360681
/en/utenriksokonomi/statistikker/ur/kvartal
360681
statistikk
2019-06-05T08:00:00.000Z
External economy;National accounts and business cycles
en
ur, Balance of payments, current account balance, direct investments, operational and capital accounts, financial accounts, investment abroad, foreign investment, transactions, stocks, financial assets, liabilities, portofolio investment, financial investments, revaluations, current account balance, balance of income and current transfers, reinvested earnings, net assets, imports, exports, BOP geographical breakdown, balance of goods, balance of servicesBalance of payments, National accounts , National accounts and business cycles, External economy
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Balance of payments

Updated

Next update

Key figures

67 779

current account balance

Balance of payments. NOK million
1st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
Current account balance76 88666 97393 74647 32167 779
Balance of goods and services55 39532 29855 35851 56543 719
Balance of income and current transfers21 49134 67538 388-4 24424 060
Capital transfers to abroad, net76217211 307
Net lending, current account75 98166 82993 53247 17666 476
 
Direct investment12 32461 084-5 580102 286-7 051
Portofolio investment-10 63055 75560 326152 021-131 275
Other investments18 66417 8698 514-202 271142 118
Reserve assets (IMF breakdown)8 024-313-7 624-5 09827 363
Net lending, financial account28 382134 39555 63646 93831 155
 
Net errors and omissions47 599-67 56637 89623835 321

See selected tables from this statistics

Table 1 
Financial transactions, assets and liabilities abroad. Functional category. NOK million

Financial transactions, assets and liabilities abroad. Functional category. NOK million
1st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
Foreign assets
Direct investment-70 21132 222-11 79967 056-19 028
Portofolio investment-23 66692 78588 295138 103-17 540
Other investments30 49123 34515 022-27 313154 283
Reserve assets (IMF breakdown)8 024-313-7 624-5 09827 363
Sum total-55 362148 03983 894172 748145 078
 
Liabilities
Direct investment-82 535-28 862-6 219-35 230-11 977
Portofolio investment-13 03637 03027 969-13 918113 735
Other investments11 8275 4766 508174 95812 165
Sum total-83 74413 64428 258125 810113 923
 
NET LENDING, FINANCIAL ACCOUNT28 382134 39555 63646 93831 155

Table 2 
Financial transactions, assets and liabilities abroad. Financial instrument. NOK million

Financial transactions, assets and liabilities abroad. Financial instrument. NOK million
1st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
Foreign assets
Equity and Investment Fund shares/units-30 76096 46728 082260 351123 009
Debt securities-60 92930 12841 226-55 830-149 987
Other equity-----
Currency and deposits39 91327 74731 240-101 59499 321
Loans49 245-18 678-33 55968 91024 784
Insurance, pension schemes, and standardised guarantee schemes904-1 312-352274536
Trade credits and advances-10 0771 420-431-3 5502 968
Other accounts recievable/payable-51 68212 58025 3129 28517 084
Reserve assets (IMF breakdown)8 024-313-7 624-5 09827 363
 
Liabilities
Equity and Investment Fund shares/units-41 3501 97629 99118 2944 728
Debt securities-21 11934 73836 286-20 980111 735
Other equity-----
Currency and deposits25 957-2 53815 703-4 96567 518
Loans7 657-20 936-22 029152 550-127 053
Insurance, pension schemes, and standardised guarantee schemes3 826-581-1 102-6623 636
Trade credits and advances-260630-636-222-1 074
Other accounts recievable/payable-58 455355-29 955-18 20554 433
Liabilities - Special Drawing Rights (SDRs)-----
 
NET LENDING, FINANCIAL ACCOUNT28 382134 39555 63646 93831 155

Table 3 
Financial transactions, assets and liabilities abroad. Functional category and financial instrument. NOK million

Financial transactions, assets and liabilities abroad. Functional category and financial instrument. NOK million
1st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
Foreign assets
Direct investment
Equity and Investment Fund shares/units-68 02333 810-18 98766 418-9 438
Debt instruments-2 188-1 5887 188638-9 590
 
Portofolio investment
Equity and Investment Fund shares37 26362 65747 069193 933132 447
Equity securities36 60457 70651 500194 298120 975
Investment Fund shares6594 951-4 431-36511 472
Debt securities-60 92930 12841 226-55 830-149 987
 
Other investments
Other equity-----
Currency and deposits39 91327 74731 240-101 59499 321
Loans49 245-18 678-33 55968 91024 784
Trade credits and advances-10 0771 420-431-3 5502 968
Other accounts recievable/payable-49 49414 16818 1248 64726 674
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)-1 19023621118458
Reserve position in the IMF1 806458631-3 7801 181
Other reserve assets7 408-1 007-8 276-1 43625 724
 
