Increased current account surplus
A surplus in both the balance of goods and services and income and current transfers contributed to a strong current account balance for Norway in the 1st quarter of 2018, ending at NOK 61 billion.
There was growth in the current account balance in Norway, both measured against the previous quarter and the corresponding quarter in 2017. This is largely due to persistent high prices of oil and natural gas and stable net investment income from abroad, according to updated figures from balance of payments.
Exports and imports
Compared to the 4th quarter, the value of both exports and imports declined. This was the case both for goods and services. The opposite was the case compared to the 1st quarter of 2017. Net change in balance of goods and services was up NOK 7 billon compared to the previous quarter and up NOK 3 billion compared to the corresponding quarter in 2017. For the preliminary calculations of exports and imports in the 1st quarter of 2018, the figures for goods are more reliable than those for services.
For more information about export and import, including price and volume considerations and seasonal adjustments, please see the quarterly national accounts .
Income and current transfers
When it comes to primary income and secondary income to and from abroad in the 1st quarter of 2018 there was a modest growth in both compared to the 1st quarter in 2017. Preliminary calculations show that the income to Norway was slightly higher than the income to abroad, leaving the balance of income and current transfer NOK 1 billion higher than the same period in 2017.
Due to new information for 2017, all quarters have been revised since these statistics were last published in March 2018. In total, the balance of income and current transfers was revised upwards to NOK 14 billion. The revision is particularly due to new price information on oil and gas exports. See separate information about revisions.