388712
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388712
statistikk
2020-03-04T08:00:00.000Z
External economy;National accounts and business cycles
en
ur, International Accounts, current account balance, direct investments, operational and capital accounts, financial accounts, investment abroad, foreign investment, transactions, stocks, financial assets, liabilities, portofolio investment, financial investments, revaluations, current account balance, balance of income and current transfers, reinvested earnings, net assets, BOP geographical breakdown, balance of goods, balance of services, BOP, IIP, balance of payments, international investment positionBalance of payments, National accounts , National accounts and business cycles, External economy
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International Accounts

Foreign assets and liabilities (international investment position) is as of 4Q2019 published under the International Accounts. The international investment position, together with the financial, the current and the capital accounts, make the complete international accounts. Tables, articles and other links are moved to this page.

Updated

Next update

Key figures

19 073

NOK million current account balance

Balance of payments. NOK million
4th quarter 20181st quarter 20192nd quarter 20193rd quarter 20194th quarter 2019
Current account:
Current account balance39 82065 04926 44729 51019 073
Balance of goods and services54 16842 2294 676-11 47814 914
Balance of income and current transfers-14 34822 82021 77140 9884 159
Capital transfers, patents, licenses etc, net1381 0451281690
Net lending (+)/ Net borrowing (-), current account transactions39 68264 00426 31929 49418 983
 
Financial account:
Opening balance7 211 0196 941 9867 605 2447 923 4838 444 601
Net lending (+)/ Net borrowing (-), financial account transactions38 841-4 407107 087-11 8002 216
Other changes-307 874667 665211 152532 918303 599
Closing balance6 941 9867 605 2447 923 4838 444 6018 750 416
 
Net errors and omissions-841-68 41180 768-41 294-16 767

See selected tables from this statistics

Table 1 
Financial account, transactions. By functional category and financial instrument. NOK million

Financial account, transactions. By functional category and financial instrument. NOK million
4th quarter 20181st quarter 20192nd quarter 20193rd quarter 20194th quarter 2019
Foreign assets
Direct investment
Equity and Investment Fund shares/units88 513-4 2575 19429 78342 469
Debt instruments748-10 6788 859-5 629-1 013
 
Portofolio investment
Equity and Investment Fund shares198 651131 23064 48252 75334 574
Equity securities193 625120 81965 03846 70134 799
Investment Fund shares5 02610 411-5566 052-225
Debt securities-59 793-148 00421 41926 331105 638
 
Other investments
Other equity178----
Currency and deposits-100 93899 431105 610-108 230-65 431
Loans68 88024 704-49 689-26 03487 593
Trade credits and advances-3 6462 327-6 836-2 2073 855
Other accounts recievable/payable8 41827 151-1 58438 836-73 177
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)118458-701 371-179
Reserve position in the IMF-3 7801 181859-2 8471 371
Other reserve assets-1 43625 720382-2 707-27 342
 
Liabilities
Direct investment
Equity and Investment Fund shares/units28 83335 076-16 3141 15933 846
Reinvestment of earnings7 935-539-539-539-539
Debt instruments-30 573-18 582-33 82822 866-6 870
 
Portofolio investment
Equity and Investment Fund shares5 7702 5118 9655 742880
Equity securities6 8072496 9963 006-1 785
Investment Fund shares-1 0372 2621 9692 7362 665
Debt securities-10 336115 24233 97838 6778 761
 
Other investments
Other equity-----
Currency and deposits-2 04463 46532 441-58 162-25 993
Loans141 010-110 9459 935-46 066166 007
Trade credits and advances-471-1 0981 0161414 959
Other accounts recievable/payable25 90164 7984 79650 496-75 254
Liabilities - Special Drawing Rights (SDRs)-----
 
NET LENDING, FINANCIAL ACCOUNT38 841-4 407107 087-11 8002 216

Table 2 
International Investment Position. By functional category and financial instrument. NOK million

International Investment Position. By functional category and financial instrument. NOK million
4th quarter 20181st quarter 20192nd quarter 20193rd quarter 20194th quarter 2019
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 485 5911 484 4971 489 6371 511 8721 552 463
Debt instruments662 984646 402653 486664 260655 968
 
Portofolio investment
Equity and Investment Fund shares6 362 3847 142 2577 313 5587 753 3768 204 958
Equity securities6 093 9946 848 7117 015 9997 442 8187 884 991
Investment Fund shares268 390293 546297 559310 558319 967
Debt securities3 651 4143 535 1263 605 1313 814 8963 827 187
 
