International accounts

Updated: 1 September 2021

Next update: 1 December 2021

Current account balance
Current account balance
2nd quarter 2021
93 244
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
2nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 55721 181-22 87520 5083 476
Debt instruments-21 797-8 478-6 46428 72615 179
Portofolio investment
Equity and Investment Fund shares92 78926 78528 488-118 008-142 700
Equity securities79 4903 0203 053-135 645-165 937
Investment Fund shares13 29923 76525 43517 63723 237
Debt securities-120 336-49 630104 5079 559177 104
Other investments
Other equity00000
Currency and deposits-56 43766 644-28 66399 83048 569
Loans56 947-72 96963 186106 205-54 306
Trade credits and advances-8 0386 10916 26910 0591 919
Other accounts recievable/payable-56 69420 965-65 76257 95932 227
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)-255-1 30325170
Reserve position in the IMF3 072-871 426-347360
Other reserve assets8 858-22 111-17 91825 55524 795
Liabilities
Direct investment
Equity and Investment Fund shares/units-22 092164-3 82230 22835 089
Reinvestment of earnings5 4625 4625 46219 92019 920
Debt instruments-7 05911 985-12 856-4 32917 647
Portofolio investment
Equity and Investment Fund shares-7 3594 16917 88239 65136 652
Equity securities-15 0103 2846 08228 70925 152
Investment Fund shares7 65188511 80010 94211 500
Debt securities16 899120 059-20 76231 774-11 539
Other investments
Other equity00000
Currency and deposits-2 808-123 13138 79562 46358 250
Loans-27 207-70 167165 525-117 471-74 580
Trade credits and advances2973 3286 202-4 928-1 373
Other accounts recievable/payable-65 6288 836-62 94088 20236 091
Liabilities - Special Drawing Rights (SDRs)00000
NET LENDING, FINANCIAL ACCOUNT14 54634 962-55 891115 14511 185
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
2nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 554 2161 546 9801 509 6741 528 2561 536 341
Debt instruments708 790699 223663 131681 960700 413
Portofolio investment
Equity and Investment Fund shares8 409 5728 791 1439 331 0859 550 70410 080 438
Equity securities8 035 4048 379 3078 877 9189 069 8189 554 234
Investment Fund shares374 168411 836453 167480 886526 204
Debt securities4 231 6584 165 7534 078 2683 908 6284 155 864
Other investments
Other equity2 3222 3222 3222 3222 322
Currency and deposits843 067917 282834 798907 645967 813
Loans692 962615 575648 750744 560695 165
Trade credits and advances66 60372 36383 55992 74395 084
Other accounts recievable/payable419 017428 998327 348353 621369 591
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)21 59121 46118 85818 48018 881
Reserve position in the IMF12 54112 36812 92012 30312 822
Other reserve assets684 969661 960610 406622 375663 835
Liabilities
Direct investment
Equity and Investment Fund shares/units1 141 4121 142 9661 152 5221 190 2391 246 473
Debt instruments738 627747 993706 064697 713716 851
Portofolio investment
Equity and Investment Fund shares894 754962 3131 057 5011 139 9421 225 121
Equity securities749 512806 065904 614970 7571 032 784
Investment Fund shares145 242156 248152 887169 185192 337
Debt securities2 748 2072 874 1332 694 5072 659 5592 682 089
Other investments
Other equity00000
Currency and deposits1 675 2531 542 7771 518 9931 561 7961 628 097
Loans731 373657 203793 174672 268598 889
Trade credits and advances41 36544 68348 80043 11741 834
Other accounts recievable/payable394 028387 039339 359376 952396 122
Liabilities - Special Drawing Rights (SDRs)20 77120 62019 34118 92719 163
NET ASSETS9 244 4329 540 4159 776 82310 049 69910 731 153
Explanation of symbols
Current and capital account. NOK million
Current and capital account. NOK million
Current and capital account
2nd quarter 20203rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
Exports, total238 437258 429302 494337 079349 599
¬ Goods (FOB)158 418177 906217 253257 536264 857
¬¬ Crude oil and natural gas60 29079 522107 994143 126144 457
¬¬ Ships1 7632 0591 0961 5032 434
¬¬ Petroleum activities, various goods72769687100
¬¬ Other goods96 29396 249108 067112 820117 866
¬ Services80 01980 52385 24179 54384 742
¬¬ Gross receipts, shipping24 23223 40823 66223 79327 578
¬¬ Petroleum activities, various services5 6025 3015 2944 2815 480
