329522
/en/utenriksokonomi/statistikker/forutland/kvartal
329522
statistikk
2018-09-05T08:00:00.000Z
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
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Foreign assets and liabilities

Updated

Next update

Key figures

7 126

NOK Billion in net assets per Q2 2018

International investment position. Latest quarter. NOK million
2nd quarter 2018
Opening balanceTransactionsOther changesClosing balance
Foreign assets13 846 025135 148186 63214 167 805
Direct investment1 881 60810 44011 2291 903 277
Portofolio investment9 763 01292 318157 60210 012 932
Other investments1 677 03028 9997 6301 713 659
Reserve assets (IMF breakdown)524 3753 39110 171537 937
 
Liabilities6 958 379-4 29787 5697 041 651
Direct investment1 541 824-33 66514 5861 522 745
Portofolio investment3 094 37022 55970 4353 187 364
Other investments2 322 1856 8092 5482 331 542
 
NET ASSETS6 887 646139 44599 0637 126 154

See more tables on this subject

Table 1 
International investment position. Functional category. NOK million

International investment position. Functional category. NOK million
2nd quarter 20173rd quarter 20174th quarter 20171st quarter 20182nd quarter 2018
Foreign assets13 869 13013 732 16414 400 27013 846 02514 167 805
Direct investment1 927 0201 878 3951 943 7781 881 6081 903 277
Portofolio investment9 703 3459 610 97610 234 3519 763 01210 012 932
Other investments1 695 5071 722 3211 680 9551 677 0301 713 659
Reserve assets (IMF breakdown)543 258520 472541 186524 375537 937
 
Liabilities6 980 7277 030 1267 126 0316 958 3797 041 651
Direct investment1 633 1331 635 3311 617 6351 541 8241 522 745
Portofolio investment3 043 5843 080 7623 187 9633 094 3703 187 364
Other investments2 304 0102 314 0332 320 4332 322 1852 331 542
 
NET ASSETS6 888 4036 702 0387 274 2396 887 6467 126 154

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

International investment position. Functional category and instrument. NOK million
2nd quarter 20173rd quarter 20174th quarter 20171st quarter 20182nd quarter 2018
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 327 2641 294 1481 341 1251 292 9451 314 989
Debt instruments599 756584 247602 653588 663588 288
 
Portofolio investment
Equity and Investment Fund shares6 030 2686 085 8406 564 5926 258 0976 475 598
Equity securities5 787 2515 834 3956 303 0836 002 2706 211 387
Investment Fund shares243 017251 445261 509255 827264 211
Debt securities3 673 0773 525 1363 669 7593 504 9153 537 334
 
Other investments
Other equity1 4611 4611 4611 4611 461
Currency and deposits709 965750 591691 212728 489765 631
Loans476 576483 687523 155551 868543 696
Trade credits and advances79 65979 66298 89287 20088 815
Other accounts recievable/payable414 884393 988352 210292 634299 999
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)16 43715 95818 72917 09717 469
Reserve position in the IMF6 1705 8265 3735 1666 312
Other reserve assets520 651498 688517 084502 112514 156
 
Liabilities
Direct investment
Equity and Investment Fund shares/units828 005853 401869 253838 273844 439
Debt instruments805 128781 930748 382703 551678 306
 
Portofolio investment
Equity and Investment Fund shares785 755865 678904 934906 969974 829
Equity securities672 383758 427794 723799 536857 634
Investment Fund shares113 372107 251110 211107 433117 195
Debt securities2 257 8292 215 0842 283 0292 187 4012 212 535
 
Other investments
Other equity-----
Currency and deposits1 344 1401 400 4851 437 1151 429 5491 441 926
Loans562 307542 047572 071589 784564 211
Trade credits and advances33 32831 94440 73837 78144 240
Other accounts recievable/payable319 800296 560226 784218 950235 475
Liabilities - Special Drawing Rights (SDRs)18 23117 60618 24017 82217 970
 
NET ASSETS6 888 4036 702 0387 274 2396 887 6467 126 154

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

External debt statistics (IMF specification). NOK million.1
3rd quarter 20174th quarter 20171st quarter 20182nd quarter 2018
1The external debt position shows the gross debt for the main institutional sectors. Shares and other equity are not included in the statistics.
 
General government599 014587 242630 036605 434
Short-term
Currency and deposits----
Debt securities10 60410 61410 2029 281
Loans180 596211 452227 638170 390
Trade credits and advances----
Other accounts recievable/payable69 84120 80547 68646 485
Long-term
Currency and deposits----
Debt securities262 925275 018275 768280 466
Loans75 04869 35368 74298 812
Trade credits and advances----
Other accounts recievable/payable----
 
Central bank39 18827 88727 97034 499
Short-term
Currency and deposits131 3141336
Debt securities----
Loans----
Trade credits and advances----
Other accounts recievable/payable21 1718 0479 78316 062
Long-term
Liabilities - Special Drawing Rights (SDRs)17 60618 24017 82217 970
Currency and deposits----
Debt securities----
Loans398286352431
Trade credits and advances----
Other accounts recievable/payable----
 
Deposit-taking corporations except the central bank3 053 4243 139 7453 021 8693 056 050
Short-term
Currency and deposits1 291 4271 312 5181 308 7991 322 520
Debt securities113 002112 08974 02494 282
Loans----
Trade credits and advances----
Other accounts recievable/payable168 246159 772129 264139 480
Long-term
Currency and deposits109 045123 283120 737119 370
Debt securities1 371 7041 432 0831 389 0451 380 398
Loans----
Trade credits and advances----
Other accounts recievable/payable----
 
Other sectors837 491848 588829 711848 094
Short-term
Currency and deposits0000
Debt securities15 49918 41017 05420 189
Loans16 94216 17715 01914 009
Trade credits and advances31 94440 73837 78144 240
Other accounts recievable/payable61 09761 94460 00960 622
Long-term
Currency and deposits0000
Debt securities441 350434 815421 308427 919
Loans269 063274 803278 033280 569
Trade credits and advances0000
Other accounts recievable/payable1 5961 701507546
 
Direct investment781 930748 382703 551678 306
 
SUM TOTAL5 311 0475 351 8445 213 1375 222 383

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 10 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