Updated tables in Statbank

Table 09401 and table 09672 in the Statbank were updated at 11:30am on 6 March 2024

International accounts

Updated: 6 March 2024

Next update: 5 June 2024

Current account balance
Current account balance
4th quarter 2023
235 311
NOK million
Balance of payments. NOK million
Balance of payments. NOK million
4th quarter 20221st quarter 20232nd quarter 20233rd quarter 20234th quarter 2023
Current account:
Current account balance344 964308 683181 206197 339239 773
Balance of goods and services333 709247 624140 405151 244215 106
Balance of income and current transfers11 25561 05940 80146 09524 667
Capital transfers, patents, licenses etc, net2 1369091 8475041 047
Net lending (+)/ Net borrowing (-), current account transactions342 828307 774179 359196 835238 726
MEMO: incl. reinvested earnings
Current account balance340 968304 687175 926193 131235 311
Balance of income and current transfers7 25957 06335 52141 88720 205
Net lending (+)/ Net borrowing (-), current account transactions338 832303 778174 079192 627234 264
Financial account:
Opening balance11 507 93511 585 90313 645 14614 751 43614 127 632
Net lending (+)/ Net borrowing (-), financial account transactions280 196306 793259 005213 993268 710
Other changes-202 2281 752 450847 285-837 797887 408
Closing balance11 585 90313 645 14614 751 43614 127 63215 283 750
Net errors and omissions-58 6363 01584 92621 36634 446
Explanation of symbols

