370821
/en/utenriksokonomi/statistikker/forutland/kvartal
370821
statistikk
2019-12-04T08:00:00.000Z
External economy
en
forutland, Foreign assets and liabilities, net assets, IIP, international investment position, foreign debt, foreign assets, BoP, balance of paymentsForeign assets and liabilities , External economy
true

Foreign assets and liabilities

Updated

Next update

Key figures

8 538

NOK Billion in net assets per Q3 2019

International investment position. Latest quarter. NOK million
3rd quarter 2019
Opening balanceTransactionsOther changesClosing balance
Foreign assets15 462 518-3 814642 38416 101 088
Direct investment2 072 09613 39814 0562 099 550
Portofolio investment10 914 16381 351568 25311 563 767
Other investments1 887 462-94 38022 9581 816 040
Reserve assets (IMF breakdown)588 797-4 18337 117621 731
 
Liabilities7 441 03720 185102 0857 563 307
Direct investment1 554 14427 94512 9901 595 079
Portofolio investment3 372 52044 55483 0533 500 127
Other investments2 514 373-52 3146 0422 468 101
 
NET ASSETS8 021 481-23 999540 2998 537 781

See selected tables from this statistics

Table 1 
International investment position. Functional category. NOK million

International investment position. Functional category. NOK million
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Foreign assets14 441 51314 337 22315 163 86415 462 51816 101 088
Direct investment1 984 0282 078 3812 060 3022 072 0962 099 550
Portofolio investment10 223 61010 009 26710 672 85410 914 16311 563 767
Other investments1 700 1541 700 5971 846 5481 887 4621 816 040
Reserve assets (IMF breakdown)533 721548 978584 160588 797621 731
 
Liabilities7 219 4117 302 1907 459 1807 441 0377 563 307
Direct investment1 603 8931 592 0901 614 7101 554 1441 595 079
Portofolio investment3 272 4903 226 5633 358 0173 372 5203 500 127
Other investments2 343 0282 483 5372 486 4532 514 3732 468 101
 
NET ASSETS7 222 1027 035 0337 704 6848 021 4818 537 781

Table 2 
International investment position. Functional category and instrument. NOK million

International investment position. Functional category and instrument. NOK million
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 344 8401 423 4671 422 1101 426 9101 444 172
Debt instruments639 188654 914638 192645 186655 378
 
Portofolio investment
Equity and Investment Fund shares6 683 0096 358 2597 138 0967 309 4397 749 266
Equity securities6 408 2056 089 8696 844 5507 011 8807 438 710
Investment Fund shares274 804268 390293 546297 559310 556
Debt securities3 540 6013 651 0083 534 7583 604 7243 814 501
 
Other investments
Other equity1 9582 1362 1362 1362 136
Currency and deposits794 047727 094813 011914 447832 962
Loans512 446598 446622 201570 200565 293
Trade credits and advances86 33685 93186 89879 77178 643
Other accounts recievable/payable291 667271 265307 798307 438321 618
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)17 32918 45618 76118 54620 794
Reserve position in the IMF6 1637 3067 8278 0198 908
Other reserve assets510 229523 216557 572562 232592 029
 
Liabilities
Direct investment
Equity and Investment Fund shares/units942 531949 326998 646971 189977 563
Debt instruments661 362642 764616 064582 955617 516
 
Portofolio investment
Equity and Investment Fund shares1 028 421899 064946 999934 565954 387
Equity securities910 308788 069825 158807 685821 556
Investment Fund shares118 113110 995121 841126 880132 831
Debt securities2 244 0692 327 4992 411 0182 437 9552 545 740
 
Other investments
Other equity-----
Currency and deposits1 444 7081 489 9391 539 7441 565 8561 547 781
Loans540 223682 983573 543582 093547 325
Trade credits and advances40 53641 33539 90540 84143 473
Other accounts recievable/payable273 143222 802284 954277 911280 770
Liabilities - Special Drawing Rights (SDRs)17 80518 85418 71318 56819 381
 
NET ASSETS7 222 1027 035 0337 704 6848 021 4818 537 781

Table 3 
External debt statistics (IMF specification). NOK million.

External debt statistics (IMF specification). NOK million.1
4th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
1The external debt position shows the gross debt for the main institutional sectors. Shares and other equity are not included in the statistics.
 