Other investments
Other equity2 1362 1362 1362 1362 136
Currency and deposits726 923812 989914 426832 931761 336
Loans599 132622 877570 877565 960652 376
Trade credits and advances88 32489 81682 68882 75585 697
Other accounts recievable/payable273 878310 404310 015324 339256 643
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)18 45618 76118 54620 79420 283
Reserve position in the IMF7 3067 8278 0198 9088 875
Other reserve assets523 216557 572562 232592 029559 106
 
Liabilities
Direct investment
Equity and Investment Fund shares/units1 047 8981 101 8061 075 5211 074 3881 114 874
Debt instruments681 974657 401622 171660 568645 443
 
Portofolio investment
Equity and Investment Fund shares919 636968 904956 302982 4731 003 600
Equity securities808 641847 063829 422849 642864 432
Investment Fund shares110 995121 841126 880132 831139 168
Debt securities2 327 3362 410 8542 437 9892 545 7152 531 453
 
Other investments
Other equity-----
Currency and deposits1 489 9431 539 7431 565 8561 547 7821 506 974
Loans692 915582 912591 365557 446720 315
Trade credits and advances44 37442 94543 88145 01949 522
Other accounts recievable/payable224 929287 052279 981282 900231 582
Liabilities - Special Drawing Rights (SDRs)18 85418 71318 56819 38119 063
 
NET ASSETS6 941 9867 605 2447 923 4838 444 6018 750 416

Table 3 
Current and capital account. NOK million

Current and capital account. NOK million
Current and capital account
4th quarter 20181st quarter 20192nd quarter 20193rd quarter 20194th quarter 2019
Exports, total354 354335 419318 483308 916338 060
¬ Goods (FOB)264 139246 724217 834196 835236 611
¬¬ Crude oil and natural gas153 446135 237105 77491 267121 211
¬¬ Ships2762 6844 0722 2271 291
¬¬ Petroleum activities, various goods43614015510849
¬¬ Other goods109 981108 663107 833103 233114 060
¬ Services90 21588 695100 649112 081101 449
¬¬ Gross receipts, shipping27 36326 25230 22231 67930 162
¬¬ Petroleum activities, various services4 9154 0534 7494 4664 869
¬¬ Pipeline transport3 1683 2533 1783 1283 221
¬¬ Travel6 5588 51613 51221 3157 398
¬¬ Transport and communication13 17712 43314 61515 83414 107
¬¬¬ Land transport, export9871 0721 1261 1651 325
¬¬¬ Supply, export6 1455 5867 0287 8776 054
¬¬¬ Air transport, export2 5122 3722 3562 5342 583
¬¬¬ Services related to transport, export2 9992 8503 5253 7003 558
¬¬¬ Postal and courier services, export534553580558587
¬¬ Financial and business services21 60421 30420 92121 93526 281
¬¬¬ Financial and insurance services, export8 4969 3718 0668 43611 001
¬¬¬ Audit services, juridical- and technical services, export5 6795 0365 6746 0966 802
¬¬¬ Research and development, export9441 0728918781 116
¬¬¬ Other business services, export6 4855 8256 2906 5257 362
¬¬ Other services13 42912 88313 45313 72415 411
¬¬¬ Construction, repairs and installation, export2 9553 1453 0223 5194 379
¬¬¬ Recycle and trash handling, export1 5921 5671 5431 3611 566
¬¬¬ Retail trade, hotel and restaurant , export1 5341 1521 2271 2011 393
¬¬¬ Publishing, film, music and broadcasting services, export373456395537450
¬¬¬ Telecommunication services, export1 8301 6862 1181 8301 737
¬¬¬ Information services, export4 3154 0184 3544 4705 125
¬¬¬ Other personal and government services, export830859794806761
MEMO: Services export when import of goods FOB89 15586 82699 459110 946100 189
Imports, total300 186293 190313 808320 394323 147
¬ Goods (CIF)195 958194 741202 947198 509204 434
¬¬ Ships2 0853 4162 7014 0093 371
