388873
/en/utenriksokonomi/statistikker/ur/kvartal
388873
statistikk
2021-03-03T08:00:00.000Z
External economy;National accounts and business cycles;External economy
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 , Foreign assets and liabilities , National accounts and business cycles, External economy
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International accounts

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Key figures

9 277

current account balance (NOK million)

Balance of payments. NOK million
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
Current account:
Current account balance14 66744 793-2 69514 1769 277
Balance of goods and services24 67013 965-23 253-18 3487 548
Balance of income and current transfers-10 00330 82820 55832 5241 729
Capital transfers, patents, licenses etc, net224288758102
Net lending (+)/ Net borrowing (-), current account transactions14 44344 505-3 45314 1669 275
 
Financial account:
Opening balance8 614 7168 746 8718 757 2909 239 0419 547 615
Net lending (+)/ Net borrowing (-), financial account transactions-162 21559 64117 86241 413-70 606
Other changes294 370-49 222463 889267 161285 450
Closing balance8 746 8718 757 2909 239 0419 547 6159 762 459
 
Net errors and omissions-176 65815 13621 31527 247-79 881

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 million1
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
1Transactions in financial derivatives are included in other accounts receivable/payable under other investments in the balance of payments’ financial account. There is considerable uncertainty in the method used to calculate the transaction figures in derivatives, the figures under this item must therefore be used with some caution.
Foreign assets
Direct investment
Equity and Investment Fund shares/units34 702-26322516 703-13 350
Debt instruments22 703-17 377-25 125-4 829-18 438
 
Portofolio investment
Equity and Investment Fund shares37 336-14 36792 96927 10536 351
Equity securities32 648-4 24479 4493 02810 875
Investment Fund shares4 688-10 12313 52024 07725 476
Debt securities108 410112 592-123 498-49 30299 982
 
Other investments
Other equity0186000
Currency and deposits-67 32858 417-56 45266 627-28 724
Loans52 760-82 70060 668-72 00754 928
Trade credits and advances5 938-17 857-8 0026 18816 090
Other accounts recievable/payable-43 199119 498-58 69024 122-68 384
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)-179-482-255-1 303
Reserve position in the IMF1 363-13 6839 4244745 967
Other reserve assets-27 37767 6748 858-22 111-17 918
 
Liabilities
Direct investment
Equity and Investment Fund shares/units94 248-4 815-22 030566-7 312
Reinvestment of earnings1 9407 4707 4707 4707 470
Debt instruments44 897-16 493-7 3809 671-16 705
 
Portofolio investment
Equity and Investment Fund shares27 012225-7 3434 20517 026
Equity securities24 3471 314-14 9943 3205 226
Investment Fund shares2 665-1 0897 65188511 800
Debt securities18 301-8 08718 055120 059-9 662
 
Other investments
Other equity00000
Currency and deposits-25 97976 025-6 264-123 13438 804
Loans163 748-21 917-28 362-70 167171 038
Trade credits and advances5 722-10 0822893 3365 426
Other accounts recievable/payable-48 051141 792-64 7828 822-61 537
Liabilities - Special Drawing Rights (SDRs)00000
 
NET LENDING, FINANCIAL ACCOUNT-162 21559 64117 86241 413-70 606

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 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 556 8571 587 1681 564 6101 557 1641 524 382
Debt instruments692 870735 920692 987686 959648 773
 
Portofolio investment
Equity and Investment Fund shares8 300 6577 601 6528 377 9568 760 3059 308 998
Equity securities7 930 6217 261 0858 001 9318 345 8388 852 936
Investment Fund shares370 036340 567376 025414 467456 062
Debt securities3 857 5364 495 3764 235 6394 169 7484 081 366
 
Other investments
Other equity2 1362 3222 3222 3222 322
Currency and deposits768 641947 069842 635916 846834 370
Loans685 684669 345694 615618 192643 222
Trade credits and advances86 63677 82866 66372 50183 873
Other accounts recievable/payable256 827559 423415 664428 816324 424
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)20 28323 35321 59121 46118 858
Reserve position in the IMF8 87510 39912 54112 36812 920
Other reserve assets558 761713 047684 969661 960610 406
 