Liabilities
Direct investment
Equity and Investment Fund shares/units-49 433-31638 30811 2322 728
Reinvestment of earnings-3 795-3 795-3 795-3 795-2 070
Debt instruments-33 102-28 546-44 527-46 462-14 705
 
Portofolio investment
Equity and Investment Fund shares8 0832 292-8 3177 0622 000
Equity securities6 155269-9 0388 099-267
Investment Fund shares1 9282 023721-1 0372 267
Debt securities-21 11934 73836 286-20 980111 735
 
Other investments
Other equity-----
Currency and deposits25 957-2 53815 703-4 96567 518
Loans7 657-20 936-22 029152 550-127 053
Trade credits and advances-260630-636-222-1 074
Other accounts recievable/payable-25 35328 90114 57228 25769 138
Liabilities - Special Drawing Rights (SDRs)-----
 
NET LENDING, FINANCIAL ACCOUNT28 382134 39555 63646 93831 155

Table 4 
Balance of Payments, country breakdown. Current prices. NOK million

Balance of Payments, country breakdown. Current prices. NOK million
Balance of goodsBalance of servicesCurrent account balance
201620172016201720162017
The world108 826179 902-57 651-75 683124 566186 221
EU213 601303 734-62 490-71 004165 926214 022
Other European countries-9 833-12 773-2 074-2 340-3 479-8 293
Africa9 3903 0903 4863 57812 06033 749
North-America-11 792-12 7605 0742 97669 17637 214
Central- and South America-2 499-7 467-2 449-1 680-3 01514 341
Asia, Oceania & Polar regions-69 078-70 384-2 951-3 670-29 718-14 667