¬¬ Petroleum activities, various goods4 1173 4784 4962 9344 529
¬¬ Other goods189 756187 847195 750191 566196 534
MEMO: Import of goods FOB189 386188 189196 270192 190197 992
¬ Services104 22898 449110 861121 885118 713
¬¬ Operating costs shipping, excl. bunkers11 65012 42211 46514 44513 906
¬¬ Petroleum activities, various services7 4016 3137 9297 6087 901
¬¬ Travel33 27130 03338 11546 09036 841
¬¬ Transport and communication7 0297 0156 9447 3717 159
¬¬¬ Land transport, import2625262626
¬¬¬ Ocean transport, import287286286287287
¬¬¬ Air transport, import2 4962 4962 5192 8842 543
¬¬¬ Services related to transport, import3 9984 0043 9674 0174 124
¬¬¬ Postal and courier services, import222204146157179
¬¬ Financial and business services23 15521 99723 08923 01325 931
¬¬¬ Financial and insurance services, import4 7384 6644 3904 6474 968
¬¬¬ Audit services, juridical- and technical services, import3 9753 5223 6643 6754 711
¬¬¬ Research and development, import942726831773907
¬¬¬ Other business services, import13 50013 08514 20413 91815 345
¬¬ Other services21 72120 66923 31823 35726 974
¬¬¬ Construction, repairs and installation, import3 3013 6244 2404 5354 805
¬¬¬ Recycle and trash handling, import9591 0751 3529561 021
¬¬¬ Retail trade, hotel and restaurant, import681473546543622
¬¬¬ Publishing, film, music and broadcasting services, import3 3392 9272 8433 2063 997
¬¬¬ Telecommunication services, import1 2551 3681 5961 3201 225
¬¬¬ Information services, import8 7198 1179 1758 99810 930
¬¬¬ Other personal and government services, import3 4673 0853 5663 7994 374
MEMO: Service import when import of goods FOB109 740103 132116 348127 069123 895
Balance of goods and services54 16842 2294 676-11 47814 914
¬ Balance of goods68 18151 98314 887-1 67432 177
¬ Balance of services-14 013-9 754-10 212-9 804-17 264
From abroad96 560103 496144 941105 826101 033
¬ Compensation of employees1 3151 3621 3371 3601 358
¬ Interest received36 80436 13036 37737 89341 197
¬¬Direct investment, interst receivable5 7893 6483 6403 5688 620
¬¬Other investment, interest receivable31 01532 48232 73734 32532 577
¬ Dividends etc.52 81549 86894 45255 37346 656
¬¬Direct investment, dividends etc receivable25 1037 16425 4999 92913 264
¬¬Portfolio ivestment, dividends etc. receivable27 71242 70468 95345 44433 392
¬ Reinvested earnings-4 5061 2591 2591 2591 259
¬ Current transfers10 13214 87711 5169 94110 563
To abroad110 90880 676123 17064 83896 874
¬ Compensation of employees9 8828 44510 55310 86410 803
¬ Interest paid27 50828 96231 15127 27922 468
¬¬Direct investment, interest payable7 6324 2013 9644 0684 966
¬¬Other investment, interest payable19 87624 76127 18723 21117 502
¬ Dividends etc.35 18419 68955 9224 16829 224
¬¬Direct investment, dividends etc. payable28 07416 27535 0501 89625 674
¬¬Portfolio investment, dividends etc. payable7 1103 41420 8722 2723 550
¬ Reinvested earnings8 468-52929122197
¬ Current transfers from general government15 1789 32610 5367 79017 618
¬ Other current transfers14 68814 30614 07914 61516 564
Balance of income and current transfers-14 34822 82021 77140 9884 159
¬ Compensation of employees and investment income (Primary income), net5 38631 57534 87053 45227 778
¬ Current transfers (Secondary income), net-19 734-8 755-13 099-12 464-23 619
Current account balance39 82065 04926 44729 51019 073
Capital transfers to abroad, net11 055128160
Acquisitions of patents, licenses etc. net137-100090
Net lending39 68264 00426 31929 49418 983

