388867
/en/utenriksokonomi/statistikker/ur/kvartal
388867
statistikk
2020-06-03T08:00:00.000Z
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

Updated

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Key figures

66 078

current account balance

Balance of payments. NOK million
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
Current account:
Current account balance66 41127 02226 91325 05966 078
Balance of goods and services43 8375 352-10 06423 11027 119
Balance of income and current transfers22 57421 67036 9771 94938 959
Capital transfers, patents, licenses etc, net8366725205296
Net lending (+)/ Net borrowing (-), current account transactions65 57526 95526 88824 85465 782
 
Financial account:
Opening balance6 941 9867 611 3017 920 2628 447 9678 687 802
Net lending (+)/ Net borrowing (-), financial account transactions-5 81597 882-9 725-98 24298 620
Other changes675 130211 079537 430338 07741 374
Closing balance7 611 3017 920 2628 447 9678 687 8028 827 796
 
Net errors and omissions-71 39070 927-36 613-123 09632 838

See selected tables from this statistics

Table 1 
Financial account, transactions. By functional category and financial instrument. NOK million

Financial account, transactions. By functional category and financial instrument. NOK million1
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
1Transactions in financial derivatives are included in other accounts receivable/payable under other investments in the balance of payments’ financial account. There is considerable uncertainty in the method used to calculate the transaction figures in derivatives, the figures under this item must therefore be used with some caution.
Foreign assets
Direct investment
Equity and Investment Fund shares/units-4 2575 19429 62219 61032 194
Debt instruments-11 4999 675-5 62623 60018 388
 
Portofolio investment
Equity and Investment Fund shares131 22864 48252 08134 944-19 466
Equity securities120 83265 03846 64536 847-14 555
Investment Fund shares10 396-5565 436-1 903-4 911
Debt securities-148 00021 41926 328105 626134 119
 
Other investments
Other equity-----
Currency and deposits99 431105 610-108 230-65 43671 065
Loans24 703-49 689-26 03487 305-46 606
Trade credits and advances2 327-6 841-2 2064 941-19 047
Other accounts recievable/payable27 149-1 81438 594-71 520103 296
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)458-701 371-179-482
Reserve position in the IMF1 181859-2 8471 371-13 807
Other reserve assets25 720382-2 707-27 34273 718
 
Liabilities
Direct investment
Equity and Investment Fund shares/units35 759-15 811-1 89286 843-34 616
Reinvestment of earnings-539-539-539-539-1 011
Debt instruments-18 563-33 81222 84717 122-27 488
 
Portofolio investment
Equity and Investment Fund shares2 5138 9655 78425 8433 428
Equity securities2516 9963 04823 1784 466
Investment Fund shares2 2621 9692 7362 665-1 038
Debt securities115 22943 25638 4388 86317 315
 
Other investments
Other equity-----
Currency and deposits63 46532 441-58 162-25 99676 448
Loans-111 0759 929-46 017168 138-10 347
Trade credits and advances-1 0971 0181405 215-8 039
Other accounts recievable/payable64 8224 78950 566-74 276214 202
Liabilities - Special Drawing Rights (SDRs)-----
 
NET LENDING, FINANCIAL ACCOUNT-5 81597 882-9 725-98 24298 620

Table 2 
International Investment Position. By functional category and financial instrument. NOK million

International Investment Position. By functional category and financial instrument. NOK million
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 493 8731 498 9251 521 0771 521 2291 564 012
Debt instruments645 883653 788664 564668 444753 669
 
Portofolio investment
Equity and Investment Fund shares7 142 2487 313 5577 753 3768 204 9587 520 228
Equity securities6 848 7207 016 0157 442 8367 885 0717 220 864
Investment Fund shares293 528297 542310 540319 887299 364
Debt securities3 535 1313 605 1313 814 8963 826 9454 475 303
 
Other investments
Other equity2 1362 1362 1362 1362 136
Currency and deposits813 393914 830833 335761 447946 818
Loans622 877570 877565 960651 668671 799
Trade credits and advances89 82782 69982 76485 86876 284
Other accounts recievable/payable310 393309 779323 854256 711557 532
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)18 76118 54620 79420 28323 353
Reserve position in the IMF7 8278 0198 9088 87510 399
Other reserve assets557 572562 232592 029559 106713 467
 
Liabilities
Direct investment
Equity and Investment Fund shares/units1 102 5271 076 7451 072 6061 129 2131 062 203
Debt instruments659 833624 612663 020657 636696 473
 