Liabilities
Direct investment
Equity and Investment Fund shares/units1 188 2091 144 3671 136 1601 142 3441 155 000
Debt instruments719 273753 550725 997732 994691 027
 
Portofolio investment
Equity and Investment Fund shares1 012 881814 311886 267947 3001 041 664
Equity securities873 713688 286741 025791 052888 777
Investment Fund shares139 168126 025145 242156 248152 887
Debt securities2 550 5402 863 0402 757 4282 883 5132 714 453
 
Other investments
Other equity00000
Currency and deposits1 511 3381 739 4431 675 2531 542 7741 519 000
Loans748 683769 659718 128643 799787 248
Trade credits and advances48 30242 61741 49744 82348 352
Other accounts recievable/payable229 175499 383394 564387 574341 351
Liabilities - Special Drawing Rights (SDRs)19 06322 45720 77120 62019 341
 
NET ASSETS8 746 8718 757 2909 239 0419 547 6159 762 459

Table 3 
Current and capital account. NOK million

Current and capital account. NOK million
Current and capital account
4th quarter 20191st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
Exports, total344 054308 681236 066257 294300 834
¬ Goods (FOB)246 493215 597156 274177 819216 018
¬¬ Crude oil and natural gas131 239103 70458 44079 986107 359
¬¬ Ships1 9573 6461 7641 723713
¬¬ Petroleum activities, various goods99667277101
¬¬ Other goods113 198108 18195 99896 033107 845
¬ Services97 56193 08479 79279 47584 816
¬¬ Gross receipts, shipping27 53026 21824 27723 38623 245
¬¬ Petroleum activities, various services5 6075 2585 6035 3055 086
¬¬ Pipeline transport3 2213 3433 2493 2823 282
¬¬ Travel7 5137 6311 2283 8531 848
¬¬ Transport and communication11 05110 4667 6367 9938 878
¬¬¬ Land transport, export1 3261 3381 2761 2951 396
¬¬¬ Supply, export3 6122 8602 5762 6713 398
¬¬¬ Air transport, export3 5783 5041 3571 6211 544
¬¬¬ Services related to transport, export1 9432 1951 8731 8491 893
¬¬¬ Postal and courier services, export592569554557647
¬¬ Financial and business services25 61426 07723 47122 54426 390
¬¬¬ Financial and insurance services, export10 14512 20011 09710 24410 547
¬¬¬ Audit services, juridical- and technical services, export6 6195 9195 4924 9596 661
¬¬¬ Research and development, export1 1421 1877978781 155
¬¬¬ Other business services, export7 7086 7716 0856 4638 027
¬¬ Other services17 02614 09114 32913 11216 087
¬¬¬ Construction, repairs and installation, export4 5693 1793 5122 9143 341
¬¬¬ Recycle and trash handling, export1 5671 6431 3881 6031 762
¬¬¬ Retail trade, hotel and restaurant , export1 6917229078441 674
¬¬¬ Publishing, film, music and broadcasting services, export599509560506594
¬¬¬ Telecommunication services, export2 0722 0812 0392 2422 019
¬¬¬ Information services, export5 4434 9144 1173 9875 597
¬¬¬ Other personal and government services, export1 0851 0431 8061 0161 100
MEMO: Services export when import of goods FOB96 29591 79678 65678 16983 406
Imports, total319 385294 716259 320275 643293 286
¬ Goods (CIF)202 821196 640189 451201 216214 982
¬¬ Ships4 0635 4763 7823 9133 910
¬¬ Petroleum activities, various goods2 4612 9753 0913 5504 851
¬¬ Other goods196 297188 189182 578193 753206 221
MEMO: Import of goods FOB196 374189 853182 391194 560207 938
¬ Services116 56498 07669 86974 42778 304
¬¬ Operating costs shipping, excl. bunkers14 58911 36111 09111 92912 742
¬¬ Petroleum activities, various services8 2506 5597 1486 5137 283
¬¬ Travel33 03324 7829745 9672 506
¬¬ Transport and communication6 9946 5034 0853 8324 181
¬¬¬ Land transport, import1819191918
