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Published:
This is an archived release.
Decrease in settlement flows
Both inward and outward bank settlement flows decreased from the fourth quarter of 2013 to the first quarter of 2014. The largest decrease was for incoming transfers.
1st quarter 2014 | Change in per cent | Change in per cent | |
---|---|---|---|
NOK million | 4th quarter 2013 - 1st quarter 2014 | 1st quarter 2013 - 1st quarter 2014 | |
Incoming value | 519 514 | -11.3 | 14.7 |
Outgoing value | 540 258 | -9.1 | 23.8 |
Settlements from foreign countries to Norwegian bank accounts amounted to NOK 520 billion in the first quarter of 2014. This was a decrease of 11.3 per cent, down NOK 66 billion from the fourth quarter of 2013.
Outgoing settlements from Norwegian non-financial enterprises and private persons showed a decrease of 9.1 per cent, or NOK 54 billion, from the fourth quarter of 2013. The total settlements sent from Norwegian non-financial enterprises and private persons to foreign countries reached NOK 540 billion.
However, compared with the first quarter of 2013, incoming settlements increased by NOK 65 billion. This was an increase of 14.7 per cent. In the same period, outgoing settlements increased by 23.8 per cent, going up by NOK 104 billion.
Decrease in settlements from EU countries except Nordic countries
The decrease in the inward settlements was mainly due to a decrease in transfers from EU countries except Nordic countries, which went down by NOK 25 billion from the fourth quarter of 2013. The inward settlements from EU countries except Nordic countries ended at NOK 257 billion in the first quarter of 2014. Inward settlements from North and Central America also saw a reduction in transfers from the previous quarter, and dropped by NOK 58 billion. This was a reduction of 27.0 per cent.
Outgoing bank transfers from Norway to other Nordic countries decreased by NOK 23 billion from the previous quarter; down by 10.7 per cent.
Decreased transfers to manufacturing and mining and quarrying
Enterprises within manufacturing received NOK 158 billion from abroad in the first quarter of 2014. This was a decrease of NOK 19 billion from the fourth quarter of 2013; equivalent to a decrease of 10.8 per cent. Bank transfers to the mining and quarrying industry also decreased, and were down NOK 37 billion from the previous quarter.
Norwegian enterprises sent NOK 531 billion abroad in the first quarter of 2014, which was NOK 53 billion less than in the fourth quarter of 2013. Enterprises within manufacturing and mining and quarrying saw a particular decrease in settlements to foreign countries; by NOK 17 billion and NOK 20 billion respectively.
Inward transfers lower than outward transfers
Bank settlements from Norway to foreign countries surpassed the amount being sent to Norway, meaning that NOK 21 billion more was sent out of Norway than sent into Norway.
Contact
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Anne Lyslid Larsen
E-mail: anne.larsen@ssb.no
tel.: (+47) 40 90 23 31
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Jonathan Ho
E-mail: jonathan.ho@ssb.no
tel.: (+47) 40 90 25 82