High balance of income and current transfers
The balance of income and current transfers was historically high in the preliminary calculations for the 2nd quarter of 2018, with almost NOK 47 billion.
After a long period of decline in the current account balance between 2013 and 2016, there has now been an upward swing, with increases in the first two quarters of 2018. The balance of goods and services has had a continuous decline through this period, while the opposite has been the case for the balance of income and current transfers, according to updated figures from balance of payments.
Exports and imports
The export value of goods and services in the 2nd quarter of 2018 is preliminarily calculated at NOK 332 billion. This is higher than the previous quarter, and also compared to the same period in 2017. The calculated import value of goods and services in the same period ended at NOK 298 billion, representing an increase both compared to the last quarter and the same quarter last year. The preliminary export and import figures in the 2nd quarter are more reliable for goods than for services. For more information about exports and imports, including price and volume considerations and seasonal adjustments, please see the quarterly national accounts .
Income and current transfers
Both income and current transfers to abroad and from abroad were high in the 2nd quarter of 2018 compared to the quarters of recent years. However, income from abroad was higher and generated a surplus of almost NOK 47 billion. This makes the balance of income and current transfers historically high. Unlike the balance of goods and services, which has gradually weakened, the balance of income and current transfers has experienced a persistent growth over recent years. Despite this, the current account is impacted by the low balance of goods and services. The balance of current account is not historically high, but still the highest since 2014. The preliminary estimates give a current account balance in the 2nd quarter of 2018 of NOK 81 billion.