¬¬¬ Ocean transport, import287200286286286
¬¬¬ Air transport, import2 5472 056150402262
¬¬¬ Services related to transport, import3 9634 0523 4852 9603 385
¬¬¬ Postal and courier services, import179176145165230
¬¬ Financial and business services25 99924 12122 86721 05724 339
¬¬¬ Financial and insurance services, import4 6785 4734 9734 6135 007
¬¬¬ Audit services, juridical- and technical services, import4 9884 3974 2123 8094 543
¬¬¬ Research and development, import1 0897318968091 100
¬¬¬ Other business services, import15 24413 52012 78611 82613 689
¬¬ Other services27 69924 74923 70325 12927 253
¬¬¬ Construction, repairs and installation, import5 0894 3334 8885 1305 553
¬¬¬ Recycle and trash handling, import1 0371 1301 0611 1171 139
¬¬¬ Retail trade, hotel and restaurant, import649507460486536
¬¬¬ Publishing, film, music and broadcasting services, import4 1283 4753 5813 9195 020
¬¬¬ Telecommunication services, import1 4431 6241 4881 4781 261
¬¬¬ Information services, import11 2989 9189 8839 92011 322
¬¬¬ Other personal and government services, import4 0553 7622 3423 0792 422
MEMO: Service import when import of goods FOB121 745103 57575 79379 77783 938
Balance of goods and services24 67013 965-23 253-18 3487 548
¬ Balance of goods43 67218 957-33 177-23 3971 036
¬ Balance of services-19 002-4 9919 9245 0496 512
From abroad96 569119 285105 66994 80592 944
¬ Compensation of employees1 3631 4091 3441 3741 395
¬ Interest received37 32644 28033 76230 79328 266
¬¬Direct investment, interst receivable4 3284 1003 3303 1073 346
¬¬Other investment, interest receivable32 99840 18030 43227 68624 920
¬ Dividends etc.49 23256 36757 91251 37049 575
¬¬Direct investment, dividends etc receivable15 7968 0778 6107 79118 412
¬¬Portfolio ivestment, dividends etc. receivable33 43648 29049 30243 57931 163
¬ Reinvested earnings-1 981795795795795
¬ Current transfers10 62916 43411 85610 47312 913
To abroad106 57288 45785 11162 28191 215
¬ Compensation of employees10 8328 9338 8189 0079 563
¬ Interest paid22 68529 31224 48915 98015 853
¬¬Direct investment, interest payable6 0484 9803 4473 4753 670
¬¬Other investment, interest payable16 63724 33221 04212 50512 183
¬ Dividends etc.35 85617 72115 2924 20716 775
¬¬Direct investment, dividends etc. payable30 83313 98210 2833 25013 100
¬¬Portfolio investment, dividends etc. payable5 0233 7395 0099573 675
¬ Reinvested earnings2 6768 1578 4298 0118 087
¬ Current transfers from general government17 8617 87311 7558 35422 541
¬ Other current transfers16 66216 46116 32816 72218 396
Balance of income and current transfers-10 00330 82820 55832 5241 729
¬ Compensation of employees and investment income (Primary income), net13 89138 72836 78547 12729 753
¬ Current transfers (Secondary income), net-23 894-7 900-16 227-14 603-28 024
Current account balance14 66744 793-2 69514 1769 277
Capital transfers to abroad, net105298758101
Acquisitions of patents, licenses etc. net119-10001
Net lending14 44344 505-3 45314 1669 275

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
201820192018201920182019
The world275 167137 714-71 392-80 327282 64290 629
EU396 317273 896-31 512-33 171260 841131 837
Other European countries-15 031-15 269-3 329-3 481-22 385-18 491
Africa11 0532 631-580-55735 96914 006
North-America-18 945-29 93514 05814 416-9 083-48 882
Central- and South America-9 262-11 816244-119-4 088-25 446
Asia, Oceania & Polar regions-67 075-52 4232 3781 700-61 500-42 968