Selected tables and charts from this statistics

  • Financial account, transactions. By functional category and financial instrument. NOK million
    Financial account, transactions. By functional category and financial instrument. NOK million1
    4th quarter 20221st quarter 20232nd quarter 20233rd quarter 20234th quarter 2023
    Foreign assets
    Direct investment72 79130 22120 174-6 84924 134
    Equity and Investment Fund shares/units108 08315 94321 57819 27640 322
    Debt instruments-35 29214 278-1 404-26 125-16 188
    Portofolio investment680 90661 044255 334151 527537 644
    Equity and Investment Fund shares320 321165 195220 0761 631142 414
    Equity securities330 793168 345214 700-2 101127 544
    Investment Fund shares-10 472-3 1505 3763 73214 870
    Debt securities360 585-104 15135 258149 896395 230
    Other investments-423 788139 317-175 317108 806200 228
    Other equity400270
    Currency and deposits-247 120126 598-31 936-24 559-11 243
    Loans111 272-4 315-90 108177 206249 069
    Trade credits and advances-8 360-61 651-41 37331 41319 759
    Other accounts recievable/payable-279 87177 593-12 946-76 142-55 261
    Reserve assets (IMF breakdown)-84 70844 2392 76812 414-26 664
    Assets - Special Drawing Rights (SDRs)1 524-1 3983011 658-437
    Reserve position in the IMF310206-423-234
    Other reserve assets-86 54245 6172 46111 179-25 993
    Liabilities
    Direct investment54 96041 342-19 992-35 834-6 135
    Equity and Investment Fund shares/units50 88314 213-7 0605 48823 466
    Reinvestment of earnings7 7447 7447 7447 7447 744
    Debt instruments4 07727 129-12 932-41 322-29 601
    Portofolio investment54 973-43 078-41 09157 463121 442
    Equity and Investment Fund shares18-12 136-10 674-4 994-11 143
    Equity securities-4 327-10 561-15 557-9 174-15 986
    Investment Fund shares4 345-1 5754 8834 1804 843
    Debt securities54 955-30 942-30 41762 457132 585
    Other investments-144 928-30 236-94 96330 276351 325
    Other equity00000
    Currency and deposits-88 25773 4889 984-36 84323 379
    Loans169 962-230 148-99 70122 179430 302
    Trade credits and advances-2 930-7 0513 9345 44716 117
    Other accounts recievable/payable-224 126128 136-11 24840 212-116 667
    Liabilities - Special Drawing Rights (SDRs)00000
    NET LENDING, FINANCIAL ACCOUNT280 196306 793259 005213 993268 710
    1Transactions in financial derivatives are included in other accounts receivable/payable under other investments in the balance of payments’ financial account. There is considerable uncertainty in the method used to calculate the transaction figures in derivatives, the figures under this item must therefore be used with some caution.
    Explanation of symbols
  • International Investment Position. By functional category and financial instrument. NOK million
    International Investment Position. By functional category and financial instrument. NOK million
    4th quarter 20221st quarter 20232nd quarter 20233rd quarter 20234th quarter 2023
    Foreign assets
    Direct investment2 774 0872 857 9082 903 0882 869 2802 868 758
    Equity and Investment Fund shares/units1 829 9521 868 3751 901 3601 906 6031 931 519
    Debt instruments944 135989 5331 001 728962 677937 239
    Portofolio investment15 568 92117 394 90818 477 62417 840 81719 209 863
    Equity and Investment Fund shares10 235 71011 783 79212 789 60812 228 89613 078 242
    Equity securities9 702 02711 220 41012 202 73011 648 09012 463 055
    Investment Fund shares533 683563 382586 878580 806615 187
    Debt securities5 333 2115 611 1165 688 0165 611 9216 131 621
    Other investments2 644 0642 960 6472 877 7862 953 2933 078 320
    Other equity2 5212 5212 5212 5482 548
    Currency and deposits995 0471 194 3541 186 6501 140 6721 115 332
    Loans950 982983 218904 9381 065 3111 295 796
    Trade credits and advances200 124149 054110 839140 935156 367
    Other accounts recievable/payable471 474606 477646 768576 889483 447
    Reserve assets (IMF breakdown)711 287828 535855 051839 151818 915
    Assets - Special Drawing Rights (SDRs)72 32876 07077 38077 38775 176
    Reserve position in the IMF14 68415 74615 95615 20314 619
    Other reserve assets624 275736 719761 715746 561729 120
    Liabilities
    Direct investment2 320 7092 386 6432 379 0342 344 6602 336 131
    Equity and Investment Fund shares/units1 512 6951 520 2621 512 6671 531 7001 560 368
    Debt instruments808 014866 381866 367812 960775 763
    Portofolio investment4 279 5804 377 3244 370 3264 427 0214 536 613
    Equity and Investment Fund shares1 320 6351 292 6461 261 3091 323 3131 312 323
    Equity securities1 166 1351 127 9771 087 6531 150 9981 127 523
    Investment Fund shares154 500164 669173 656172 315184 800
    Debt securities2 958 9453 084 6783 109 0173 103 7083 224 290
    Other investments3 512 1673 632 8853 612 7533 603 2283 819 362
    Other equity00000
    Currency and deposits1 706 5641 843 0801 879 7881 822 2131 826 167
    Loans1 206 8341 008 658917 367932 6231 324 437
    Trade credits and advances56 87751 63856 33360 87175 468
    Other accounts recievable/payable435 459612 798639 434669 955479 231
    Liabilities - Special Drawing Rights (SDRs)68 20573 13674 18172 64370 944
    NET ASSETS11 585 90313 645 14614 751 43614 127 63215 283 750
    Explanation of symbols
  • Current and capital account. NOK million
    Current and capital account. NOK million
    Current and capital account
    4th quarter 20221st quarter 20232nd quarter 20233rd quarter 20234th quarter 2023
    Exports, total759 605643 421570 742564 350641 100
    ¬ Goods (FOB)626 727516 482432 102414 977499 692
    ¬¬ Crude oil and natural gas454 368348 518264 620255 816325 131
    ¬¬ Ships1 7068061 2142 856460
    ¬¬ Petroleum activities, various goods117229168119126
    ¬¬ Other goods170 536166 929166 100156 186173 975
    ¬ Services132 879126 939138 640149 373141 408
    ¬¬ Gross receipts, shipping41 92241 02042 39839 46839 608
    ¬¬ Petroleum activities, various services7 5946 7287 9548 9439 143
    ¬¬ Pipeline transport3 3292 6612 5852 4182 374
    ¬¬ Travel8 36810 69816 26327 90010 592
    ¬¬ Transport and communication12 36111 09112 57413 11214 073
    ¬¬¬ Land transport, export1 4411 5461 7231 7581 883
    ¬¬¬ Supply, export2 9883 9564 4694 3034 523
    ¬¬¬ Air transport, export3 6902 2692 6973 2703 659
    ¬¬¬ Services related to transport, export3 5232 5772 8543 0503 197
    ¬¬¬ Postal and courier services, export719743831731811
    ¬¬ Financial and business services31 09428 22629 63130 39636 753
    ¬¬¬ Financial and insurance services, export10 0158 6078 9548 9269 943
    ¬¬¬ Audit services, juridical- and technical services, export8 1156 4597 1947 2599 315
    ¬¬¬ Research and development, export1 4371 5911 9211 5181 923
    ¬¬¬ Other business services, export11 52711 56911 56212 69315 572
    ¬¬ Other services25 91025 08826 25825 46327 630
    ¬¬¬ Construction, repairs and installation, export7 2016 9907 3075 9556 021
    ¬¬¬ Recycle and trash handling, export2 4632 2102 3742 7312 871
    ¬¬¬ Retail trade, hotel and restaurant , export1 3891 3241 5581 5301 836
    ¬¬¬ Publishing, film, music and broadcasting services, export441586584479527
    ¬¬¬ Telecommunication services, export2 8393 1323 5123 5593 421
    ¬¬¬ Information services, export9 4809 2029 1879 36911 079
    ¬¬¬ Other personal and government services, export2 0971 6441 7361 8401 875
    MEMO: Services export when import of goods FOB130 191125 392136 960147 998139 881
    Imports, total425 896395 797430 337413 106425 994
    ¬ Goods (CIF)282 559261 434273 133248 841266 170
    ¬¬ Ships4 5452 9125 8814 416714
    ¬¬ Petroleum activities, various goods2 2691 5892 2452 5593 638
    ¬¬ Other goods275 745256 933265 007241 866261 818
    MEMO: Import of goods FOB272 930252 504264 068240 397257 271
    ¬ Services143 337134 363157 204164 265159 823
    ¬¬ Operating costs shipping, excl. bunkers17 34213 84313 90913 84012 805
    ¬¬ Petroleum activities, various services9 0736 9648 3697 6909 777
    ¬¬ Travel37 40334 54651 31860 16145 323
    ¬¬ Transport and communication8 7177 8979 1338 4248 310
    ¬¬¬ Land transport, import1819191918
    ¬¬¬ Ocean transport, import200200200200200
    ¬¬¬ Air transport, import2 4172 1252 8572 6672 518
