360791
/en/utenriksokonomi/statistikker/ur/kvartal
360791
statistikk
2019-09-04T08:00:00.000Z
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

The release of figures from the main revision for 2019 will be published together with the publication of annual non-financial sector accounts on December 4th 2019. In conjunction with this publication we will comment on the revised figures.

Country breakdown of Balance of Payments was published 2 October 2019.

Updated

Next update

Key figures

30 587

NOK million current account balance

Balance of payments. NOK million
2nd quarter 20183rd quarter 20184th quarter 20181st quarter 20192nd quarter 2019
Current account balance59 27184 34940 30173 08230 587
Balance of goods and services35 29757 19354 16847 94110 152
Balance of income and current transfers23 97427 156-13 86725 14120 435
Capital transfers to abroad, net17211 055128
Net lending, current account59 13484 14240 16372 03730 459
 
Direct investment59 377-5 15993 253-41 15259 376
Portofolio investment56 05067 507145 140-122 35451 071
Other investments18 6724 728-205 542160 5119 004
Reserve assets (IMF breakdown)-313-7 624-5 09827 3591 171
Net lending, financial account133 78659 45227 75324 364120 622
 
Net errors and omissions-74 65224 69012 41047 673-90 163

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
2nd quarter 20183rd quarter 20184th quarter 20181st quarter 20192nd quarter 2019
Foreign assets
Direct investment33 433-13 46269 448-27 6908 743
Portofolio investment92 77795 614141 805-18 46484 368
Other investments24 44815 530-26 991155 56544 995
Reserve assets (IMF breakdown)-313-7 624-5 09827 3591 171
Sum total150 34590 058179 164136 770139 277
 
Liabilities
Direct investment-25 944-8 303-23 80513 462-50 633
Portofolio investment36 72728 107-3 335103 89033 297
Other investments5 77610 802178 551-4 94635 991
Sum total16 55930 606151 411112 40618 655
 
NET LENDING, FINANCIAL ACCOUNT133 78659 45227 75324 364120 622

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

Financial transactions, assets and liabilities abroad. Financial instrument. NOK million
2nd quarter 20183rd quarter 20184th quarter 20181st quarter 20192nd quarter 2019
Foreign assets
Equity and Investment Fund shares/units100 43932 889267 087116 67862 800
Debt securities30 12441 864-55 959-151 00619 891
Other equity00178--
Currency and deposits28 88230 789-101 50299 251104 811
Loans-18 678-33 60768 89724 669-50 786
Insurance, pension schemes, and standardised guarantee schemes-1 313-35689716-1 032
Trade credits and advances1 421-431-3 5542 639-6 431
Other accounts recievable/payable9 78326 5349 02616 4648 853
Reserve assets (IMF breakdown)-313-7 624-5 09827 3591 171
 
Liabilities
Equity and Investment Fund shares/units4 82026 95625 18931 709-13 459
Debt securities34 69236 423-11 940102 57529 705
Other equity-----
Currency and deposits-2 53815 703-1 51463 79033 329
Loans-21 302-22 318155 523-119 4326 847
Insurance, pension schemes, and standardised guarantee schemes-587-1 100-7253 707-477
Trade credits and advances630-640-17-1 062-309
Other accounts recievable/payable844-24 418-15 10531 119-36 981
Liabilities - Special Drawing Rights (SDRs)-----
 
NET LENDING, FINANCIAL ACCOUNT133 78659 45227 75324 364120 622

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
2nd quarter 20183rd quarter 20184th quarter 20181st quarter 20192nd quarter 2019
Foreign assets
Direct investment
Equity and Investment Fund shares/units37 786-20 86169 323-15 864-1 677
Debt instruments-4 3537 399125-11 82610 420
 
Portofolio investment
Equity and Investment Fund shares62 65353 750197 764132 54264 477
Equity securities57 70851 497194 950120 71065 031
Investment Fund shares4 9452 2532 81411 832-554
Debt securities30 12441 864-55 959-151 00619 891
 