Table 4 
Current and capital account. Country breakdown. Current prices. NOK million

Current and capital account. Country breakdown. Current prices. NOK million
Balance of goodsBalance of servicesCurrent account balance
201720182017201820172018
The world192 153273 051-76 753-67 949152 077252 262
EU306 604391 544-69 897-75 443208 956293 392
Other European countries-11 428-15 303-4 823-5 800-12 694-19 358
Africa2 92910 0625 5335 28531 60135 753
North-America-10 875-19 8319077 04137 95057 942
Central- and South America-4 626-10 710-1 845-9903 581-10 070
Asia, Oceania & Polar regions-69 426-69 235-1 2708 746-32 451-14 501

Table 5 
External debt. NOK million

External debt. NOK million1
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 2019
1The external debt position shows the gross debt for the main institutional sectors. Shares and other equity are not included in the statistics.
 
General government673 639648 070608 962748 051
Short-term
Currency and deposits----
Debt securities10 20014 32119 76723 876
Loans110 72595 39672 570227 099
Trade credits and advances0001
Other accounts recievable/payable89 46383 73651 75418 003
Long-term
Currency and deposits----
Debt securities316 022305 381314 572338 353
Loans147 229149 236150 298140 719
Trade credits and advances----
Other accounts recievable/payable----
 
Central bank41 34644 35945 17932 050
Short-term
Currency and deposits39311413
Debt securities----
Loans----
Trade credits and advances----
Other accounts recievable/payable22 39525 60925 38812 873
Long-term
Liabilities - Special Drawing Rights (SDRs)18 71318 56819 38119 063
Currency and deposits----
Debt securities----
Loans199151396101
Trade credits and advances----
Other accounts recievable/payable----
 
Deposit-taking corporations except the central bank3 301 1793 329 9513 416 2793 345 390
Short-term
Currency and deposits1 428 8451 453 9531 424 3831 392 433
Debt securities129 704135 580152 54396 079
Loans----
Trade credits and advances----
Other accounts recievable/payable135 277133 978162 932161 324
Long-term
Currency and deposits110 859111 872123 385114 528
Debt securities1 496 4941 494 5681 553 0361 581 026
Loans----
Trade credits and advances----
Other accounts recievable/payable----
 
Other sectors895 649944 364957 195962 236
Short-term
Currency and deposits0000
Debt securities15 31213 12213 31212 518
Loans23 98837 85319 44419 567
Trade credits and advances42 94543 88145 01949 521
Other accounts recievable/payable69 03265 13471 38567 899
Long-term
Currency and deposits0000
Debt securities443 122475 017492 485479 601
Loans300 771308 729314 738332 829
Trade credits and advances0000
Other accounts recievable/payable479628812301
 
Direct investment657 401622 171660 568645 443
 
SUM TOTAL5 569 2145 588 9155 688 1835 733 170

About the statistics

The international accounts give an overview of the economic relationships between Norwegian residents and nonresidents. They comprise the international investment position (IIP), including other changes in financial assets and liabilities, and the balance of payments (BOP).

As of 2020, the BOP and IIP Statistics are presented together under the heading International accounts.  The international account consists of the current account, the capital account and the financial account. The current account shows exports and imports and other international transfers. The capital account shows capital transfers and transactions in intangible assets. The financial account shows net foreign financial assets and liabilities.

Definitions

Definitions of the main concepts and variables

The BOP is a statistical statement of all transactions made between entities in one country and the rest of the world over a defined period of time, such as a quarter or a year. The IIP is a statistical statement that shows at a point in time the value of financial assets of residents of an economy that are claims on nonresidents, and the liabilities of residents of an economy to nonresidents. The difference between the assets and liabilities is the net position in the IIP and represents either a net claim on or a net liability to the rest of the world.

The Norwegian BOP and IIP is presented in accordance with the latest internationally approved guidelines. These are specified in "The Balance of Payments Manual, 6th edition" (BPM6), published by the International Monetary Fund (IMF). The underlying principles and definitions presented in the BPM6 are in full accordance with the international statistical framework for the National Accounts, as laid down in the manual "System of National Accounts 2008" (2008 SNA). 2008 SNA is a joint publication by several international organizations, including the United Nations and the IMF.

 

The European Union (EU) has compiled its own edition of the National Accounts manual, "European System of Accounts 2010" (ESA 2010), which accommodates special conditions in member countries. According to the European Economic Area Agreement (EEA Agreement), Norway is obligated to comply with ESA 2010. The reporting of National Accounts data, as well as BOP and IIP data, to EU's statistical office Eurostat, has a legal basis in regulation (EC) No 184/2005.

 

Basic concepts and recording principles

Like the National Accounts, the BOP and IIP accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe transactions and positions between statistical units in which economic values are provided or received in exchange for other economic values.

-          Statistical units are institutional units which make economic decisions on an independent basis and can present complete accounts for their activities. The institutional unit normally coincides with a body corporate, e.g. a limited liability company or legal person.

-          Economic items can either be real resources, i.e. goods and services, or financial items representing various claims and liabilities.

-          The basic criterion for entering a transaction in the BOP or a position in the IIP, is that it involves an exchange between a domestic entity (resident) and a foreign entity (non-resident). Residents are institutional units that engage and intend to continue to engage in economic activities and transactions within a country's territory, with one year or more serving as the conventional guideline.

 

Positions

Positions are shown as the value of a financial item which, for example, an enterprise is in possession of at a point in time. Financial objects can be, for example, shares, other securities or different types of loans. In principle, stocks must be registered at market value. See description of valuation below.

Transactions

A transaction should in principle be allocated to the period in which there is a change of ownership of the economic value. Conventionally, it is often said that a change of ownership has taken place when both parties of the transaction enters the transaction in their books or accounts. In the case of exports and imports of goods, it is the moment that the goods cross the border and are registered through customs declarations, that determines the time of recording of the transaction and consequently the change of ownership.