    ¬¬¬ Services related to transport, import5 7415 2795 6165 3755 330
    ¬¬¬ Postal and courier services, import341274441163244
    ¬¬ Financial and business services29 83328 44631 61631 32036 013
    ¬¬¬ Financial and insurance services, import6 7506 4326 5756 4837 417
    ¬¬¬ Audit services, juridical- and technical services, import5 5486 0576 9427 2087 847
    ¬¬¬ Research and development, import2 1642 0612 0651 9492 580
    ¬¬¬ Other business services, import15 37113 89616 03415 68018 169
    ¬¬ Other services40 96942 66742 85942 83047 595
    ¬¬¬ Construction, repairs and installation, import8 5517 6468 0858 5319 434
    ¬¬¬ Recycle and trash handling, import1 6041 5391 9771 3571 922
    ¬¬¬ Retail trade, hotel and restaurant, import803521575675656
    ¬¬¬ Publishing, film, music and broadcasting services, import6 1156 2726 1776 8186 817
    ¬¬¬ Telecommunication services, import1 6981 8442 0882 1582 603
    ¬¬¬ Information services, import18 71718 51719 31818 44621 710
    ¬¬¬ Other personal and government services, import3 4816 3284 6394 8454 453
    MEMO: Service import when import of goods FOB150 278141 746164 589171 334167 195
    Balance of goods and services333 709247 624140 405151 244215 106
    ¬ Balance of goods344 168255 048158 969166 136233 522
    ¬ Balance of services-10 459-7 424-18 564-14 892-18 416
    From abroad207 479180 424247 459197 444193 805
    ¬ Compensation of employees1 5211 5871 5491 5951 597
    ¬ Interest received95 69971 53380 55682 29594 750
    ¬¬Direct investment, interst receivable9 72810 15011 73110 98212 729
    ¬¬Other investment, interest receivable85 97161 38368 82571 31382 021
    ¬ Dividends etc.83 03580 478135 68885 22869 870
    ¬¬Direct investment, dividends etc receivable43 16518 01138 19524 42423 911
    ¬¬Portfolio ivestment, dividends etc. receivable39 87062 46797 49360 80445 959
    ¬ Reinvested earnings4 7954 7954 7954 7954 795
    ¬ Current transfers22 42922 03124 87123 53122 793
    To abroad200 162123 304211 881155 500173 542
    ¬ Compensation of employees12 07511 00812 34012 44212 251
    ¬ Interest paid43 92556 11860 62166 29773 812
    ¬¬Direct investment, interest payable6 1986 8307 2437 8639 141
    ¬¬Other investment, interest payable37 72749 28853 37858 43464 671
    ¬ Dividends etc.87 76116 79579 12930 14121 285
    ¬¬Direct investment, dividends etc. payable63 0974 87652 80617 66211 600
    ¬¬Portfolio investment, dividends etc. payable24 66411 91926 32312 4799 685
    ¬ Reinvested earnings8 7918 79110 0759 0039 257
    ¬ Current transfers from general government24 2959 11626 80812 25931 591
    ¬ Other current transfers23 31521 47622 90825 35825 346
    Balance of income and current transfers11 25561 05940 80146 09524 667
    ¬ Compensation of employees and investment income (Primary income), net32 49865 68160 42356 03054 407
    ¬ Current transfers (Secondary income), net-25 181-8 561-24 845-14 086-34 144
    Current account balance344 964308 683181 206197 339239 773
    Capital transfers to abroad, net2 5729331 8476041 040
    Acquisitions of patents, licenses etc. net-436-240-1007
    Net lending342 828307 774179 359196 835238 726
    MEMO: incl. reinvested earnings
    Balance of income and current transfers7 25957 06335 52141 88720 205
    Current account balance340 968304 687175 926193 131235 311
    Net lending338 832303 778174 079192 627234 264
    Explanation of symbols
  • Current and capital account. Country breakdown. Current prices. NOK million
    Current and capital account. Country breakdown. Current prices. NOK million
    Balance of goodsBalance of servicesCurrent account balance
    202120222021202220212022
    The world655 0001 647 238-12 903-48 560643 8591 714 349
    EU728 2391 839 713-43 641-89 700560 0591 681 537
    Other European countries-12 215-7 5181 3731 845-12 085-16 069
    Africa10 807-38 0534 7845 24235 268-7 751
    North-America-14 464-54 16014 09325 31794 970120 245
    Latin America and the Caribbean-8 710-12 5861 7552 5222 0774 571
    Asia, Oceania and polar regions-54 803-71 04610 4227 597-1 151-21 461
    Explanation of symbols
  • International Investment Position. By functional category and selected countires. NOK million
    International Investment Position. By functional category and selected countires. NOK million1
    TotalDirect investmentPortofolio investmentOther investmentsReserve assets
    3rd quarter 20234th quarter 20233rd quarter 20234th quarter 20233rd quarter 20234th quarter 20233rd quarter 20234th quarter 20233rd quarter 20234th quarter 2023
    Foreign assets
    All countries24 502 54125 975 8562 869 2802 868 75817 840 81719 209 8632 953 2933 078 320839 151818 915
    United States8 629 2749 068 175419 644406 3077 209 0177 884 500636 556420 618364 057356 750
    United Kingdom1 746 4921 695 496236 337232 0361 028 0611 069 098423 339337 86458 75556 498
    Japan1 253 4121 311 5782 15412 0881 199 1291 242 0814 63610 31847 49347 091
    Germany1 277 7021 490 305115 729137 596816 985874 614247 686390 50297 30287 593
    Sweden1 261 9271 461 942311 738309 859576 658753 511372 231397 1621 3001 410
    Switzerland618 502643 86719 59816 605547 369575 69047 10847 1164 4274 456
    China177 397175 1493 81414 712157 482146 5015 6773 68810 42410 248
    Liabilities
    All countries10 374 90910 692 1062 344 6602 336 1314 427 0214 536 6133 603 2283 819 36200
    Luxembourg1 319 7081 386 63656 44361 7791 206 7321 243 20156 53381 65600
    United Kingdom1 229 8881 245 571102 43880 726601 413667 928526 037496 91700
    United States1 538 7041 723 149150 065169 941852 914880 621535 725672 58700
    Sweden1 003 5941 049 093167 247175 169218 204217 434618 143656 49000
    China20 94120 38916 22215 4971 0271 7783 6923 11400
    1Due to changes in reporting from one of the data sources, there is uncertenty associated with the country breakdown. Revisions may be expected in the next release.
    Explanation of symbols
  • External debt. NOK million
    External debt. NOK million1
    1st quarter 20232nd quarter 20233rd quarter 20234th quarter 2023
    General government1 192 0341 089 5511 159 5381 451 214
    Short-term
    Currency and deposits0000
    Debt securities12 70515 68716 40814 702
    Loans262 569228 383272 720534 728
    Trade credits and advances1206
    Other accounts recievable/payable172 129151 036181 18785 113
    Long-term
    Currency and deposits0000
    Debt securities411 647390 787393 066398 673
    Loans332 983303 656296 151417 992
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Central bank100 977115 712121 402112 554
    Short-term
    Currency and deposits26302337
    Debt securities0000
    Loans0000
    Trade credits and advances0000
    Other accounts recievable/payable27 68441 41048 69441 544
    Long-term
    Liabilities - Special Drawing Rights (SDRs)73 13674 18172 64370 944
    Currency and deposits0000
    Debt securities0000
    Loans131914229
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Deposit-taking corporations except the central bank4 104 8374 206 9474 149 5894 185 172
    Short-term
    Currency and deposits1 684 4251 717 3631 659 9761 664 224
    Debt securities263 835273 482303 907445 498
    Loans....
    Trade credits and advances0000
    Other accounts recievable/payable285 569330 002326 242242 299
    Long-term
    Currency and deposits158 629162 395162 214161 906
    Debt securities1 712 3791 723 7051 697 2501 671 245
    Loans....
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Other sectors1 319 7151 309 5601 276 4131 294 712
    Short-term
    Currency and deposits0000
    Debt securities20 28218 32813 43122 159
    Loans115 71489 19768 18273 374
    Trade credits and advances51 63756 33160 87175 462
    Other accounts recievable/payable165 686159 034156 717152 876
    Long-term
    Currency and deposits0000
    Debt securities663 830687 028679 646672 013
    Loans297 261296 040295 528298 314
    Trade credits and advances0000
    Other accounts recievable/payable5 3053 6022 038514
    Direct investment866 381866 367812 960775 763
    SUM TOTAL7 583 9447 588 1377 519 9027 819 415
    1The external debt position shows the gross debt for the main institutional sectors. Shares and other equity are not included in the statistics.
    Explanation of symbols

