388634
/en/utenriksokonomi/statistikker/ur/kvartal
388634
statistikk
2019-12-04T08:00:00.000Z
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

Revised figures from the main revision of 2019 were published together with the publication of annual non-financial sector accounts on December 4th 2019. 2017 and 2018 figures were slightly revised in this publication. 

2017 figures in the table of Country breakdown of Balance of Payments by selected countries were updated on December 4th 2019.

Updated

Next update

Key figures

23 927

NOK million. Current account balance

Balance of payments. NOK million
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Current account balance83 89339 82066 91826 52723 927
Balance of goods and services57 19354 16847 9729 713-12 090
Balance of income and current transfers26 700-14 34818 94616 81436 017
Capital transfers to abroad, net7211 05512816
Net lending, current account83 68639 68265 87326 39923 911
 
Direct investment-6 65289 617-28 18958 918-14 547
Portofolio investment68 367146 509-132 32042 62036 797
Other investments17 401-188 114131 802-263-42 066
Reserve assets (IMF breakdown)-7 624-5 09827 3591 171-4 183
Net lending, financial account71 49242 914-1 348102 446-23 999
 
Net errors and omissions12 194-3 23267 221-76 04747 910

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
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Foreign assets
Direct investment-13 51288 622-20 6749 59013 398
Portofolio investment96 366141 154-17 34885 65481 351
Other investments15 494-23 254152 99147 443-94 380
Reserve assets (IMF breakdown)-7 624-5 09827 3591 171-4 183
Sum total90 724201 424142 328143 858-3 814
 
Liabilities
Direct investment-6 860-9957 515-49 32827 945
Portofolio investment27 999-5 355114 97243 03444 554
Other investments-1 907164 86021 18947 706-52 314
Sum total19 232158 510143 67641 41220 185
 
NET LENDING, FINANCIAL ACCOUNT71 49242 914-1 348102 446-23 999

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

Financial transactions, assets and liabilities abroad. Financial instrument. NOK million
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Foreign assets
Equity and Investment Fund shares/units33 696285 794121 90965 42171 768
Debt securities41 818-57 497-148 53121 15028 596
Other equity0178---
Currency and deposits31 030-102 07699 468105 660-108 624
Loans-33 44768 87724 711-49 694-26 012
Insurance, pension schemes, and standardised guarantee schemes-3472 022-1 231-1 0291 898
Trade credits and advances-431-2 8411 592-6 915-2 720
Other accounts recievable/payable26 02912 06517 0518 09435 463
Reserve assets (IMF breakdown)-7 624-5 09827 3591 171-4 183
 
Liabilities
Equity and Investment Fund shares/units28 26734 90731 104-8 55814 208
Debt securities36 137-10 336112 32933 97838 841
Other equity-----
Currency and deposits16 140-2 04863 46832 440-58 163
Loans-27 841140 103-110 47510 025-46 899
Insurance, pension schemes, and standardised guarantee schemes-1 1111 0041 972-479265
Trade credits and advances-640-271-1 1541 0031 946
Other accounts recievable/payable-31 720-4 84946 432-26 99769 987
Liabilities - Special Drawing Rights (SDRs)-----
 
NET LENDING, FINANCIAL ACCOUNT71 49242 914-1 348102 446-23 999

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 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Foreign assets
Direct investment
Equity and Investment Fund shares/units-20 85287 143-9 27491719 013
Debt instruments7 3401 479-11 4008 673-5 615
 
Portofolio investment
Equity and Investment Fund shares54 548198 651131 18364 50452 755
Equity securities51 500193 625120 77265 06046 708
Investment Fund shares3 0485 02610 411-5566 047
Debt securities41 818-57 497-148 53121 15028 596
 