Table 5 
Current and capital account. Current prices. NOK million

Current and capital account. Current prices. NOK million
Current and capital account
1st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
Exports, total319 783327 054346 581351 922335 675
¬ Goods (FOB)241 631237 442248 489264 266250 340
¬¬ Crude oil and natural gas138 955130 254146 729153 446138 890
¬¬ Ships3 3403 3572 6723412 581
¬¬ Petroleum activities, various goods167148145498127
¬¬ Other goods99 169103 68398 943109 981108 742
¬ Services78 15289 61198 09287 65685 336
¬¬ Gross receipts, shipping23 90226 43026 96027 27225 795
¬¬ Petroleum activities, various services3 9594 7864 6224 8704 384
¬¬ Pipeline transport3 1023 0293 1313 1683 253
¬¬ Travel7 90312 23919 6276 3668 309
¬¬ Transport and communication11 21613 05713 85112 88011 807
¬¬¬ Land transport, export9579448699871 011
¬¬¬ Supply, export5 1796 4457 3516 1335 549
¬¬¬ Air transport, export2 1782 1502 1542 2012 169
¬¬¬ Services related to transport, export2 4013 0503 0293 0252 527
¬¬¬ Postal and courier services, export501468448534551
¬¬ Financial and business services17 25618 32017 33119 61419 083
¬¬¬ Financial and insurance services, export6 7476 4986 0816 5857 563
¬¬¬ Audit services, juridical- and technical services, export4 4745 1684 5025 6685 107
¬¬¬ Research and development, export648735663944891
¬¬¬ Other business services, export5 3875 9196 0856 4175 522
¬¬ Other services10 81411 75012 57013 48712 705
¬¬¬ Construction, repairs and installation, export2 2782 3302 6312 9233 026
¬¬¬ Recycle and trash handling, export1 2541 4481 4521 5921 573
¬¬¬ Retail trade, hotel and restaurant , export1 1321 2381 2161 5341 258
¬¬¬ Publishing, film, music and broadcasting services, export292384563373469
¬¬¬ Telecommunication services, export1 4771 9672 1111 9411 661
¬¬¬ Information services, export3 3993 5053 7974 3003 907
¬¬¬ Other personal and government services, export982878800824811
MEMO: Services export when import of goods FOB77 16988 39497 06686 59683 382
Imports, total264 388294 755291 223300 357291 956
¬ Goods (CIF)175 226192 797183 273197 789195 367
¬¬ Ships4 0302 3221 6292 0852 353
¬¬ Petroleum activities, various goods3 6233 5653 5124 2984 533
¬¬ Other goods167 573186 910178 132191 406188 481
MEMO: Import of goods FOB168 878186 290177 195191 217188 444
¬ Services89 162101 958107 950102 56896 589
¬¬ Operating costs shipping, excl. bunkers10 17611 35912 26911 64910 798
¬¬ Petroleum activities, various services5 8637 4177 1267 3876 928
¬¬ Travel28 04435 87042 04732 67129 015
¬¬ Transport and communication7 0437 1347 2297 2356 911
¬¬¬ Land transport, import2525252525
¬¬¬ Ocean transport, import266266266266266
¬¬¬ Air transport, import2 7262 7392 8752 6952 718
¬¬¬ Services related to transport, import3 7213 9483 9134 0273 710
¬¬¬ Postal and courier services, import305156150222192
¬¬ Financial and business services19 58320 29220 13622 67522 167
¬¬¬ Financial and insurance services, import4 1914 0203 6814 2694 247
¬¬¬ Audit services, juridical- and technical services, import2 8742 9883 3573 9733 904
¬¬¬ Research and development, import687726664942910
¬¬¬ Other business services, import11 83112 55812 43413 49113 106
¬¬ Other services18 45319 88719 14320 95120 770
¬¬¬ Construction, repairs and installation, import2 1192 6712 5183 2373 425
¬¬¬ Recycle and trash handling, import1 0031 0719039591 066
¬¬¬ Retail trade, hotel and restaurant, import561627529681607
¬¬¬ Publishing, film, music and broadcasting services, import4 5144 5114 6224 6834 582
¬¬¬ Telecommunication services, import1 3161 5631 4311 2551 189
¬¬¬ Information services, import6 1566 2706 3507 2267 267
¬¬¬ Other personal and government services, import2 7843 1742 7902 9102 634
MEMO: Service import when import of goods FOB94 527107 248113 002108 080101 558
Balance of goods and services55 39532 29855 35851 56543 719
¬ Balance of goods66 40544 64565 21666 47754 973
¬ Balance of services-11 010-12 347-9 858-14 912-11 253
From abroad87 829135 73999 10894 698100 612
¬ Compensation of employees1 3211 3121 3021 3231 362
¬ Interest received33 04535 80336 21536 63535 943
¬¬Direct investment, interst receivable4 2854 7074 9595 7493 665
¬¬Other investment, interest receivable28 76031 09631 25630 88632 278
¬ Dividends etc.42 90291 11856 89550 71350 446
¬¬Direct investment, dividends etc receivable9 20527 65817 65923 0197 830
¬¬Portfolio ivestment, dividends etc. receivable33 69763 46039 23627 69442 616
¬ Reinvested earnings-3 146-3 146-3 146-3 146-1 774
¬ Current transfers13 70710 6527 8429 17314 635
To abroad66 338101 06460 72098 94276 552
¬ Compensation of employees9 9649 55110 37811 73511 377
¬ Interest paid23 84527 85323 45027 93129 711
¬¬Direct investment, interest payable7 5856 7736 7847 4764 452
¬¬Other investment, interest payable16 26021 08016 66620 45525 259
¬ Dividends etc.13 73143 6549 52933 40413 479
¬¬Direct investment, dividends etc. payable11 90727 1785 84026 70310 002
¬¬Portfolio investment, dividends etc. payable1 82416 4763 6896 7013 477
¬ Reinvested earnings-3 585-3 076-3 439-3 364-1 666
¬ Current transfers from general government8 6039 4037 74915 4119 131
¬ Other current transfers13 78013 67913 05313 82514 520
Balance of income and current transfers21 49134 67538 388-4 24424 060
¬ Compensation of employees and investment income (Primary income), net30 16747 10551 34815 81933 076
¬ Current transfers (Secondary income), net-8 676-12 430-12 960-20 063-9 016
Current account balance76 88666 97393 74647 32167 779
Capital transfers to abroad, net76217211 307
Acquisitions of patents, licenses etc. net143143142144-4
Net lending75 98166 82993 53247 17666 476

About the statistics

The balance of payments consists of current, capital and financial account. The current account shows exports and imports and other international transfers. The capital account shows capital transfers and transactions in intangible assets. The financial account shows net financial assets and liabilities.

Definitions

Definitions of the main concepts and variables

International guidelines

The Norwegian Balance of Payments 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 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, Balance of Payments accounts 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. 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. Economic items can either be real resources, i.e. goods and services, or financial items representing various claims and liabilities.

The basic criterion for entering a transaction in the Balance of Payments 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 Balance of Payments, 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 transaction register it in their books or accounts. In the case of exports and imports of goods, it is in practice when the goods cross the border, as registered through customs declarations that determines the time of recording the transaction.

