388871
/en/utenriksokonomi/statistikker/ur/kvartal
388871
statistikk
2020-12-02T08:00:00.000Z
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

Updated

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Key figures

9 906

current account balance (NOK million)

Balance of payments. NOK million
3rd quarter 20194th quarter 20191st quarter 20202nd quarter 20203rd quarter 2020
Current account:
Current account balance8 81911 92251 3982 8839 906
Balance of goods and services-13 22624 67020 447-20 408-22 036
Balance of income and current transfers22 045-12 74830 95123 29131 942
Capital transfers, patents, licenses etc, net4522428975810
Net lending (+)/ Net borrowing (-), current account transactions8 77411 69851 1092 1259 896
 
Financial account:
Opening balance7 942 6638 533 8678 718 7238 763 9809 237 764
Net lending (+)/ Net borrowing (-), financial account transactions39 914-140 73571 88916 45648 851
Other changes551 290325 591-26 632457 328266 975
Closing balance8 533 8678 718 7238 763 9809 237 7649 553 590
 
Net errors and omissions31 140-152 43320 78014 33138 955

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
3rd quarter 20194th quarter 20191st quarter 20202nd quarter 20203rd 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/units22 21116 4859 791-2 39015 756
Debt instruments-68128 784-21 750-26 275-6 351
 
Portofolio investment
Equity and Investment Fund shares65 88235 180-10 96489 80124 107
Equity securities58 98332 541-3 64778 946-706
Investment Fund shares6 8992 639-7 31710 85524 813
Debt securities13 834107 866115 821-111 207-49 668
 
Other investments
Other equity--18600
Currency and deposits-95 279-67 11858 513-56 28366 667
Loans11 32954 650-82 66060 623-71 980
Trade credits and advances-2 6075 876-17 289-7 8786 370
Other accounts recievable/payable-30 344-44 381117 495-64 38834 248
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)1 371-179-482-255
Reserve position in the IMF-2 8051 363-13 6839 424474
Other reserve assets-2 656-27 37767 6748 858-22 111
 
Liabilities
Direct investment
Equity and Investment Fund shares/units7 01575 049-10 294-22 115-741
Reinvestment of earnings2 6932 6936 6806 6806 680
Debt instruments40 98529 314-12 037-8 3408 379
 
Portofolio investment
Equity and Investment Fund shares89726 5075 252-7 3625 008
Equity securities-1 83923 8426 341-15 0124 138
Investment Fund shares2 7362 665-1 0897 650870
Debt securities34 83117 989-8 39318 431120 050
 
Other investments
Other equity-----
Currency and deposits-58 162-25 99476 006-7 912-124 739
Loans-66 498164 080-27 354-25 068-69 347
Trade credits and advances-4196 213-9 9392422 873
Other accounts recievable/payable-16 659-48 198141 649-64 3828 960
Liabilities - Special Drawing Rights (SDRs)-----
 
NET LENDING, FINANCIAL ACCOUNT39 914-140 73571 88916 45648 851

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

International Investment Position. By functional category and financial instrument. NOK million
3rd quarter 20194th quarter 20191st quarter 20202nd quarter 20203rd quarter 2020
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 528 1391 526 2181 562 6311 540 4801 533 415
Debt instruments671 596679 824715 715672 642666 474
 
Portofolio investment
Equity and Investment Fund shares7 758 9138 207 5077 535 5758 301 5468 676 095
Equity securities7 448 7527 885 1807 236 1527 972 6638 309 976
Investment Fund shares310 161322 327299 423328 883366 119
Debt securities3 837 0143 851 7564 489 8744 229 7884 164 022
 
Other investments
Other equity2 1362 1362 3222 3222 322
Currency and deposits843 589770 172948 434844 198918 406
Loans633 748685 903669 761695 031618 608
Trade credits and advances81 67484 06775 47264 37470 190
Other accounts recievable/payable321 898256 115558 725414 966428 130
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)20 79420 28323 35321 59121 461
Reserve position in the IMF8 9088 87510 39912 54112 368
Other reserve assets591 658558 761713 047684 969661 960
 
Liabilities
Direct investment
Equity and Investment Fund shares/units1 079 3581 122 6861 075 1831 066 9611 072 024
Debt instruments689 874691 512726 605699 308705 219
 
Portofolio investment
Equity and Investment Fund shares957 7941 008 599804 976877 019927 883
Equity securities824 963869 431678 951731 777771 635
Investment Fund shares132 831139 168126 025145 242156 248
Debt securities2 554 9952 549 9982 862 4982 756 8862 882 971
 
Other investments
Other equity-----
Currency and deposits1 547 7821 506 9701 734 3151 667 6101 533 299
Loans579 449736 468757 612706 081631 249
Trade credits and advances44 26447 68641 80840 69644 028
Other accounts recievable/payable279 317229 008499 093394 261387 267
Liabilities - Special Drawing Rights (SDRs)19 38119 06322 45720 77120 620
 