Portofolio investment
Equity and Investment Fund shares968 905956 302978 5441 014 048805 472
Equity securities847 064829 422845 713874 880679 447
Investment Fund shares121 841126 880132 831139 168126 025
Debt securities2 410 8542 447 2692 554 9952 540 3122 857 710
 
Other investments
Other equity-----
Currency and deposits1 539 7431 565 8561 547 7821 506 9711 733 528
Loans582 767591 221557 303719 477755 516
Trade credits and advances42 94743 88245 02548 80145 107
Other accounts recievable/payable287 241280 168283 087230 956491 509
Liabilities - Special Drawing Rights (SDRs)18 71318 56819 38119 06322 457
 
NET ASSETS7 611 3017 920 2628 447 9678 687 8028 827 796

Table 3 
Current and capital account. NOK million

Current and capital account. NOK million
Current and capital account
1st quarter 20192nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
Exports, total335 634318 992309 702347 160319 715
¬ Goods (FOB)246 709217 931197 136245 910224 230
¬¬ Crude oil and natural gas135 268105 89691 291131 239113 283
¬¬ Ships2 6394 0692 5151 4192 445
¬¬ Petroleum activities, various goods14015510849140
¬¬ Other goods108 662107 811103 222113 203108 362
¬ Services88 925101 061112 566101 25095 485
¬¬ Gross receipts, shipping26 27930 24531 61830 50126 324
¬¬ Petroleum activities, various services4 1014 9214 8315 5985 290
¬¬ Pipeline transport3 2533 1783 1283 2213 253
¬¬ Travel8 51613 51221 3157 3986 789
¬¬ Transport and communication12 47614 65215 72514 29213 640
¬¬¬ Land transport, export1 0481 0971 1351 3251 203
¬¬¬ Supply, export5 5957 0377 8526 2235 570
¬¬¬ Air transport, export2 4302 4152 4822 5442 711
¬¬¬ Services related to transport, export2 8503 5233 6983 6133 591
¬¬¬ Postal and courier services, export553580558587565
¬¬ Financial and business services21 32920 94822 05223 96025 807
¬¬¬ Financial and insurance services, export9 3718 0668 4378 53410 309
¬¬¬ Audit services, juridical- and technical services, export5 0195 7186 1366 6176 274
¬¬¬ Research and development, export1 0728918781 1421 017
¬¬¬ Other business services, export5 8676 2736 6017 6678 207
¬¬ Other services12 97013 60613 89716 28014 382
¬¬¬ Construction, repairs and installation, export3 2963 1753 6734 6423 804
¬¬¬ Recycle and trash handling, export1 5691 5431 3601 5671 647
¬¬¬ Retail trade, hotel and restaurant , export1 1521 2271 2011 390586
¬¬¬ Publishing, film, music and broadcasting services, export456392535533449
¬¬¬ Telecommunication services, export1 6862 1071 8182 0722 018
¬¬¬ Information services, export3 9524 3684 5045 3175 117
¬¬¬ Other personal and government services, export859794806759761
MEMO: Services export when import of goods FOB87 05699 871111 43199 99094 171
Imports, total291 797313 640319 766324 050292 596
¬ Goods (CIF)194 801202 940198 462206 736196 496
¬¬ Ships3 4872 7004 0634 0633 674
¬¬ Petroleum activities, various goods3 4784 4962 9344 5293 478
¬¬ Other goods187 836195 744191 465198 144189 344
MEMO: Import of goods FOB188 249196 263192 143200 294189 437
¬ Services96 996110 700121 304117 31496 099
¬¬ Operating costs shipping, excl. bunkers11 08011 46514 45113 35310 878
¬¬ Petroleum activities, various services6 3067 9407 5828 2326 499
