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NOK 118 billion in current account surplus
statistikk
2011-12-07T10:00:00.000Z
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, Q3 2011

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NOK 118 billion in current account surplus

The surplus on the current account was NOK 18 billion higher in the third quarter of 2011 than in the second quarter. Altogether, the surplus on the current account balance was NOK 301 billion in the first three quarters of 2011.

The result for the three quarters was NOK 53 billion higher than in the same period in 2010.

Balance of payments. NOK billion

Strong increase in exports of natural gas

Exports of natural gas rose by NOK14 billion from the second to the third quarter and was the main reason for the increase in exports and improved current account balance. A strong increase in the price of gas, along with increased export volumes contributed to this. In the first three quarters of 2011, the export value of crude oil and natural gas was NOK 70 billion higher than the same period in 2010. Commodity imports were NOK 3 billion lower in the third quarter compared with the second quarter and also contributed to an improved current account balance.

The services balance showed a deficit of NOK 4 billion in the third quarter, compared with a deficit of NOK 2 billion in the second quarter. For the first three quarters of 2011 as a whole, the balance of services was positive and NOK 5 billion higher than the service balance in the same period in 2010.

Surplus on income and transfer balance

The surplus on the income and transfers balance was NOK 20 billion in the third quarter compared to NOK 15 billion in the second quarter. Interest expenses to other countries fell by NOK 7 billion, while interest income from abroad increased by NOK1 billion. Dividends are normally paid in the second quarter. The decline in revenue and expenses by NOK18 billion and 23 billion respectively should be viewed in correlation with this.

Large portfolio investment abroad

A large portfolio investment took place in the third quarter of 2011, of which NOK 80 billion was shares and other equity capital and NOK 44 billon was in other securities. The Government Pension Fund Global was the most important investor. On the other hand, loans were heavily reduced both outwards and inwards. The banks’ deposits showed very large increases in both directions but with small net effects. The extraordinary high figures for “other capital” were caused i.a. by financial derivatives and trade in securities not yet settled.

The total net investment in the third quarter of 2011 was NOK 117 billion. Due to large negative net revaluations the total net assets were reduced by NOK 74 billion.

Balance of payments. 1. quarter 2008 to 3. quarter 2011. 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 2. quarter 2011 3. quarter 2011
Balance of goods and services  269  313  122  103  102 72 59 59 79 94 66 57 95 88 85 97
Balance of income and current transfers -14 30 -14 -5 11 -35 17 3 1 -1 18 14 -1 -4 15 20
Current account balance  255  342  108 97  113 37 76 61 80 93 84 71 94 83  100  118
Capital transfers etc. to abroad, net 1 1 0 1 0 0 1 0 0 1 0 0 0 0 0 0
Net lending  253  341  108 97  113 37 75 61 80 92 84 71 94 83  100  117
Direct investment, net 38 44 22 54 -3 15 -26 71 -22 26 49 -1 -30 68 15 29
Portifolio investment, net 11  106 77  206  238 86 29 27 -131 18 -45 89 44 25 83 71
Other investment, net  307  112 19 -125 -117 10 78 0  219 4  161 -43 -10 46 39 43
Revaluations, net 96  167 -116 83 -53 -245  282  145 -86 88 -37 49 67 -76 -47 -192
Increase in Norway`s net assets  349  508 -8  179 60 -208  358  206 -7  181 46  120  161 7 53 -74

Revisions

Statistics Norway has implemented a main revision of national accounts, with time series dating back to 1970, according to the Norwegian Standard Industrial Classification (SIC2007). In addition, new information is incorporated dating back to 2003. For more detailed coverage of the changes implemented in the main revision, click here .

The quarterly figures for the balance of payments have been revised back to 2003 as part of the main revision. It is exports and imports of services in particular that have been revised. The main reason for the revision is a change over to a new collection system based on a sample survey on international trade in services. As an illustration of the impact of the revision, in 2007 exports of services have been revised down NOK 20 billion, while imports of services have been revised up NOK 15 billion. The total balance of goods and services has been reduced by NOK 33 billion in 2007.

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.