Other investments
Other equity0178---
Currency and deposits31 030-102 07699 468105 660-108 624
Loans-33 44768 87724 711-49 694-26 012
Trade credits and advances-431-2 8411 592-6 915-2 720
Other accounts recievable/payable18 68910 58628 451-57941 078
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)21118458-701 371
Reserve position in the IMF631-3 7801 181859-2 847
Other reserve assets-8 276-1 43625 720382-2 707
 
Liabilities
Direct investment
Equity and Investment Fund shares/units36 40529 92628 461-17 6148 495
Reinvestment of earnings7 9357 935345345345
Debt instruments-43 265-30 921-20 946-31 71419 450
 
Portofolio investment
Equity and Investment Fund shares-8 1384 9812 6439 0565 713
Equity securities-8 8596 0183816 9642 957
Investment Fund shares721-1 0372 2622 0922 756
Debt securities36 137-10 336112 32933 97838 841
 
Other investments
Other equity-----
Currency and deposits16 140-2 04863 46832 440-58 163
Loans-27 841140 103-110 47510 025-46 899
Trade credits and advances-640-271-1 1541 0031 946
Other accounts recievable/payable11 54526 07267 3784 71750 537
Liabilities - Special Drawing Rights (SDRs)-----
 
NET LENDING, FINANCIAL ACCOUNT71 49242 914-1 348102 446-23 999

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
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
3rd quarter 20184th quarter 20181st quarter 20192nd quarter 20193rd quarter 2019
Exports, total349 056354 354338 694322 131308 260
¬ Goods (FOB)248 284264 139250 589221 037195 941
¬¬ Crude oil and natural gas146 729153 446139 118108 95390 541
¬¬ Ships2 4672762 6364 0722 021
¬¬ Petroleum activities, various goods145436140155164
¬¬ Other goods98 943109 981108 695107 857103 215
¬ Services100 77290 21588 105101 095112 319
¬¬ Gross receipts, shipping26 97227 36326 01529 91231 225
¬¬ Petroleum activities, various services4 6634 9154 1604 8744 757
¬¬ Pipeline transport3 1313 1683 2533 1783 128
¬¬ Travel20 2126 5588 56113 69521 739
¬¬ Transport and communication14 17113 17712 43414 71415 518
¬¬¬ Land transport, export870987870915938
¬¬¬ Supply, export7 3546 1455 5086 9117 784
¬¬¬ Air transport, export2 4642 5122 3262 3092 383
¬¬¬ Services related to transport, export3 0352 9993 1773 9993 855
¬¬¬ Postal and courier services, export448534553580558
¬¬ Financial and business services19 01321 60421 15121 41122 475
¬¬¬ Financial and insurance services, export7 7638 4969 3718 0648 411
¬¬¬ Audit services, juridical- and technical services, export4 5025 6794 9395 3785 947
¬¬¬ Research and development, export6639441 1471 076898
¬¬¬ Other business services, export6 0856 4855 6946 8937 219
¬¬ Other services12 61013 42912 53013 31113 477
¬¬¬ Construction, repairs and installation, export2 6652 9552 7952 7193 169
¬¬¬ Recycle and trash handling, export1 4521 5921 5671 5431 360
¬¬¬ Retail trade, hotel and restaurant , export1 2161 5341 1521 2271 210
¬¬¬ Publishing, film, music and broadcasting services, export563373456425565
¬¬¬ Telecommunication services, export2 1111 8301 6862 1192 074
¬¬¬ Information services, export3 7974 3154 0144 4854 295
¬¬¬ Other personal and government services, export806830860793804
MEMO: Services export when import of goods FOB99 74689 15586 21499 879111 153
Imports, total291 863300 186290 723312 418320 350
¬ Goods (CIF)181 779195 958194 328202 665200 499
¬¬ Ships1 6292 0853 2162 7153 718
¬¬ Petroleum activities, various goods3 5124 1173 4784 4964 993
¬¬ Other goods176 638189 756187 634195 454191 788