All transactions shall be valued at market prices. Market prices are defined as amounts of money that buyers pay to acquire something from sellers; the exchanges are made between independent parties and based on commercial considerations only. Total exports and total imports shall be recorded at free-on-board (f.o.b.) prices. F.o.b prices are the value when passing the border of the country of exports. On a detailed commodity level, cost-insurance-freight (c.i.f.) prices are used for imports, i.e. including transport and insurance costs up to the border of the importing country. The exchange rate on the transaction date or the average rate for the shortest period applicable shall be used for converting transactions in foreign currencies into the national currency. Stocks of assets and liabilities are to be valued at prices or rates in effect at the time to which the balance sheet relates.

 

Other changes

Income and expenditure are defined in the National Accounts and BoP excluding gains and losses, irrespective of whether they are realised or unrealised. Such items, however, help to explain total balance sheet changes that take place during a period and are registered on the account for revaluation.

 

Income and expenditure

Income and expenditure are defined in the National Accounts and BoP excluding gains and losses, irrespective of whether they are realised or unrealised. Such items, however, help to explain total balance sheet changes that take place in the course of a period and are registered on the account for revaluation.

 

Assets and liabilities

Assets and liabilities are the components of the balance sheets of the total economy and institutional sectors. In contrast to the accounts that show economic flows, a balance sheet shows the positions of assets and liabilities held at one point in time by each unit or sector or the economy as a whole.

An asset is a store of value representing a benefit or series of benefits accruing to the economic owner by holding or using the entity over a period of time. It is a means of carrying forward value from one accounting period to another.

A liability is established when one unit (the debtor) is obliged, under specific circumstances, to provide a payment or series of payments to another unit (the creditor).

 

Double entry bookkeeping

International Accounts are based on the rules for double entry bookkeeping. All transactions are represented by two entries, a credit and debit entry. Most transactions are those in which economic items are provided or received in exchange for other economic items, entailing that offsetting credit and debit entries will normally be registered.

 

For example, exports of a good will be registered in External Trade Statistics and recorded as a credit entry in the current account, whereas the accompanying increase in foreign assets, e.g. in the form of increased deposits abroad, is registered in financial account and recorded as a transaction on the debit side of the BOP accounts. In other cases when items are given away rather than exchanged, or a recording is one-sided for other reasons, there is only one recording in the data sources. In these cases, a counter entry is constructed, in this example in the form of a transfer so that the double entry requirement is satisfied.

 

Structure

The International Accounts is an integrated part of the National Accounts and is constructed as a mirror image of the institutional sector "Rest of the World" in the National Accounts. In the BOP and IIP, transactions and positions are seen from Norway's point of view, while in the institutional sector accounts they will be seen from the perspective of the rest of the world. A surplus on Norway's current account will in the National Accounts appear as a deficit for the sector "Rest of the World".

The BOP consists of three main parts: a current account, which shows current transactions with the rest of the world, a capital showing capital transactions, and a financial account, which records investment transactions in the form of purchases and sales of financial instruments.

The table below illustrates the statement of transactions and positions in the BoP and IIPs (eller IAs) current, capital and financial accounts:

1)            Current account balance

Balance of goods and services
Balance of income and current transfers

2)            Capital transfers to abroad, net

3)            Net lending, current- and capital account

4)            Financial account, assets/liabilities

Direct investment
Portfolio investment
Other investment
Reserve assets

5)            Net lending, financial account

6)            Errors and omissions

 

 

The financial statements are presented as shown in the following table, broken down by functions (direct investment, portfolio investment, other financial investment and international reserves):

7)       The financial position of at the beginning of the reference period

8)      Investments during period (asset)

9)      Borrowing

10)    Gains, losses and other changes (netto)

11)    The financial position of at the end of the reference period

 

Following definitions applies

The relationship between current- and capital account and the transactions in the financial account:

1+ 2 =3

4 assets – 4 liabilities = 5

3 – 5 = 6

Consistent International Accounts requires:

 (3) = (5)

 

The relationship between positions and change in positions in the financial account:

7 + 8 – 9 + 10 = 11

 

Description of the accounts

The definitional relationship between the current account and the financial account is that a current account surplus, adjusted for net capital transfers and net acquisitions of patents and copyrights etc, increases net foreign assets (or reduces net liabilities), while a deficit on the current account will reduce net assets (or increase net liabilities).

The current account comprises, first, exports and imports of goods and services, with the balance of goods and services as a balancing item. In addition, data are provided for compensation of employees, investment income and expenditure as well as current transfers to and from the rest of the world. The balance for this component is net income and current transfers. The total balance of the current account is the sum of the balances of these two components.

The capital and financial account shows how transactions recorded in the current account result in changes in foreign assets and liabilities, and in addition to purchases and sales of financial instruments includes capital transfers. This entails that the balance on the current account must be adjusted for net capital transfers in order to arrive at net lending.

