International accounts

Updated: 1 December 2021

Next update: 2 March 2022

Current account balance
Current account balance
3rd quarter 2021
148 337
NOK million

Selected tables and figures 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
3rd quarter 20204th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
Foreign assets
Direct investment
Equity and Investment Fund shares/units5 355-21 9668 411-4 407-31 724
Debt instruments-9 26683723 19130 62823 999
Portofolio investment
Equity and Investment Fund shares25 30322 603-115 796-142 381-68 591
Equity securities3 0441 431-134 816-165 481-84 439
Investment Fund shares22 25921 17219 02023 10015 848
Debt securities-49 517104 6639 470176 633200 948
Other investments
Other equity00000
Currency and deposits68 117-27 10899 98048 56661 835
Loans-72 97063 205106 174-54 290-106 698
Trade credits and advances6 36015 59410 7831 67736 292
Other accounts recievable/payable20 788-65 95055 22133 01924 070
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)5-1 3032517046 896
Reserve position in the IMF-871 426-347360-32
Other reserve assets-22 111-17 91825 55524 7953 757
Liabilities
Direct investment
Equity and Investment Fund shares/units6 9189 84219 36342 03315 743
Reinvestment of earnings-3 785-3 785-3 668-3 668-3 668
Debt instruments17 108-18 3111 56015 20225 449
Portofolio investment
Equity and Investment Fund shares88316 34243 51726 244-19 161
Equity securities1 9006 39034 00816 155-17 580
Investment Fund shares-1 0179 9529 50910 089-1 581
Debt securities120 183-19 36433 279-13 98644 147
Other investments
Other equity00000
Currency and deposits-123 13138 79562 46358 250-41 498
Loans-69 881171 035-117 941-74 17136 538
Trade credits and advances3 4236 537-4 433-1 7801 207
Other accounts recievable/payable8 814-62 99887 98136 009-22 249
Liabilities - Special Drawing Rights (SDRs)000043 856
NET LENDING, FINANCIAL ACCOUNT9 450-66 55097 54027 586106 818
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
3rd quarter 20204th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 543 5781 511 0211 529 5401 541 8061 520 204
Debt instruments699 300684 198694 524730 109756 463
Portofolio investment
Equity and Investment Fund shares8 793 9019 310 2349 546 81510 062 7599 994 733
Equity securities8 377 5838 862 6979 069 4139 541 7879 453 066
Investment Fund shares416 318447 537477 402520 972541 667
Debt securities4 165 8284 076 9733 907 2804 154 5414 353 757
Other investments
Other equity2 3222 3222 3222 3222 322
Currency and deposits921 534843 799916 746976 9251 044 392
Loans615 575649 402745 175695 800593 954
Trade credits and advances72 30382 47392 35594 849132 265
Other accounts recievable/payable428 176329 753355 532372 263396 945
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)21 46118 85818 48018 88165 045
Reserve position in the IMF12 36812 92012 30312 82212 851
Other reserve assets661 960610 406622 375663 835671 163
Liabilities
Direct investment
Equity and Investment Fund shares/units1 152 2521 192 0751 224 8051 274 1781 267 717
Debt instruments746 547713 152707 802725 663754 403
Portofolio investment
Equity and Investment Fund shares950 3571 052 3331 133 7211 203 5371 237 887
Equity securities799 492907 773973 7961 021 3991 057 737
Investment Fund shares150 865144 560159 925182 138180 150
Debt securities2 874 2942 696 2802 659 7792 682 3042 740 551
Other investments
Other equity00000
Currency and deposits1 542 7771 518 9931 561 7961 628 0971 595 047
Loans656 716800 329678 492606 018645 899
Trade credits and advances45 40250 20744 86743 44544 940
