 727 7 543 809 Loans 381 179 907 365 763 753 0 2 052 297 Equity 1 506 013 1 630 101 13 363 291 456 531 16 955 936 Investment fund shares or units 85 647 684 446 3 873 63 056 837 022 Insurance and pension entitlements 0 27 687 0 0 27 687 Other accounts receivable 654 130 104 286 188 153 0 946 569 Liabilities 4 194 586 5 516 863 1 611 765 22 096 11 345 310 Cash and currency, etc. 0 72 557 0 0 72 557 Deposits 0 1 907 373 0 0 1 907 373 Debt securities 761 698 2 341 429 461 117 0 3 564 244 Loans 923 403 115 175 954 662 22 096 2 015 336 Equity 2 304 609 579 229 0 0 2 883 838 Investment fund shares or units 0 130 597 0 0 130 597 Insurance and pension entitlements 0 52 020 0 0 52 020 Other accounts payable 174 413 120 708 172 923 0 468 044 1Including reconciliation sector. Explanation of symbolsDownload table as ...
About the statistics
The information under «About the statistics» was last updated 11 March 2025.
1. Net lending defined in non-financial accounts (capital account) =
saving + net capital transfers - net acquisition of non-financial assets
2. Net lending defined in financial accounts =
net acquisition of financial assets - net incurrence of liabilities
Savings is non-consumed income and can be invested in financial or non-financial assets. If savings exceed non-financial investments, a sector has surplus of funds and becomes a net lender to other sectors. In the financial transaction account, this means that the sector acquire more financial assets than liabilities. On the other hand, if savings are less than non-financial investments, investments have to be funded either by selling financial assets or incurring debts. For example, household investments in non-financial assets mainly reflect the purchase of new housing and fixed investments by unincorporated enterprises. They typically finance substantial parts of these investments by incurring debt in the form of loans.
Net financial assets (net financial wealth) = total financial assets - total liabilities
The financial balance sheet shows the financial position of a sector at the end of the reference period and is broken down into categories of financial assets and liabilities. The predominant assets held by for example the households, are insurance technical reserves, currency and deposits, while loans provided by financial corporations (banks etc) constitute the main proportion of liabilities.
Changes in net financial asset = net lending + other changes in assets and liabilities
The change in the financial balance sheet during the reference period is a result of accumulated financial transactions and other changes in assets. The latter category mainly reflects revaluations due to changes in market prices of financial instruments.
Accounting system
The accounting system provides the framework and contents required for compiling national accounts statistics. In the system, each financial asset has a counterpart liability. This is reflected by the data structure of the financial accounts which is three-dimensional; creditor sector * debtor sector * financial instrument.
Institutional sector classification
Each institutional sector comprises institutional units with broadly similar behaviour. The institutional units are grouped into mutually exclusive institutional sectors on the basis of economic activity, organisational structure and ownership. Institutional units are autonomous entities that are capable, in their own right, of owning assets, incurring liabilities and engaging in economic activities and in transactions with other entities. In most cases, the institutional unit is identical to the legal unit or persons or groups of persons in the form of households.
The institutional sector classification in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The main sectors of system are detailed below:
1 Total economy
The total economy of a country consists of all institutional units having their centre of predominant economic interest in the economic territory of that country. Such uints are known as resident units, irrespsctive of natonalty and legal form.
Braches and other establishment of Norwegian corporation abroad are not included. See rest of world.
11 Non-financial corporations
The sector covers institutional units engaged in the market production of non-financial products and services.
The reconciliation sector, which shows the inconsistencies between debtor and creditor sector information and sometimes the inconsistencies between the financial accounts and the non-financial accounts, is treated as a separate sector in the working databases in the financial accounts. The data for the reconciliation sector has been added to the non-financial corporation sector in the publications and the reports to Eurostat and OECD.
12 Financial corporations
The sector covers institutional units engaged the market production of financial services and in financial activities. The sector comprise entities that are credit intermediaries or offer insurance products and services, mutual funds, financial holding companies, but also entities whose main activities are financial auxiliary services (e. g. brokerage services, fund management services, financial register services etc.). The main sector is divided into the following sub-sectors:
- 121 Norges Bank
- 1221 Banks
- 1222 Mortgage companies
- 123 Money market funds
- 124 Non-MMF investment funds
- 125-127 Other financial corporations
- 128-129 Life insurance corporations, non-life insurance corporations and pension funds
The aggregate sector 125-127 Other financial corporations consists of finance companies, financial holding companies, financial auxiliaries, state lending institutions, state investment companies and other investment companies.