Table 5 
International Investment Position. By functional category and selected countires. NOK million

International Investment Position. By functional category and selected countires. NOK million
TotalDirect investmentPortofolio investmentOther investmentsReserve assets
3rd quarter 20204th quarter 20203rd quarter 20204th quarter 20203rd quarter 20204th quarter 20203rd quarter 20204th quarter 20203rd quarter 20204th quarter 2020
Foreign assets
All countries17 928 11118 110 6352 244 1232 173 15512 930 05313 390 3642 058 1461 904 932695 789642 184
United States5 431 3595 543 961334 323322 0794 603 3194 798 366171 874106 245321 843317 271
United Kingdom1 381 3071 353 280159 666167 417753 820811 127413 139327 91454 68246 822
Japan970 7481 089 84712 39312 936897 0201 024 3936 6056 14654 73046 372
Germany1 197 6311 152 37053 65259 560761 580736 076313 192281 59069 20775 144
Sweden1 049 8741 096 995205 485232 846529 839558 172313 158304 6581 3921 319
Switzerland466 937460 33312 04012 217420 609416 83929 08127 2525 2074 025
China160 551180 3509 1279 300145 684159 2845 6489 473922 293
Liabilities
All countries8 380 4968 348 1761 875 3381 846 0273 830 8133 756 1172 674 3452 746 03200
Luxembourg1 031 9061 049 13145 62545 721953 407965 11932 87438 29100
United Kingdom850 860914 23356 01773 890483 555525 422311 288314 92100
United States999 232873 433102 110104 689550 120550 738347 002218 00600
Sweden727 465869 28194 839105 881132 271184 471500 355578 92900
China17 08321 59710 64810 310932 4546 3428 83300

Table 6 
External debt. NOK million

External debt. NOK million1
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 2020
1The external debt position shows the gross debt for the main institutional sectors. Shares and other equity are not included in the statistics.
 
General government872 240760 369749 347836 979
Short-term
Currency and deposits0000
Debt securities18 25715 05714 34511 268
Loans161 04188 92985 052231 279
Trade credits and advances2001
Other accounts recievable/payable116 68673 83283 52430 913
Long-term
Currency and deposits0000
Debt securities375 143384 419381 596376 924
Loans201 111198 132184 829186 594
Trade credits and advances0000
Other accounts recievable/payable0000
 
Central bank70 643136 33144 56335 951
Short-term
Currency and deposits11 57444 3872424
Debt securities0000
Loans0000
Trade credits and advances0000
Other accounts recievable/payable25 23634 16123 87316 563
Long-term
Liabilities - Special Drawing Rights (SDRs)22 45720 77120 62019 341
Currency and deposits0000
Debt securities0000
Loans11 37637 0124623
Trade credits and advances0000
Other accounts recievable/payable0000
 
Deposit-taking corporations except the central bank3 885 6843 587 4143 619 4283 486 636
Short-term
Currency and deposits1 554 8971 487 2471 388 3331 370 999
Debt securities91 55768 113158 810139 618
Loans0000
Trade credits and advances0000
Other accounts recievable/payable287 170248 954237 098252 994
Long-term
Currency and deposits172 972143 619154 417147 977
Debt securities1 779 0881 639 4811 680 7701 575 048
Loans0000
Trade credits and advances0000
Other accounts recievable/payable0000
 
Other sectors1 144 4381 158 9571 144 5211 100 919
Short-term
Currency and deposits0000
Debt securities3 9804 8448 3708 792
Loans21 25725 90325 13527 084
Trade credits and advances42 61541 49744 82348 351
Other accounts recievable/payable105 70172 56577 42871 330
Long-term
Currency and deposits0000
Debt securities595 015645 514639 622602 803
Loans374 874368 152348 737342 268
Trade credits and advances0000
Other accounts recievable/payable996482406291
 
Direct investment753 550725 997732 994691 027
 
SUM TOTAL6 726 5556 369 0686 290 8536 151 512

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.