¬¬ Travel30 03338 11546 09033 79524 543
¬¬ Transport and communication6 9686 8967 2326 9946 382
¬¬¬ Land transport, import2526262625
¬¬¬ Ocean transport, import286286287287200
¬¬¬ Air transport, import2 5082 5302 8722 5392 488
¬¬¬ Services related to transport, import3 9473 9093 8923 9633 489
¬¬¬ Postal and courier services, import202145155179180
¬¬ Financial and business services21 90222 96222 62926 51424 329
¬¬¬ Financial and insurance services, import4 6644 3904 6484 8985 679
¬¬¬ Audit services, juridical- and technical services, import3 5383 6743 7184 9774 497
¬¬¬ Research and development, import7698838411 082864
¬¬¬ Other business services, import12 93114 01513 42215 55713 289
¬¬ Other services20 70723 32123 31928 42623 468
¬¬¬ Construction, repairs and installation, import3 7424 3174 5825 5623 646
¬¬¬ Recycle and trash handling, import1 0741 3509551 0371 159
¬¬¬ Retail trade, hotel and restaurant, import480553543652491
¬¬¬ Publishing, film, music and broadcasting services, import2 8462 7623 1274 1053 346
¬¬¬ Telecommunication services, import1 3681 5961 3121 4111 540
¬¬¬ Information services, import8 1149 1779 00111 2869 404
¬¬¬ Other personal and government services, import3 0833 5663 7994 3733 882
MEMO: Service import when import of goods FOB101 679116 187126 488122 496101 844
Balance of goods and services43 8375 352-10 06423 11027 119
¬ Balance of goods51 90814 991-1 32639 17427 734
¬ Balance of services-8 071-9 639-8 738-16 064-614
From abroad103 499144 944106 529101 806116 535
¬ Compensation of employees1 3621 3371 3601 3631 400
¬ Interest received36 13336 38038 60841 46144 178
¬¬Direct investment, interst receivable3 6483 6403 5688 8263 999
¬¬Other investment, interest receivable32 48532 74035 04032 63540 179
¬ Dividends etc.49 86894 45255 37347 19056 172
¬¬Direct investment, dividends etc receivable7 16425 4999 92913 7748 006
¬¬Portfolio ivestment, dividends etc. receivable42 70468 95345 44433 41648 166
¬ Reinvested earnings1 2591 2591 2591 259-1 694
¬ Current transfers14 87711 5169 92910 53316 479
To abroad80 925123 27469 55299 85777 576
¬ Compensation of employees8 44510 55310 86410 8329 129
¬ Interest paid28 98431 17427 79725 09926 946
¬¬Direct investment, interest payable4 2213 9854 0895 4045 078
¬¬Other investment, interest payable24 76327 18923 70819 69521 868
¬ Dividends etc.19 68955 9228 36829 22617 765
¬¬Direct investment, dividends etc. payable16 27535 0506 09625 67414 035
¬¬Portfolio investment, dividends etc. payable3 41420 8722 2723 5523 730
¬ Reinvested earnings-52929122197-273
¬ Current transfers from general government9 55310 6177 79817 7637 808
¬ Other current transfers14 30614 07914 60316 74016 201
Balance of income and current transfers22 57421 67036 9771 94938 959
¬ Compensation of employees and investment income (Primary income), net31 55634 85049 44925 91946 489
¬ Current transfers (Secondary income), net-8 982-13 180-12 472-23 970-7 530
Current account balance66 41127 02226 91325 05966 078
Capital transfers to abroad, net8375816105298
Acquisitions of patents, licenses etc. net-199100-2
Net lending65 57526 95526 88824 85465 782