General government707 781670 161644 593605 286
Short-term
Currency and deposits----
Debt securities9 77410 20014 32119 767
Loans252 217110 72595 39672 570
Trade credits and advances----
Other accounts recievable/payable20 43389 46383 73651 754
Long-term
Currency and deposits----
Debt securities294 209316 021305 381314 374
Loans131 148143 752145 759146 821
Trade credits and advances----
Other accounts recievable/payable----
 
Central bank31 55041 34644 35945 179
Short-term
Currency and deposits32393114
Debt securities----
Loans----
Trade credits and advances----
Other accounts recievable/payable11 77822 39525 60925 388
Long-term
Liabilities - Special Drawing Rights (SDRs)18 85418 71318 56819 381
Currency and deposits----
Debt securities----
Loans886199151396
Trade credits and advances----
Other accounts recievable/payable----
 
Deposit-taking corporations except the central bank3 210 6893 301 3383 329 8853 416 276
Short-term
Currency and deposits1 371 3011 428 8461 453 9531 424 382
Debt securities70 820129 704135 580152 543
Loans----
Trade credits and advances----
Other accounts recievable/payable145 649135 434134 154162 932
Long-term
Currency and deposits118 606110 859111 872123 385
Debt securities1 504 3131 496 4951 494 3261 553 034
Loans----
Trade credits and advances----
Other accounts recievable/payable----
 
Other sectors861 016884 626933 491947 100
Short-term
Currency and deposits0000
Debt securities8 02515 31213 12213 312
Loans20 97223 22537 14517 808
Trade credits and advances41 33539 90540 84143 473
Other accounts recievable/payable71 69366 79062 90169 268
Long-term
Currency and deposits0000
Debt securities440 358443 286475 225492 710
Loans277 760295 642303 642309 730
Trade credits and advances0000
Other accounts recievable/payable873466615799
 
Direct investment642 764616 064582 955617 516
 
SUM TOTAL5 453 8005 513 5355 535 2835 631 357

About the statistics

International investment position (IIP) statistics supply reliable information on residents of Norway’s economic positions with non-residents. The statistics are in compliance with the international requirements given in the Balance of Payments and International Investment Position Manual (BPM).

Definitions

Definitions of the main concepts and variables

International guidelines

The Norwegian International investment position is presented in accordance with the latest internationally approved guidelines. These are specified in "The Balance of Payments Manual, 6th edition" (BPM6), published by the International Monetary Fund (IMF). The underlying principles and definitions presented there are in full accordance with corresponding international rules for the National Accounts, as laid down in the manual "System of National Accounts 2008" (2008 SNA ), which is published by a number of international organizations jointly, including the United Nations and also the IMF.

EU has prepared its own edition of the National Accounts manual, "European System of Accounts 2010" (ESA 2010), which accommodates special conditions in member countries. Pursuant to the European Economic Area Agreement, Norway is obligated to adhere to this system. The reporting of National Accounts data in accordance with ESA definitions to EUROSTAT, EU's statistical office, has a legal basis, and so is also the case for reporting of the Balance of Payments data. The aim of these agreements is to enhance the overall presentation of Balance of Payments and International investment positions figures for countries in the EEA and to improve the quality of the data by harmonizing the methods of compilation and calculation.

Basic concepts and recording principles

Like National Accounts and Balance of Payments, International investment position accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe positions between statistical units in which economic values are provided or received in exchange for other economic values. Statistical units are institutional units which make economic decisions on an independent basis and can present complete accounts for their activities. The institutional unit normally coincides with a body corporate, e.g. a limited liability company or legal person. The basic criterion for entering a position in the IIP is that it involves an exchange between a domestic entity (resident) and a foreign entity (non-resident). Residents are institutional units that engage and intend to continue to engage in economic activities and transactions within a country's territory, with one year or more serving as the conventional guideline.

In the IIP, a transaction should in principle be allocated to the period in which there is a change of ownership of the economic value. Conventionally, it is often said that a change of ownership has taken place when the parties of the position register it in their books or accounts.

All position shall be valued at market prices. Market prices are defined as amounts of money that willing buyers pay to acquire something from willing sellers; the exchanges are made between independent parties and on the basis of commercial considerations only. The exchange rate on the position date or the average rate for the shortest period applicable shall be used for converting positions in foreign currencies into the national currency. Stocks of assets and liabilities are to be valued at prices or rates in effect at the time to which the balance sheet relates.

