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/en/utenriksokonomi/statistikker/betalstr/arkiv
53048
Increased settlement flows to Norway
statistikk
2011-08-19T10:00:00.000Z
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
false

Cash flows between Norway and abroad, Q2 2011

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Increased settlement flows to Norway

In the second quarter of 2011, the incoming settlements to Norwegian banks ended at NOK 421 billion. For the same period, the total value of outgoing settlements was NOK 381 billion.

Incoming bank transfers to Norway increased from the first to second quarter in 2011, while the outgoing settlements were reduced. The total incoming settlements to Norway were NOK 421 billion. This was an increase of NOK 15 billion from the first quarter. Outgoing bank settlements ended at NOK 381 billion; a reduction of NOK 22 billion from the previous quarter.

Increase in transfers from North and Central America and Asia

Norway received NOK 142 billion from our neighbouring Nordic countries, which made up 33.7 per cent of the total value of incoming settlements. Settlements from Non-Nordic EU countries made up 43.5 per cent. This amounted to NOK 183 billion. Transfers from North and Central America increased by NOK 20 billion from the previous quarter, while incoming settlements from Asia went up NOK 9 billion.

Outgoing settlements in the second quarter were NOK 381 billion, down from NOK 402 billion in the first quarter. The decline in outgoing settlements was largely due to reductions in transfers from Norway to Nordic countries and other EU countries; NOK 24 billion and NOK 14 billion respectively. At the same time, transfers to North and Central America increased by NOK 14 billion in the second quarter.

Incoming cross border settlements through Norwegian banks. Q2 2011
Incoming cross border settlements through Norwegian banks Q2 2011
Number of settlements Percent NOK million Percent
Total  650 433  100.0  421 318  100.0
The Nordic countries  356 682 54.8  142 109 33.7
Rest of the EU  208 167 32.0  183 217 43.5
Rest of Europe 15 161 2.3 5 218 1.2
Africa 1 746 0.3  898 0.2
Asia 18 906 2.9 24 313 5.8
North- and Central America 45 308 7.0 62 460 14.8
South America 1 592 0.2 1 906 0.5
Oceania 2 871 0.4 1 196 0.3
Outgoing cross border settlements through Norwegian banks Q2 2011
Number of settlements Percent NOK million Percent
Total 1 548 590  100.0  381 063  100.0
The Nordic countries  637 359 41.2  140 395 36.8
Rest of the EU  618 629 39.9  153 921 40.4
Rest of Europe 45 236 2.9 10 254 2.7
Africa 15 824 1.0 1 911 0.5
Asia  127 860 8.3 26 598 7.0
North- and Central America 88 689 5.7 43 795 11.5
South America 7 431 0.5 2 196 0.6
Oceania 7 562 0.5 1 992 0.5

Increase in transactions to mining and quarrying

Manufacturing enterprises were the largest recipient group of incoming transactions in the second quarter of 2011, with NOK 142 billion. Mining and quarrying received 25 per cent of the transfers to Norway, which amounted to NOK 105 billion; an increase of NOK 27 billion from the first quarter.

The manufacturing sector was also the largest contributor of outgoing settlements with 31 per cent, and transferred NOK 116 billion abroad.

Figures for Q2 2011, by industry
Section Incoming settlements Outgoing settlements
NOK million Per cent NOK million Per cent
Total  417 773  100.0  373 410  100.0
Agriculture, forestry and fishing 5 924 1.4 4 001 1.1
Mining and quarrying  104 510 25.0 41 804 11.2
Manufacturing  136 980 32.8  115 777 31.0
Electricity, gas, steam and air conditioning supply 21 444 5.1 29 282 7.8
Water supply; sewerage, waste management and remediation activities  947 0.2  590 0.2
Construction 1 419 0.3 3 070 0.8
Wholesale and retail trade; repair of motor vehicles and motorcycles 38 828 9.3 74 366 19.9
Transportation and storage 28 412 6.8 25 501 6.8
Accomodation and food service activities  597 0.1  453 0.1
Information and communication 29 163 7.0 26 008 7.0
Real estate activities 4 739 1.1 5 399 1.4
Professional, scientific and technical activities 16 311 3.9 14 434 3.9
Administrative and support service activities 14 887 3.6 11 855 3.2
Public administration and defence; compulsory social security 10 670 2.6 16 005 4.3
Education  243 0.1  383 0.1
Human health and social work activities  704 0.2 1 662 0.4
Arts, entertainment and recreation  191 0.0  436 0.1
Other Service activities 1 212 0.3  879 0.2
Activities of extraterritorial organisations and bodies 68 0.0 24 0.0
Missing  522 0.1 1 482 0.4

Incoming settlements 10.6 per cent higher value than outgoing

The total value of the incoming settlement flows was 10.6 per cent higher than outgoing settlements in the first quarter of 2011.

Difference between incoming versus outgoing settlements in the last 5 quarters. Per cent
2. quarter 2011 1. quarter 2011 4. quarter 2010 3. quarter 2010 2. quarter 2010
Total 10.6 0.9 5.3 2.6 9.9
The Nordic countries 1.2 -2.0 -0.4 8.6 3.7
Rest of the EU 19.0 7.0 9.9 0.4 20.3
Rest of Europe -49.1 -58.6 -40.6 -53.4 -59.9
Africa -53.0 -45.9 -49.9 -30.9 -36.9
Asia -8.6 -36.2 -18.8 -33.9 -35.7
North- and Central America 42.6 43.5 54.1 42.5 51.9
South America -13.2 -40.2 -51.2 -30.1 15.9
Oceania -40.0 -46.1 -44.0 -41.3 -34.5

From the first quarter of 2011, these statistics started using SIC2007 Standard Industrial Classification for grouping trade industries, while previous articles used 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 means they are not directly comparable to Q1 2011 and onwards.

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 .