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/en/utenriksokonomi/statistikker/betalstr/arkiv
84105
Increased external settlements
statistikk
2012-05-21T10:00:00.000Z
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 2012

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Increased external settlements

There was a strong increase in both inward and outward settlements in the first quarter of 2012.

The first quarter of 2012 ended at NOK 454 billion in inward settlement flows, which was an increase of 14 per cent from the same period last year. Outward settlements ended at NOK 458 billion and increased by NOK 55 billion compared to the first quarter in 2011.

Increased settlement flows with EU and Nordic countries

The increased value in incoming bank transfers came mainly from EU and Nordic countries, which rose by NOK 31 billion and NOK 18 billion respectively. Nordic countries accounted for NOK 179 billion, with a total share of incoming settlements of 39.4 per cent.

Outgoing settlements from Norway increased by 14 per cent in value in the first quarter of 2012 compared to the same period in 2011. Payments increased by NOK 22 billion to Nordic countries and NOK 32 billion to non-Nordic EU countries.

Incoming and outgoing cross border settlements through Norwegian banks Q1 2012
  Incoming cross border settlements through Norwegian banks Q1 2012
  Number of settlements Percent NOK million Percent
Total  706 875  100.0  454 010  100.0
The Nordic countries  389 631 55.1  178 858 39.4
Rest of the EU  227 816 32.2  211 427 46.6
Rest of Europe 13 586 1.9 3 995 0.9
Africa 1 249 0.2  454 0.1
Asia 15 947 2.3 12 325 2.7
North- and Central America 54 802 7.8 44 873 9.9
South America 1 127 0.2  652 0.1
Oceania 2 717 0.4 1 425 0.3
  Outgoing cross border settlements through Norwegian banks Q1 2012
  Number of settlements Percent NOK million Percent
Total 1 652 151  100.0  458 148  100.0
The Nordic countries  668 405 40.5  186 257 40.7
Rest of the EU  682 168 41.3  200 949 43.9
Rest of Europe 46 245 2.8 11 209 2.4
Africa 17 327 1.0 3 413 0.7
Asia  129 821 7.9 20 752 4.5
North- and Central America 92 779 5.6 31 800 6.9
South America 7 022 0.4 2 076 0.5
Oceania 8 384 0.5 1 694 0.4

Rise in transactions for mining and quarrying

The manufacturing sector was the largest receiver of incoming settlements with 29 per cent of the total value, and received NOK 128 billion from abroad.

Enterprises in the quarrying and mining industry received the largest increase in both inward and outward settlements, which increased by NOK 19 billion and NOK 40 billion respectively compared to the first quarter of 2011.

Figures for Q1 2012, by industry
Section Incoming settlements Outgoing settlements
NOK million Per cent NOK million Per cent
Total  448 527  100.0  450 402  100.0
Agriculture, forestry and fishing 4 425 1.0 3 534 0.8
Mining and quarrying 96 547 21.5 67 207 14.9
Manufacturing  127 646 28.5  118 159 26.2
Electricity, gas, steam and air conditioning supply 42 404 9.5 44 569 9.9
Water supply; sewerage, waste management and remediation activities  687 0.2  302 0.1
Construction 1 095 0.2 2 691 0.6
Wholesale and retail trade; repair of motor vehicles and motorcycles 42 021 9.4 81 443 18.1
Transportation and storage 26 441 5.9 24 933 5.5
Accomodation and food service activities  627 0.1  467 0.1
Information and communication 43 687 9.7 40 936 9.1
Real estate activities 6 538 1.5 8 669 1.9
Professional, scientific and technical activities 19 617 4.4 20 353 4.5
Administrative and support service activities 20 317 4.5 12 684 2.8
Public administration and defence; compulsory social security 8 601 1.9 18 269 4.1
Education  187 0.0  466 0.1
Human health and social work activities  678 0.2 1 702 0.4
Arts, entertainment and recreation  177 0.0  438 0.1
Other Service activities  610 0.1 1 021 0.2
Activities of extraterritorial organisations and bodies  114 0.0 24 0.0
Missing 6 110 1.4 2 536 0.6

Outward settlement flows slightly higher than incoming flows

Outgoing settlements from Norway were NOK 4.1 billion higher than the incoming transfers. The value of the incoming transfers was therefore 0.9 per cent less than outgoing settlements during the first three months of 2012.

Difference between incoming versus outgoing settlements in the last 5 quarters. Per cent
  1. quarter 2012 4. quarter 2011 3. quarter 2011 2. quarter 2011 1. quarter 2011
Total -0.9 -4.6 5.7 10.6 3.6
The Nordic countries -4.0 -3.2 5.5 1.2 -2.2
Rest of the EU 5.2 -6.6 9.8 19.0 12.4
Rest of Europe -64.4 -72.4 -61.8 -49.1 -48.3
Africa -86.7 -78.8 -39.0 -53.0 -55.1
Asia -40.6 -44.7 -33.8 -8.6 -41.7
North- and Central America 41.1 74.5 60.1 42.6 46.0
South America -68.6 -72.0 -43.3 -13.2 -34.5
Oceania -15.9 -35.4 -30.7 -40.0 -40.9

As from the first quarter of 2011, these statistics adopted 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 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 .