Structure and definitional relationships

Net assets (net financial wealth) = total assets - total liabilities

The financial balance sheet shows the financial position of a sector at the end of the reference period and is broken down into categories of financial assets and liabilities.

Changes in net asset = net lending + net other changes

The change in the financial balance sheet during the reference period is a result of accumulated financial transactions and other changes in assets. Total asset transactions less total liability transactions result in net lending. The latter category mainly reflects revaluations due to changes in market prices of financial instruments.

Functional categories

  • Direct investment

Direct investment is across-border financial investment made by an investor for the purpose of acquiring a lasting interest in a foreign enterprise, and exerting a degree of influence on that enterprise's operations. An investment by owning 20 per cent or more of the ordinary shares is considered always a direct investment. The establishment of a subsidiary abroad is an example of a direct investment.

  • Portfolio investment

Portfolio investment covers transactions in equities, other securities, and financial derivatives, except where these transactions relate to direct investment or reserve assets category. The Government Pension Fund – Global is not part of the reserve assets, though it is owned by the government and administrated by Norges Bank. This is therefore treated as portfolio investment as concerns investment abroad. Most important are shares and other equities, bonds and money market instruments (certificates and Treasury bills).

  • Other investments

Other financial investments is a residual category that covers all investments that are not included in direct investment, portfolio investments and international reserves.

  • Reserve assets

Reserve assets consist of those external assets that are readily available to and controlled by monetary authorities for direct financing of payment imbalances, for indirectly regulating the magnitude of such imbalances through intervention in exchange markets to affect the currency exchange rate and /or other purposes. In Norway, Norges Bank have reserve assets. International reserves basically consist of assets only, i.e. any foreign central banks' holdings of assets in Norway (for instance Norwegian securities) are not considered "reserve liabilities", but as portfolio investment in Norway

The classification of financial assets and liabilities

The financial accounts include a limited number of financial instrument groups with detailed claims and debt items in the balance sheets of institutional units. The financial instrument links one entity claim to another sector’s debt items. The financial instruments are grouped in claim and debt items with similar economic functions. For example, the payment function is characteristic of coins, notes and salary accounts, while credit is procured through different types of loans. In addition, the liquidity ratio has been the determinant factor for the ranking of financial assets in the classification.

Classification of financial assets and liabilities in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The classifications are described below:

  • Equity and other shares

The instrument includes ordinary shares in limited liability companies, shares in general partnerships and shares in mutual funds. Shares in foreign companies are also included. Furthermore, the instrument includes tradable Norwegian equity certificates and general government capital contributions in public enterprises and the state lending institutions.

  • Dept securities

Comprise short and long-term securities. Short-term securities is defined as negotiable securities with original maturity of maximum one year, while long-term securities comprise instruments defined as tradable standardised debentures with original maturity of more than one year.

  • Loans

This financial instrument includes lending forms other than tradable debentures and certificates. Short-term loans are mainly quantified on the basis of the specifications in accounting statistics for financial corporations. The instrument comprises building loans, factoring, bank overdrafts, operating and working credit. Long-term loans comprise all loans other than short-term loans (mortgage bond issues, other medium and long-term repayment loans and financial leasing).

  • Trade credits

Financial claims arising from the direct extension of credit by suppliers and buyers for goods and services.

  • Currency and deposits

Comprise Norwegian and foreign notes and coins, all types of deposits with commercial banks and savings banks, Norges Bank and foreign banks.

  •  Insurance technical reserves

The instrument includes individual insurance savings and group insurance savings in private life insurance companies and total capital in autonomous municipal and private pension funds. Prepayments of premiums and reserves against outstanding claims in non-life insurance companies are also included.

  • Other claims

Comprise claims and debt that is due to differences in timing between transactions and payments. For example credit extended to a customer/supplier credit, deferred tax claims/liabilities. Included are also other financial items that do not belong to the previously listed instruments. Derivatives recorded in the accounting statistics are included.

  •  Reserve assets/liabilities IMF

The foreign exchange reserves and claims on the International Monetary Fund (IMF) together constitute Norges Bank's international reserves. Claims on the IMF consist of three components: SDR accounts (Special Drawing Rights), reserve positions in the IMF and loans to the IMF (Poverty Reduction and Growth Facility).

