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/en/utenriksokonomi/statistikker/betalstr/arkiv
53050
Reduced settlement flows
statistikk
2011-11-18T10:00:00.000Z
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, Q3 2011

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Reduced settlement flows

In the third quarter of 2011, settlement flows were reduced compared to the previous quarter. NOK 393 billion was transferred to Norway, while NOK 372 billion were transferred out.

Incoming bank transfers to Norway from other countries decreased from the second to third quarter in 2011. Total incoming bank transactions from abroad were reduced by NOK 28 billion, down to NOK 393 billion. In the same period, the settlement flows out of Norway were reduced by 7 per cent.

Decrease in settlement flows with North and Central America

Inward and outward settlement flows with North and Central America sank by NOK 14 billion compared to the previous quarter. This represents a decrease of 22 per cent for inward settlements, and 30 per cent for transfers going out of Norway.

Payments from Non-Nordic EU countries to Norway amounted to NOK 176 billion, which made up 45 per cent of the total value of Norway’s incoming bank settlements. The value of outgoing settlements to the same region increased by NOK 7 billion, to NOK 171 billion.

Incoming cross border settlements through Norwegian banks. Q3 2011
Incoming cross border settlements through Norwegian banks Q3 2011
Number of settlements Per cent NOK million Per cent
Total  661 745  100.0  393 270  100.0
The Nordic countries  357 194 54.0  142 096 36.1
Rest of the EU  218 730 33.1  176 119 44.8
Rest of Europe 15 416 2.3 5 480 1.4
Africa 1 690 0.3 1 070 0.3
Asia 18 432 2.8 17 475 4.4
North and Central America 45 708 6.9 48 517 12.3
South America 1 562 0.2 1 367 0.3
Oceania 3 013 0.5 1 146 0.3
Outgoing cross border settlements through Norwegian banks Q3 2011
Number of settlements Per cent NOK million Per cent
Total 1 549 387  100.0  371 996  100.0
The Nordic countries  619 158 40.0  134 714 36.2
Rest of the EU  631 656 40.8  160 449 43.1
Rest of Europe 42 967 2.8 14 332 3.9
Africa 16 293 1.1 1 754 0.5
Asia  131 113 8.5 26 385 7.1
North and Central America 92 142 5.9 30 299 8.1
South America 7 706 0.5 2 411 0.6
Oceania 8 352 0.5 1 652 0.4

Reduced transactions for manufacturing

Manufacturing received NOK 117 billion from incoming bank transfers, which was NOK 19 billion less than in the second quarter. Outgoing settlements for manufacturing were NOK 108 billion.

Mining and quarrying also had less incoming settlements than the previous quarter, with a total of NOK 89 billion, but was still the second largest recipient.

Figures for Q3 2011, by industry
Section Incoming settlements Outgoing settlements
NOK million Per cent NOK million Per cent
Total      389 434         100.0          363 767      100.0
Agriculture, forestry and fishing 3 983 1.0 2 617 0.7
Mining and quarrying 89 002 22.9 28 261 7.8
Manufacturing  117 460 30.2  108 374 29.8
Electricity, gas, steam and air conditioning supply 24 379 6.3 27 554 7.6
Water supply; sewerage, waste management and remediation activities  939 0.2  573 0.2
Construction 1 287 0.3 2 928 0.8
Wholesale and retail trade; repair of motor vehicles and motorcycles 40 483 10.4 77 697 21.4
Transportation and storage 26 726 6.9 22 671 6.2
Accomodation and food service activities  967 0.2  847 0.2
Information and communication 28 915 7.4 29 604 8.1
Real estate activities 4 615 1.2 4 114 1.1
Professional, scientific and technical activities 15 802 4.1 15 662 4.3
Administrative and support service activities 14 160 3.6 15 241 4.2
Public administration and defence; compulsory social security 16 747 4.3 22 021 6.1
Education  182 0.0  340 0.1
Human health and social work activities  586 0.2 1 655 0.5
Arts, entertainment and recreation  221 0.1  401 0.1
Other service activities  272 0.1  759 0.2
Activities of extraterritorial organisations and bodies 74 0.0 29 0.0
Missing 2 635 0.7 2 421 0.7

Bank settlements from abroad 5.7 per cent higher value than outgoing

Incoming settlement flows were NOK 21 billion1 more than those transferred out of Norway by bank transfers. This corresponded to a difference between incoming and outgoing bank settlements of 5.7 per cent.

The table below shows a comparison between incoming and outgoing settlements between Norway and abroad during the current and four previous quarters.

Difference between incoming versus outgoing settlements in the last 5 quarters. Per cent
3. quarter 2011 2. quarter 2011 1. quarter 2011 4. quarter 2010 3. quarter 2010
Total 5.7 10.6 0.9 5.3 2.6
The Nordic countries 5.5 1.2 -2.0 -0.4 8.6
Rest of the EU 9.8 19.0 7.0 9.9 0.4
Rest of Europe -61.8 -49.1 -58.6 -40.6 -53.4
Africa -39.0 -53.0 -45.9 -49.9 -30.9
Asia -33.8 -8.6 -36.2 -18.8 -33.9
North and Central America 60.1 42.6 43.5 54.1 42.5
South America -43.3 -13.2 -40.2 -51.2 -30.1
Oceania -30.7 -40.0 -46.1 -44.0 -41.3

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 makes them not directly comparable to Q1 2011 and subsequently.

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 .

1Figure was corrected from 28 NOK billion to 21 NOK billion 24 November 2011