Other accounts recievable/payable387 022341 965379 431398 570387 465
Liabilities - Special Drawing Rights (SDRs)20 62019 34118 92719 16363 579
NET ASSETS9 547 0339 733 64010 020 43210 733 17210 793 930
Explanation of symbols
Current and capital account. NOK million
Current and capital account. NOK million
Current and capital account
3rd quarter 20204th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
Exports, total256 347300 391327 574354 449442 854
¬ Goods (FOB)177 906217 253251 465272 787350 162
¬¬ Crude oil and natural gas79 522107 994137 031152 108219 736
¬¬ Ships2 0591 0961 5002 7857 828
¬¬ Petroleum activities, various goods76968787100
¬¬ Other goods96 249108 067112 847117 807122 498
¬ Services78 44183 13876 10981 66292 692
¬¬ Gross receipts, shipping23 51823 64223 32927 09230 923
¬¬ Petroleum activities, various services5 3675 2554 2505 2416 401
¬¬ Pipeline transport3 2823 2823 0892 9673 317
¬¬ Travel5 0562 4452 0852 3717 312
¬¬ Transport and communication8 2068 9487 2587 3078 405
¬¬¬ Land transport, export1 3551 4761 3281 4691 335
¬¬¬ Supply, export2 9743 5922 8172 4533 052
¬¬¬ Air transport, export1 6201 5581 3981 3961 907
¬¬¬ Services related to transport, export1 7001 6751 0981 3701 500
¬¬¬ Postal and courier services, export557647617619611
¬¬ Financial and business services20 10223 80322 23122 41621 916
¬¬¬ Financial and insurance services, export7 5487 8009 3768 7908 312
¬¬¬ Audit services, juridical- and technical services, export4 9646 5895 1305 2774 792
¬¬¬ Research and development, export8571 1398521 2931 145
¬¬¬ Other business services, export6 7338 2756 8737 0567 667
¬¬ Other services12 91015 76313 86614 26814 417
¬¬¬ Construction, repairs and installation, export2 9413 3213 2683 0383 403
¬¬¬ Recycle and trash handling, export1 5711 7581 9232 1402 078
¬¬¬ Retail trade, hotel and restaurant , export8441 674692909918
¬¬¬ Publishing, film, music and broadcasting services, export394485354235555
¬¬¬ Telecommunication services, export1 9521 7281 7262 0872 043
¬¬¬ Information services, export4 1935 6974 5914 7134 311
¬¬¬ Other personal and government services, export1 0151 1001 3121 1461 109
MEMO: Services export when import of goods FOB77 13581 72874 73379 78091 008
Imports, total274 903293 894265 305292 904313 124
¬ Goods (CIF)200 185213 051198 281221 635228 198
¬¬ Ships3 9134 3744 2682 6574 623
¬¬ Petroleum activities, various goods2 7721 8221 9652 8943 654
¬¬ Other goods193 500206 855192 048216 084219 921
MEMO: Import of goods FOB193 529206 007191 281213 870220 106
¬ Services74 71880 84367 02471 26884 926
¬¬ Operating costs shipping, excl. bunkers11 00012 74210 58512 50014 000
¬¬ Petroleum activities, various services6 4827 2875 2375 7506 849
¬¬ Travel5 8452 4111 4431 83810 686
¬¬ Transport and communication3 6033 9893 8514 0964 914
¬¬¬ Land transport, import1918191919
¬¬¬ Ocean transport, import286286286286286
¬¬¬ Air transport, import402238147265595
¬¬¬ Services related to transport, import2 7313 2153 2153 3433 787
¬¬¬ Postal and courier services, import165232184183227
¬¬ Financial and business services21 87026 06822 14823 06522 368
¬¬¬ Financial and insurance services, import5 2035 6296 5215 5785 392
¬¬¬ Audit services, juridical- and technical services, import3 7424 4133 6214 1753 584
¬¬¬ Research and development, import8691 9911 0041 044980
¬¬¬ Other business services, import12 05614 03511 00212 26812 412
¬¬ Other services25 91828 34623 76024 02026 109
¬¬¬ Construction, repairs and installation, import5 2515 7014 8234 7524 807
¬¬¬ Recycle and trash handling, import1 1171 1401 1681 4201 293
¬¬¬ Retail trade, hotel and restaurant, import486545460500485
¬¬¬ Publishing, film, music and broadcasting services, import3 8104 9023 8823 9184 143
¬¬¬ Telecommunication services, import1 3491 2181 2691 1561 546
¬¬¬ Information services, import10 82712 4129 2909 65810 731
¬¬¬ Other personal and government services, import3 0782 4282 8682 6163 104
MEMO: Service import when import of goods FOB80 06886 47772 64877 15191 334
Balance of goods and services-18 5566 49762 26961 545129 730
¬ Balance of goods-22 2794 20253 18451 152121 964
¬ Balance of services3 7232 2959 08510 3947 766
From abroad81 60084 37391 365113 04993 603
¬ Compensation of employees1 3971 3941 4631 4261 439
¬ Interest received30 89128 89127 01626 67128 134
¬¬Direct investment, interst receivable3 1853 8492 9463 0583 254
¬¬Other investment, interest receivable27 70625 04224 07023 61324 880
¬ Dividends etc.51 44653 82157 97585 88364 931
¬¬Direct investment, dividends etc receivable7 79122 57411 96126 88015 645
¬¬Portfolio ivestment, dividends etc. receivable43 65531 24746 01459 00349 286
¬ Reinvested earnings-12 653-12 653-12 647-12 647-12 647
¬ Current transfers10 51912 92017 55811 71611 746
To abroad55 48690 43156 94370 18574 996
¬ Compensation of employees9 0289 6037 4868 0728 803
¬ Interest paid12 79013 00415 09013 87211 919
¬¬Direct investment, interest payable3 5403 8153 0342 4582 902
¬¬Other investment, interest payable9 2509 18912 05611 4149 017
¬ Dividends etc.10 99829 1309 49622 20226 499
¬¬Direct investment, dividends etc. payable10 00915 7281 88710 92121 973
¬¬Portfolio investment, dividends etc. payable98913 4027 60911 2814 526
¬ Reinvested earnings-3 244-3 168-3 114-2 381-3 087
¬ Current transfers from general government8 34122 65610 09811 41212 322
¬ Other current transfers17 57319 20617 88717 00818 540
Balance of income and current transfers35 5233 42743 95553 13028 167
¬ Compensation of employees and investment income (Primary income), net41 50922 88444 84959 56837 723
¬ Current transfers (Secondary income), net-15 395-28 942-10 427-16 704-19 116
Current account balance16 9679 924106 224114 675157 897
Capital transfers to abroad, net1011 083504
Acquisitions of patents, licenses etc. net20-11-8-80
Net lending16 9379 934105 149114 633157 893
MEMO: incl. reinvested earnings
Balance of income and current transfers26 114-6 05834 42242 86418 607
Current account balance7 55843996 691104 409148 337
Net lending7 52844995 616104 367148 333
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
201820192018201920182019
The world275 167137 714-71 392-80 327282 642101 609
EU393 372267 172-86 906-90 586262 348127 548
Other European countries-15 661-16 028-2 523-2 567-11 846-6 533
Africa10 9262 4923 3593 33741 65518 871
North-America-19 462-30 74810 0359 53476 47245 457
Central- and South America-9 324-11 908-392 1714 791-13 887
Asia, Oceania & Polar regions-69 766-60 0685 166-185-16 956-6 092
The figures were corrected the 27th of May 2021
Explanation of symbols
International Investment Position. By functional category and selected countires. NOK million
International Investment Position. By functional category and selected countires. NOK million
TotalDirect investmentPortofolio investmentOther investmentsReserve assets
2nd quarter 20213rd quarter 20212nd quarter 20213rd quarter 20212nd quarter 20213rd quarter 20212nd quarter 20213rd quarter 20212nd quarter 20213rd quarter 2021
Foreign assets
All countries19 347 37519 564 7202 271 9152 276 66714 217 30014 348 4902 162 6222 190 504695 538749 059