Table 4 
Current and capital account. Country breakdown. Current prices. NOK million

Current and capital account. Country breakdown. Current prices. NOK million
Balance of goodsBalance of servicesCurrent account balance
201720182017201820172018
The world192 153273 051-76 753-67 949152 077252 262
EU306 604391 544-69 897-75 443208 956293 392
Other European countries-11 428-15 303-4 823-5 800-12 694-19 358
Africa2 92910 0625 5335 28531 60135 753
North-America-10 875-19 8319077 04137 95057 942
Central- and South America-4 626-10 710-1 845-9903 581-10 070
Asia, Oceania & Polar regions-69 426-69 235-1 2708 746-32 451-14 501

Table 5 
External debt. NOK million

External debt. NOK million1
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 2020
1The external debt position shows the gross debt for the main institutional sectors. Shares and other equity are not included in the statistics.
 
General government648 115609 006747 752872 618
Short-term
Currency and deposits----
Debt securities14 32119 76723 87618 257
Loans95 39672 570227 099161 866
Trade credits and advances0012
Other accounts recievable/payable83 73651 75418 003116 684
Long-term
Currency and deposits----
Debt securities305 381314 572338 008375 143
Loans149 281150 343140 764200 666
Trade credits and advances----
Other accounts recievable/payable----
 
Central bank44 35945 17932 05070 643
Short-term
Currency and deposits31141311 574
Debt securities----
Loans----
Trade credits and advances----
Other accounts recievable/payable25 60925 38812 87325 236
Long-term
Liabilities - Special Drawing Rights (SDRs)18 56819 38119 06322 457
Currency and deposits----
Debt securities----
Loans15139610111 376
Trade credits and advances----
Other accounts recievable/payable----
 
Deposit-taking corporations except the central bank3 329 9513 416 2793 345 0583 871 776
Short-term
Currency and deposits1 453 9531 424 3831 392 4301 556 081
Debt securities135 580152 54396 07991 557
Loans----
Trade credits and advances----
Other accounts recievable/payable133 978162 932161 071279 177
Long-term
Currency and deposits111 872123 385114 528165 873
Debt securities1 494 5681 553 0361 580 9501 779 088
Loans----
Trade credits and advances----
Other accounts recievable/payable----
 
Other sectors953 643966 480969 5391 127 192
Short-term
Currency and deposits0000
Debt securities13 12213 31212 5184 413
Loans37 85319 44419 33321 834
Trade credits and advances43 88245 02548 80045 105
Other accounts recievable/payable65 32171 57267 529105 842
Long-term
Currency and deposits0000
Debt securities484 297501 765488 881589 252
Loans308 540314 550332 180359 774
Trade credits and advances0000
Other accounts recievable/payable628812298972
 
Direct investment624 612663 020657 636696 473
 
SUM TOTAL5 600 6805 699 9645 752 0356 638 702

About the statistics

The international accounts give an overview of the economic relationships between Norwegian residents and nonresidents. They comprise the international investment position (IIP), including other changes in financial assets and liabilities, and the balance of payments (BOP).

As of 2020, the BOP and IIP Statistics are presented together under the heading International accounts.  The international account consists of the current account, the capital account and the 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 foreign financial assets and liabilities.

Definitions

Definitions of the main concepts and variables

The BOP is a statistical statement of all transactions made between entities in one country and the rest of the world over a defined period of time, such as a quarter or a year. The IIP is a statistical statement that shows at a point in time the value of financial assets of residents of an economy that are claims on nonresidents, and the liabilities of residents of an economy to nonresidents. The difference between the assets and liabilities is the net position in the IIP and represents either a net claim on or a net liability to the rest of the world.

The Norwegian BOP and IIP 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 in the BPM6 are in full accordance with the international statistical framework for the National Accounts, as laid down in the manual "System of National Accounts 2008" (2008 SNA). 2008 SNA is a joint publication by several international organizations, including the United Nations and the IMF.

 

The European Union (EU) has compiled its own edition of the National Accounts manual, "European System of Accounts 2010" (ESA 2010), which accommodates special conditions in member countries. According to the European Economic Area Agreement (EEA Agreement), Norway is obligated to comply with ESA 2010. The reporting of National Accounts data, as well as BOP and IIP data, to EU's statistical office Eurostat, has a legal basis in regulation (EC) No 184/2005.

 

Basic concepts and recording principles

Like the National Accounts, the BOP and IIP accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe transactions and positions 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 BOP or a position in the IIP, 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.

 

Positions

Positions are shown as the value of a financial item which, for example, an enterprise is in possession of at a point in time. Financial objects can be, for example, shares, other securities or different types of loans. In principle, stocks must be registered at market value. See description of valuation below.

Transactions

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 both parties of the transaction enters the transaction in their books or accounts. In the case of exports and imports of goods, it is the moment that the goods cross the border and are registered through customs declarations, that determines the time of recording of the transaction and consequently the change of ownership.

All transactions shall be valued at market prices. Market prices are defined as amounts of money that buyers pay to acquire something from sellers; the exchanges are made between independent parties and based on commercial considerations only. Total exports and total imports shall be recorded at free-on-board (f.o.b.) prices. F.o.b prices are the value when passing the border of the country of exports. On a detailed commodity level, cost-insurance-freight (c.i.f.) prices 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.

 

Other changes

Income and expenditure are defined in the National Accounts and BoP 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 during a period and are registered on the account for revaluation.

 

Income and expenditure

Income and expenditure are defined in the National Accounts and BoP 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.

 

Assets and liabilities

Assets and liabilities are the components of the balance sheets of the total economy and institutional sectors. In contrast to the accounts that show economic flows, a balance sheet shows the positions of assets and liabilities held at one point in time by each unit or sector or the economy as a whole.

