10298_not-searchable
/en/utenriksokonomi/statistikker/betalstr/arkiv
10298
Large cash flows in and out of Norway
statistikk
2008-06-03T10:00:00.000Z
External economy;External economy
en
betalstr, Cash flows between Norway and abroad, register of Cross Borders and Transactions and Currency Exchange, banking transactions (for non-financial enterprises and private individuals), incoming and outgoing payments, country areas, main business sectors (for example manufacturing, electricity and water supply, fishing)Balance of payments, Foreign assets and liabilities , External economy
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Cash flows between Norway and abroad, Q1 2008

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Large cash flows in and out of Norway

Settlements to Norwegian bank accounts from foreign countries amounted to almost NOK 317 billion in the first quarter of 2008, while NOK 282 billion was paid to accounts abroad. Enterprises, particularly manufacturing companies, were behind the largest settlements.

The Register of Cross Border Transactions and Currency Exchange contains cross border settlements to and from Norway. Statistics Norway presents quarterly statistics based on information from this register. In this article, key figures from the first quarter of 2008 are presented.

Cross border settlements through Norwegian banks, Q1 2008
  Incoming settlements Outgoing settlements
  Number of settlements Percent NOK million Percent Number of settlements Percent NOK million Percent
Total  586 635  100.0  316 989  100.0 1 232 142  100.0  282 739  100.0
The North  352 311 60.1  126 841 40.0  512 993 41.6  102 239 36.2
Rest of the EU  166 244 28.3  131 868 41.6  475 628 38.6  123 945 43.8
Rest of Europe 14 037 2.4 4 701 1.5 38 213 3.1 12 333 4.4
Africa 2 103 0.4 1 300 0.4 12 030 1.0 1 581 0.6
Asia 20 146 3.4 15 647 4.9 97 261 7.9 18 770 6.6
North- and Central America 28 018 4.8 34 498 10.9 83 371 6.8 19 999 7.1
South America 1 563 0.3  757 0.2 6 253 0.5 1 673 0.6
Oceania 2 213 0.4 1 377 0.4 6 393 0.5 2 199 0.8

Incoming settlements totalling NOK 317 billion were registered in the first quarter of 2008, of which NOK 127 billion was transferred from Nordic countries and NOK 132 billion came from other EU countries. Figures for outgoing settlements show that approximately NOK 102 billion was transferred to Nordic countries while about NOK 124 billion was transferred to other EU countries.

Enterprises and private individuals, Q1 2008
  Incoming settlements Outgoing settlements Percentage share enterprises
  Total Enterprises Private individuals Total Enterprises Private individuals Incoming settlements Outgoing settlements
Number of settlements  586 635      469 322  117 313       1 232 142       884 554  347 588 80,0 71,8
NOK million  316 989  313 544 3 445  282 739  276 929 5 810 98.9 97.9

Enterprises account for majority of settlements

Enterprises accounted for 80.0 per cent of the incoming settlements and 71.8 per cent of the outgoing settlements. Such settlements represented 98.9 and 97.9 per cent of the total amounts respectively. This shows that the settlements related to enterprises were much larger than those of private individuals. The average size of incoming settlements was NOK 668 000 for enterprises and NOK 29 000 for private individuals. The corresponding figures for outgoing settlements were NOK 313 000 and NOK 17 000.

Figures for Q1 2008 by industry
Section Incoming settlements Outgoing settlements
NOK million Per cent NOK million Per cent
Total  313 544  100.0  276 929  100.0
Agriculture, hunting and forestry 55 0.0  160 0.1
Fishing 3 506 1.1 2 160 0.8
Mining and quarrying 54 691 17.4 23 767 8.6
Manufactoring  131 938 42.1 90 008 32.5
Electricity, gas and water supply 14 741 4.7 21 224 7.7
Construction  784 0.3 2 043 0.7
Wholesale and retail trade 31 575 10.1 69 197 25.0
Hotels and restaurants  353 0.1  520 0.2
Transport, storage and communication 47 229 15.1 33 443 12.1
Real estate, renting and buiness activities 25 176 8.0 26 835 9.7
Public administration 1 333 0.4 3 772 1.4
Education  178 0.1  353 0.1
Health and social work  497 0.2 1 291 0.5
Other community, social and personal service activities 1 073 0.3 1 740 0.6
Private households with employed persons : : : :
Extra-territorial organizations and bodies 63 0.0 12 0.0
Missing  355 0.1  404 0.1

Manufacturing enterprises had the largest settlements

Representing 42.1 per cent of the total incoming amount and 32.5 per cent of the total outgoing amount, the manufacturing enterprises made the largest outgoing settlements. Other central industries include mining and quarrying, wholesale and retail trade, and transport, storage and communication.

Average size of settlements, Q1 2008
  Incoming amount Outgoing amount
Total  540 351  229 469
The North  360 026  199 299
Rest of the EU  793 220  260 592
Rest of Europe  334 901  322 744
Africa  618 165  131 421
Asia  776 680  192 986
North- and Central America 1 231 280  239 880
South America  484 325  267 552
Oceania  622 232  343 970

Lower amounts from Nordic countries than other EU countries

The average size of settlements from the Nordic countries was approximately NOK 360 000, while the average size of settlements from other EU countries was NOK 793 000. Among other factors, this difference is due to the fact that private individuals and small and medium sized enterprises are more likely to have economic relations with our neighbouring countries than other countries. For large enterprises this pattern is not equally clear. There are, however, large variations behind the average amounts. As a result, these figures are likely to fluctuate from quarter to quarter.

The majority of settlements in the Register of Cross Border Transactions and Currency Exchange are transferred via commercial banks. The use of credit cards issued in Norway abroad and credit cards issued abroad in Norway is also registered. Unless otherwise stated the statistics only cover settlements via commercial banks.

The statistics show the extent of cross border settlements between individuals or enterprises in Norway and foreign individuals or enterprises. Financial enterprises are not included in the statistics. More details about delimitation and important terms are available in About the statistics .