Other investments
Other equity00178--
Currency and deposits28 88230 789-101 50299 251104 811
Loans-18 678-33 60768 89724 669-50 786
Trade credits and advances1 421-431-3 5542 639-6 431
Other accounts recievable/payable14 13619 1358 90128 290-1 567
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)23621118458-70
Reserve position in the IMF458631-3 7801 181859
Other reserve assets-1 007-8 276-1 43625 720382
 
Liabilities
Direct investment
Equity and Investment Fund shares/units2 78535 27216 58430 394-17 051
Reinvestment of earnings7 9357 9357 935690690
Debt instruments-28 729-43 575-40 389-16 932-33 582
 
Portofolio investment
Equity and Investment Fund shares2 035-8 3168 6051 3153 592
Equity securities12-9 0379 642-9811 302
Investment Fund shares2 023721-1 0372 2962 290
Debt securities34 69236 423-11 940102 57529 705
 
Other investments
Other equity-----
Currency and deposits-2 53815 703-1 51463 79033 329
Loans-21 302-22 318155 523-119 4326 847
Trade credits and advances630-640-17-1 062-309
Other accounts recievable/payable29 57319 15725 28448 051-3 399
Liabilities - Special Drawing Rights (SDRs)-----
 
NET LENDING, FINANCIAL ACCOUNT133 78659 45227 75324 364120 622

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
201720182017201820172018
Country breakdown of Balance of Payments was published 2 October 2019.
The world192 153273 051-76 753-67 949153 966254 167
EU306 603391 544-80 522-75 443194 286293 392
Other European countries-114 450-118 4933 7697 494-40 320-39 225
Africa2 92910 0624 8175 28530 81735 753
North-America-10 875-19 8316477 04137 36257 942
Central- and South America-4 626-10 710-2 742-9902 584-10 070
Asia, Oceania & Polar regions-69 425-69 235-2 7268 746-34 453-14 501

