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This is an archived release.
The tables have turned
In the fourth quarter of 2008, the outgoing settlements from Norwegian banks were larger than the incoming for the first time in 2008. The total value of outgoing settlements has increased by 37 per cent compared to the third quarter, at the same time the incoming settlement has decreased by 3 per cent.
Incoming settlements | Outgoing settlements | ||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Number of settlements | Percent | NOK million | Per cent | Number of settlements | Percent | NOK million | Per cent | ||||||||||||||||||||||||||||||||
Total | 583 551 | 100.0 | 412 031 | 100.0 | 1 283 069 | 100.0 | 453 460 | 100.0 | |||||||||||||||||||||||||||||||
The Nordic countries | 332 228 | 56.9 | 130 627 | 31.7 | 545 227 | 42.5 | 137 740 | 30.4 | |||||||||||||||||||||||||||||||
Rest of the EU | 179 625 | 30.8 | 209 116 | 50.8 | 491 501 | 38.3 | 211 728 | 46.7 | |||||||||||||||||||||||||||||||
Rest of Europe | 13 907 | 2.4 | 5 303 | 1.3 | 37 377 | 2.9 | 15 473 | 3.4 | |||||||||||||||||||||||||||||||
Africa | 1 774 | 0.3 | 1 171 | 0.3 | 13 110 | 1.0 | 12 328 | 2.7 | |||||||||||||||||||||||||||||||
Asia | 18 434 | 3.2 | 18 558 | 4.5 | 98 804 | 7.7 | 31 704 | 7.0 | |||||||||||||||||||||||||||||||
North- and Central America | 34 121 | 5.8 | 45 104 | 10.9 | 82 578 | 6.4 | 39 899 | 8.8 | |||||||||||||||||||||||||||||||
South America | 1 208 | 0.2 | 960 | 0.2 | 6 834 | 0.5 | 2 310 | 0.5 | |||||||||||||||||||||||||||||||
Oceania | 2 254 | 0.4 | 1 191 | 0.3 | 7 638 | 0.6 | 2 277 | 0.5 | |||||||||||||||||||||||||||||||
Outgoing settlements totalling NOK 453 billion were registered in the fourth quarter of 2008; a pronounced increase of more than 37 per cent compared to the third quarter. The total value of incoming settlements decreased by 3 per cent in the same period, totalling NOK 412 billion. For the first time in 2008 there was a decrease in incoming settlements.
At country category level, there are significant differences from the third to the fourth quarter. For incoming settlements, the changes in total value from the Nordic countries and Asia are particularly large, and have decreased by around NOK 20 and 22 billion respectively. This is a relative decrease of nearly 14 per cent for settlements from the Nordic countries and 55 per cent from Asia. For outgoing settlements, the largest changes in value, from the third to the fourth quarter, are observed for the EU and the Nordic countries with an increase of NOK 64 billion and 25 billion respectively. This is a relative increase of almost 44 per cent for the EU and more than 22 per cent for the Nordic countries.