MEMO: Import of goods FOB175 701189 386187 728195 949194 112
¬ Services110 084104 22896 395109 753119 851
¬¬ Operating costs shipping, excl. bunkers12 45211 65010 79210 87812 495
¬¬ Petroleum activities, various services7 1377 4016 3117 9958 805
¬¬ Travel42 80933 27129 37337 09343 681
¬¬ Transport and communication7 0347 0297 0227 0687 302
¬¬¬ Land transport, import2626262626
¬¬¬ Ocean transport, import287287286286287
¬¬¬ Air transport, import2 6762 4962 5092 5312 872
¬¬¬ Services related to transport, import3 8953 9983 9974 0793 961
¬¬¬ Postal and courier services, import150222204146156
¬¬ Financial and business services20 58223 15522 05823 11323 074
¬¬¬ Financial and insurance services, import4 1084 7384 6614 3794 624
¬¬¬ Audit services, juridical- and technical services, import3 3693 9753 5543 7153 579
¬¬¬ Research and development, import664942707827946
¬¬¬ Other business services, import12 44113 50013 13614 19213 925
¬¬ Other services20 07121 72120 83923 60624 494
¬¬¬ Construction, repairs and installation, import2 5823 3013 7584 6044 797
¬¬¬ Recycle and trash handling, import9039591 0751 3601 281
¬¬¬ Retail trade, hotel and restaurant, import529681473545525
¬¬¬ Publishing, film, music and broadcasting services, import3 2633 3392 8462 7623 148
¬¬¬ Telecommunication services, import1 4311 2551 3761 5951 656
¬¬¬ Information services, import8 0048 7198 2439 5909 434
¬¬¬ Other personal and government services, import3 3593 4673 0683 1503 653
MEMO: Service import when import of goods FOB115 136109 740101 104115 253125 072
Balance of goods and services57 19354 16847 9729 713-12 090
¬ Balance of goods66 50568 18156 26118 372-4 558
¬ Balance of services-9 312-14 013-8 290-8 658-7 532
From abroad100 06796 56099 545140 501101 418
¬ Compensation of employees1 3021 3151 3601 3341 355
¬ Interest received36 20536 80436 13036 35137 830
¬¬Direct investment, interst receivable4 9595 7893 6483 6143 539
¬¬Other investment, interest receivable31 24631 01532 48232 73734 291
¬ Dividends etc.58 39852 81550 53494 45355 372
¬¬Direct investment, dividends etc receivable19 18325 1037 83025 5009 928
¬¬Portfolio ivestment, dividends etc. receivable39 21527 71242 70468 95345 444
¬ Reinvested earnings-4 506-4 506-3 004-3 004-3 004
¬ Current transfers8 66810 13214 52511 3679 865
To abroad73 367110 90880 599123 68765 401
¬ Compensation of employees9 6399 8828 44510 55310 553
¬ Interest paid22 77827 50829 01531 16427 047
¬¬Direct investment, interest payable6 7087 6324 2903 9144 069
¬¬Other investment, interest payable16 07019 87624 72527 25022 978
¬ Dividends etc.10 71035 18418 66255 4314 387
¬¬Direct investment, dividends etc. payable5 79128 07415 24834 5602 115
¬¬Portfolio investment, dividends etc. payable4 9197 1103 41420 8712 272
¬ Reinvested earnings8 3938 4688321 9361 026
¬ Current transfers from general government7 72615 1789 34910 5367 790
¬ Other current transfers14 12114 68814 29614 06714 598
Balance of income and current transfers26 700-14 34818 94616 81436 017
¬ Compensation of employees and investment income (Primary income), net39 8795 38628 06630 05048 540
¬ Current transfers (Secondary income), net-13 179-19 734-9 120-13 236-12 523
Current account balance83 89339 82066 91826 52723 927
Capital transfers to abroad, net7211 05512816
Acquisitions of patents, licenses etc. net135137-1000
Net lending83 68639 68265 87326 39923 911

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.