An asset is a store of value representing a benefit or series of benefits accruing to the economic owner by holding or using the entity over a period of time. It is a means of carrying forward value from one accounting period to another.

A liability is established when one unit (the debtor) is obliged, under specific circumstances, to provide a payment or series of payments to another unit (the creditor).

 

Double entry bookkeeping

International 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 current account, whereas the accompanying increase in foreign assets, e.g. in the form of increased deposits abroad, is registered in financial account and recorded as a transaction on the debit side of the BOP 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

The International Accounts 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 BOP and IIP, transactions and positions 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 BOP 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.

The table below illustrates the statement of transactions and positions in the BoP and IIPs (eller IAs) current, capital and financial accounts:

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

 

 

The financial statements are presented as shown in the following table, broken down by functions (direct investment, portfolio investment, other financial investment and international reserves):

7)       The financial position of at the beginning of the reference period

8)      Investments during period (asset)

9)      Borrowing

10)    Gains, losses and other changes (netto)

11)    The financial position of at the end of the reference period

 

Following definitions applies

The relationship between current- and capital account and the transactions in the financial account:

1+ 2 =3

4 assets – 4 liabilities = 5

3 – 5 = 6

Consistent International Accounts requires:

 (3) = (5)

 

The relationship between positions and change in positions in the financial account:

7 + 8 – 9 + 10 = 11

 

Description of the accounts

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 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 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.

Net lending

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 lending, current account =
Current account balance + Capital transfers to abroad, net - non-financial net investment (?)

Net lending, financial account = Net acquiring of financial assets – net borrowing

 

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 BoP accounts are, in principle, balanced, imbalances occur due to imperfections in source data and compilation.

Standard classifications

In addition to the classifications and categories described in the international BOP, IIP and National Accounts manuals, it may be mentioned that the Norwegian BOP, IIP and National Accounts make use of the product classification CPA (Classification of Products by Activity) of the EU and sector of the BPM6, 2008 SNA and ESA 2010. For more details, please check https://www.ssb.no/en/klass/klassifikasjoner/39.

Country Codes are based on the International Standard ISO 3166.

 

Functional categories

Direct investment

Direct investment is a cross-border financial investment made by an investor for the purpose of acquiring a lasting interest in a foreign enterprise, and exerting a degree of influence on that enterprise's operations. An investment by owning 20 per cent or more of the ordinary shares is considered always a direct investment. The establishment of a subsidiary abroad is an example of a direct investment.

 

Portfolio investment

Portfolio investment covers transactions in equities, other securities, and financial derivatives, except where these transactions relate to direct investment or reserve assets category. The Government Pension Fund – Global is not part of the reserve assets, though it is owned by the government and administrated by Norges Bank. This is therefore treated as portfolio investment as concerns investment abroad. Most important are shares and other equities, bonds and money market instruments (certificates and Treasury bills).

 

Other investments

Other financial investments is a residual category that covers all investments that are not included in direct investment, portfolio investments and international reserves.

 

Reserve assets

Reserve assets consist of those external assets that are readily available to and controlled by monetary authorities for direct financing of payment imbalances, for indirectly regulating the magnitude of such imbalances through intervention in exchange markets to affect the currency exchange rate and /or other purposes. In Norway, Norges Bank have reserve assets. International reserves basically consist of assets only, i.e. any foreign central banks' holdings of assets in Norway (for instance Norwegian securities) are not considered "reserve liabilities", but as portfolio investment in Norway.

 

The classification of financial assets and liabilities

The financial accounts include a limited number of financial instrument groups with detailed claims and debt items in the balance sheets of institutional units. The financial instrument links one entity claims to another sector’s debt items. The financial instruments are grouped in claim and debt items with similar economic functions. For example, the payment function is characteristic of coins, notes and salary accounts, while credit is procured through different types of loans. In addition, the liquidity ratio has been the determinant factor for the ranking of financial assets in the classification.

 

Classification of financial assets and liabilities in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The classifications are described below:

 

Equity and other shares

The instrument includes ordinary shares in limited liability companies, shares in general partnerships and shares in mutual funds. Shares in foreign companies are also included. Furthermore, the instrument includes tradable Norwegian equity certificates and general government capital contributions in public enterprises and the state lending institutions.

 

Dept securities

Comprise short and long-term securities. Short-term securities is defined as negotiable securities with original maturity of maximum one year, while long-term securities comprise instruments defined as tradable standardised debentures with original maturity of more than one year.