About the statistics

The international accounts give an overview of the economic relationships between Norwegian residents and nonresidents. They comprise the international investment position (IIP), including other changes in financial assets and liabilities, and the balance of payments (BOP). As of 2020, the BOP and IIP Statistics are presented together under the heading International accounts. The international account consists of the current account, the capital account and the financial account. The current account shows exports and imports and other international transfers. The capital account shows capital transfers and transactions in intangible assets. The financial account shows net foreign financial assets and liabilities.

The BOP is a statistical statement of all transactions made between entities in one country and the rest of the world over a defined period of time, such as a quarter or a year. The IIP is a statistical statement that shows at a point in time the value of financial assets of residents of an economy that are claims on nonresidents, and the liabilities of residents of an economy to nonresidents. The difference between the assets and liabilities is the net position in the IIP and represents either a net claim on or a net liability to the rest of the world.

The Norwegian BOP and IIP is presented in accordance with the latest internationally approved guidelines. These are specified in "The Balance of Payments Manual, 6th edition" (BPM6), published by the International Monetary Fund (IMF). The underlying principles and definitions presented in the BPM6 are in full accordance with the international statistical framework for the National Accounts, as laid down in the manual "System of National Accounts 2008" (2008 SNA). 2008 SNA is a joint publication by several international organizations, including the United Nations and the IMF.

The European Union (EU) has compiled its own edition of the National Accounts manual, "European System of Accounts 2010" (ESA 2010), which accommodates special conditions in member countries. According to the European Economic Area Agreement (EEA Agreement), Norway is obligated to comply with ESA 2010. The reporting of National Accounts data, as well as BOP and IIP data, to EU's statistical office Eurostat, has a legal basis in regulation (EC) No 184/2005.