NET ASSETS8 533 8678 718 7238 763 9809 237 7649 553 590

Table 3 
Current and capital account. NOK million

Current and capital account. NOK million
Current and capital account
3rd quarter 20194th quarter 20191st quarter 20202nd quarter 20203rd quarter 2020
Exports, total303 366344 054313 402238 869254 639
¬ Goods (FOB)197 148246 493219 878158 908174 184
¬¬ Crude oil and natural gas91 291131 239108 03561 29876 283
¬¬ Ships2 5451 9573 6461 7641 713
¬¬ Petroleum activities, various goods9399667287
¬¬ Other goods103 219113 198108 13195 77496 101
¬ Services106 21897 56193 52479 96180 455
¬¬ Gross receipts, shipping28 03327 53025 99223 98623 972
¬¬ Petroleum activities, various services4 7955 6075 3285 5745 319
¬¬ Pipeline transport3 1283 2213 3433 2493 282
¬¬ Travel21 6397 5137 6341 2283 854
¬¬ Transport and communication10 87111 05110 4537 9267 692
¬¬¬ Land transport, export1 1351 3261 3181 2691 277
¬¬¬ Supply, export3 6123 6122 8602 5772 447
¬¬¬ Air transport, export3 5103 5783 5041 6501 620
¬¬¬ Services related to transport, export2 0521 9432 2021 8761 791
¬¬¬ Postal and courier services, export562592569554557
¬¬ Financial and business services23 67725 61425 98423 83022 802
¬¬¬ Financial and insurance services, export10 00410 14512 15611 10010 287
¬¬¬ Audit services, juridical- and technical services, export6 1356 6195 9465 8095 016
¬¬¬ Research and development, export8781 1421 2058321 033
¬¬¬ Other business services, export6 6607 7086 6776 0896 466
¬¬ Other services14 07517 02614 79014 16813 533
¬¬¬ Construction, repairs and installation, export3 6214 5693 8373 7922 899
¬¬¬ Recycle and trash handling, export1 3601 5671 6471 3901 596
¬¬¬ Retail trade, hotel and restaurant , export8651 691722907831
¬¬¬ Publishing, film, music and broadcasting services, export601599509506452
¬¬¬ Telecommunication services, export1 8182 0722 0712 0302 430
¬¬¬ Information services, export4 6775 4434 9514 5324 299
¬¬¬ Other personal and government services, export1 1331 0851 0531 0111 026
MEMO: Services export when import of goods FOB105 09396 29592 23578 82579 141
Imports, total316 592319 385292 955259 277276 674
¬ Goods (CIF)197 845202 821196 267189 270200 107
¬¬ Ships4 0634 0635 4703 7822 922
¬¬ Petroleum activities, various goods2 9322 4612 9753 0913 521
¬¬ Other goods190 850196 297187 822182 397193 664
MEMO: Import of goods FOB191 546196 374189 278182 041193 249
¬ Services118 747116 56496 68870 00776 567
¬¬ Operating costs shipping, excl. bunkers13 50514 58911 35712 35713 576
¬¬ Petroleum activities, various services7 5798 2506 6557 2917 267
¬¬ Travel45 14533 03324 7829746 025
¬¬ Transport and communication7 2226 9946 4564 0413 436
¬¬¬ Land transport, import1918191919
¬¬¬ Ocean transport, import287287200286286
¬¬¬ Air transport, import2 8732 5472 057151402
¬¬¬ Services related to transport, import3 8883 9634 0043 4402 568
¬¬¬ Postal and courier services, import155179176145161
¬¬ Financial and business services21 95525 99923 65522 66821 199
¬¬¬ Financial and insurance services, import4 4244 6785 4694 9744 604
¬¬¬ Audit services, juridical- and technical services, import3 7234 9884 3554 1143 615
¬¬¬ Research and development, import8411 089787930836
¬¬¬ Other business services, import12 96715 24413 04412 65012 144
¬¬ Other services23 34127 69923 78222 67625 064
¬¬¬ Construction, repairs and installation, import4 5825 0893 9344 1854 713
¬¬¬ Recycle and trash handling, import9551 0371 1321 0611 115
¬¬¬ Retail trade, hotel and restaurant, import543649508461510
¬¬¬ Publishing, film, music and broadcasting services, import3 1274 1283 4563 5703 844
¬¬¬ Telecommunication services, import1 3311 4431 6211 3471 373
¬¬¬ Information services, import8 99611 2989 3699 71110 352
¬¬¬ Other personal and government services, import3 8074 0553 7622 3413 157
MEMO: Service import when import of goods FOB123 921121 745102 38876 10082 111
Balance of goods and services-13 22624 67020 447-20 408-22 036
¬ Balance of goods-69743 67223 611-30 362-25 923
¬ Balance of services-12 529-19 002-3 1649 9543 887
From abroad96 68194 577118 411104 79093 441
¬ Compensation of employees1 3651 3631 4091 3441 377
¬ Interest received38 25937 32644 27833 75930 785
¬¬Direct investment, interst receivable3 9304 3284 0973 3333 104
¬¬Other investment, interest receivable34 32932 99840 18130 42627 681
¬ Dividends etc.51 07249 23256 36757 91250 879
¬¬Direct investment, dividends etc receivable5 62915 7968 0778 6107 285
¬¬Portfolio ivestment, dividends etc. receivable45 44333 43648 29049 30243 594
¬ Reinvested earnings-3 973-3 973-77-77-77
¬ Current transfers9 95810 62916 43411 85210 477
To abroad74 636107 32587 46081 49961 499
¬ Compensation of employees11 00410 8328 9338 8178 985
¬ Interest paid29 35922 68529 10524 14816 016
¬¬Direct investment, interest payable4 1416 0484 8003 2053 532
¬¬Other investment, interest payable25 21816 63724 30520 94312 484
¬ Dividends etc.8 20735 85617 72112 8224 206
¬¬Direct investment, dividends etc. payable6 09630 83313 9827 8683 217
¬¬Portfolio investment, dividends etc. payable2 1115 0233 7394 954989
¬ Reinvested earnings3 3543 4297 3677 6397 206
¬ Current transfers from general government7 86317 8617 87311 7558 354
¬ Other current transfers14 84916 66216 46116 31816 732
Balance of income and current transfers22 045-12 74830 95123 29131 942
¬ Compensation of employees and investment income (Primary income), net34 79911 14638 85139 51246 551
¬ Current transfers (Secondary income), net-12 754-23 894-7 900-16 221-14 609
Current account balance8 81911 92251 3982 8839 906
Capital transfers to abroad, net1610529875810
Acquisitions of patents, licenses etc. net29119-900
Net lending8 77411 69851 1092 1259 896