The financial account also includes transactions that do not have a counter entry in the current account. One example would be a resident who uses funds in a foreign bank account to repay a loan raised abroad.

Net lending

Total asset transactions less total liability transactions result in net lending. By adjusting net lending for valuation changes and other balance sheet changes not caused by transactions2, we arrive at changes in Norway's net foreign assets/liabilities.

Net lending, current account =
Current account balance + Capital transfers to abroad, net - non-financial net investment (?)

Net lending, financial account = Net acquiring of financial assets – net borrowing

 

Net errors and omissions are derived from net lending from the two accounts and can be derived from the current account minus the same item derived from the financial accounts. Although the BoP accounts are, in principle, balanced, imbalances occur due to imperfections in source data and compilation.

Standard classifications

In addition to the classifications and categories described in the international BOP, IIP and National Accounts manuals, it may be mentioned that the Norwegian BOP, IIP and National Accounts make use of the product classification CPA (Classification of Products by Activity) of the EU and sector of the BPM6, 2008 SNA and ESA 2010. For more details, please check https://www.ssb.no/en/klass/klassifikasjoner/39.

Country Codes are based on the International Standard ISO 3166.

 

Functional categories

Direct investment

Direct investment is a cross-border financial investment made by an investor for the purpose of acquiring a lasting interest in a foreign enterprise, and exerting a degree of influence on that enterprise's operations. An investment by owning 20 per cent or more of the ordinary shares is considered always a direct investment. The establishment of a subsidiary abroad is an example of a direct investment.

 

Portfolio investment

Portfolio investment covers transactions in equities, other securities, and financial derivatives, except where these transactions relate to direct investment or reserve assets category. The Government Pension Fund – Global is not part of the reserve assets, though it is owned by the government and administrated by Norges Bank. This is therefore treated as portfolio investment as concerns investment abroad. Most important are shares and other equities, bonds and money market instruments (certificates and Treasury bills).

 

Other investments

Other financial investments is a residual category that covers all investments that are not included in direct investment, portfolio investments and international reserves.

 

Reserve assets

Reserve assets consist of those external assets that are readily available to and controlled by monetary authorities for direct financing of payment imbalances, for indirectly regulating the magnitude of such imbalances through intervention in exchange markets to affect the currency exchange rate and /or other purposes. In Norway, Norges Bank have reserve assets. International reserves basically consist of assets only, i.e. any foreign central banks' holdings of assets in Norway (for instance Norwegian securities) are not considered "reserve liabilities", but as portfolio investment 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 claims 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:

 

Equity and other shares

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.

 

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.

 

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.

 

Loans

This financial instrument includes lending forms other than tradable debentures and certificates. Short-term loans are mainly quantified on the basis of the specifications in accounting statistics for financial corporations. The instrument comprises building loans, factoring, bank overdrafts, operating and working credit. Long-term loans comprise all loans other than short-term loans (mortgage bond issues, other medium and long-term repayment loans and financial leasing).

 

Trade credits

Financial claims arising from the direct extension of credit by suppliers and buyers for goods and services.

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.

 

Other claims

Comprise claims and debt that is due to differences in timing between transactions and payments. For example credit extended to a customer/supplier credit, deferred tax claims/liabilities. Included are also other financial items that do not belong to the previously listed instruments. Derivatives recorded in the accounting statistics are included.

 

Reserve assets/liabilities IMF

The foreign exchange reserves and claims on the International Monetary Fund (IMF) together constitute Norges Bank's international reserves. Claims on the IMF consist of three components: SDR accounts (Special Drawing Rights), reserve positions in the IMF and loans to the IMF (Poverty Reduction and Growth Facility).

 

Valution

Market value

Market prices are defined as amounts of money that willing buyers pay to acquire something from willing sellers; the exchanges are made between independent parties and on the basis of commercial considerations only. The exchange rate on the position date or the average rate for the shortest period applicable shall be used for converting positions in foreign currencies into the national currency. Stocks of assets and liabilities are to be valued at prices or rates in effect at the time to which the balance sheet relates.

Administrative information

Name and topic

Name: International Accounts
Topic: External economy

Next release

Responsible division

Division for National Accounts

Regional level

National level.

Frequency and timeliness

Quarterly statistics. The first version for quarter k t is published after k+60 days, followed by revisions in the following quarterly publications. The final version is published in August/September year t+2.

International reporting

Reporting to Eurostat, the International Monetary Fund (IMF), Organization for Economic Co-orporation and Development (OECD) and Bank for International Settlement (BIS).

Microdata

Microdata are based on different sources.

Background

Background and purpose

The purpose of the BOP and IIP Statistics is to provide reliable information on residents of Norway’s economic relationships with non-residents. The statistics are an integrated part of the National Accounts using the same principles and definitions.

