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53046
Balanced settlement flows
statistikk
2011-05-20T10:00:00.000Z
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 2011

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Balanced settlement flows

During the first quarter of 2011, incoming settlements from abroad to Norwegian banks ended at NOK 406 billion. For the same period, NOK 403 billion was transferred out of Norway.

There was an increase of NOK 19 billion in outgoing settlements through Norwegian banks from the fourth quarter of 2010 to the first quarter of 2011. This was a 5 per cent increase from the previous quarter, ending at NOK 403 billion. Incoming settlements were steady from the previous quarter, with a total of NOK 406 billion.

Increased transfers from Nordic countries

Of the NOK 403 billion that Norway transferred abroad through Norwegian banks, NOK 20 billion to Nordic countries contributed to the largest increase, up to NOK 164 billion. Non-Nordic EU countries received NOK 168 billion, which was equivalent to that in the fourth quarter of 2010.

Transfers coming into Norway largely originated from the EU and Nordic countries, which together made up 84 per cent of the total incoming settlements. This amounted to NOK 180 billion from the EU, and NOK 160 billion from the Nordic countries.

Incoming cross border settlements through Norwegian banks Q1 2011
Incoming cross border settlements through Norwegian banks Q4 2011
Number of settlements Per cent NOK million Per cent
Total  663 410  100.0  406 402  100.0
The Nordic countries  375 730 56.6  160 726 39.5
Rest of the EU  202 828 30.6  180 259 44.4
Rest of Europe 14 239 2.1 4 671 1.1
Africa 1 691 0.3  767 0.2
Asia 18 335 2.8 15 001 3.7
North and Central America 46 595 7.0 42 388 10.4
South America 1 486 0.2 1 326 0.3
Oceania 2 506 0.4 1 264 0.3
Outgoing cross border settlements through Norwegian banks Q1 2011
Number of settlements Per cent NOK million Per cent
Total 1 488 560  100.0  402 841  100.0
The Nordic countries  613 353 41.2  164 063 40.7
Rest of the EU  584 994 39.3  168 451 41.8
Rest of Europe 43 665 2.9 11 293 2.8
Africa 15 359 1.0 1 418 0.4
Asia  124 356 8.4 23 505 5.8
North and Central America 91 427 6.1 29 546 7.3
South America 7 362 0.5 2 218 0.6
Oceania 8 044 0.5 2 347 0.6

Most transactions to and from the manufacturing industry

The first three months of 2011 resulted in NOK 403 billion in incoming settlements to Norway. Of this, NOK 142 billion went to the manufacturing industry. Enterprises with the main occupation in the mining and quarrying industry received 19 per cent of the transfers to Norway, which amounted to NOK 78 billion.

Outgoing settlements were NOK 396 billion in the first quarter. The manufacturing sector was the largest contributor with 33 per cent, and transferred NOK 130 billion abroad.

Figures for Q1 2011, by industry
Section Incoming settlements Outgoing settlements
NOK million Per cent NOK million Per cent
Total      402 798      100.0      396 193      100.0
Agriculture, forestry and fishing 4 291 1.1 2 150 0.5
Mining and quarrying 77 763 19.3 27 397 6.9
Manufacturing  142 230 35.3  130 232 32.9
Electricity, gas, steam and air conditioning supply 31 546 7.8 48 784 12.3
Water supply; sewerage, waste management and remediation activities 1 114 0.3  706 0.2
Construction 1 179 0.3 2 535 0.6
Wholesale and retail trade; repair of motor vehicles and motorcycles 45 706 11.3 80 434 20.3
Transportation and storage 26 111 6.5 25 353 6.4
Accomodation and food service activities  230 0.1  324 0.1
Information and communication 27 972 6.9 26 525 6.7
Real estate activities 4 844 1.2 4 684 1.2
Professional, scientific and technical activities 15 188 3.8 12 511 3.2
Administrative and support service activities 14 616 3.6 13 706 3.5
Public administration and defence; compulsory social security 7 935 2.0 14 670 3.7
Education  238 0.1  387 0.1
Human health and social work activities  382 0.1 1 509 0.4
Arts, entertainment and recreation  267 0.1  387 0.1
Other Service activities  554 0.1  847 0.2
Activities of extraterritorial organisations and bodies  172 0.0 22 0.0
Missing  461 0.1 3 030 0.8

Incoming settlements 0.9 per cent higher value than outgoing

The total value of the incoming settlement flows was 0.9 per cent higher than outgoing settlements in the first quarter of 2011.

The table below shows a comparison between incoming and outgoing settlements between Norway and abroad during the past five quarters. Please note that this table differs slightly from tables in previous publications due to the change from using SIC2002 to SIC2007 in Q1 2011.

Change of incoming versus outgoing settlements in Q1 2011 and Q4 and Q3 and Q2 and Q1 2010. Per cent
1. quarter 2011 4. quarter 2010 3. quarter 2010 2. quarter 2010 1. quarter 2010
Total 0.9 5.3 2.6 9.9 -2.2
The Nordic countries -2.0 -0.4 8.6 3.7 -5.3
Rest of the EU 7.0 9.9 0.4 20.3 4.4
Rest of Europe -58.6 -40.6 -53.4 -59.9 -65.3
Africa -45.9 -49.9 -30.9 -36.9 -52.0
Asia -36.2 -18.8 -33.9 -35.7 -39.8
North and Central America 43.5 54.1 42.5 51.9 41.7
South America -40.2 -51.2 -30.1 15.9 -17.4
Oceania -46.1 -44.0 -41.3 -34.5 -16.9

From the first quarter of 2011 these statistics started using SIC2007 Standard Industrial Classification for grouping trade industries, while previous articles use SIC2002. This change in use of standards caused certain changes in the trade distributions, which accounts for the discrepancies from previous published numbers. This particularly concerns financial enterprises that were previously listed as non-financial enterprises.

Data series in StatBank Norway will be updated with the new standard. Please note that text and tables in previous articles will not be updated with the new standard, which makes them not directly comparable to Q1 2011 and forwards.

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 .