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NOK 137 billion in current account surplus
statistikk
2012-06-18T10:00:00.000Z
External economy;National accounts and business cycles;External economy
en
ur, International accounts, 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, BOP geographical breakdown, balance of goods, balance of services, BOP, IIP, balance of payments, international investment positionBalance of payments, National accounts , Foreign assets and liabilities , National accounts and business cycles, External economy
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International accounts, Q1 2012

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NOK 137 billion in current account surplus

The surplus on the current account reached an all time high in the first quarter of 2012, driven mainly by the record high price of oil and natural gas.

The balance of goods and services had a surplus of NOK 130 billion and the income and current transfers ended with a surplus of NOK 7 billion in the first quarter of 2011.

Balance of payments. 1st quarter 2005-1st quarter 2012. NOK billion

Increased goods exports

The value of exports of goods was NOK 254 billion in the first quarter of 2012, of which crude oil and natural gas made up two thirds. Compared to the fourth quarter last year, the exports of crude oil and natural gas were 15 per cent higher in the first quarter this year. The main reason for this was the rise in prices for petroleum. Exports of other goods, however, ended just slightly below the level of the fourth quarter last year.

Exports of services are estimated at NOK 63 billion for the first quarter 2012, markedly lower than in the fourth quarter last year. Imports of services also ended below the level of the last quarter of 2011.

Income and transfers in surplus

The surplus on the income and transfers balance was NOK 7 billion in the first quarter. Compensation of employees and property income received from abroad exceeded corresponding payments to abroad by NOK 11 billion. Net transfers to abroad are estimated at NOK 4 billion.

Large investment in equity capital abroad

There was large investment in equity capital abroad in the first quarter of 2012, both as direct investment (NOK 43 billion) and as portfolio investment (NOK 67 billion). Government owned non-financial enterprises had the largest impact on direct investment, while the Government Petroleum Fund Global was most important for portfolio investment.

The banks’ deposits abroad (NOK 132 billion) were much larger than foreign deposits in Norway (NOK 53 billion). However, this fact needs to be linked to the banks’ large investment in debt securities (NOK 80 billion), mostly in short-term securities.

Balance of payments. 1. quarter 2009 to 1. quarter 2012. NOK billion
  2009 2010 2011 1. quarter 2009 2. quarter 2009 3. quarter 2009 4. quarter 2009 1. quarter 2010 2. quarter 2010 3. quarter 2010 4. quarter 2010 1. quarter 2011 2. quarter 2011 3. quarter 2011 4. quarter 2011 1. quarter 2012
Balance of goods and services  269        313        375 72 59 59 79 94 66 57 95 93 92 86  103  130
Balance of income and current transfers -14 1 19 -35 17 3 1 -9 11 7 -8 -9 8 14 6 7
Current account balance  255  314  394 37 76 61 80 86 77 64 87 84  100  100  109  137
Capital transfers etc. to abroad, net 1 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1
Net lending  253  313  392 37 75 61 80 85 77 64 86 84  100  100  108  136
Direct investment, net  101 34 92 15 -25 90 22 22 49 -3 -35 48 17 21 6 62
Portifolio investment, net -5  106  251 85 27 21 -138 17 -42 85 46 23 79 81 69 -4
Other investment, net  310  108  165 10 78 1  221 5  156 -42 -11 47 40 37 39 71
Revaluations, net 79  162 -176 -242  275  141 -95 89 -37 49 62 -54 -50 -197  124 80
Increase in Norway`s net assets  332  474  216 -205  358  203 -15  174 39  113  148 30 50 -97  233  217

Revisions

Exports and imports in 2011 are revised due to new information.

For more information on price and volume developments in export and import, see quarterly national accounts .

More details on exports and imports of goods are available at external trade statistics .

For more information on Norway’s balance of payments, see Focus on external economy .