Balance of payments

The current account surplus versus abroad was NOK 211 billion for the fourth quarter of 2024. Norway’s net foreign assets, or net International Investment Position (IIP), rose sharply to NOK 19 696 billion during the year 2024, which was an increase of 29 per cent from the year before.

The current account surplus versus abroad ended at 225 billion NOK in Q3 2024. The quarterly surplus has been in the range of 225-250 billion over the last year.

The current account surplus versus abroad ended at 243 billion NOK in Q2 2024. Norway's net foreign assets amounted to NOK 17 609 billion.

The current account surplus versus abroad ended at 249 billion NOK in 2024. NOK 56 billion weaker than Q1 in 2023. The trade balance showed a surplus of NOK 163 billion. Norway's net foreign assets amounted to NOK 17 382 billion at the end of Q1 2024.

The current account surplus versus abroad ended at 909 billion NOK in 2023. Norway's net foreign assets amounted to NOK 15 284 billion by the end of 2023

Norway's current account surplus vis-a-vis abroad ended at NOK 193 billion in the third quarter of 2023, the drop of NOK 427 billion lower since the third quarter of last year is substantial.

Norway's current account surplus vis-a-vis abroad ended at NOK 171 billion in the second quarter of 2023, the drop of NOK 171 billion lower since the second quarter of last year thus halving the surplus. Lower export income from crude oil and natural gas is the most important reason for the fall.

Norway's current account surplus vis-a-vis other countries ended at NOK 279 billion in the first quarter of 2023, NOK 112 billion lower compared to the same period last year. This reduction is mainly due to reduced export income from crude oil and natural gas. Net foreign assets were record high in the 1st quarter of 2023. The weakening of NOK and the rise in global stock markets explains why net foreign assets towards foreign countries increased sharply.

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.

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.