The statistics is set to meet the international requirements given in the BPM. The international guidelines in BPM are revised during the last several years, with the latest update published in 2009 by the International Monetary Fund (IMF). The sixth edition of the manual, BPM6, is the current version and is implemented in the Norwegian BOP and IIP Statistics in December 2014. Back data based on the guidelines from BPM6 is implemented in both the current- and capital account and the financial account.

The current- and capital account has time series going back to 1981, while the financial account has time series going back to 2005 (BOP) and 2012 (IIP). The current- and capital account has time series going back to 1981.

Users and applications

The main users are international organizations, IMF, Eurostat, OECD and BIS. The Balance of Payments and the International investment position are used by market analytics within finance and the business sector in general, and by governmental agencies for economic policy purposes. Used in the National Accounts, the BOP and the IIP give an exact mirror image of the sector Rest of The World in the national Accounts.

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 08.00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

Coherence with other statistics

The IIP and the BOP have the same principles and detailing levels. IIP shows the positions of assets and liabilities abroad each quarter. The positions together with the transactions, revaluations and other volume changes give a consistent picture of the financial part of the external sector.

Full integration with the National Accounts makes the Norwegian BOP and IIP data consistent with both the exports and the imports figures and financial figures for the Rest of the World Account of the National Accounts.

The BOP has a somewhat broader scope compared to the External Trade in Goods statistics. The main deviations are that BOP includes as exports goods delivered to non-resident carriers in Norwegian ports, goods other than oil and gas exported directly from the Norwegian continental shelf, imports of fuel to Norwegian carriers in foreign ports, and direct imports of goods to the Norwegian continental shelf. In addition, the BOP converts exports and imports of certain types of goods as registered in the external trade statistics into exports and imports of services.

A table of the external debt statistics can be found under “tables”. The external debt statistics is based on the guidelines in BPM6 and External Debt Statistics: Guide for Compilers and Users. The quarterly data from the IIP statistics is the basis of the external debt statistics. The gross external debt liabilities equals the debt liabilities in the IIP statement, i.e., total IIP liabilities excluding all equity (equity shares and other equity) and investment fund shares. The first level of disaggregation of the external debt is by institutional sector. The second level of disaggregation is by maturity of external debt, and the third level of disaggregation is by type of debt instrument.

In the BOP and IIP Statistics there is a classification on functional categories, one of them being direct investment. There is a separate annual statistics on Direct investment published by Statistics Norway. The two statistics follows different principles and will therefore show different figures. Statistics Norway also publishes Portfolio investment abroad, and the statistics follows the same international guidelines as the IIP.

Legal authority

The main part of the data is collected under the provisions of the Statistics Act and the Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc.

EEA reference

EU-regulations incorporated in the EEA-agreement define the scope of the statistics. The following regulations apply to the BOP and IIP -statistics:

  • 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
  • COMMISSION REGULATION (EC) No 1055/2008 of 27 October 2008 implementing Regulation (EC) No 184/2005 of the European Parliament and of the Council, as regards quality criteria and quality reporting for balance of payments statistics
  • COMMISSION REGULATION (EU) No 1227/2010 of 20 December 2010 amending Regulation (EC) No 1055/2008 implementing Regulation (EC) No 184/2005 of the European Parliament and of the Council, as regards quality criteria and quality reporting for balance of payments statistics
  • COMMISSION REGULATION (EU) No 555/2012 of 22 June 2012 amending Regulation (EC) No 184/2005 of the European Parliament and of the Council on Community statistics concerning balance of payments, international trade in services and foreign direct investment, as regards the update of data requirements and definitions
  • REGULATION (EC) No 716/2007 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 June 2007 on Community statistics on the structure and activity of foreign affiliates

Production

Population

The scope of the Balance of Payments and International investment position is defined in international guidelines in the Balance of Payments and International Investment Position Manual (BPM6), System of National Accounts (2008 SNA, published by the UN, OECD, IMF, World Bank and the European Commission) and the European System of National and Regional Accounts (ESA 2010).

Like the National Accounts, the IIP and BOP accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe transactions between statistical units in which economic values are provided or received in exchange for other economic values. The Balance of Payments shall in principle include all transactions between unit’s resident of the Norwegian economic territory and non-resident units. See below for more about the sample that’s behind the BoP statistics. 

The delineation of the economy towards the rest of the world is based on the concept of resident units. A unit is a resident unit when it has a centre of economic interest in the economic territory in question, i.e. when it is engaged in economic activity in a territory for a long period of time (at least one year).

The Norwegian economic territory includes mainland Norway together with the Norwegian part of the Continental Shelf, Svalbard and Jan Mayen with Bjørnøya.