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

Current and capital account. Current prices. NOK million
Current and capital account
2nd quarter 20183rd quarter 20184th quarter 20181st quarter 20192nd quarter 2019
Exports, total330 772349 056354 354338 767319 854
¬ Goods (FOB)237 400248 284264 139250 645220 925
¬¬ Crude oil and natural gas130 254146 729153 446139 096108 953
¬¬ Ships3 3152 4672762 6724 076
¬¬ Petroleum activities, various goods148145436140178
¬¬ Other goods103 68398 943109 981108 737107 718
¬ Services93 372100 77290 21588 12298 928
¬¬ Gross receipts, shipping27 31026 97227 36325 99129 701
¬¬ Petroleum activities, various services4 8674 6634 9154 2144 740
¬¬ Pipeline transport3 0293 1313 1683 2533 178
¬¬ Travel12 60620 2126 5588 56113 695
¬¬ Transport and communication13 72014 17113 17712 40914 177
¬¬¬ Land transport, export944870987868805
¬¬¬ Supply, export6 7997 3546 1455 4986 827
¬¬¬ Air transport, export2 4592 4642 5122 3312 312
¬¬¬ Services related to transport, export3 0503 0352 9993 1593 653
¬¬¬ Postal and courier services, export468448534553580
¬¬ Financial and business services20 05619 01321 60420 75120 108
¬¬¬ Financial and insurance services, export8 2447 7638 4969 2297 934
¬¬¬ Audit services, juridical- and technical services, export5 1684 5025 6794 8845 278
¬¬¬ Research and development, export7356639441 1501 077
¬¬¬ Other business services, export5 9096 0856 4855 4885 819
¬¬ Other services11 78412 61013 42912 94213 329
¬¬¬ Construction, repairs and installation, export2 3602 6652 9552 9112 777
¬¬¬ Recycle and trash handling, export1 4481 4521 5921 5671 543
¬¬¬ Retail trade, hotel and restaurant , export1 2381 2161 5341 4481 126
¬¬¬ Publishing, film, music and broadcasting services, export384563373456433
¬¬¬ Telecommunication services, export1 9672 1111 8301 6862 119
¬¬¬ Information services, export3 5033 7974 3154 0144 540
¬¬¬ Other personal and government services, export884806830860791
MEMO: Services export when import of goods FOB92 15599 74689 15586 24797 711
Imports, total295 474291 863300 186290 826309 701
¬ Goods (CIF)191 971181 779195 958194 209201 196
¬¬ Ships2 3221 6292 0853 2162 690
¬¬ Petroleum activities, various goods3 5653 5124 1173 4783 341
¬¬ Other goods186 084176 638189 756187 515195 165
MEMO: Import of goods FOB185 464175 701189 386187 547194 385
¬ Services103 503110 084104 22896 617108 505
¬¬ Operating costs shipping, excl. bunkers11 35912 45211 65010 83710 912
¬¬ Petroleum activities, various services7 4287 1377 4016 2876 999
¬¬ Travel36 52142 80933 27129 37337 333
¬¬ Transport and communication6 9407 0347 0297 1047 156
¬¬¬ Land transport, import2626262626
¬¬¬ Ocean transport, import286287287286286
¬¬¬ Air transport, import2 5392 6762 4962 5092 529
¬¬¬ Services related to transport, import3 9333 8953 9984 0794 161
¬¬¬ Postal and courier services, import156150222204154
¬¬ Financial and business services20 72420 58223 15522 05922 712
¬¬¬ Financial and insurance services, import4 4324 1084 7384 5924 310
¬¬¬ Audit services, juridical- and technical services, import3 0003 3693 9753 5813 638
¬¬¬ Research and development, import726664942712769
¬¬¬ Other business services, import12 56612 44113 50013 17413 995
¬¬ Other services20 53220 07121 72120 95723 393
¬¬¬ Construction, repairs and installation, import2 7352 5823 3013 9224 723
¬¬¬ Recycle and trash handling, import1 0719039591 0751 105
¬¬¬ Retail trade, hotel and restaurant, import627529681475549
¬¬¬ Publishing, film, music and broadcasting services, import3 0783 2633 3392 7052 627
¬¬¬ Telecommunication services, import1 5631 4311 2551 4931 500
¬¬¬ Information services, import7 7448 0048 7198 2049 724
¬¬¬ Other personal and government services, import3 7143 3593 4673 0833 165
MEMO: Service import when import of goods FOB108 793115 136109 740101 404114 099
Balance of goods and services35 29757 19354 16847 94110 152
¬ Balance of goods45 42966 50568 18156 43619 729
¬ Balance of services-10 132-9 312-14 013-8 495-9 577
From abroad136 482100 53997 056100 810141 577
¬ Compensation of employees1 3021 3021 3151 3601 334
¬ Interest received35 80236 20536 80436 13236 295
¬¬Direct investment, interst receivable4 7074 9595 7893 6503 546
¬¬Other investment, interest receivable31 09531 24631 01532 48232 749
¬ Dividends etc.92 20958 39852 81550 53494 341
¬¬Direct investment, dividends etc receivable28 76219 18325 1037 83025 388
¬¬Portfolio ivestment, dividends etc. receivable63 44739 21527 71242 70468 953
¬ Reinvested earnings-4 506-4 506-4 506-2 253-2 253
¬ Current transfers11 6759 14010 62815 03711 860
To abroad112 50873 383110 92375 669121 142
¬ Compensation of employees9 0619 6399 8828 41610 524
¬ Interest paid27 19122 77827 50829 00630 881
¬¬Direct investment, interest payable6 7096 7087 6324 2423 792
¬¬Other investment, interest payable20 48216 07019 87624 76427 089
¬ Dividends etc.43 72810 71035 18413 41653 922
¬¬Direct investment, dividends etc. payable27 2485 79128 07410 00234 512
¬¬Portfolio investment, dividends etc. payable16 4804 9197 1103 41419 410
¬ Reinvested earnings8 7568 3938 4681 1721 172
¬ Current transfers from general government9 3807 72615 1789 34910 559
¬ Other current transfers14 39214 13714 70314 31014 084
Balance of income and current transfers23 97427 156-13 86725 14120 435
¬ Compensation of employees and investment income (Primary income), net36 07139 8795 38633 76333 218
¬ Current transfers (Secondary income), net-12 097-12 723-19 253-8 622-12 783
Current account balance59 27184 34940 30173 08230 587
Capital transfers to abroad, net17211 055128
Acquisitions of patents, licenses etc. net136135137-100
Net lending59 13484 14240 16372 03730 459

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.