329185
/en/utenriksokonomi/statistikker/ur/kvartal
329185
statistikk
2018-12-05T08:00:00.000Z
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 servicesNational accounts , Balance of payments, National accounts and business cycles, External economy
true

Balance of payments

Updated

Next update

Key figures

91 781

current account balance in NOK million

Balance of payments. NOK million
3rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
Current account balance32 94033 79270 14879 08491 780
Balance of goods and services18 12228 57646 31334 37556 087
Balance of income and current transfers14 8185 21623 83544 70935 693
Capital transfers to abroad, net76-1762172
Net lending, current account32 88033 70469 38679 08391 707
 
Direct investment-51 80470 3008 25261 487-17 375
Portofolio investment5 08427 979-21 77877 69772 449
Other investments39 139-71 80024 27815 04610 885
Reserve assets (IMF breakdown)-5 561-5 5166 467-39-7 823
Net lending, financial account-13 14220 96317 219154 19158 136
 
Net errors and omissions46 02212 74152 167-75 10833 571

See more tables on this subject

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

Financial transactions, assets and liabilities abroad. Functional category. NOK million
3rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
Foreign assets
Direct investment-45 70180 199-72 13328 573-8 320
Portofolio investment18 23871 005-31 37099 645100 109
Other investments49 280-65 84430 93528 36916 488
Reserve assets (IMF breakdown)-5 561-5 5166 467-39-7 823
Sum total16 25679 844-66 101156 548100 454
 
Liabilities
Direct investment6 1039 899-80 385-32 9149 055
Portofolio investment13 15443 026-9 59221 94827 660
Other investments10 1415 9566 65713 3235 603
Sum total29 39858 881-83 3202 35742 318
 
NET LENDING, FINANCIAL ACCOUNT-13 14220 96317 219154 19158 136

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

Financial transactions, assets and liabilities abroad. Financial instrument. NOK million
3rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
Foreign assets
Equity and Investment Fund shares/units15 24989 375-37 86399 30245 500
Debt securities-38 06753 452-61 05130 09143 355
Other equity-----
Currency and deposits56 071-84 80457 40330 94831 754
Loans23 00321 67036 097-11 720-32 117
Insurance, pension schemes, and standardised guarantee schemes-301 547898-1 319-354
Trade credits and advances85918 362-9 1461 983-499
Other accounts recievable/payable-35 268-14 242-58 9067 30220 638
Reserve assets (IMF breakdown)-5 561-5 5166 467-39-7 823
 
Liabilities
Equity and Investment Fund shares/units26 73765 415-38 151-5 58043 955
Debt securities2 11326 447-17 58120 40335 664
Other equity-----
Currency and deposits87 1114 75627 117-6 50715 728
Loans-10 34927 76412 953-28 502-24 571
Insurance, pension schemes, and standardised guarantee schemes-814-9153 823-579-1 104
Trade credits and advances-9708 736-2 222984-1 250
Other accounts recievable/payable-74 430-73 322-68 84121 990-25 939
Liabilities - Special Drawing Rights (SDRs)---418148-165
 
NET LENDING, FINANCIAL ACCOUNT-13 14220 96317 219154 19158 136

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
3rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
Foreign assets
Direct investment
Equity and Investment Fund shares/units-41 05671 822-67 54429 748-11 254
Debt instruments-4 6458 377-4 589-1 1752 934
 
Portofolio investment
Equity and Investment Fund shares56 30517 55329 68169 55456 754
Equity securities50 98018 17731 59162 98953 957
Investment Fund shares5 325-624-1 9106 5652 797
Debt securities-38 06753 452-61 05130 09143 355
 
Other investments
Other equity-----
Currency and deposits56 071-84 80457 40330 94831 754
Loans23 00321 67036 097-11 720-32 117
Trade credits and advances85918 362-9 1461 983-499
Other accounts recievable/payable-30 623-22 619-54 3178 47717 704
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)852 196-1 19023621
Reserve position in the IMF2 678-3 4591 806458631
Other reserve assets-8 324-4 2535 851-733-8 475
 
Liabilities
Direct investment
Equity and Investment Fund shares/units15 69648 836-46 140-7 12551 959
Reinvestment of earnings4814812 8752 8752 875
Debt instruments-9 593-38 937-34 245-25 789-42 904
 
Portofolio investment
Equity and Investment Fund shares11 04116 5797 9891 545-8 004
Equity securities12 41619 5566 069-545-8 725
Investment Fund shares-1 375-2 9771 9202 090721
Debt securities2 11326 447-17 58120 40335 664
 
Other investments
Other equity-----
Currency and deposits87 1114 75627 117-6 50715 728
Loans-10 34927 76412 953-28 502-24 571
Trade credits and advances-9708 736-2 222984-1 250
Other accounts recievable/payable-64 837-34 385-34 59647 77916 965
Liabilities - Special Drawing Rights (SDRs)---418148-165
 
