53350_not-searchable
/en/nasjonalregnskap-og-konjunkturer/statistikker/finsea/aar
53350
Decline in investment and borrowing
statistikk
2011-07-07T10:00:00.000Z
National accounts and business cycles
en
finsea, Financial and non-financial accounts (discontinued), financial investments, households and non-profit organisations, general government, abroad, balance sheets, FINSE, national accountsFinancial accounts , National accounts and business cycles
false

Financial and non-financial accounts (discontinued), 2005-2010

Content

Published:

This is an archived release.

Go to latest release

Decline in investment and borrowing

Non-financial corporations’ operating surplus was sharply reduced during the financial crisis. In 2009, net acquisition of non-financial assets was only 35 per cent of investments in 2008. At the same time, corporations’ net incurrence of liabilities was close to zero. At the end of 2009, the economic situation improved, and in 2010 the operating surplus increased.

The non-financial corporations increased their operating surplus from NOK 550 billion in 2005 to NOK 705 billion in 2008. Higher operating surpluses mirrored the cyclical upturn in the Norwegian economy. From 2007, the economy was affected by the turmoil in the international financial markets. The financial crisis, which began in mid-September 2008, more than halved market and commodity prices. The non-financial corporations’ operating surpluses declined to NOK 468 billion in 2009. In the last quarter of 2009, the economy started to recover and in 2010 the operating surplus improved to NOK 546 billion. Petroleum extraction constitutes a large part of the Norwegian industry, and its production income affects the sector in total.

The economic development is also reflected in the corporations’ net acquisition of non-financial assets. In the period from 2005 to 2007 net investments rose from NOK 99 billion to NOK 149 billion. In 2008, net investments decreased slightly, and declined further to NOK 46 billion the following year. In 2010 the net investments improved to NOK 103 billion.

The non-financial corporations’ net incurrence of liabilities followed the same development as their net acquisitions of non-financial assets. In the period from 2005 to 2007 net incurrence of liabilities rose from NOK 451 billion to NOK 758 billion. In the last quarter of 2007 the banks tightened their credit practice against corporations, and in the following quarter corporations also reduced their demand for loans. The tightening of credit practice and reduction in demand for loans continued through the first half year of 2009. Net incurrence of liabilities declined to NOK 575 billion in 2008 and further down to almost zero in 2009, before recovering to NOK 311 billion in 2010.

General tables for institutional sectors within the national accounts system

The Department for National accounts and Financial statistics in Statistics Norway launched a project in 2008 under the heading “Financial and non-financial accounts in common tables - towards integrated institutional national accounts”.

The aim is to compile tables for institutional sectors which comprise a complete set of accounts within the national accounts system: production account, distribution and use of income accounts, accumulation accounts and balance sheets. The plan is to release the first tables after the main revision of the national accounts system in Norway (2014).

At this stage we release preliminary tables for institutional sectors based on ESA 1995. The tables include statistics from the national accounts system which were released on ssb.no earlier in 2010. See subject 09.01 National accounts, Institutional sectors accounts and Financial accounts.

The tables for Norway are inspired by tables released for countries in the Euro area, which cover data from the entire accounting system in the national accounts.

Operating surplus, savings, investments and liabilites for non-financial corporations. NOK million
  2005 2006 2007 2008 2009 2010
Operating surplus  549 756  644 839  600 171  705 160  468 238  545 823
             
Savings 55 977  151 582 83 694 76 293 -1 694 54 640
Capital transfers net 1 743 2 684 2 140 2 973 1 924 1 947
Investments 57 720  154 266 85 834 79 266  230 56 587
             
Net acquisition of non-finacial assets 98 667  126 535  148 989  133 671 46 224  102 852
             
Net incurrence of liabilities  451 098  499 170  758 401  575 192 3 249  311 086
Loans  136 670  236 440  509 086  542 868 -154 296  200 025
Quoted shares 48 456 57 327 31 170 18 657 71 168 48 739
Unquoted shares and other claims  265 972  205 404  218 145 13 667 86 377 62 322
             
Liabilities 4 708 049 5 693 178 6 529 598 6 410 160 6 590 568 6 967 879
Loans 1 704 188 1 943 206 2 424 321 3 046 505 2 854 679 3 045 975
Quoted shares 1 382 839 1 834 363 2 028 044 1 107 105 1 487 522 1 613 443
Unquoted shares and other claims 1 621 022 1 915 608 2 077 233 2 256 550 2 248 367 2 308 461

Tables: