International accounts

Updated: 8 June 2023

Next update: 6 September 2023

Current account balance
Current account balance
1st quarter 2023
279 693
NOK million
Balance of payments. NOK million
Balance of payments. NOK million
1st quarter 20222nd quarter 20223rd quarter 20224th quarter 20221st quarter 2023
Current account:
Current account balance409 197362 479606 902378 547298 984
Balance of goods and services372 084327 753554 272325 017237 212
Balance of income and current transfers37 11334 72652 63053 53061 772
Capital transfers, patents, licenses etc, net525442-2512 142909
Net lending (+)/ Net borrowing (-), current account transactions408 672362 037607 153376 405298 075
MEMO: incl. reinvested earnings
Current account balance390 432342 455587 863359 259279 693
Balance of income and current transfers18 34814 70233 59134 24242 481
Net lending (+)/ Net borrowing (-), current account transactions389 907342 013588 114357 117278 784
Financial account:
Opening balance11 649 30510 880 97010 747 20611 522 57311 624 421
Net lending (+)/ Net borrowing (-), financial account transactions351 945227 301542 878268 774305 048
Other changes-768 335-133 764775 367101 8482 065 137
Closing balance10 880 97010 747 20611 522 57311 624 42113 689 558
Net errors and omissions-37 962-114 712-45 236-88 34326 264
Explanation of symbols

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
    1st quarter 20222nd quarter 20223rd quarter 20224th quarter 20221st quarter 2023
    Foreign assets
    3.1 Direct investment
    3.1.1 Equity and Investment Fund shares/units76525 01824 12062 2345 111
    3.1.2 Debt instruments-12 01135 54784 893-44 41324 264
    3.2 Portofolio investment
    3.2 Portofolio investment59 835127 614240 797325 018164 667
    3.2.1 Equity and Investment Fund shares56 780128 528239 749333 822166 875
    3.2.1.0.2 Investment Fund shares3 055-9141 048-8 804-2 208
    3.2.2 Debt securities84 755183 825246 283359 526-103 153
    3.4 Other investments
    3.4.1 Other equity00000
    3.4.2 Currency and deposits131 49617 732139 566-248 246126 822
    3.4.3 Loans24 84784 709-31 667111 075-4 268
    3.4.5 Trade credits and advances21 426-32 79221 686-11 263-60 342
    3.4.6 Other accounts recievable/payable177 68723 450303 497-176 10089 386
    3.5 Reserve assets (IMF breakdown)
    3.5.2 Assets - Special Drawing Rights (SDRs)-1 2131 3163501 524-1 398
    3.5.3 Reserve position in the IMF245498-1431020
    3.5.4 Other reserve assets-1 65323 44234 101-86 46145 529
    Liabilities
    3.1 Direct investment
    3.1.1 Equity and Investment Fund shares/units-16 90455 28013 57336 19611 417
    Reinvestment of earnings13 41513 41513 41513 41513 400
    3.1.2 Debt instruments-28 72232 31933 959-19 39333 555
    3.2 Portofolio investment
    3.2.1 Equity and Investment Fund shares6 08227 7471 712407-12 158
    3.2.1.0.1 Equity securities5 54326 260692-3 938-10 585
    3.2.1.0.2 Investment Fund shares5391 4871 0204 345-1 573
    3.2.2 Debt securities29 676-3 61180 36952 782-25 844
    3.4 Other investments
    3.4.1 Other equity00000
    3.4.2 Currency and deposits139 26295 1284 317-88 26274 217
    3.4.3 Loans-195 13860 052128 155161 818-234 065
    3.4.5 Trade credits and advances-8 602-2 58611 251-3 614-6 798
    3.4.6 Other accounts recievable/payable209 497-4 180248 811-115 345136 723
    3.4.7 Liabilities - Special Drawing Rights (SDRs)00000
    NET LENDING, FINANCIAL ACCOUNT351 945227 301542 878268 774305 048
    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
    1st quarter 20222nd quarter 20223rd quarter 20224th quarter 20221st quarter 2023
    Foreign assets
    Direct investment
    Equity and Investment Fund shares/units1 634 6311 685 1611 730 3491 760 9321 796 944
    Debt instruments842 772900 3741 000 405936 741986 306
    Portofolio investment
    Equity and Investment Fund shares9 940 2719 559 0479 897 27310 230 32511 766 015
    Equity securities9 372 4779 016 0989 352 5809 692 13311 197 848
    Investment Fund shares567 794542 949544 693538 192568 167
    Debt securities4 571 5504 868 1585 208 1895 329 1345 608 021
    Other investments
    Other equity2 5172 5172 5172 5172 517
    Currency and deposits1 003 3241 094 4291 282 227995 6451 194 848
    Loans746 649870 748862 759950 219982 444
    Trade credits and advances201 554185 263216 382195 287145 607
    Other accounts recievable/payable533 222696 0391 095 088787 198953 716
    Reserve assets (IMF breakdown)
    Assets - Special Drawing Rights (SDRs)63 62170 43375 18772 32876 070
    Reserve position in the IMF12 75914 37415 25514 68415 746
    Other reserve assets625 653688 750761 004624 275736 719
    Liabilities
    Direct investment
    Equity and Investment Fund shares/units1 435 3581 474 0461 400 6551 427 6911 429 985
    Debt instruments712 485765 985814 376772 458826 752
    Portofolio investment
    Equity and Investment Fund shares1 365 1671 295 7451 280 9511 322 7431 294 225
    Equity securities1 205 1121 143 0131 135 0341 168 2431 129 556
    Investment Fund shares160 055152 732145 917154 500164 669
    Debt securities2 646 6382 807 7272 989 5352 952 8013 081 832
    Other investments
    Other equity00000
    Currency and deposits1 618 2301 794 7781 850 6761 706 5591 842 578
    Loans828 222928 0281 089 6771 203 5501 000 218
    Trade credits and advances46 87446 96359 84553 57148 821
    Other accounts recievable/payable569 409691 3341 051 882753 271959 297
    Liabilities - Special Drawing Rights (SDRs)62 49567 88772 29468 20573 136
    NET ASSETS10 880 97010 747 20611 522 57311 624 42113 689 558
    Explanation of symbols
  • Current and capital account. NOK million
    Current and capital account. NOK million
    Current and capital account
    1st quarter 20222nd quarter 20223rd quarter 20224th quarter 20221st quarter 2023
    Exports, total700 673701 889958 824739 215625 556
    ¬ Goods (FOB)596 993577 886817 349610 258498 760
    ¬¬ Crude oil and natural gas451 552427 480652 766441 119332 358
    ¬¬ Ships1 310405474274584
    ¬¬ Petroleum activities, various goods112143154127112
    ¬¬ Other goods144 020149 858163 955168 739165 707
    ¬ Services103 679124 003141 475128 957126 796
    ¬¬ Gross receipts, shipping34 84543 81444 87340 94040 904
    ¬¬ Petroleum activities, various services6 1005 9327 5897 6648 468
    ¬¬ Pipeline transport2 9862 9733 3073 3292 661
    ¬¬ Travel6 85413 60624 2697 8809 575
    ¬¬ Transport and communication8 48010 44912 29012 08910 948
    ¬¬¬ Land transport, export1 2221 3501 4011 3981 435
    ¬¬¬ Supply, export2 6032 8023 6232 4783 686
    ¬¬¬ Air transport, export1 5012 4853 0323 6822 252
    ¬¬¬ Services related to transport, export2 4753 1223 5743 8122 832
    ¬¬¬ Postal and courier services, export679690660719743
    ¬¬ Financial and business services22 22324 73725 45229 89229 755
    ¬¬¬ Financial and insurance services, export8 2988 7028 3898 5818 801
    ¬¬¬ Audit services, juridical- and technical services, export5 8807 1877 4159 0646 905
    ¬¬¬ Research and development, export1 2218741 0021 4381 741
    ¬¬¬ Other business services, export6 8247 9758 64710 80912 309
    ¬¬ Other services19 22820 68421 37424 62223 057
    ¬¬¬ Construction, repairs and installation, export4 7774 5785 5476 4725 436
    ¬¬¬ Recycle and trash handling, export2 4422 7942 1252 4592 215
    ¬¬¬ Retail trade, hotel and restaurant , export1 1631 6401 6591 5081 285
    ¬¬¬ Publishing, film, music and broadcasting services, export777775341458563
    ¬¬¬ Telecommunication services, export2 0662 3012 3312 3322 637
    ¬¬¬ Information services, export6 7836 5216 8298 7469 100
    ¬¬¬ Other personal and government services, export1 2202 0762 5422 6461 821
    MEMO: Services export when import of goods FOB101 292121 209139 070126 269125 027
    Imports, total328 589374 136404 552414 198388 344
    ¬ Goods (CIF)232 638250 897267 171283 614259 695
    ¬¬ Ships2 4231 7011 5381 4212 288
    ¬¬ Petroleum activities, various goods2 8261 7301 4922 2692 826
    ¬¬ Other goods227 389247 466264 141279 924254 581
    MEMO: Import of goods FOB223 576241 147257 186273 985250 092
    ¬ Services95 951123 239137 381130 584128 649
    ¬¬ Operating costs shipping, excl. bunkers12 87613 53617 69616 30114 100
    ¬¬ Petroleum activities, various services6 1636 8177 0658 0637 059
    ¬¬ Travel17 07037 22545 47734 76633 692
    ¬¬ Transport and communication5 0006 9147 2007 4027 182
    ¬¬¬ Land transport, import1919191819
    ¬¬¬ Ocean transport, import200200200200200
    ¬¬¬ Air transport, import1 3102 5072 3412 4012 172
    ¬¬¬ Services related to transport, import3 2063 9274 4654 4434 514
    ¬¬¬ Postal and courier services, import265261175340277
    ¬¬ Financial and business services22 64524 70624 89027 45228 483
    ¬¬¬ Financial and insurance services, import6 3956 4646 0027 0397 544
    ¬¬¬ Audit services, juridical- and technical services, import3 6534 2474 4384 8215 782
    ¬¬¬ Research and development, import1 2521 4641 5382 0431 731
    ¬¬¬ Other business services, import11 34512 53112 91213 54913 427
    ¬¬ Other services32 19634 04135 05136 60038 133
    ¬¬¬ Construction, repairs and installation, import4 6765 5236 8027 1616 490
    ¬¬¬ Recycle and trash handling, import1 5601 7801 5561 5921 541
    ¬¬¬ Retail trade, hotel and restaurant, import622847652722494
    ¬¬¬ Publishing, film, music and broadcasting services, import4 8654 8885 0115 3795 116
    ¬¬¬ Telecommunication services, import1 3651 8151 7441 6271 513
    ¬¬¬ Information services, import15 33415 11415 13916 62116 705
    ¬¬¬ Other personal and government services, import3 7744 0744 1483 4986 274
    MEMO: Service import when import of goods FOB102 626130 195144 961137 525136 483
    Balance of goods and services372 084327 753554 272325 017237 212
    ¬ Balance of goods364 355326 989550 178326 644239 065
    ¬ Balance of services7 7297644 094-1 627-1 854
    From abroad106 523156 999146 398179 620170 866
    ¬ Compensation of employees1 5171 4891 5071 5211 565
    ¬ Interest received27 59336 68845 99895 13970 880
    ¬¬Direct investment, interst receivable4 6545 0346 6059 16710 197
    ¬¬Other investment, interest receivable22 93931 65439 39385 97260 683
    ¬ Dividends etc.64 128103 58682 93967 89081 362
    ¬¬Direct investment, dividends etc receivable13 13827 40028 63428 16719 004
    ¬¬Portfolio ivestment, dividends etc. receivable50 99076 18654 30539 72362 358
    ¬ Reinvested earnings-4 826-4 826-4 826-4 826-4 827
    ¬ Current transfers18 11120 06220 78019 89621 886
    To abroad88 175142 297112 807145 378128 385
    ¬ Compensation of employees8 70111 13911 55112 07510 471
    ¬ Interest paid17 63620 06529 34741 52656 053
    ¬¬Direct investment, interest payable2 8423 0523 6105 0326 662
    ¬¬Other investment, interest payable14 79417 01325 73736 49449 391
    ¬ Dividends etc.19 21059 64021 89732 47817 225
    ¬¬Direct investment, dividends etc. payable15 10635 64812 02413 9674 876
    ¬¬Portfolio investment, dividends etc. payable4 10423 9929 87318 51112 349
    ¬ Reinvested earnings13 93915 19814 21314 46214 464
    ¬ Current transfers from general government8 13814 84112 94024 3519 233
    ¬ Other current transfers20 55121 41422 85920 48620 939
    Balance of income and current transfers37 11334 72652 63053 53061 772
    ¬ Compensation of employees and investment income (Primary income), net28 92630 89548 61059 18350 767
    ¬ Current transfers (Secondary income), net-10 578-16 193-15 019-24 941-8 286
    Current account balance409 197362 479606 902378 547298 984
    Capital transfers to abroad, net9588031642 572933
    Acquisitions of patents, licenses etc. net-433-361-415-430-24
    Net lending408 672362 037607 153376 405298 075
    MEMO: incl. reinvested earnings
    Balance of income and current transfers18 34814 70233 59134 24242 481
    Current account balance390 432342 455587 863359 259279 693
    Net lending389 907342 013588 114357 117278 784
    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
    202020212020202120202021
    The world18 461551 443-50 767-11 09138 165566 673
    EU124 558624 536-62 443-39 424-16 992482 112
    Other European countries-5 540-12 3531 9691 566-540-8 150
    Africa1 88710 7273 4214 65713 00135 035
    North-America-19 333-14 6566 30114 957105 07694 549
    Latin America and the Caribbean-11 395-9 6373 0712 423-5 486-1 491