Section | Incoming settlements | Outgoing settlements | |||||||||||||||||||||||||||||||||||||
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NOK million | Per cent | NOK million | Per cent | ||||||||||||||||||||||||||||||||||||
Total | 407 447 | 100.0 | 448 324 | 100.0 | |||||||||||||||||||||||||||||||||||
Agriculture, hunting and forestry | 16 | 0.0 | 142 | 0.0 | |||||||||||||||||||||||||||||||||||
Fishing | 3 890 | 1.0 | 2 629 | 0.6 | |||||||||||||||||||||||||||||||||||
Mining and quarrying | 70 412 | 17.3 | 84 645 | 18.9 | |||||||||||||||||||||||||||||||||||
Manufactoring | 175 723 | 43.1 | 160 013 | 35.7 | |||||||||||||||||||||||||||||||||||
Electricity, gas and water supply | 23 058 | 5.7 | 34 704 | 7.7 | |||||||||||||||||||||||||||||||||||
Construction | 1 729 | 0.4 | 3 104 | 0.7 | |||||||||||||||||||||||||||||||||||
Wholesale and retail trade | 40 173 | 9.9 | 76 903 | 17.2 | |||||||||||||||||||||||||||||||||||
Hotels and restaurants | 516 | 0.1 | 634 | 0.1 | |||||||||||||||||||||||||||||||||||
Transport, storage and communication | 44 459 | 10.9 | 36 993 | 8.3 | |||||||||||||||||||||||||||||||||||
Real estate, renting and buiness activities | 37 478 | 9.2 | 34 304 | 7.7 | |||||||||||||||||||||||||||||||||||
Public administration | 7 607 | 1.9 | 9 807 | 2.2 | |||||||||||||||||||||||||||||||||||
Education | 243 | 0.1 | 377 | 0.1 | |||||||||||||||||||||||||||||||||||
Health and social work | 388 | 0.1 | 1 870 | 0.4 | |||||||||||||||||||||||||||||||||||
Other community, social and personal service activities | 1 472 | 0.4 | 1 908 | 0.4 | |||||||||||||||||||||||||||||||||||
Private households with employed persons | 0 | 0.0 | 0 | 0.0 | |||||||||||||||||||||||||||||||||||
Extra-territorial organizations and bodies | 102 | 0.0 | 59 | 0.0 | |||||||||||||||||||||||||||||||||||
Missing | 182 | 0.0 | 233 | 0.1 | |||||||||||||||||||||||||||||||||||
Large changes in settlements to the mining and quarrying industry
Comparing the third and the fourth quarter, there are major differences in settlements to and from the mining and quarrying industry. There has been an enormous increase of 322 per cent in outgoing settlements for this industry, totalling almost NOK 65 billion. For the same period, there has also been a pronounced decrease of 40 per cent for incoming settlements, which is a reduction of more than NOK 47 billion.
The mining and quarrying and manufacturing industries are the largest receivers of settlements from abroad. Together they account for more than 60 per cent of the total value of incoming settlements and to almost 55 per cent of the total value of outgoing settlements.
1. quarter | 2. quarter | 3. quarter | 4. quarter | ||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total | 12.1 | 13.8 | 28.6 | -9.1 | |||||||||||||||||||||||||||||||||||
The Nordic countries | 24.1 | 36.8 | 34.1 | -5.2 | |||||||||||||||||||||||||||||||||||
Rest of the EU | 6.4 | 6.9 | 32.4 | -1.2 | |||||||||||||||||||||||||||||||||||
Rest of Europe | -61.9 | -67.2 | -55.0 | -65.7 | |||||||||||||||||||||||||||||||||||
Africa | -17.8 | -14.4 | -29.8 | -90.5 | |||||||||||||||||||||||||||||||||||
Asia | -16.6 | -11.8 | 31.5 | -41.5 | |||||||||||||||||||||||||||||||||||
North and Central America | 72.5 | 17.4 | 38.4 | 13.0 | |||||||||||||||||||||||||||||||||||
South America | -54.8 | -55.9 | -54.6 | -58.4 | |||||||||||||||||||||||||||||||||||
Oceania | -37.4 | -18.8 | 4.3 | -47.7 | |||||||||||||||||||||||||||||||||||
Higher value for outgoing than incoming settlements
For the first time in 2008, the value of outgoing settlements is higher than incoming settlements. In the fourth quarter, the incoming settlements were 9 per cent lower than the outgoing.
Only North and Central America show an opposite characteristic in the fourth quarter; incoming settlements are higher than the outgoing. The most pronounced differences between incoming and outgoing settlements are found between Norway and Africa, and Norway and the rest of Europe.
The majority of settlements in the Register of Cross Border Transactions and Currency Exchange are transferred via commercial banks. The use abroad of credit cards issued in Norway and the use in Norway of credit cards issued abroad are also registered. Unless otherwise stated, the statistics only cover payments via commercial banks. The statistics show the extent of cross border payments 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 . |
Contact
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Anne Lyslid Larsen
E-mail: anne.larsen@ssb.no
tel.: (+47) 40 90 23 31
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Jonathan Ho
E-mail: jonathan.ho@ssb.no
tel.: (+47) 40 90 25 82