Basic concepts and recording principles

Like the National Accounts, the BOP and IIP accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe transactions and positions between statistical units in which economic values are provided or received in exchange for other economic values.

  • Statistical units are institutional units which make economic decisions on an independent basis and can present complete accounts for their activities. The institutional unit normally coincides with a body corporate, e.g. a limited liability company or legal person.
  • Economic items can either be real resources, i.e. goods and services, or financial items representing various claims and liabilities.
  • The basic criterion for entering a transaction in the BOP or a position in the IIP, is that it involves an exchange between a domestic entity (resident) and a foreign entity (non-resident). Residents are institutional units that engage and intend to continue to engage in economic activities and transactions within a country's territory, with one year or more serving as the conventional guideline.

Positions

Positions are shown as the value of a financial item which, for example, an enterprise is in possession of at a point in time. Financial objects can be, for example, shares, other securities or different types of loans. In principle, stocks must be registered at market value. See description of valuation below.

Transactions

A transaction should in principle be allocated to the period in which there is a change of ownership of the economic value. Conventionally, it is often said that a change of ownership has taken place when both parties of the transaction enters the transaction in their books or accounts. In the case of exports and imports of goods, it is the moment that the goods cross the border and are registered through customs declarations, that determines the time of recording of the transaction and consequently the change of ownership.

All transactions shall be valued at market prices. Market prices are defined as amounts of money that buyers pay to acquire something from sellers; the exchanges are made between independent parties and based on commercial considerations only. Total exports and total imports shall be recorded at free-on-board (f.o.b.) prices. F.o.b prices are the value when passing the border of the country of exports. On a detailed commodity level, cost-insurance-freight (c.i.f.) prices are used for imports, i.e. including transport and insurance costs up to the border of the importing country. The exchange rate on the transaction date or the average rate for the shortest period applicable shall be used for converting transactions in foreign currencies into the national currency. Stocks of assets and liabilities are to be valued at prices or rates in effect at the time to which the balance sheet relates.

Other changes

Income and expenditure are defined in the National Accounts and BoP excluding gains and losses, irrespective of whether they are realised or unrealised. Such items, however, help to explain total balance sheet changes that take place during a period and are registered on the account for revaluation.

Income and expenditure

Income and expenditure are defined in the National Accounts and BoP excluding gains and losses, irrespective of whether they are realised or unrealised. Such items, however, help to explain total balance sheet changes that take place in the course of a period and are registered on the account for revaluation.

Assets and liabilities

Assets and liabilities are the components of the balance sheets of the total economy and institutional sectors. In contrast to the accounts that show economic flows, a balance sheet shows the positions of assets and liabilities held at one point in time by each unit or sector or the economy as a whole.

An asset is a store of value representing a benefit or series of benefits accruing to the economic owner by holding or using the entity over a period of time. It is a means of carrying forward value from one accounting period to another.

A liability is established when one unit (the debtor) is obliged, under specific circumstances, to provide a payment or series of payments to another unit (the creditor).

Double entry bookkeeping

International Accounts are based on the rules for double entry bookkeeping. All transactions are represented by two entries, a credit and debit entry. Most transactions are those in which economic items are provided or received in exchange for other economic items, entailing that offsetting credit and debit entries will normally be registered.

For example, exports of a good will be registered in External Trade Statistics and recorded as a credit entry in the current account, whereas the accompanying increase in foreign assets, e.g. in the form of increased deposits abroad, is registered in financial account and recorded as a transaction on the debit side of the BOP accounts. In other cases when items are given away rather than exchanged, or a recording is one-sided for other reasons, there is only one recording in the data sources. In these cases, a counter entry is constructed, in this example in the form of a transfer so that the double entry requirement is satisfied.

Structure

The International Accounts is an integrated part of the National Accounts and is constructed as a mirror image of the institutional sector "Rest of the World" in the National Accounts. In the BOP and IIP, transactions and positions are seen from Norway's point of view, while in the institutional sector accounts they will be seen from the perspective of the rest of the world. A surplus on Norway's current account will in the National Accounts appear as a deficit for the sector "Rest of the World".

The BOP consists of three main parts: a current account, which shows current transactions with the rest of the world, a capital showing capital transactions, and a financial account, which records investment transactions in the form of purchases and sales of financial instruments.

The table below illustrates the statement of transactions and positions in the BoP and IIPs (eller IAs) current, capital and financial accounts:

1) Current account balance

Balance of goods and services
Balance of income and current transfers

2) Capital transfers to abroad, net

3) Net lending, current- and capital account

4) Financial account, assets/liabilities

Direct investment
Portfolio investment
Other investment
Reserve assets

5) Net lending, financial account

6) Errors and omissions

The financial statements are presented as shown in the following table, broken down by functions (direct investment, portfolio investment, other financial investment and international reserves):

7) The financial position of at the beginning of the reference period

8) Investments during period (asset)

9) Borrowing

10) Gains, losses and other changes (netto)

11) The financial position of at the end of the reference period

Following definitions applies

The relationship between current- and capital account and the transactions in the financial account:

1+ 2 =3

4 assets – 4 liabilities = 5

3 – 5 = 6

Consistent International Accounts requires:

(3) = (5)

The relationship between positions and change in positions in the financial account:

7 + 8 – 9 + 10 = 11

Description of the accounts

The definitional relationship between the current account and the financial account is that a current account surplus, adjusted for net capital transfers and net acquisitions of patents and copyrights etc, increases net foreign assets (or reduces net liabilities), while a deficit on the current account will reduce net assets (or increase net liabilities).