    Asia, Oceania and polar regions-71 345-61 3912 19611 311-16 754-6 131
    The figures for 2020 were corrected on 22 December 2022
    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
    4th quarter 20221st quarter 20234th quarter 20221st quarter 20234th quarter 20221st quarter 20234th quarter 20221st quarter 20234th quarter 20221st quarter 2023
    Foreign assets
    All countries21 922 80724 289 9762 697 6732 783 25015 559 45917 374 0362 954 3883 304 155711 287828 535
    United States6 818 6557 899 806366 467379 6045 843 3236 690 602284 900453 522323 965376 078
    United Kingdom1 540 4721 649 761171 126200 503907 1281 026 622419 770371 08342 44851 553
    Japan1 271 7021 289 97911 3821 2291 211 5731 215 6456 32324 07642 42449 029
    Germany1 304 4881 434 47763 98858 947773 912848 093388 517437 58878 07189 849
    Sweden1 267 9291 340 112263 762267 940631 592664 618371 507406 3211 0681 233
    Switzerland512 669594 44812 62614 818470 108536 94026 29738 4883 6384 202
    China169 360189 65811 70112 186144 556163 2603 5193 5449 58410 668
    Liabilities
    All countries10 298 38610 600 4182 200 1492 256 7374 275 5444 376 0573 822 6933 967 62400
    Luxembourg1 274 5791 309 44535 09136 0141 165 3701 168 67774 118104 75400
    United Kingdom1 494 8481 584 20560 78464 622619 409617 704814 655901 87900
    United States1 324 1481 414 00087 12592 139814 198824 026422 825497 83500
    Sweden988 654994 122141 630128 719196 169221 392650 855644 01100
    China31 60130 55925 20825 6862 6742 2663 7192 60700
    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.
    The figures for International investment position with country breakdown were published 1 March 2023 at 11.40.
    Explanation of symbols
  • External debt. NOK million
    External debt. NOK million1
    2nd quarter 20223rd quarter 20224th quarter 20221st quarter 2023
    General government1 075 2481 382 9481 327 8061 195 002
    Short-term
    Currency and deposits0000
    Debt securities14 72215 26411 33712 665
    Loans298 731435 632506 628262 569
    Trade credits and advances2132
    Other accounts recievable/payable161 366299 62996 565175 239
    Long-term
    Currency and deposits0000
    Debt securities367 313379 629388 676411 647
    Loans233 114252 793324 598332 880
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Central bank95 258111 37583 660100 977
    Short-term
    Currency and deposits86726
    Debt securities0000
    Loans0000
    Trade credits and advances0000
    Other accounts recievable/payable27 30639 02115 41127 684
    Long-term
    Liabilities - Special Drawing Rights (SDRs)67 88772 29468 20573 136
    Currency and deposits0000
    Debt securities0000
    Loans575437131
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Deposit-taking corporations except the central bank3 924 2704 180 1453 856 4334 104 335
    Short-term
    Currency and deposits1 623 8821 673 1161 553 9241 684 424
    Debt securities193 766227 202277 323263 835
    Loans....
    Trade credits and advances0000
    Other accounts recievable/payable322 560392 371240 764285 569
    Long-term
    Currency and deposits170 888177 554152 628158 128
    Debt securities1 613 1741 709 9021 631 7941 712 379
    Loans....
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Other sectors1 280 4361 477 2471 507 5941 649 142
    Short-term
    Currency and deposits0000
    Debt securities13 38524 80512 10020 282
    Loans81 51983 15069 066118 960
    Trade credits and advances46 96159 84453 56848 819
    Other accounts recievable/payable216 853357 185436 952509 104
    Long-term
    Currency and deposits0000
    Debt securities605 367632 733631 571661 024
    Loans314 607318 048303 221285 678
    Trade credits and advances0000
    Other accounts recievable/payable1 7441 4821 1165 275
    Direct investment765 985814 376772 458826 752
    SUM TOTAL7 141 1977 966 0917 547 9517 876 208
    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

6 September 2023

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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