¬¬ Pipeline transport3 2493 2823 2823 0892 967
¬¬ Travel1 5674 9502 3932 0402 321
¬¬ Transport and communication7 6778 0178 7007 3867 410
¬¬¬ Land transport, export1 3221 3571 4781 3261 471
¬¬¬ Supply, export2 5612 6853 2222 8162 467
¬¬¬ Air transport, export1 3571 6211 5591 3991 389
¬¬¬ Services related to transport, export1 8831 7971 7941 2281 464
¬¬¬ Postal and courier services, export554557647617619
¬¬ Financial and business services23 57822 60726 12525 07324 987
¬¬¬ Financial and insurance services, export11 09710 24410 48012 15011 447
¬¬¬ Audit services, juridical- and technical services, export5 5324 9626 5795 1375 614
¬¬¬ Research and development, export7978781 1629011 291
¬¬¬ Other business services, export6 1526 5237 9046 8856 635
¬¬ Other services14 11512 95815 78513 88113 999
¬¬¬ Construction, repairs and installation, export3 4792 9303 3183 2952 934
¬¬¬ Recycle and trash handling, export1 3911 6031 7711 9462 163
¬¬¬ Retail trade, hotel and restaurant , export9078441 674692909
¬¬¬ Publishing, film, music and broadcasting services, export429400488366278
¬¬¬ Telecommunication services, export1 7481 9521 7281 7262 087
¬¬¬ Information services, export4 3554 2135 7064 5454 481
¬¬¬ Other personal and government services, export1 8061 0161 1001 3111 147
MEMO: Services export when import of goods FOB78 88379 21783 83178 00182 916
Imports, total260 947274 826292 312264 646289 238
¬ Goods (CIF)189 245200 342212 775198 461219 191
¬¬ Ships3 7893 9134 3744 5201 675
¬¬ Petroleum activities, various goods2 8952 7721 8221 9622 541
¬¬ Other goods182 561193 657206 579191 979214 975
MEMO: Import of goods FOB182 185193 686205 731191 317211 155
¬ Services71 70274 48479 53766 18570 047
¬¬ Operating costs shipping, excl. bunkers10 60011 00012 74210 58511 400
¬¬ Petroleum activities, various services7 1156 4827 3695 2565 745
¬¬ Travel9746 0102 4801 4851 880
¬¬ Transport and communication3 8263 7584 1553 8154 174
¬¬¬ Land transport, import1919181919
¬¬¬ Ocean transport, import286286286286286
¬¬¬ Air transport, import150402297163258
¬¬¬ Services related to transport, import3 2262 8863 3223 1633 428
¬¬¬ Postal and courier services, import145165232184183
¬¬ Financial and business services22 78021 08624 29421 24422 424
¬¬¬ Financial and insurance services, import4 9724 6125 0105 9614 870
¬¬¬ Audit services, juridical- and technical services, import4 1813 7554 4373 5534 177
¬¬¬ Research and development, import8968091 0521 0091 028
¬¬¬ Other business services, import12 73111 91013 79510 72112 349
¬¬ Other services26 40626 14728 49823 80124 424
¬¬¬ Construction, repairs and installation, import4 7635 2395 5474 6504 500
¬¬¬ Recycle and trash handling, import1 0611 1171 1331 1681 409
¬¬¬ Retail trade, hotel and restaurant, import460486546454598
¬¬¬ Publishing, film, music and broadcasting services, import3 5763 9135 0553 7213 624
¬¬¬ Telecommunication services, import1 3611 3491 2181 2691 153
¬¬¬ Information services, import12 84310 96512 5719 67110 522
¬¬¬ Other personal and government services, import2 3423 0782 4282 8682 618
MEMO: Service import when import of goods FOB77 62679 83485 17171 78776 257
Balance of goods and services-22 509-16 39610 18272 43360 361
¬ Balance of goods-30 827-22 4364 47859 07545 666
¬ Balance of services8 3186 0405 70413 35814 695
From abroad105 73694 88193 213103 279124 654
¬ Compensation of employees1 3461 3741 3951 4591 437
¬ Interest received33 82730 86528 41626 96826 498
¬¬Direct investment, interst receivable3 3953 1793 4962 9342 899
¬¬Other investment, interest receivable30 43227 68624 92024 03423 599
¬ Dividends etc.57 91251 37049 66558 25085 899
¬¬Direct investment, dividends etc receivable8 6107 79118 50212 23625 305
¬¬Portfolio ivestment, dividends etc. receivable49 30243 57931 16346 01460 594
¬ Reinvested earnings795795795-943-943
¬ Current transfers11 85610 47712 94217 54511 763
To abroad83 89761 15798 34083 57691 771
¬ Compensation of employees8 8199 0119 5987 4848 280
¬ Interest paid24 61216 11815 85318 32116 911
¬¬Direct investment, interest payable3 5073 5403 6783 0362 366
¬¬Other investment, interest payable21 10512 57812 17515 28514 545
¬ Dividends etc.15 2924 20724 9219 31116 884