The current account comprises, first, exports and imports of goods and services, with the balance of goods and services as a balancing item. In addition, data are provided for compensation of employees, investment income and expenditure as well as current transfers to and from the rest of the world. The balance for this component is net income and current transfers. The total balance of the current account is the sum of the balances of these two components.

The capital and financial account shows how transactions recorded in the current account result in changes in foreign assets and liabilities, and in addition to purchases and sales of financial instruments includes capital transfers. This entails that the balance on the current account must be adjusted for net capital transfers in order to arrive at net lending.

The financial account also includes transactions that do not have a counter entry in the current account. One example would be a resident who uses funds in a foreign bank account to repay a loan raised abroad.

Net lending

Total asset transactions less total liability transactions result in net lending. By adjusting net lending for valuation changes and other balance sheet changes not caused by transactions, we arrive at changes in Norway's net foreign assets/liabilities.

Net lending, current account =
Current account balance + Capital transfers to abroad, net - non-financial net investment

Net lending, financial account = Net acquiring of financial assets – net borrowing

Net errors and omissions are derived from net lending from the two accounts and can be derived from the current account minus the same item derived from the financial accounts. Although the BoP accounts are, in principle, balanced, imbalances occur due to imperfections in source data and compilation.

In addition to the classifications and categories described in the international BOP, IIP and National Accounts manuals, it may be mentioned that the Norwegian BOP, IIP and National Accounts make use of the product classification CPA (Classification of Products by Activity) of the EU and sector of the BPM6, 2008 SNA and ESA 2010. For more details, please check https://www.ssb.no/en/klass/klassifikasjoner/39.

Country Codes are based on the International Standard ISO 3166.

Functional categories

Direct investment:

Direct investment is a cross-border financial investment made by an investor for the purpose of acquiring a lasting interest in a foreign enterprise, and exerting a degree of influence on that enterprise's operations. An investment by owning 20 per cent or more of the ordinary shares is considered always a direct investment. The establishment of a subsidiary abroad is an example of a direct investment.

Portfolio investment:

Portfolio investment covers transactions in equities, other securities, and financial derivatives, except where these transactions relate to direct investment or reserve assets category. The Government Pension Fund – Global is not part of the reserve assets, though it is owned by the government and administrated by Norges Bank. This is therefore treated as portfolio investment as concerns investment abroad. Most important are shares and other equities, bonds and money market instruments (certificates and Treasury bills).

Other investments:

Other financial investments is a residual category that covers all investments that are not included in direct investment, portfolio investments and international reserves.

Reserve assets:

Reserve assets consist of those external assets that are readily available to and controlled by monetary authorities for direct financing of payment imbalances, for indirectly regulating the magnitude of such imbalances through intervention in exchange markets to affect the currency exchange rate and /or other purposes. In Norway, Norges Bank have reserve assets. International reserves basically consist of assets only, i.e. any foreign central banks' holdings of assets in Norway (for instance Norwegian securities) are not considered "reserve liabilities", but as portfolio investment in Norway.

The classification of financial assets and liabilities:

The financial accounts include a limited number of financial instrument groups with detailed claims and debt items in the balance sheets of institutional units. The financial instrument links one entity claims to another sector’s debt items. The financial instruments are grouped in claim and debt items with similar economic functions. For example, the payment function is characteristic of coins, notes and salary accounts, while credit is procured through different types of loans. In addition, the liquidity ratio has been the determinant factor for the ranking of financial assets in the classification.

Classification of financial assets and liabilities in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The classifications are described below:

Equity and other shares:

The instrument includes ordinary shares in limited liability companies, shares in general partnerships and shares in mutual funds. Shares in foreign companies are also included. Furthermore, the instrument includes tradable Norwegian equity certificates and general government capital contributions in public enterprises and the state lending institutions.

Dept securities:

Comprise short and long-term securities. Short-term securities is defined as negotiable securities with original maturity of maximum one year, while long-term securities comprise instruments defined as tradable standardised debentures with original maturity of more than one year.

Currency and deposits:

Comprise Norwegian and foreign notes and coins, all types of deposits with commercial banks and savings banks, Norges Bank and foreign banks.

Loans:

This financial instrument includes lending forms other than tradable debentures and certificates. Short-term loans are mainly quantified on the basis of the specifications in accounting statistics for financial corporations. The instrument comprises building loans, factoring, bank overdrafts, operating and working credit. Long-term loans comprise all loans other than short-term loans (mortgage bond issues, other medium and long-term repayment loans and financial leasing).

Trade credits:

Financial claims arising from the direct extension of credit by suppliers and buyers for goods and services.

Insurance technical reserves:

The instrument includes individual insurance savings and group insurance savings in private life insurance companies and total capital in autonomous municipal and private pension funds. Prepayments of premiums and reserves against outstanding claims in non-life insurance companies are also included.

