314755
/en/utenriksokonomi/statistikker/portinvutl/aar
314755
statistikk
2018-06-29T08:00:00.000Z
External economy
en
portinvutl, Portfolio investment abroad, assets, securities, shares, bondsForeign assets and liabilities , External economy
true

Portfolio investment abroad

Updated

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Key figures

10 235

NOK billion in portfolio investment in 2017

Norway's portfolio investment abroad, by type of sector and financial instrument per 31 December. NOK billion.
2014201520162017
Portfolio investment, total7 9049 0669 13910 235
Sector
Central Government6 3417 3627 4278 372
Banks237251253285
Insurance and pension funds494560587645
Unit trusts433462493562
Other financial corporations236240216209
Non-financial corporations, households etc.162192163161
Object
Equities, for all sectors4 6005 3165 4846 565
Debt securities, for all sectors3 3033 7503 6553 670

See more tables on this subject

Table 1 
Norway's Portfolio Investment abroad, by financial instrument and selected countries. End of year (NOK billion).

Norway's Portfolio Investment abroad, by financial instrument and selected countries. End of year (NOK billion).
20162017
EquitesDebt securitiesEquitesDebt securities
Denmark761029791
France261196302212
Japan447203534232
Luxembourg1177313065
Netherlands134123165103
Spain825910672
China1122318814
United Kingdom431245503209
Sweden164177193251
Germany283351345339
United States1 8341 1062 1311 132

About the statistics

The statistics for portfolio investment abroad show country allocated stocks of equities and debt securities, where the ownership share is less than 20 per cent.

Definitions

Definitions of the main concepts and variables

Portfolio investment

Financial investment where the investors have no intention to establish a long-term financial link. In practice, an investment is categorized as portfolio investment when the ownership interest is less than 20 per cent.

Market value

The actual price of a financial instrument agreed upon by the involved parties.

Standard classifications

The international standards SNA2008 and ESA2010 are used for the classification of securities and institutional sectors. IMF Balance of Payments Manual for the definition of portfolio investment. From 2012 the staticis follows the manuals BPM6 and ESA2010. Standard ISO 3166 is used for country classification. For more information of sectors, please see ssb.no.

 

Administrative information

Name and topic

Name: Portfolio investment abroad
Topic: External economy

Next release

Responsible division

Division for Financial Accounts

Regional level

Only at national level.

Frequency and timeliness

Annual.The statistics is published in June on SSB.no and on the IMF data page.

International reporting

Data are reported to the International Monetary Fund (IMF).

Microdata

Not relevant

Background

Background and purpose

The statistics is part of the IMF Coordinated Portfolio Investment Survey (CPIS), which Norway participate in. The first CPIS was conducted for the year 1997 and from 2001 the survey has been annual. Data are published in the Statbank from 2004 at SSB.no. Portfolio investment is defined as ownership of foreign equities, debt securities (bonds and notes) with the purpose to gain income and not to obtain a lasting interest in or control of the issuer of the security. 

Users and applications

The main user is the IMF.

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

The portofolio statistics is consistent with the function "portfolio investment" presented in the statistics on foreign assets and liabilities. Revision cycle may cause small differences between the statistics.

Legal authority

The statistics is derived from various primary statistics (see below) with corresponding legal acts. The most important acts are The Statistics Act §2-2 and §3-2, The Act on Supervision of Credit Institutions, Insurance Companies and Security Trading and The Act relating to Norges Bank and the Monetary System etc., section 27.

EEA reference

Not relevant.

Production

Population

The statistics comprises of, in principle, all resident enterprises, institutions and households who are owners of securities issued by nonresidents. Securities are restricted to shares and other equities (included shares in mutual funds), bonds and notes. This means that e.g. financial derivatives are excluded from the statistics. Securities held by Norges Bank (Central Bank of Norway) as reserve assets are not defined as portfolio investment.

Data sources and sampling

The most important data sources are annual balance sheet statistics for Norges Bank (included the investment of the Government Pension Fund), banks, other credit institutions, financial holding companies, mutual funds, insurance companies and pension funds and the annual survey for non-financial enterprises and some financial enterprises (which are not under supervision). Additionally we have register data for foreign securities held in resident custody.

The annual balance sheet statistics for financial enterprises that are under supervision count all units except the pension funds statistics, which is based on a sample survey with a high coverage. The data for non-financial enterprises are based on a sample surveys with high coverage of the populations.

Collection of data, editing and estimations

Statistics Norway collects data for the non-financial enterprises, financial enterprises that are not under supervision, insurance companies and pension funds. Norges Bank (The Central Bank of Norway) is responsible for the data collection for the financial enterprises which are under supervision by The Financial Supervisory Authority of Norway including among other the Government Pension Fund. Foreign securities held in resident custody is registerdata made available for Statistics Norway.

Total portfolio investment is checked to be consistent with portfolio investment data in the foreign assets and liabilities statistics (also known as international investment position (IIP) statistics). For equities there is also a controll of wether the distinction between portfolio investment and direct investment is correct. The breakdown by country is checked versus other data sources (for instance the annuale enterprise reports) when possible.

The high survey coverage of the population makes it unnecessary to scale up the data by the use of statistical methods to estimate total portfolio investment.

Seasonal adjustment

Not relevant

Confidentiality

Data are not released if there are less than three units in a cell in the tables and hence there is a possibility to identify the investor.

Comparability over time and space

The statistics for the year 2001 and onwards are in general comparable over time but the data sources for non-financial enterprises where changed in 2004 due to a new balance of payment data collection system (survey).

Accuracy and reliability

Sources of error and uncertainty

There may be errors in the data sources caused by:

*errors when data are extracted from primary data sources and reportet to SSB

* the reporters use different principles for accounting and valuation

*incomplete reports or too late reporting to SSB.

All important investors are included, but non-response and omission of small enterprises, may have an impact on the breakdown by country.

No importance at total level but sampling errors may have an impact on the breakdown by country.

The breakdown by country may partly be based on the country where the security was issued rather than the country where the issuer is resident.

Revision

Not relevant