NET LENDING, FINANCIAL ACCOUNT-13 14220 96317 219154 19158 136

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
3rd quarter 20174th quarter 20171st quarter 20182nd quarter 20183rd quarter 2018
Exports, total289 109316 742310 801331 841348 305
¬ Goods (FOB)196 986230 778232 806241 731249 370
¬¬ Crude oil and natural gas101 826127 976129 794133 415146 611
¬¬ Ships1 4471 7873 1962 8142 460
¬¬ Petroleum activities, various goods134172167148245
¬¬ Other goods93 579100 84399 649105 354100 054
¬ Services92 12285 96477 99690 11098 935
¬¬ Gross receipts, shipping24 87325 51723 89726 67427 215
¬¬ Petroleum activities, various services4 7645 4274 1405 2784 884
¬¬ Pipeline transport3 1203 1203 1023 0293 131
¬¬ Travel19 4836 1397 90512 24619 642
¬¬ Transport and communication12 57212 61111 12413 08613 923
¬¬¬ Land transport, export899994752754725
¬¬¬ Supply, export6 3965 5015 1816 5537 491
¬¬¬ Air transport, export2 1612 2712 2172 1922 236
¬¬¬ Services related to transport, export2 6293 3532 4733 1193 023
¬¬¬ Postal and courier services, export487492501468448
¬¬ Financial and business services16 35520 80717 09518 09917 558
¬¬¬ Financial and insurance services, export6 0706 7956 7476 5096 105
¬¬¬ Audit services, juridical- and technical services, export3 9775 4944 3214 9954 302
¬¬¬ Research and development, export8521 148648735662
¬¬¬ Other business services, export5 4567 3705 3795 8606 489
¬¬ Other services10 95512 34210 73311 69812 583
¬¬¬ Construction, repairs and installation, export2 5542 8782 2802 3342 975
¬¬¬ Recycle and trash handling, export1 2181 5171 2461 4461 458
¬¬¬ Retail trade, hotel and restaurant , export1 0061 2641 0921 1141 156
¬¬¬ Publishing, film, music and broadcasting services, export344301292384571
¬¬¬ Telecommunication services, export1 8521 5931 4771 9811 956
¬¬¬ Information services, export3 1073 9603 3643 5613 647
¬¬¬ Other personal and government services, export874829982878820
MEMO: Services export when import of goods FOB90 97684 92977 00188 88797 906
Imports, total270 986288 165264 488297 466292 218
¬ Goods (CIF)166 280185 614175 755194 482183 780
¬¬ Ships4 1171 4144 0092 2041 487
¬¬ Petroleum activities, various goods4 7274 4813 6233 5653 660
¬¬ Other goods157 436179 719168 123188 713178 633
MEMO: Import of goods FOB160 932178 346169 531188 141177 833
¬ Services104 707102 55188 733102 984108 438
¬¬ Operating costs shipping, excl. bunkers10 18811 27510 17611 35912 267
¬¬ Petroleum activities, various services7 2978 0845 8068 0347 301
¬¬ Travel41 53232 40328 05635 86142 142
¬¬ Transport and communication7 4717 7537 0647 1497 396
¬¬¬ Land transport, import2525252525
¬¬¬ Ocean transport, import266266266266266
¬¬¬ Air transport, import2 8592 9042 7262 7392 856
¬¬¬ Services related to transport, import4 0754 2883 7423 9634 101
¬¬¬ Postal and courier services, import246270305156148
¬¬ Financial and business services20 38122 18919 29020 78720 493
¬¬¬ Financial and insurance services, import3 6803 8204 1944 0263 746
¬¬¬ Audit services, juridical- and technical services, import3 5273 8142 6053 0363 360
¬¬¬ Research and development, import660938655674588
¬¬¬ Other business services, import12 51413 61711 83613 05112 799
¬¬ Other services17 83720 84818 34119 79418 839
¬¬¬ Construction, repairs and installation, import2 5892 8492 1382 6982 553
¬¬¬ Recycle and trash handling, import9639111 0121 077900
¬¬¬ Retail trade, hotel and restaurant, import675480590654565
¬¬¬ Publishing, film, music and broadcasting services, import4 4085 2684 5154 5114 476
¬¬¬ Telecommunication services, import1 4531 3631 3151 5891 424
¬¬¬ Information services, import5 3886 4455 9876 0856 151
¬¬¬ Other personal and government services, import2 3613 5322 7843 1802 770
MEMO: Service import when import of goods FOB108 909108 78493 962108 102113 356
Balance of goods and services18 12228 57646 31334 37556 087
¬ Balance of goods30 70645 16457 05147 24965 591
¬ Balance of services-12 584-16 588-10 737-12 874-9 504
From abroad81 75590 85189 399137 921103 618
¬ Compensation of employees1 2681 2801 3161 3121 302
¬ Interest received32 49338 55832 08735 44638 618
¬¬Direct investment, interst receivable4 8204 2133 0863 5124 087
¬¬Other investment, interest receivable27 67334 34529 00131 93434 531
¬ Dividends etc.41 26841 68042 90291 11756 507
¬¬Direct investment, dividends etc receivable9 01717 2709 20527 65717 349
¬¬Portfolio ivestment, dividends etc. receivable32 25124 41033 69763 46039 158
¬ Reinvested earnings-1 078-1 078-595-595-595
¬ Current transfers7 80410 41113 68910 6417 786
To abroad66 93785 63565 56493 21267 925
¬ Compensation of employees9 48210 3239 9629 55110 419
¬ Interest paid24 26525 17024 17328 17925 087
¬¬Direct investment, interest payable7 3089 6914 9634 1414 229
¬¬Other investment, interest payable16 95715 47919 21024 03820 858
¬ Dividends etc.11 26720 3805 87828 8458 487
¬¬Direct investment, dividends etc. payable6 31116 6174 05412 3694 755
¬¬Portfolio investment, dividends etc. payable4 9563 7631 82416 4763 732
¬ Reinvested earnings7677853 1873 7593 333
¬ Current transfers from general government7 48515 5418 6039 4037 749
¬ Other current transfers13 67113 43613 76113 47512 850
Balance of income and current transfers14 8185 21623 83544 70935 693
¬ Compensation of employees and investment income (Primary income), net28 17023 78232 51056 94648 506
¬ Current transfers (Secondary income), net-13 352-18 566-8 675-12 237-12 813
Current account balance32 94033 79270 14879 08491 780
Capital transfers to abroad, net76-1762172
Acquisitions of patents, licenses etc. net-1689001
Net lending32 88033 70469 38679 08391 707

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.