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/en/utenriksokonomi/statistikker/betalstr/kvartal
65413
Decline in inward settlement flows
statistikk
2012-02-20T10:00:00.000Z
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, Q4 2011

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Decline in inward settlement flows

There was a reduction in inward settlement flows to Norway in the fourth quarter of 2011 of NOK 42 billion.

The fourth quarter of 2011 ended at NOK 351 billion in inward settlement flows, which was a decline of NOK 42 billion from the third quarter. At the same time, NOK 368 billion was transferred out of the country, down one per cent from the previous quarter.

During the same period last year, NOK 403 billion was transferred to Norway from abroad, while the outward settlement flows amounted to NOK 383 billion. This equalled a reduction of incoming and outgoing payments of 13.7 per cent and 5.9 per cent respectively.

Reduced settlement flows from EU and Nordic countries

The reduced transfers from abroad to Norway is largely due to the decrease in transfers from both Nordic and EU countries, both of which went down almost NOK 15 billion from the previous quarter. EU and Nordic countries are still the largest contributors to Norway’s foreign settlements, with a total share of incoming settlements of 82.2 per cent, and 82.6 per cent of outgoing settlements. Incoming settlements from Asia were down by nearly NOK 6.5 billion.

Outward transactions went down by NOK 3.6 billion in total compared to the third quarter. Payments to non-Nordic EU countries increased by NOK 12 billion, while payments to Asia decreased by NOK 7 billion.

1 Incoming cross border settlements through Norwegian banks Q4 2011
  Incoming cross border settlements through Norwegian banks Q4 2011
  Number of settlements Percent NOK million Percent
Total  580 929  100.0  351 234  100.0
The Nordic countries  329 287 56.7  127 350 36.3
Rest of the EU  179 598 30.9  161 290 45.9
Rest of Europe 11 770 2.0 3 295 0.9
Africa 1 119 0.2  545 0.2
Asia 13 497 2.3 10 915 3.1
North- and Central America 42 616 7.3 46 255 13.2
South America  994 0.2  499 0.1
Oceania 2 048 0.4 1 084 0.3
  Outgoing cross border settlements through Norwegian banks Q4 2011
  Number of settlements Percent NOK million Percent
Total 1 424 462  100.0  368 359  100.0
The Nordic countries  575 622 40.4  131 530 35.7
Rest of the EU  576 198 40.5  172 627 46.9
Rest of Europe 41 162 2.9 11 943 3.2
Africa 16 110 1.1 2 570 0.7
Asia  117 847 8.3 19 724 5.4
North- and Central America 83 527 5.9 26 506 7.2
South America 6 699 0.5 1 781 0.5
Oceania 7 297 0.5 1 678 0.5

Drop in inward payments to the mining and quarrying industry

Inward payments to non-financial enterprises amounted to NOK 348 billion in the fourth quarter of 2011. This was a decrease of NOK 42 billion from the previous quarter, and a decrease of NOK 52 billion from the same quarter last year.

Enterprises within mining and quarrying experienced a marked fall in incoming settlements to Norway from the third to fourth quarter 2011, down from NOK 89 billion to NOK 42 billion. Outgoing payments from the same industry were reduced by NOK 7.6 billion from the previous quarter.

2 Figures for Q4 2011, by industry
Section Incoming settlements Outgoing settlements
NOK million Per cent NOK million Per cent
Total  347 593  100.0  361 549  100.0
Agriculture, forestry and fishing 1 938 0.6  862 0.2
Mining and quarrying 41 908 12.1 20 621 5.7
Manufacturing  115 780 33.3  117 751 32.6
Electricity, gas, steam and air conditioning supply 45 243 13.0 34 859 9.6
Water supply; sewerage, waste management and remediation activities  429 0.1  348 0.1
Construction  922 0.3 2 408 0.7
Wholesale and retail trade; repair of motor vehicles and motorcycles 31 619 9.1 65 297 18.1
Transportation and storage 25 695 7.4 20 945 5.8
Accomodation and food service activities  320 0.1  225 0.1
Information and communication 38 509 11.1 44 923 12.4
Real estate activities 4 346 1.3 3 756 1.0
Professional, scientific and technical activities 17 362 5.0 12 832 3.5
Administrative and support service activities 9 686 2.8 10 538 2.9
Public administration and defence; compulsory social security 11 327 3.3 21 519 6.0
Education  276 0.1  377 0.1
Human health and social work activities  576 0.2 1 580 0.4
Arts, entertainment and recreation  148 0.0  341 0.1
Other Service activities  280 0.1  703 0.2
Activities of extraterritorial organisations and bodies 0 0.0 0 0.0
Missing 1 231 0.3 1 664 0.4

Outward settlement flows larger than incoming flows

The outgoing settlement flows were NOK 14 billion higher than the incoming transfers to Norway. Incoming settlement flows were 4.6 per cent lower than the outgoing transactions in the fourth quarter of 2011.

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

3 Difference between incoming versus outgoing settlements in the last 5 quarters. Per cent
  4. quarter 2010 3. quarter 2011 2. quarter 2011 1. quarter 2011 4. quarter 2010
Total -4.6 5.7 10.6 3.6 5.2
The Nordic countries -3.2 5.5 1.2 -2.2 -0.5
Rest of the EU -6.6 9.8 19.0 12.4 9.9
Rest of Europe -72.4 -61.8 -49.1 -48.3 -40.6
Africa -78.8 -39.0 -53.0 -55.1 -49.9
Asia -44.7 -33.8 -8.6 -41.7 -18.8
North- and Central America 74.5 60.1 42.6 46.0 54.0
South America -72.0 -43.3 -13.2 -34.5 -51.2
Oceania -35.4 -30.7 -40.0 -40.9 -44.0

From first quarter 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 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 .