United States6 067 2636 234 722271 850275 5145 293 8675 355 666155 629254 418345 917349 124
United Kingdom1 438 2841 425 476172 059177 107863 976882 032348 545311 62053 70454 717
Japan1 026 2381 071 89314 71412 023957 2131 000 5804 5079 10849 80450 182
Germany1 244 3011 164 41350 62150 611711 766707 278405 100329 35876 81477 166
Sweden1 148 2241 191 760227 951230 520575 044598 568343 732361 1521 4971 520
Switzerland483 063486 90416 00117 546437 356434 32425 14130 3964 5654 638
China176 978164 5998 0397 996161 488148 6524 7295 1812 7222 770
Liabilities
All countries8 614 2038 770 7901 999 8412 022 1203 885 8413 978 4382 728 5212 770 23200
Luxembourg1 048 3311 052 40752 28750 572945 191953 77150 85348 06400
United Kingdom889 2641 015 32190 459122 627471 473553 804327 332338 89000
United States988 1231 080 297100 849115 769590 490667 810296 784296 71800
Sweden916 409908 960128 329139 655197 999207 780590 081561 52500
China16 59216 6539 52010 0231 4741 6095 5985 02100
Explanation of symbols
External debt. NOK million
External debt. NOK million1
4th quarter 20201st quarter 20212nd quarter 20213rd quarter 2021
General government836 956817 613747 143743 043
Short-term
Currency and deposits0000
Debt securities11 26811 18215 22619 740
Loans231 279182 87078 632102 579
Trade credits and advances1000
Other accounts recievable/payable30 913113 357132 04297 362
Long-term
Currency and deposits0000
Debt securities376 924370 286352 377353 588
Loans186 571139 918168 866169 774
Trade credits and advances0000
Other accounts recievable/payable0000
Central bank35 95124 26941 65892 410
Short-term
Currency and deposits24193224
Debt securities0000
Loans0000
Trade credits and advances0000
Other accounts recievable/payable16 5635 30422 41628 763
Long-term
Liabilities - Special Drawing Rights (SDRs)19 34118 92719 16363 579
Currency and deposits0000
Debt securities0000
Loans23194744
Trade credits and advances0000
Other accounts recievable/payable0000
Deposit-taking corporations except the central bank3 485 4433 471 8473 539 3423 560 177
Short-term
Currency and deposits1 370 9891 428 5001 487 8981 454 483
Debt securities139 618187 389196 072224 810
Loans0000
Trade credits and advances0000
Other accounts recievable/payable251 808210 940186 907194 588
Long-term
Currency and deposits147 980133 277140 167140 540
Debt securities1 575 0481 511 7411 528 2981 545 756
Loans0000
Trade credits and advances0000
Other accounts recievable/payable0000
Other sectors1 099 5421 061 8971 082 6821 115 153
Short-term
Currency and deposits0000
Debt securities8 9069 62512 79911 160
Loans27 65123 02830 94036 284
Trade credits and advances50 20644 86743 44544 940
Other accounts recievable/payable72 68781 00388 63997 510
Long-term
Currency and deposits0000
Debt securities584 516569 556577 532585 497
Loans354 805332 657327 533337 218
Trade credits and advances0000
Other accounts recievable/payable7711 1611 7942 544
Direct investment713 152707 802725 663754 403
SUM TOTAL6 171 0446 083 4286 136 4886 265 186
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

2 March 2022

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

§ 2-6 of the Statistics Act states that data under no circumstances shall be published in such a way that they may be traced back to the supplier.

§2-4 of the Statistics Act contains provisions regarding professional secrecy for the staff as well as other provisions regarding confidentiality and integrity.

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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