Standard classifications

In addition to the classifications and categories described in the international IIP and National Accounts manuals, it may be mentioned that both the Norwegian IIP and National Accounts make use of the sector of the EU in ESA 2010.  For more information of sectors, please see ssb.no.

Administrative information

Name and topic

Name: Foreign assets and liabilities
Topic: External economy

Next release

Responsible division

Division for Financial Accounts

Regional level

National level.

Frequency and timeliness

Quarterly time series. Data released about 70 days’ time lag.

International reporting

Reporting to Eurostat, the International Monetary Fund (IMF), Organisation for Economic Co-orporation and Development (OECD) and Bank for International Settlement (BIS).

Microdata

Microdata are based on different sources.

Background

Background and purpose

The purpose of the International investment position (IIP) statistics is to supply reliable information on residents' of Norway economic positions with non-residents. The statistics are an integrated part of the Balance of Payments using the same principles and definitions.

The statistics is set to meet the international requirements given in the Balance of Payments and International Investment Position Manual (BPM). The international guidelines in BPM are revised during the last several years, with the latest update published in 2009 by the International Monetary Fund (IMF). The sixth edition of the manual, BPM6, is the current version and is implemented in the Norwegian Balance of Payments in December 2014. Back data based on the guidelines from BPM6 is implemented in the financial account. The financial account has time series going back to 1st quarter 2012.   

Balance of Payments statistics has been published by Statistics Norway ever since the first post-war years.

Users and applications

The main users are international organizations, IMF, Eurostat, OECD and BIS. The International investment position is used by market analytics within finance and the business sector in general, and by governmental agencies for economic policy purposes. Used in the National Accounts, International investment position statistics give an exact mirror image of the sector Rest of The World in the national Accounts.

Equal treatment of users

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 8 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar.

Coherence with other statistics

Full integration with the Balance of Payments makes the Norwegian IIP data consistent with the financial transaction figures, and also consistent with the Rest of the World Account of the National Accounts.

The IIP financial account has the same principle and detailing level as Balance of Payments. IIP shows the positions of assets and liabilities abroad each quarter. The positions together with the transactions, revaluations and other volume changes give a consistent picture of the financial part of the external sector.

A table of the external debt statistics can be found under “tables”. The external debt statistics is based on the guidelines in Balance of Payments and International Investment Position Manual, 6th edition (BPM6) and External Debt Statistics: Guide for Compilers and Users. The quarterly data from the foreign assets and liabilities (IIP) statistics is the basis of the external debt statistics. The gross external debt liabilities equals the debt liabilities in the IIP statement, i.e., total IIP liabilities excluding all equity (equity shares and other equity) and investment fund shares. The first level of disaggregation of the external debt is by institutional sector. The second level of disaggregation is by maturity of external debt, and the third level of disaggregation is by type of debt instrument.

In the IIP statistics there is a classification on functional categories, one of them being direct investment. There is a separate annual statistics on Direct investment published by Statistics Norway. The two statistics follows different methods and will therefore show different figures. Statistics Norway also publishes Portfolio investment abroad, and the statistics follows the same international guidelines as IIP.

Legal authority

Not relevant

EEA reference

EU-regulations incorporated in the EEA-agreement define the scope of the statistics. Following regulations apply to the IIP -statistics:

  • REGULATION (EC) No 184/2005 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment
  • COMMISSION REGULATION (EC) No 1055/2008 of 27 October 2008 implementing Regulation (EC) No 184/2005 of the European Parliament and of the Council, as regards quality criteria and quality reporting for balance of payments statistics
  • COMMISSION REGULATION (EU) No 1227/2010 of 20 December 2010 amending Regulation (EC) No 1055/2008 implementing Regulation (EC) No 184/2005 of the European Parliament and of the Council, as regards quality criteria and quality reporting for balance of payments statistics
  • COMMISSION REGULATION (EU) No 555/2012 of 22 June 2012 amending Regulation (EC) No 184/2005 of the European Parliament and of the Council on Community statistics concerning balance of payments, international trade in services and foreign direct investment, as regards the update of data requirements and definitions
  • REGULATION (EC) No 716/2007 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 June 2007 on Community statistics on the structure and activity of foreign affiliates

Production

Population

The scope of the International investment position is defined in international guidelines in the Balance of Payments and International Investment Position Manual (BPM6), System of National Accounts (2008 SNA, published by the UN, OECD, IMF, World Bank and the European Commission) and the European System of National and Regional Accounts (ESA 2010).