¬¬Direct investment, dividends etc. payable10 2833 25020 8541 8878 423
¬¬Portfolio investment, dividends etc. payable5 0099574 0677 4248 461
¬ Reinvested earnings6 4216 0036 07920 47421 207
¬ Current transfers from general government11 6758 34222 65610 09811 412
¬ Other current transfers17 07817 47619 23317 88817 077
Balance of income and current transfers21 83933 724-5 12719 70332 883
¬ Compensation of employees and investment income (Primary income), net38 73649 06523 82030 14449 609
¬ Current transfers (Secondary income), net-16 897-15 341-28 947-10 441-16 726
Current account balance-67017 3285 05592 13693 244
Capital transfers to abroad, net7581011 08350
Acquisitions of patents, licenses etc. net181819-51
Net lending-1 44617 3005 03591 05893 193
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
1st quarter 20212nd quarter 20211st quarter 20212nd quarter 20211st quarter 20212nd quarter 20211st quarter 20212nd quarter 20211st quarter 20212nd quarter 2021
Foreign assets
All countries18 442 54119 319 0242 210 2162 236 75413 459 33214 236 3022 119 8352 150 430653 158695 538
United States5 690 8306 080 232280 804283 1514 948 6565 295 006128 335156 158333 035345 917
United Kingdom1 382 2521 438 460165 282171 748817 830864 926350 504348 08248 63653 704
Japan987 9321 026 00412 57014 686921 953957 0365 3664 47848 04349 804
Germany1 196 5391 240 72047 33747 402704 370711 317372 576405 18772 25676 814
Sweden1 067 3531 145 562233 478227 585527 292575 877305 203340 6031 3801 497
Switzerland451 464481 41914 55215 170406 262437 07626 44024 6084 2104 565
China168 148177 4148 3728 314152 779161 4614 3644 9172 6332 722
Liabilities
All countries8 392 8428 587 8711 887 9521 963 3243 799 5013 907 2102 705 3892 717 33700
Luxembourg996 6041 040 19140 65936 732916 147953 39639 79850 06300
United Kingdom828 915874 44780 13887 908457 420461 950291 357324 58900
United States968 601988 915100 233103 418574 488588 698293 880296 79900
Sweden876 322903 359123 021120 980179 503191 857573 798590 52200
China16 71916 5299 4209 5361 4541 4685 8455 52500
Explanation of symbols
External debt. NOK million
External debt. NOK million1
3rd quarter 20204th quarter 20201st quarter 20212nd quarter 2021
General government749 346836 979817 636747 166
Short-term
Currency and deposits0000
Debt securities14 34511 26811 18215 226
Loans85 052231 279182 87078 632
Trade credits and advances0100
Other accounts recievable/payable83 52430 913113 357132 042
Long-term
Currency and deposits0000
Debt securities381 596376 924370 286352 377
Loans184 829186 594139 941168 889
Trade credits and advances0000
Other accounts recievable/payable0000
Central bank44 56335 95124 26941 658
Short-term
Currency and deposits24241932
Debt securities0000
Loans0000
Trade credits and advances0000
Other accounts recievable/payable23 87316 5635 30422 416
Long-term
Liabilities - Special Drawing Rights (SDRs)20 62019 34118 92719 163
Currency and deposits0000
Debt securities0000
Loans46231947
Trade credits and advances0000
Other accounts recievable/payable0000
Deposit-taking corporations except the central bank3 619 4313 485 4433 471 8473 539 342
Short-term
Currency and deposits1 388 3361 370 9891 428 5001 487 898
Debt securities158 810139 618187 389196 072
Loans0000
Trade credits and advances0000
Other accounts recievable/payable237 098251 808210 940186 907
Long-term
Currency and deposits154 417147 980133 277140 167
Debt securities1 680 7701 575 0481 511 7411 528 298
Loans0000
Trade credits and advances0000
Other accounts recievable/payable0000
Other sectors1 147 8671 086 5751 051 1961 071 260
Short-term
Currency and deposits0000
Debt securities8 3708 7929 51112 685
Loans25 48527 08922 42530 297
Trade credits and advances44 68348 79943 11741 834
Other accounts recievable/payable76 89070 55878 99986 847
Long-term
Currency and deposits0000
Debt securities630 242582 857569 450577 431
Loans361 791348 189327 013321 024
Trade credits and advances0000
Other accounts recievable/payable4062916811 142
Direct investment747 993706 064697 713716 851
SUM TOTAL6 309 2006 151 0126 062 6616 116 277
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

1 December 2021

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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