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85145
Lower current account surplus
statistikk
2012-09-05T10:00:00.000Z
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, Q2 2012

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Lower current account surplus

The surplus on the current account was NOK 90 billion in the second quarter 2012, almost NOK 56 billion below the first quarter surplus.

Trade in goods and services had a surplus of NOK 99 billion, while the income and current transfers ended with a deficit of NOK 9 billion in the second quarter of 2012.

Balance of payments. NOK billion

Decrease in exports of crude oil and natural gas

The value of exports of goods was NOK 230 billion in the first quarter 2012, of which crude oil and natural gas amounted to NOK 151 billion. The value of exports of crude oil and natural gas were almost15 per cent below the first quarter figure this year. Exports of other goods ended slightly below the level of the first quarter this year.

Exports of services are estimated at NOK 66 billion for the second quarter 2012; about NOK 4 billion higher than the first quarter this year. Imports of services also ended at NOK 66 billion, bringing the services trade in balance in the second quarter.

Income and transfers in surplus

Transactions in income and transfers with the rest of the world show a deficit of NOK 9 billion in the second quarter of 2012. Compensation of employees and property income paid to abroad exceeded corresponding payments received from abroad by NOK 3 billion. Net transfers to abroad are estimated at NOK 6 billion.

Strong reduction of deposits and loans to and from Norway

Direct investment and portfolio investment abroad in the second quarter of 2012 were approximately at the same level as in the previous quarter but with some shifts between objects and sectors. However, other investment abroad apart from international reserves fell heavily from NOK 132 billion in the first quarter to only NOK 2 billion in the second quarter. The reduction was caused by very large deposits by the banks in the first quarter and should be regarded in connection with corresponding large foreign deposits in the banks in the same quarter. There was also a major decrease in loans from other sectors than the banks, in particular from the Government Pension Fund Global in relation to reverse repurchase agreements.

Foreign direct investment in Norway amounted to NOK 15 billion in the second quarter 2012 compared with NOK - 15 billion in the first quarter. Foreign portfolio investment in Norway showed a large decrease from the first to the second quarter, down from NOK 112 billion to NOK 51 billion. The decrease was due to an unusually large net raising of short-term bond loans abroad to the banks in the first quarter. There were also large reductions of foreign loans (repurchase agreements) to the Government Pension Fund Global (change from NOK 30 billion to NOK - 20 billion) and foreign deposits with Norwegian banks (change from NOK 53 billion to NOK - 49 billion).

Balance of payments. 3. quarter 2010-2. quarter 2012. NOK billion
  2010 2011 3. quarter 2010 4. quarter 2010 1. quarter 2011 2. quarter 2011 3. quarter 2011 4. quarter 2011 1. quarter 2012 2. quarter 2012
Balance of goods and services  313  375 57 95 93 92 86  103  131 99
Balance of income and current transfers 1 19 7 -8 -9 8 14 6 15 -9
Current account balance  314  394 64 87 84  100  100  109  146 90
Capital transfers etc. to abroad, net 1 1 0 0 0 0 0 1 1 0
Net lending  312  392 64 86 84  100  100  108  145 90
Direct investment, net 29 79 3 -31 48 12 28 -10 45 17
Portifolio investment, net  109  256 85 35 21 79 81 75 -2 46
Other investment, net 88  172 -51 -5 44 39 50 38 68 19
Revaluations, net  124 -179 37 50 -54 -48 -195  119 79 -22
Increase in Norway`s net assets  436  214  101  136 30 52 -96  227  225 68

Revisions

  • Import and export of services in the current account have been revised for the first quarter of 2012
  • The financial account in 2005 - 2010 has been revised. In particular there are new figures for the foreign exchange revaluations of the the non-financial enterprises due to a new method for calulation of the revaluations. This means that the financial transactions have been revised correspondingly with opposite signs.

    • For more information on developments in price and volume for exports and imports, see the quarterly national accounts.

    More details on exports and imports of goods are given in the statistics on external trade in goods.

    For more information on Norway’s external economy, see the statistics on the external economy.