Other claims:

Comprise claims and debt that is due to differences in timing between transactions and payments. For example credit extended to a customer/supplier credit, deferred tax claims/liabilities. Included are also other financial items that do not belong to the previously listed instruments. Derivatives recorded in the accounting statistics are included.

Reserve assets/liabilities IMF:

The foreign exchange reserves and claims on the International Monetary Fund (IMF) together constitute Norges Bank's international reserves. Claims on the IMF consist of three components: SDR accounts (Special Drawing Rights), reserve positions in the IMF and loans to the IMF (Poverty Reduction and Growth Facility).

Valution

Market value:

Market prices are defined as amounts of money that willing buyers pay to acquire something from willing sellers; the exchanges are made between independent parties and on the basis of commercial considerations only. The exchange rate on the position date or the average rate for the shortest period applicable shall be used for converting positions in foreign currencies into the national currency. Stocks of assets and liabilities are to be valued at prices or rates in effect at the time to which the balance sheet relates.

Name: International accounts
Topic: External economy

5 June 2024

Division for National Accounts

National level

Quarterly statistics. The first version for quarter k t is published after k+60 days, followed by revisions in the following quarterly publications. The final version is published in August/September year t+2.

Reporting to Eurostat, the International Monetary Fund (IMF), Organization for Economic Co-orporation and Development (OECD) and Bank for International Settlement (BIS).

Microdata are based on different sources

The purpose of the BOP and IIP Statistics is to provide reliable information on residents of Norway’s economic relationships with non-residents. The statistics are an integrated part of the National Accounts using the same principles and definitions.

The statistics is set to meet the international requirements given in the BPM. The international guidelines in BPM are revised during the last several years, with the latest update published in 2009 by the International Monetary Fund (IMF). The sixth edition of the manual, BPM6, is the current version and is implemented in the Norwegian BOP and IIP Statistics in December 2014. Back data based on the guidelines from BPM6 is implemented in both the current- and capital account and the financial account.

The current- and capital account has time series going back to 1981, while the financial account has time series going back to 2005 (BOP) and 2012 (IIP). The current- and capital account has time series going back to 1981.

The main users are international organizations, IMF, Eurostat, OECD and BIS. The Balance of Payments and the International investment position are used by market analytics within finance and the business sector in general, and by governmental agencies for economic policy purposes. Used in the National Accounts, the BOP and the IIP give an exact mirror image of the sector Rest of The World in the national Accounts.

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 08.00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

The IIP and the BOP have the same principles and detailing levels. IIP shows the positions of assets and liabilities abroad each quarter. The positions together with the transactions, revaluations and other volume changes give a consistent picture of the financial part of the external sector.

Full integration with the National Accounts makes the Norwegian BOP and IIP data consistent with both the exports and the imports figures and financial figures for the Rest of the World Account of the National Accounts.

The BOP has a somewhat broader scope compared to the External Trade in Goods statistics. The main deviations are that BOP includes as exports goods delivered to non-resident carriers in Norwegian ports, goods other than oil and gas exported directly from the Norwegian continental shelf, imports of fuel to Norwegian carriers in foreign ports, and direct imports of goods to the Norwegian continental shelf. In addition, the BOP converts exports and imports of certain types of goods as registered in the external trade statistics into exports and imports of services.

A table of the external debt statistics can be found under “tables”. The external debt statistics is based on the guidelines in BPM6 and External Debt Statistics: Guide for Compilers and Users. The quarterly data from the IIP statistics is the basis of the external debt statistics. The gross external debt liabilities equals the debt liabilities in the IIP statement, i.e., total IIP liabilities excluding all equity (equity shares and other equity) and investment fund shares. The first level of disaggregation of the external debt is by institutional sector. The second level of disaggregation is by maturity of external debt, and the third level of disaggregation is by type of debt instrument.

In the BOP and IIP Statistics there is a classification on functional categories, one of them being direct investment. There is a separate annual statistics on Direct investment published by Statistics Norway. The two statistics follows different principles and will therefore show different figures. Statistics Norway also publishes Portfolio investment abroad, and the statistics follows the same international guidelines as the IIP.

The main part of the data is collected under the provisions of the Statistics Act and the Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc.

EU-regulations incorporated in the EEA-agreement define the scope of the statistics. The following regulations apply to the BOP and IIP -statistics:

  • REGULATION (EC) No 184/2005 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment
  • COMMISSION REGULATION (EC) No 1055/2008 of 27 October 2008 implementing Regulation (EC) No 184/2005 of the European Parliament and of the Council, as regards quality criteria and quality reporting for balance of payments statistics
  • COMMISSION REGULATION (EU) No 1227/2010 of 20 December 2010 amending Regulation (EC) No 1055/2008 implementing Regulation (EC) No 184/2005 of the European Parliament and of the Council, as regards quality criteria and quality reporting for balance of payments statistics
  • COMMISSION REGULATION (EU) No 555/2012 of 22 June 2012 amending Regulation (EC) No 184/2005 of the European Parliament and of the Council on Community statistics concerning balance of payments, international trade in services and foreign direct investment, as regards the update of data requirements and definitions
  • REGULATION (EC) No 716/2007 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 June 2007 on Community statistics on the structure and activity of foreign affiliates

The scope of the Balance of Payments and International investment position is defined in international guidelines in the Balance of Payments and International Investment Position Manual (BPM6), System of National Accounts (2008 SNA, published by the UN, OECD, IMF, World Bank and the European Commission) and the European System of National and Regional Accounts (ESA 2010).