All transactions 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. Total exports and total imports shall be recorded at f.o.b. prices1. On a detailed commodity level, c.i.f. prices (cost-insurance-freight) are used for imports, i.e. including transport and insurance costs up to the border of the importing country. The exchange rate on the transaction date or the average rate for the shortest period applicable shall be used for converting transactions 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.

Income and expenditure are defined in the National Accounts and Balance of Payments excluding gains and losses, irrespective of whether they are realised or unrealised. Such items, however, help to explain total balance sheet changes that take place in the course of a period and are registered on the account for revaluation.

Balance of Payments accounts are based on the rules for double entry bookkeeping. All transactions are represented by two entries, a credit and debit entry. Most transactions are those in which economic items are provided or received in exchange for other economic items, entailing that offsetting credit and debit entries will normally be registered. For example, exports of a good will be registered in External Trade Statistics and recorded as a credit entry in the Balance of Payments accounts, whereas the accompanying increase in foreign assets, e.g. in the form of higher foreign exchange reserves, is registered in sources covering the financial account items and recorded as a transaction on the debit side of the Balance of Payments accounts. In other cases when items are given away rather than exchanged, or a recording is one-sided for other reasons, there is only one recording in the data sources. In these cases a counter entry is constructed, in this example in the form of a transfer so that the double entry requirement is satisfied.

Structure and definitional relationships

The Balance of Payments is an integrated part of the National Accounts and is constructed as a mirror image of the institutional sector "Rest of the World" in the National Accounts. In the Balance of Payments, transactions are seen from Norway's point of view, while in the institutional sector accounts they will be seen from the perspective of the rest of the world. A surplus on Norway's current account will in the National Accounts appear as a deficit for the sector "Rest of the World".

The Balance of Payments consists of three main parts: a current account, which shows current transactions with the rest of the world, a capital showing capital transactions, and a financial account, which records investment transactions in the form of purchases and sales of financial instruments.

Overview of the Balance of Payments:

1)            Current account balance

Balance of goods and services

Balance of income and current transfers

2)            Capital transfers to abroad, net

3)            Net lending, current- and capital account

4)            Financial account, assets/liabilities

Direct investment

Portfolio investment

Other investment

Reserve assets

5)            Net lending, financial account

6)            Errors and omissions

 

Following definitions applies:

 

Accumulation accounts: current- and capital account and the financial account:

1+ 2 =3

4 assets – 4 liabilities = 5

3 – 5 = 6

Consistent Balance of Payments requires:

 (3) = (5)

The current account comprises, first, exports and imports of goods and services, with the balance of goods and services as a balancing item. In addition, data are provided for compensation of employees, investment income and expenditure as well as current transfers to and from the rest of the world. The balance for this component is net income and current transfers. The total balance of the current account is the sum of the balances of these two components.

The capital and financial account shows how transactions recorded in the current account result in changes in foreign assets and liabilities, and in addition to purchases and sales of financial instruments includes capital transfers. This entails that the balance on the current account must be adjusted for net capital transfers in order to arrive at net lending.

The definitional relationship between the current account and the financial account is that a current account surplus, adjusted for net capital transfers and net acquisitions of patents and copyrights etc, increases net foreign assets (or reduces net liabilities), while a deficit on the current account will reduce net assets (or increase net liabilities).

The financial account also includes transactions that do not have a counter entry in the current account. One example would be a resident who uses funds in a foreign bank account to repay a loan raised abroad.

Total asset transactions less total liability transactions result in net lending. By adjusting net lending for valuation changes and other balance sheet changes not caused by transactions2, we arrive at changes in Norway's net foreign assets/liabilities.

Net errors and omissions are derived from net lending from the two accounts, and can be derived from the current account minus the same item derived from the financial accounts. Although the balance of payments accounts are, in principle, balanced, imbalances occur due to imperfections in source data and compilation.

See also Concepts and definitions in national accounts

1 F.o.b. = free on board, i.e. the value when passing the border of the country of exports.

2 Certain types of debt forgiveness and a change in a statistical unit's sectoral classification are examples of balance sheet changes that are not based on transactions.

Standard classifications

In addition to the classifications and categories described in the international BoP and National Accounts manuals, it may be mentioned that both the Norwegian BoP and National Accounts make use of the product classification CPA (Classification of Products by Activity) of the EU and sectors classified in ESA 2010. For more information of sectors, please see ssb.no.