Data sources and sampling

The BOP and IIP statistics are based on data collected by other divisions in Statistics Norway.

The main sources for the current- and capital account;

  • External trade in goods   
  • Petroleum Statistics
  • Sample survey, non-financial enterprises,non-financial corporations and financial institutions not under supervision
  • Structural Business Statistics, Ocean Transport
  • Annual accounting statistics for the general government.
  • Quarterly accounting statistics for financial corporations under supervision
  • Travel survey

The main sources for the financial account;

  • Quarterly accounting statistics for financial corporations under supervision. Positions are reported and some transactions (equity, other debt securities and loans) and some revaluations (exchange rate changes and other price changes) quarterly and annually.
  • Quarterly accounting statistics for non-financial corporations and financial institutions not under supervision. Positions and revaluations are reported quarterly and annually. 
  • Annual accounting statistics for the general government. Positions and revaluations (exchange rate changes and other price changes) are reported.
  • Quarterly data from the Norwegian Central Securities Depository (VPS) and data from a separate survey on mutual funds. Positions and transactions are reported.

Data collected for non-financial corporations and mutual funds are based on sample surveys. See each survey for more information on sampling, for example sample survey and how to choose the sample. For areas with incomplete statistical coverage, it is necessary to do estimations or use supplementary sources such as tax returns.

All major Norwegian financial and non-financial enterprises are covered in the BOP and IIP-statistics.

Collection of data, editing and estimations

For most of the BOP and IIP items the figures used are as shown in the primary sources, as mentioned in the “Data source and sampling” section. Others are derived through estimations of which the most important are:

Current account

Services and income flows are estimated on quarterly basis by using the change as observed in the sampling survey data combined with last known annual totals. This estimation procedure is the same used in Quarterly National Accounts.

Reinvestment of earnings

Reinvestment of earnings is included in both the current and financial account. Reinvestment of earnings arising from a direct investor’s equity in its direct investment enterprise is calculated based on accounting variables profit and dividends.

Financial account

Financial transactions are to a large extent estimated starting with observed investment positions. The definitional identity employed is: opening position + transactions + revaluations = closing position.

Most of the revaluations due to exchange rate movements are estimated combining exchange rates and information on foreign currencies in use for different variables.

The household’s holiday houses abroad are estimated based on tax information. Price changes and exchange rates are estimated from information from various countries.

The non-financial enterprises and financial institutions not under supervision are based on a quarterly sample survey. This covers the major enterprises in the population and has a sample size of 500-600 enterprises. Quarterly numbers are then grossed up with figures from the annual BoP and IIP reporting that has a sample size of 3,000 enterprises. This is done by adding the enterprises only included in yearly survey to the fourth quarter and are then copied the following three quarters. These enterprises represent approximately ten percent of non-financial enterprises' total assets and liabilities.

Seasonal adjustment

Not relevant

Confidentiality

§ 2-6 of the Statistics Act states that data under no circumstances shall be published in such a way that they may be traced back to the supplier.

§2-4 of the Statistics Act contains provisions regarding professional secrecy for the staff as well as other provisions regarding confidentiality and integrity.

Comparability over time and space

 

Statistics Norway has adapted the international recommendations for compiling BOP and IIP statistics and is therefore comparable with other countries' BOP and IIP statistics. Annual and quarterly current account data on a consistent form are available back to 1981 in the Statbank. Correspondingly for the financial account back to 2005. Quarterly IIP data on a consistent form are available back to 2012 in the Statbank. The data has had several changes due to the new manuals BPM6 and ESA2010 and which has led to minor breaks in the time series.  Longer times series for annual IIP data are available back to 1998 based on BPM5 guidelines. Longer times series for annual and quarterly current account data are available back to 1970. Correspondingly for the financial account back to 1981. For the period 1994 - 2004 monthly data for both current and financial account are available. An historic table for Balance of Payments is available back to 1949, see 22.8 and 22.9.

 

Accuracy and reliability

Sources of error and uncertainty

The Norwegian BOP and IIP Statistics makes use of information from a great variety of statistical sources and will reflect uncertainty and errors which might appear in these sources. However, the fact that IIP is a logical system within an even larger logical system of the National Accounts, it is possible to carry out a range of consistency checks to counterbalance the initial collection and then processing errors of the primary sources.

Revision

Preliminary quarterly and annual figures are revised until final annual figures are published (in August/September year t+2). See Administrative information, Frequency and timeliness.

In addition, periodical main revisions give revised figures. A main revision of the BoP time series were conducted in December 2014 with the implementation of the new manuals Balance of Payments and International Investment Position (BPM6) and European system of national Accounts (ESA2010). The BoP financial account has revised its time series back to 2005.