124 Non-MMF investment funds incude alternative investments funds (AIF) from the year 2012. Before that the AIFs are included in 125-127 Other financial corporations.
13 General government
The sector covers all state, municipal and county municipal administrative bodies. The Government Pension Fund - Global (previously known as Petroleum Fund) and The Government Pension Fund - Norway (previously known as the National Insurance Scheme Fund) are also included. Non-financial and financial corporations controlled by government are not included.
In addition to carrying out political responsibilities, the general government sector provides and enforces regulations, produces public services (mainly non-market) and redistributes income and wealth. The general government sector has tax revenues, property income and borrowed capital at its disposal. The main sector is divided into the following sub-sectors:
- 131 Central government
- 133 Local government
14 Households
The households sector covers wage-earners, retirees, recipients of national insurance benefits, unincorporated enterprises and tenant-owner’s associations etc. The households consume goods and services, supplies labour and as entrepreneurs, supplies the production of market goods and services. The sector comprises the “consumers of the economy´´. Total consumption expenditure is partly financed by the households themselves, partly by general government and partly by non-profit institutions serving households. The households also produces goods and services for their own consumption. The services related to housing is the largest part of the self-produced, self-consumed service. Because the property in tenant-owner’s associations are considered as owner-tenant properties, the tenant-owner associations are included in the households sector.
15 Non-profit institutions serving households (NPISH)
NPISHs consist of non-profit institutions that are separate legal entities, which serve households and which are principally engaged in the production of non-market goods and services intended for households. Their main resources, apart from those derived from occasional sales, are transfers from general government, voluntary contributions by households and corporations, and property income.
2 Rest of the world
This institutional sector includes all non-resident institutional units that enter into transactions with resident units, or have other economic links with resident units. This includes:
- Non-resident institutional units controlled by foreign or Norwegian corporations.
- Natural persons who are permanent resident abroad (including Norwegian citizens)
- Staff of foreign embassies, foreign embassies and consulates and in Norway
The classification of financial assets and liabilities
The financial accounts include a limited number of financial instrument groups with detailed claims and debt items in the balance sheets of institutional units. The financial instrument links one entity claim to another sector’s debt items. The financial instruments are grouped in claim and debt items with similar economic functions. For example, the payment function is characteristic of coins, notes and salary accounts, while credit is procured through different types of loans. In addition, the liquidity ratio has been the determinant factor for the ranking of financial assets in the classification.
Classification of financial assets and liabilities in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The classifications are described below:
AF1 Monetary gold and drawing rights (SDR)
Comprise gold and special drawing rights (SDRs). Norges Bank sold the rest of its gold reserves in 2004. Before that gold was a very small proportion of the banks total reserves. As a simplification gold is therefore excluded from the financial accounts for the whole period from 1995.
AF2 Currency and deposits
Comprise Norwegian and foreign notes and coins, all types of deposits with commercial banks and savings banks, Norges Bank and foreign banks. The net reserves position with the IMF is also included. The financial accounts distinguish between the following types of detailed financial instruments:
- Currency
- Transferable deposits
- Other deposits
AF3 Dept securities
Comprise short and long-term securities. Short-term securities is defined as negotiable securities with original maturity of maximum one year, while long-term securities comprise instruments defined as tradable standardised debentures with original maturity of more than one year. The financial accounts distinguish between the following types of detailed financial instruments:
- Short-term securities
- Long-term securities
AF4 Loans
This financial instrument includes lending forms other than tradable debentures and certificates and is mainly quantified on the basis of the specifications in accounting statistics for financial corporations. The financial accounts distinguish between the following types of detailed financial instruments:
- Short-term loans
- Long-term loans
AF5 Shares and other equity
The instrument includes ordinary shares in limited liability companies, shares in general partnerships and shares in mutual funds. Shares in foreign companies are also included. Furthermore, the instrument includes tradable Norwegian equity certificates and general government capital contributions in public enterprises and the state lending institutions. As from Q4 2021 the Equity certificates are included in Quoted shares. Before Q4 2021 the instrument is included in Other equity. The financial accounts distinguish between the following types of detailed financial instruments:
- Quoted shares
- Unquoted shares
- Other equity
- Mutual funds shares
AF6 Insurance technical reserves
The instrument includes individual insurance savings and group insurance savings in private life insurance companies and total capital in autonomous municipal and private pension funds. Prepayments of premiums and reserves against outstanding claims in non-life insurance companies are also included. The financial accounts distinguish between the following types of detailed financial instruments:
- Non-life insurance technical reserves
- Life insurance and annuity entitlements
- Pension entitlements - defined contribution
- Pension entitlements - defined benefit
- Claims of pension funds on pension managers
AF7 Financial derivatives and employee stock options
The instrument financial derivatives consists of several types of derivatives and employee stock options. There is a weak source base for compiling transactions. Therefore transactions in AF7 is sometimes adjusted and used for net lending balancing purposes.