Administrative information

Name and topic

Name: Balance of payments
Topic: External economy

Next release

Responsible division

Division for National Accounts

Regional level

Balance of Payments statistics are held at national level.

Frequency and timeliness

Quarterly statistics. The first version for quarter k t is published after k+60 days, followed by revisions in the following quarterly publications. The final version is published in August/September year t+2.

International reporting

Reporting to Eurostat, the International Monetary Fund (IMF), Organization 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 Balance of Payments statistics is to supply reliable information on residents' of Norway economic transactions with non-residents. The statistics are an integrated part of the National Accounts using the same principles and definitions. The financial transactions can be seen in relation to the positions presented in international investment position.  

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 both the current- and capital account and the financial account. The current- and capital account has time series going back to 1981, while the financial account has time series going back to 2005.   

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 Balance of Payments 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, Balance of Payments 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 08.00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

Coherence with other statistics

Full integration with the National Accounts makes the Norwegian BoP data consistent with both the exports and the imports figures and financial figures for the Rest of the World Account of the National Accounts.

The BoP has a somewhat broader scope compared to the External Trade in Goods statistics. The main deviations are that BoP includes as exports goods delivered to non-resident carriers in Norwegian ports, goods other than oil and gas exported directly from the Norwegian continental shelf, imports of fuel to Norwegian carriers in foreign ports, and direct imports of goods to the Norwegian continental shelf. In addition the BoP converts exports and imports of certain types of goods as registered in the external trade statistics into exports and imports of services.

The BoP financial account has the same principle and detailing level as International Investment Position (IIP). 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.

In the BoP statistics there is a classification on functional categories, one of them being direct investment. There is in addition a separate annual statistics on Direct investment published by Statistics Norway. The two statistics follows different methods and will therefore show different figures.

Legal authority

Not relevant

EEA reference

EU-regulations incorporated in the EEA-agreement define the scope of the statistics. Following regulations apply to the BoP-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 Balance of Payments 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 National Accounts, Balance of Payments accounts 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 Balance of Payments shall in principle include all transactions between unit’s resident of the Norwegian economic territory and non-resident units. See below for more about the sample that’s behind the BoP 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 Balance of Payments is based on data collected by other divisions in Statistics Norway.

The main sources for the current- and capital account;

  • External trade in goods   
  • Petroleum Statistics
  • Sample survey, non-financial enterprises,non-financial corporations and financial institutions not under supervision
  • Structural Business Statistics, Ocean Transport
  • Annual accounting statistics for the general government.
  • Quarterly accounting statistics for financial corporations under supervision
  • Travel survey

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 BoP-statistics.

Collection of data, editing and estimations

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

Estimations: 

For most of the BoP 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:

Current account:

Services and income flows are estimated on quarterly basis by using the change as observed in the sampling based survey data combined with last known annual totals. This estimation procedure is the same used in Quarterly National Accounts.

Reinvestment of earnings:

Reinvestment of earnings is included in both the current and financial account. Reinvestment of earnings arising from a direct investor’s equity in its direct investment enterprise is calculated based on accounting variables profit and dividends.

Financial account:

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.

Evaluation

The BoP data are subject to control and evaluation before each publication. The data is integrated with the National Accounts and International investment positions 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.

Seasonal adjustment

Not relevant

Confidentiality

§ 2-6 of the Statistics Act states that data under no circumstances shall be published in such a way that they may be traced back to the supplier.

§2-4 of the Statistics Act contains provisions regarding professional secrecy for the staff as well as other provisions regarding confidentiality and integrity.

Comparability over time and space

Statistics Norway have adapted the international recommendations for compiling BoP statistics and are therefore comparable with other countries' BoP statistics. Annual and quarterly current account data on a consistent form are available back to 1981 in the Statbank. Correspondingly for the financial account back to 2005. The Balance of Payments 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 and quarterly current account data are available back to 1970. Correspondingly for the financial account back to 1981. For the period 1994 - 2004 monthly data for both current and financial account are available. An historic table for Balance of Payments is available back to 1949, see 22.8 and 22.9.   

 

Accuracy and reliability

Sources of error and uncertainty

The Norwegian BoP 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 BoP 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

Preliminary quarterly and annual figures are revised until final annual figures are published (in August/September year t+2). See Administrative information, Frequency and timeliness.

In addition, periodical main revisions give revised figures. A main revision of the BoP time series were conducted in December 2014 with the implementation of the new manuals Balance of Payments and International Investment Position (BPM6) and European system of national Accounts (ESA2010). The BoP financial account has revised its time series back to 2005.