Like the National Accounts, the IIP and BOP accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe transactions between statistical units in which economic values are provided or received in exchange for other economic values. The Balance of Payments shall in principle include all transactions between unit’s resident of the Norwegian economic territory and non-resident units. See below for more about the sample that’s behind the BoP statistics.

The delineation of the economy towards the rest of the world is based on the concept of resident units. A unit is a resident unit when it has a centre of economic interest in the economic territory in question, i.e. when it is engaged in economic activity in a territory for a long period of time (at least one year).

The Norwegian economic territory includes mainland Norway together with the Norwegian part of the Continental Shelf, Svalbard and Jan Mayen with Bjørnøya.


The BOP and IIP statistics are based on data collected by other divisions in Statistics Norway.

The main sources for the current- and capital account;

  • External trade in goods
  • Petroleum Statistics
  • Sample survey, non-financial enterprises,non-financial corporations and financial institutions not under supervision
  • Structural Business Statistics, Ocean Transport
  • Annual accounting statistics for the general government.
  • Quarterly accounting statistics for financial corporations under supervision
  • Travel survey

The main sources for the financial account;

  • Quarterly accounting statistics for financial corporations under supervision. Positions are reported and some transactions (equity, other debt securities and loans) and some revaluations (exchange rate changes and other price changes) quarterly and annually.
  • Quarterly accounting statistics for non-financial corporations and financial institutions not under supervision. Positions and revaluations are reported quarterly and annually.
  • Annual accounting statistics for the general government. Positions and revaluations (exchange rate changes and other price changes) are reported.
  • Quarterly data from the Norwegian Central Securities Depository (VPS) and data from a separate survey on mutual funds. Positions and transactions are reported.

Data collected for non-financial corporations and mutual funds are based on sample surveys. See each survey for more information on sampling, for example sample survey and how to choose the sample. For areas with incomplete statistical coverage, it is necessary to do estimations or use supplementary sources such as tax returns.

All major Norwegian financial and non-financial enterprises are covered in the BOP and IIP-statistics.

For most of the BOP and IIP items the figures used are as shown in the primary sources, as mentioned in the “Data source and sampling” section. Others are derived through estimations of which the most important are:

Current account

Services and income flows are estimated on quarterly basis by using the change as observed in the sampling survey data combined with last known annual totals. This estimation procedure is the same used in Quarterly National Accounts.

Reinvestment of earnings

Reinvestment of earnings is included in both the current and financial account. Reinvestment of earnings arising from a direct investor’s equity in its direct investment enterprise is calculated based on accounting variables profit and dividends.

Financial account

Financial transactions are to a large extent estimated starting with observed investment positions. The definitional identity employed is: opening position + transactions + revaluations = closing position.

Most of the revaluations due to exchange rate movements are estimated combining exchange rates and information on foreign currencies in use for different variables.

The household’s holiday houses abroad are estimated based on tax information. Price changes and exchange rates are estimated from information from various countries.

The non-financial enterprises and financial institutions not under supervision are based on a quarterly sample survey. This covers the major enterprises in the population and has a sample size of 500-600 enterprises. Quarterly numbers are then grossed up with figures from the annual BoP and IIP reporting that has a sample size of 3,000 enterprises. This is done by adding the enterprises only included in yearly survey to the fourth quarter and are then copied the following three quarters. These enterprises represent approximately ten percent of non-financial enterprises' total assets and liabilities.

Not relevant

Statistics Norway's standard rules for confidentiality are applied

Statistics Norway has adapted the international recommendations for compiling BOP and IIP statistics and is therefore comparable with other countries' BOP and IIP statistics. Annual and quarterly current account data on a consistent form are available back to 1981 in the Statbank. Correspondingly for the financial account back to 2005. Quarterly IIP data on a consistent form are available back to 2012 in the Statbank. The data has had several changes due to the new manuals BPM6 and ESA2010 and which has led to minor breaks in the time series. Longer times series for annual IIP data are available back to 1998 based on BPM5 guidelines. Longer times series for annual and quarterly current account data are available back to 1970. Correspondingly for the financial account back to 1981. For the period 1994 - 2004 monthly data for both current and financial account are available. An historic table for Balance of Payments is available back to 1949, see 22.8 and 22.9.

The Norwegian BOP and IIP Statistics makes use of information from a great variety of statistical sources and will reflect uncertainty and errors which might appear in these sources. However, the fact that IIP is a logical system within an even larger logical system of the National Accounts, it is possible to carry out a range of consistency checks to counterbalance the initial collection and then processing errors of the primary sources.

Preliminary quarterly and annual figures are revised until final annual figures are published (in August/September year t+2). See Administrative information, Frequency and Timeliness.

In addition, periodical main revisions give revised figures. A main revision of the BoP time series were conducted in December 2014 with the implementation of the new manuals Balance of Payments and International Investment Position (BPM6) and European system of national Accounts (ESA2010). The BoP financial account has revised its time series back to 2005.

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