AF8 Other accounts receivable/payable
Comprise claims and debt that is due to differences in timing between transactions and payments. For example deferred tax claims/liabilities and unsettled trades of financial instruments. Dwellings held by Norwegian residents in the rest of the world are recorded on AF8, and also Norwegian dwellings held by non-residents. Transactions in AF8 is sometimes adjusted and used for net lending balancing purposes.
Name: Financial accounts
Topic: National accounts and business cycles
Division for Financial Accounts
National level
The first version of the accounts for a quarter is accessible about 70 days after the end of the quarter in question. A normal procedure entails all of the input data accessible for the compilations being incorporated in the financial accounts database system about 2 years after the end of the accounting year.
Eurostat, Organisation for Economic Co-orporation and Development(OECD) and Bank for International Settlement (BIS).
Collected and revised data are stored securely by Statistics Norway in compliance with applicable legislation on data processing.
Statistics Norway can grant access to the source data (de-identified or anonymised microdata) on which the statistics are based, for researchers and public authorities for the purposes of preparing statistical results and analyses. Access can be granted upon application and subject to conditions.
The financial accounts are designed to provide a consistent and comprehensive survey of institutional sectors assets, liabilities and financial transactions. The financial accounts also provide information on asset relationships between different sectors of the domestic economy and between Norway and the rest of the world.
Financial accounts were established by Norges Bank.The purpose was to meet the demand for financial accounts data to macroeconomic models. The financial accounts where published for the first time in 1990 with time series from 1975. A revised database system was launched in 2003 and the name of the system was change to Finse. Responsibility for financial accounts were transferred from Norges Bank to Statistics Norway in January 2007.
Finse is the name of today’s database system for the financial accounts with time series from 1995.
The financial accounts are a part of the national accounts system, which has been an important tool for macroeconomic analysis for many years. Among other things, Statistics Norway's macroeconomic models are mainly based on the national accounts statistics. Other users of the financial accounts data are the Ministry of Finance, Norges Bank, Financial Supervisory Authority, research institutes, financial sector analysts, international organizations, students, the media etc.
No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on SSB.NO at 08:00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of the most important principles in Statistics Norway for ensuring the equal treatment of users.
The relationship between financial accounts and other parts of the national accounts system is given by the balancing item net lending/net borrowing. In theory (SNA 2008 and ESA 2010), net lending derived from the non-financial accounts should be identical to net lending derived from the financial accounts. However, experience shows that significant discrepancies occur for several sectors in the system.
The statistics are developed, produced and disseminated pursuant to Act no. 32 of 21 June 2019 relating to official statistics and Statistics Norway.
Council Regulation No 549/2013 of 21 May 2013, The European system of national and regional accounts in the European Union.
The scope of the national accounts is defined in international guidelines in the System of National Accounts SNA 2008 (published by the UN, OECD, IMF, World Bank and the European Commission) and the European System of national and regional accounts ESA 2010.
The institutional part of the national accounts system describes all economic transactions involving the various institutional sectors and provides information on the stocks of financial and non-financial capital. The delineation of the economy with regard to the rest of the world is based on the concept of resident units. A unit is a resident unit when it is engaged in economic activity in a territory for a long period of time i.e. when it has a centre of economic interest in the economic territory in question for at least one year.
The financial accounts contain two fundamental types of information: flows and stocks. Flows refer to changes in stocks that take place during a certain period of time while stocks refer to the situation at a certain point in time e.g. at the beginning or the end of a period. The financial accounts distinguish between three main types of events that can appear during an accounting period
- Transactions
Changes in stocks that is due to change in ownership of financial assets based on mutual agreement between institutional entities. For example by buying/selling securities, or entering into contracts which simultaneously create a financial asset on one side and a counterpart liability on the other side. (e.g. loan contracts). These events are classified as transactions and they describe the entities behaviour in the financial markets.
