NOK 90 billion in current account surplus
External economy;National accounts and business cycles
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

Balance of paymentsQ2 2013



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NOK 90 billion in current account surplus

The surplus on Norway’s current account with the rest of the world ended at NOK 90 billion in the second quarter of 2013. This was NOK 4 billion more than the surplus of the previous quarter, and was mainly due to a stronger income and transfers balance.

Balance of payments. NOK billion
20122nd quarter 20123rd quarter 20124th quarter 20121st quarter 20132nd quarter 2013
Balance of goods and services384.
Balance of income and current transfers27.8-15.825.212.1-9.812.3
Current account balance412.078.393.4103.385.589.9
Capital transfers to abroad, net1.
Net lending410.478.193.3102.984.989.6
Direct investment, net46.732.2-15.4-20.766.0-7.5
Portifolio investment, net302.977.1130.0116.350.3118.2
Other investment, net-43.519.7-69.0-69.0-35.1-2.6
Revaluations, net62.8-67.248.9-3.5279.1123.9
Increase in Norway's net assets473.210.8142.199.4364.0213.6
Figure 1. The current account

The trade in goods and services gave a surplus of NOK 78 billion, while the income and current transfers ended with a surplus of NOK 12 billion in the second quarter of 2013.

Decrease in value of exports of goods, increase in exports of services

The value of exports of goods was NOK 217 billion in the second quarter of 2013, of which crude oil and natural gas amounted to NOK 134 billion. Compared to the first quarter, the exports of crude oil and natural gas were lower due to a drop in both price and volume, while there was a growth in exports of other goods. The value of imports of goods was NOK 136 billion, which was about NOK 10 million above the level of the first quarter.

Exports of services are estimated at NOK 69 billion for the second quarter of 2013; NOK 10 billion higher than in the first quarter. There was a growth in the imports of services from the first to the second quarter of NOK 10 billion, to NOK 73 billion.

Income and transfers surplus

There was a surplus in the income and transfers balance of NOK 12 billion in the second quarter. Compensation of employees and property income received from the rest of the world exceeded corresponding payments to the rest of the world by NOK 19 billion. Net transfers to the rest of the world are estimated at NOK 7 billion.

Large investments abroad and in Norway

In the second quarter of 2013, large Norwegian investments were made abroad, totalling NOK 239 billion. Transactions in portfolio investments were NOK 137 billion, in which the Government Pension Fund Global dominated in both equity and shares and debt securities. Other investments abroad, which include trade credits, loans, currency and deposits and other assets, amounted to NOK 100 billion in the second quarter. Norwegian banks invested NOK 68 billion in deposits abroad.

The foreign investments in Norway were NOK 147 billion in the second quarter of 2013. Loans from abroad amounted to NOK 63 billion, dominated by the Government Pension Fund Global’s repurchase agreements. Foreign deposits in Norwegian banks were NOK 38 billion.

Net revaluations from changes in the foreign exchange rates and other price changes were high in both the first and second quarters in 2013. In the first quarter, there was a gain of NOK 279 billion and in the second quarter a gain of NOK 124 billion. Most of the revaluations related to the Government Pension Fund Global.

Revisions Open and readClose

The whole Balance of Payments has been revised for the first quarter of 2013. The Financial Account is also revised for 2012 due to new information.