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
Updated 2 December 2020 at 09.05 a.m.
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
2nd quarter 20203rd quarter 20202nd quarter 20203rd quarter 20202nd quarter 20203rd quarter 20202nd quarter 20203rd quarter 20202nd quarter 20203rd quarter 2020
Foreign assets
All countries17 502 79017 792 9042 213 1222 199 88912 531 33412 840 1172 039 2332 057 109719 101695 789
United States5 305 8325 427 896346 701332 0844 494 3444 602 378145 750171 591319 037321 843
United Kingdom1 414 0741 375 796164 028155 976754 711751 363438 099413 77557 23654 682
Japan998 347970 81612 35812 418917 212897 0158 7796 65359 99854 730
Germany1 064 0851 196 26654 19453 001692 498761 174251 533312 88465 86069 207
Sweden929 1031 011 532184 208180 357466 865518 142276 707311 6411 3231 392
Switzerland455 278466 0269 98410 917416 829420 57123 51629 3314 9495 207
China156 923160 1559 2569 026142 175145 6905 3645 34712892
Liabilities
All countries8 265 0268 239 3141 766 2691 777 2433 633 9053 810 8542 864 8522 651 217..
Luxembourg1 005 9981 015 79531 48730 716940 835954 09533 67630 984..
United Kingdom891 747846 59656 81453 563479 387480 353355 546312 680..
United States1 001 767998 60894 598102 841452 738549 707454 431346 060..
Sweden690 915716 44785 14886 289127 505130 784478 262499 374..
China18 89716 87911 66310 46976937 1586 317..

Table 6 
External debt. NOK million

External debt. NOK million1
4th quarter 20191st quarter 20202nd quarter 20203rd 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 government747 394872 263760 392749 369
Short-term
Currency and deposits----
Debt securities23 87618 25715 05714 345
Loans226 272161 04188 92985 052
Trade credits and advances1200
Other accounts recievable/payable18 004116 68673 83283 524
Long-term
Currency and deposits----
Debt securities338 008375 143384 419381 596
Loans141 233201 134198 155184 852
Trade credits and advances----
Other accounts recievable/payable----
 
Central bank32 05070 643136 33144 563
Short-term
Currency and deposits1311 57444 38724
Debt securities----
Loans----
Trade credits and advances----
Other accounts recievable/payable12 87325 23634 16123 873
Long-term
Liabilities - Special Drawing Rights (SDRs)19 06322 45720 77120 620
Currency and deposits----
Debt securities----
Loans10111 37637 01246
Trade credits and advances----
Other accounts recievable/payable----
 
Deposit-taking corporations except the central bank3 345 2763 880 5563 579 7713 609 953
Short-term
Currency and deposits1 392 4351 556 8671 486 7131 385 959
Debt securities96 07991 55768 113158 810
Loans----
Trade credits and advances----
Other accounts recievable/payable161 290287 170248 954237 098
Long-term
Currency and deposits114 522165 874136 510147 316
Debt securities1 580 9501 779 0881 639 4811 680 770
Loans----
Trade credits and advances----
Other accounts recievable/payable----
 
Other sectors1 002 7751 130 7231 145 2441 130 303
Short-term
Currency and deposits0000
Debt securities12 4563 9804 8448 370
Loans30 97120 65125 29724 529
Trade credits and advances47 68541 80640 69644 028
Other accounts recievable/payable74 845105 39572 25377 108
Long-term
Currency and deposits0000
Debt securities498 629594 473644 972639 080
Loans337 891363 410356 688336 770
Trade credits and advances0000
Other accounts recievable/payable2981 008494418
 
Direct investment691 512726 605699 308705 219
 
SUM TOTAL5 819 0076 680 7906 321 0466 239 407

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.