- Holding gains, losses and other changes in volume
The values of financial assets can also change due to changes in prices or exchange rates. These events are classified in a separate category and recorded as other changes in stock on the revaluations account (not published).
Changes that are due to extraordinary events (e.g. bankruptcies, natural catastrophes) or events of a non-economic nature (e.g. changes in statistical classifications, new definitions) are treated as a separate category and recorded as other changes in stock on the other change in volume of assets account (not published).
Financial accounts are mainly based on quarterly accounting statistics for financial corporations and mutual funds, quarterly balance of payments data and quarterly data from the Norwegian Central Securities Depository (VPS). The compilations are also based on annual accounting statistics for general government and different types of register-statistics. For areas with incomplete statistical coverage, it is necessary to rely on estimations, judgements and supplementary sources such as statistics for paid and assessed taxes and tax return statistics for individual taxpayers.
Editing is defined here as checking, examining and amending data.
The financial accounts are based on source statistics collected by other divisions in Statistics Norway.
The compilation process comprises a long list of reconciliation procedures and consistency checks, which also contributes to the quality assurance of the different statistical sources.
The source statistics may have to be adjusted in order to fulfil the requirements of the financial accounts; first source data have to be adapted to financial accounts data structure; source data are then balanced in the database system. In cases where we have two or more data sources for the same asset relationship, one data serie is selected according to predetermined rules.
Differences between two sources can be explained by different definitions or estimations of value, but can also occur due to errors and shortcomings in the statistical sources. In cases where errors are revealed, this is reported to the division responsible for the compilation of the statistics in question.
Stocks and transactions are not adjusted. Rates and growth figures (four time series only) are published both adjusted and unadjusted.
Employees of Statistics Norway have a duty of confidentiality.
Statistics Norway does not publish figures if there is a risk of the respondent’s contribution being identified. This means that, as a general rule, figures are not published if fewer than three units form the basis of a cell in a table or if the contribution of one or two respondents constitutes a very large part of the cell total.
Statistics Norway can make exceptions to the general rule if deemed necessary to meet the requirements of the EEA agreement, if the respondent is a public authority, if the respondent has consented to this, or when the information disclosed is openly accessible to the public.
The present database Finse provides comparable quarterly figures over time from the 4th quarter of 1995. The old database Findatr, provides comparable quarterly financial balance sheets from the 4th quarter of 1975. Findatr is not published, but limited data can be transmitted to users on request. Finse and Findatr are not directly comparable.
The financial accounts are compiled using different statistical sources. The uncertainty in the financial accounts figures is related to the uncertainty in source data and the compilation methods. Since the database system is an integrated system containing many routines for balancing and consistency checks of data, one could assume that it would reduce some of the uncertainty in the source data. On the other hand, the financial accounts require compilation of figures in areas where source statistics are very limited or even lacking. The uncertainty can be substantial in these areas.
Particular uncertainty is attached to the sectors Non-financial corporations, Other financial corporations and Households. A lot of effort is put in the compilation of the household sector, but investments in unlisted shares and all kinds of investments by the households in the rest of the world are still associated with uncertainty. The absence of detailed accounting statistics for non-financial and other financial corporations contributes to the uncertainty in these sectors. Residual values coming from the process of balancing other sectors are added to the non-financial corporations sector (residual sector).
Transactions in the instruments Other accounts receivable/payable and Financial derivatives are difficult to compile beacuse of limited sources. Transactions in these instruments are therefore sometimes adjusted with the aim of decreasing the difference between net lending in the financial and non-financial accounts.
A revision is a change to figures that have already been published. Revisions occur every time the financial accounts are published.
The quarterly statistical sources cause small revisions in the financial accounts time series, while annual accounting statistics (general government and public non-financial enterprises) remain preliminary for longer periods and figures are objects of revisions before statistics are regarded as final. The preliminary financial accounts figures are therefore more uncertain than the final figures for a quarter.
Larger revisions are in general performed in August and published in September. Revisions concerning both financial and non-financial accounts are coordinated with the non-financial accounts team. When the accounts are published in September the financial accounts can be revised all the way back to 1995. Larger revisions are mentioned in the publications.
Benchmark revisions are performed every fifth year. The last benchmark revision was in 2024 and the next one will be in 2029.
The split between long term and short term loans from banks to households and non-financial corporations was revised in March 2025. The revision went back to first quarter 2018.