Like Balance of Payments, International investment positions are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe transactions between statistical units in which economic values are provided or received in exchange for other economic values. The IIP shall in principle include all positions between unit’s resident of the Norwegian economic territory and non-resident units. See below for more about the sample that’s behind the IIP statistics. 

The delineation of the economy towards the rest of the world is based on the concept of resident units. A unit is a resident unit when it has a centre of economic interest in the economic territory in question, i.e. when it is engaged in economic activity in a territory for a long period of time (at least one year).

The Norwegian economic territory includes mainland Norway together with the Norwegian part of the Continental Shelf, Svalbard and Jan Mayen with Bjørnøya.

Data sources and sampling

The IIP is based on data collected by other divisions in Statistics Norway.

The main sources for the financial account;

  • Quarterly accounting statistics for financial corporations under supervision. Positions are reported and some transactions (equity, other debt securities and loans) and some revaluations (exchange rate changes and other price changes) quarterly and annually.
  • Quarterly accounting statistics for non-financial corporations and financial institutions not under supervision. Positions and revaluations are reported quarterly and annually. 
  • Annual accounting statistics for the general government. Positions and revaluations (exchange rate changes and other price changes) are reported.
  • Quarterly data from the Norwegian Central Securities Depository (VPS) and data from a separate survey on mutual funds. Positions and transactions are reported.

Data collected for non-financial corporations and mutual funds are based on sample surveys. See each survey for more information on sampling, for example sample survey and how to choose the sample. For areas with incomplete statistical coverage, it is necessary to do estimations or use supplementary sources such as tax returns.

All major Norwegian financial and non-financial enterprises are covered in the IIP-statistics.

Collection of data, editing and estimations

Data are collected through different surveys in Statistics Norway and put together to create the IIP.

Revisions:

The IIP data are subject to control and revisions before each publication. The data is integrated with the Balance of Payments and National Accounts thereby allowing for consistency checks against total transactions and positions for the various items. Also checks on the breakdown of positions into price and volume components accommodates for evaluation of the results on transactions.

The IIP time series have been implemented with the implementation of the new manuals Balance of Payments and International Investment Position (BPM6) and European system of national Accounts (ESA2010) in December 2014. The IIP financial account has revised its time series back to 1st quarter 2012.

Estimations: 

For most of the IIP items the figures used are as shown in the primary sources, as mentioned in the “Data source and sampling” section. Others are derived through estimations of which the most important are:

  • Financial transactions are to a large extent estimated starting with observed investment positions. The definitional identity employed is: opening position + transactions + revaluations = closing position.
  • Most of the revaluations due to exchange rate movements are estimated combining exchange rates and information on foreign currencies in use for different variables.
  • The household’s holiday houses abroad are estimated based on tax information. Price changes and exchange rates are estimated from information from various countries.
  • The non-financial enterprises and financial institutions not under supervision are based on a quarterly sample survey. This covers the major enterprises in the population and has a sample size of 500-600 enterprises. Quarterly numbers are then grossed up with figures from the annual BoP reporting that has a sample size of 3,000 enterprises. This is done by adding the enterprises only included in yearly survey to the fourth quarter and are then copied the following three quarters. These enterprises represent approximately ten percent of non-financial enterprises' total assets and liabilities.”

Seasonal adjustment

Not relevant

Confidentiality

The confidentiality rules of Statistics Norway are followed.

Comparability over time and space

Statistics Norway has adapted the international recommendations for compiling IIP statistics and is therefore comparable with other countries' IIP statistics. Quarterly data on a consistent form are available back to 2012 in the Statbank. The data has had several changes due to the new manuals BPM6 and ESA2010 and which has led to minor breaks in the time series.  Longer times series for annual data are available back to 1998 based on BPM5 guidelines.

Accuracy and reliability

Sources of error and uncertainty

The Norwegian IIP makes use of information from a great variety of statistical sources and will reflect uncertainty and errors which might appear in these sources. However, the fact that IIP is a logical system within an even larger logical system of the National Accounts, it is possible to carry out a range of consistency checks to counterbalance the initial collection and then processing errors of the primary sources.

Revision

Not relevant