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54729
NOK 73 billon in surplus
statistikk
2011-06-01T10:00:00.000Z
External economy;National accounts and business cycles;External economy
en
ur, International accounts, current account balance, direct investments, operational and capital accounts, financial accounts, investment abroad, foreign investment, transactions, stocks, financial assets, liabilities, portofolio investment, financial investments, revaluations, current account balance, balance of income and current transfers, reinvested earnings, net assets, BOP geographical breakdown, balance of goods, balance of services, BOP, IIP, balance of payments, international investment positionBalance of payments, National accounts , Foreign assets and liabilities , National accounts and business cycles, External economy
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International accounts, Q1 2011

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NOK 73 billon in surplus

The surplus on the current account was NOK 73 billion in the 1st quarter of 2011. The result was NOK 13 billion lower than in the 4th quarter of 2010. Decreased surplus on the goods and services balance pulled the current account balance down.

Balance of payments Q1 2005-Q1 2011. NOK billion

The surplus on the goods and services balance amounted to NOK 86 billion in the first quarter of 2011. Compared to the fourth quarter last year this constituted a reduction of NOK 13 billon. The export of goods was slightly higher and export of services slightly lower in the first quarter of 2011 compared to the previous quarter. The import of goods and services in the first quarter of 2011 was NOK 12 billion above the import of goods and services in the previous quarter, mostly due to the import of investment goods to the oil and gas extraction industry.

Unchanged income and current transfers balance

For the income and current transfers balance a deficit of NOK 13 billon was estimated in the first quarter of 2011, unchanged compared to the fourth quarter of 2010. A rise in dividends received from non-residents was offset by a rise in dividends paid to non-residents and reduced government current transfers to abroad.

Large direct investment abroad, small investment in Norway

The Norwegian net direct investment abroad in the 1st quarter of 2011 amounted to NOK 53 billion, while foreign net direct investment in Norway was only NOK 1 billion.

The portfolio investment was also large in the 1st quarter of 2011; NOK 119 billion abroad and NOK 80 billion in Norway. The Government Pension Fund Global was the most important investor abroad, while the mortgage companies received most investment from abroad.

Net lending was NOK 72 billion, which was offset by revaluations of NOK 74 billion. Hence the value of net assets was reduced by NOK 2 billion.

Balance of payments. 1. quarter 2008-2. quarter 2010. NOK billion
  2009 2010 2. quarter 2008 3. quarter 2008 4. quarter 2008 1. quarter 2009 2. quarter 2009 3. quarter 2009 4. quarter 2009 1. quarter 2010 2. quarter 2010 3. quarter 2010 4. quarter 2010 1. quarter 2011
Balance of goods and services  316  332  133  107  110 84 72 67 93  100 69 64 99 86
Balance of income and current transfers -41 -22 -14 -5 12 -42 10 -4 -5 -15 4 1 -13 -13
Current account balance  275  310  119  102  122 42 82 63 88 85 74 65 86 73
Capital transfers etc. to abroad, net 1 1 0 1 0 0 1 0 0 1 0 0 0 0
Net lending  274  309  119  101  122 41 81 63 88 84 74 65 86 72
Direct investment, net 91 2 28 34 3 24 -24 63 28 48 30 -47 -29 52
Portifolio investment, net 4  120 79  206  221 86 38 17 -137 23 -43 88 52 39
Other investment, net  365  135 24 -123 -155 14 95 25  231 -1  160 -33 9 27
Revaluations, net 82  165 -116 84 -43 -242  275  138 -89 86 -39 52 65 -74
Increase in Norway`s net assets  356  473 3  186 79 -201  357  201 -1  171 35  116  151 -1

Revisions

As a result of new information, the balance of payments has been revised for all quarters in 2008 to 2010. Of particular importance was the revision of the value of exports of natural gas in 2009, which was revised down NOK 39 billion.

In the fourth quarter of 2010, interest income and interest payments have been revised down NOK 13 and 12 billion respectively.

It should be noted that Statistics Norway will publish a revised Balance of Payments time series in December 2011 as a result of a main revision of the Norwegian National Accounts and Balance of Payments statistics.

For more information about price and volume growth of exports and imports, see the quarterly national accounts .

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

For more information on the external account, see the Focus on page.