 

Currency and deposits

Comprise Norwegian and foreign notes and coins, all types of deposits with commercial banks and savings banks, Norges Bank and foreign banks.

 

Loans

This financial instrument includes lending forms other than tradable debentures and certificates. Short-term loans are mainly quantified on the basis of the specifications in accounting statistics for financial corporations. The instrument comprises building loans, factoring, bank overdrafts, operating and working credit. Long-term loans comprise all loans other than short-term loans (mortgage bond issues, other medium and long-term repayment loans and financial leasing).

 

Trade credits

Financial claims arising from the direct extension of credit by suppliers and buyers for goods and services.

Insurance technical reserves

The instrument includes individual insurance savings and group insurance savings in private life insurance companies and total capital in autonomous municipal and private pension funds. Prepayments of premiums and reserves against outstanding claims in non-life insurance companies are also included.

 

Other claims

Comprise claims and debt that is due to differences in timing between transactions and payments. For example credit extended to a customer/supplier credit, deferred tax claims/liabilities. Included are also other financial items that do not belong to the previously listed instruments. Derivatives recorded in the accounting statistics are included.

 

Reserve assets/liabilities IMF

The foreign exchange reserves and claims on the International Monetary Fund (IMF) together constitute Norges Bank's international reserves. Claims on the IMF consist of three components: SDR accounts (Special Drawing Rights), reserve positions in the IMF and loans to the IMF (Poverty Reduction and Growth Facility).

 

Valution

Market value

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. The exchange rate on the position date or the average rate for the shortest period applicable shall be used for converting positions 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.

Administrative information

Name and topic

Name: International Accounts
Topic: External economy

Next release

Responsible division

Division for National Accounts

Regional level

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 BOP and IIP Statistics is to provide reliable information on residents of Norway’s economic relationships with non-residents. The statistics are an integrated part of the National Accounts using the same principles and definitions.

The statistics is set to meet the international requirements given in the 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 BOP and IIP Statistics 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 (BOP) and 2012 (IIP). The current- and capital account has time series going back to 1981.

Users and applications

The main users are international organizations, IMF, Eurostat, OECD and BIS. The Balance of Payments and the International investment position are 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, the BOP and the IIP 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

The IIP and the BOP have the same principles and detailing levels. 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.

Full integration with the National Accounts makes the Norwegian BOP and IIP 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.

A table of the external debt statistics can be found under “tables”. The external debt statistics is based on the guidelines in BPM6 and External Debt Statistics: Guide for Compilers and Users. The quarterly data from the IIP statistics is the basis of the external debt statistics. The gross external debt liabilities equals the debt liabilities in the IIP statement, i.e., total IIP liabilities excluding all equity (equity shares and other equity) and investment fund shares. The first level of disaggregation of the external debt is by institutional sector. The second level of disaggregation is by maturity of external debt, and the third level of disaggregation is by type of debt instrument.

In the BOP and IIP Statistics there is a classification on functional categories, one of them being direct investment. There is a separate annual statistics on Direct investment published by Statistics Norway. The two statistics follows different principles and will therefore show different figures. Statistics Norway also publishes Portfolio investment abroad, and the statistics follows the same international guidelines as the IIP.

Legal authority

The main part of the data is collected under the provisions of the Statistics Act and the Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc.

EEA reference

EU-regulations incorporated in the EEA-agreement define the scope of the statistics. The following regulations apply to the BOP and IIP -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 and International investment position 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 the National Accounts, the IIP and BOP 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 BOP and IIP statistics are 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 and IIP-statistics.

Collection of data, editing and estimations

For most of the BOP and IIP 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 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.

The non-financial enterprises and financial institutions not under supervision are based on a quarterly sample survey. This covers the major enterprises in the population and has a sample size of 500-600 enterprises. Quarterly numbers are then grossed up with figures from the annual BoP and IIP reporting that has a sample size of 3,000 enterprises. This is done by adding the enterprises only included in yearly survey to the fourth quarter and are then copied the following three quarters. These enterprises represent approximately ten percent of non-financial enterprises' total assets and liabilities.

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 has adapted the international recommendations for compiling BOP and IIP statistics and is therefore comparable with other countries' BOP and IIP 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. Quarterly IIP data on a consistent form are available back to 2012 in the Statbank. The 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 IIP data are available back to 1998 based on BPM5 guidelines. 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 and IIP Statistics 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 IIP 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.