Balance of payments
Statistics
Analyses, articles and publications
- Exceptional trade balance surplus in 2022
Norway's current account surplus vis-a-vis trading partners reached a level in 2022 never previously observed. The surplus ended at NOK 1,691 billion, an increase of NOK 1,117 billion. This is close to a tripling of the current account surplus. Petroleum exports is the overriding reason behind the surplus. In addition, Norway's net claims on other countries are approximately back at the level at the end of 2021 after a steady decline through 2022, primarily caused by increased investments abroad.
- Substantial strengthening of the trade balance in the third quarter of 2022
Norway’s current account balance skyrocketed during the third quarter of 2022. The current account balance showed a surplus of NOK 570 billion, an increase of NOK 248 billion compared to the previous quarter. Higher export revenues from crude oil and natural gas is the overriding reason for the large surplus. Particularly, the price of natural gas has been historically high. Additionally, petroleum export values were revised up for the previous two quarters. Norway’s net assets increased by 7 per cent during the third quarter in 2022. Record high net lending and a weaker Norwegian krone explains the increase.
- Improved balance of trade in first quarter 2022
Norway’s current account balance posted a surplus of NOK 341 billion in the first quarter of 2022. Export revenues were primarily driven by higher prices for oil and natural gas.
- Oil and natural gas prices resulted in a record high current account surplus
Norway’s current account balance posted a surplus of NOK 659 billion in 2021. In the fourth quarter alone, the surplus reached NOK 275 billion. This is the highest level of the current account balance ever measured. Norway’s net International investment position increased by almost NOK 2000 billion during the year 2021, resulting in net foreign assets of NOK 11 718 billion
- Record high current account balance in the third quarter of 2021
In the third quarter of 2021, the Norwegian current account balance ended at NOK 158 billion, which is the highest level of the current account balance measured. This was mainly thanks to a large rise in the price of natural gas. The surplus on the goods and service balance was almost NOK 130 billion, while there was a surplus of NOK 28 billion on the balance of income and current transfers in the third quarter of 2021.
- High prices on crude oil and natural gas led to a large trade surplus
In the second quarter of 2021, the Norwegian trade balance of goods and services ended at NOK 60 billion. This was mainly due to a large rise in the prices of crude oil and natural gas. There was a surplus of NOK 33 billion on the balance of income and current transfers in the second quarter of 2021. Net dividends from abroad were record high.
- High prices on crude oil and natural gas led to a large trade surplus
In the first quarter of 2021, the Norwegian trade balance of goods and services ended at NOK 73 billion. This was mainly due to a large rise in the prices of crude oil and natural gas. There was also a surplus of NOK 21 billion on the balance of income and current transfers in first quarter of 2021. Dividends payed on direct investments in Norway were small at the same time as we received high dividends from abroad, especially through the Government Pension Fund Global.
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