Highlights from the publication
- A Benchmark Revision of the National Accounts has led to revisions also affecting the BoP statistics (see bottom fact box).
- The current account balance weakened by 9 per cent compared to the third quarter of last year.
- Exports came in at the same level as Q3 last year
- Net foreign assets reached the highest level ever recorded in the international accounts, amounting to 20 460 NOK billion at the end of the third quarter of 2025. This corresponds to an increase of 887 NOK billion, or 4.5 percent, since the second quarter of 2025.
- Market valuation gains of more than 1000 NOK billion contributed strongly to the increase in net foreign assets, while exchange‐rate changes worked in the opposite direction, so that total valuation changes ended at about 720 NOK billion.
- Net lending accounted for 163 NOK billion of the increase in net foreign assets abroad.
The current account
Norway’s current account surplus remains at a strong level, markedly above the levels observed prior to Russia’s invasion of Ukraine, driven both by a solid trade balance and a historically high surplus on the balance of income and current transfers.
Lower trade balance surplus
The trade balance recorded a surplus of NOK 139 billion in the second quarter of 2025, down from NOK 178 billion observed in the second quarter of last year. Revenues from petroleum exports were down by 8 per cent, while exports of other goods increased by 10 per cent. Imports amounted to 465 billion NOK. The trade surplus corresponded to 13 per cent of mainland Norway’s GDP.
In total, Norway exported goods and services worth NOK 604 billion in the third quarter of 2025. This is the same number as observed in the corresponding period the previous year. Service exports were 4 per cent higher, while goods exports fell by 1 per cent.
Norway imported goods and services worth NOK 465 billion in the third quarter of 2025.
For information on volume and price developments in exports and imports as well as seasonally adjusted figures, see quarterly national accounts.
Lover surplus on the balance of income and current transfers
The interest and current transfers balance showed a surplus of NOK 36 billion in the third quarter of 2025, a reduction of 16 billion compared to the same quarter of last year. Surplus on the balance of income and current transfers represented 3 per cent of Norway’s Mainland GDP.
Financial accounts
Net foreign assets reached a record high in Q3 2025 at 20460 NOK billion. This was an increase of 887 NOK billion, or 4.5 per cent, from the previous quarter.
The main reason for the increase in net foreign assets was large gains in financial markets, while the strengthening of the NOK resulted in reduced net foreign assets.
The value of Norwegian portfolio investments abroad increased by 950 NOK billion during the quarter, primarily due to gains from equities and shares.
Other changes dominated the development
Of the total increase in net foreign assets, the majority came from “other changes”, where gains in the global market had a positive effect, while exchange-rate changes had a negative effect on net foreign assets. The Norwegian krone strengthened over the quarter, which reduced the value of Norway's net foreign assets when measured in NOK.
Other changes amount to about 720 billion NOK at the end of Q3 2025.
Net financial investments
Net lending amounted to 163 NOK billion. The Government Pension Fund Global (GPFG) had substantial net financial investments, while the sum of other Norwegian stakeholders had negative net financial investments abroad. This implies that Norwegian actors outside GPFG either increased their foreign debt or reduced their foreign assets.
Current account In this publication the current account is revised from 1st quarter 1981. Financial account The financial account is revised from 1st quarter 2024.
Revision of the national accounts time series Statistics Norway (SSB) has carried out a benchmark revsion of the National Accounts. As a result som figures in the Balance of Payments statistics er revised. In some cases as far back as to 1981. The Benchmark Revision to the National Accounts are described in more detail here.
Revisions to the International Accounts earlier time periods
As part of an ongoing publication and revision cycle, the preliminary figures of the International Accounts are revised until final figures are available. In addition, periodic revisions of earlier periods are carried out. Together with updated recent figures, revised figures from previous quarters back to 1981 are published this time, as part of the benchmark revision of the national accounts for 2024, which was completed in 2025.
Revisions to the financial accounts as part of the benchmark revision 2024 were incorporated into figures published in December 2024. Revisions to the current account, which include the balance of income and current transfers, are linked to revisions of the national accounts published on 24 November and revisions to the sectoral accounts. Revisions to reinvested earnings that should be equal in the financial accounts and the current account are now revised in the current account. For exports and imports, the backward revisions are generally modest. Generally, higher levels of exports and imports from the external trade in services statistics for non-financial enterprises have been incorporated. In previously published figures, 2022 is the last year with final figures, so the effect of the revision is measured for this year. Imports of non-life insurance services have been revised up by NOK 4 billion in 2022 to take into account imports of reinsurance services. At the same time, imports of imputed banking services in public administration have been adjusted down by NOK 5 billion in the same year. Imports of financial and insurance services combined were therefore only reduced by NOK 1 billion as a result of these changes. Total exports have been adjusted downward by NOK 2 billion, while imports have increased by NOK 9 billion. This represents a reduction of 0.1 percent of exports and an increase of 0.6 percent of imports. The trade balance was thus reduced by NOK 11 billion, a decrease of 0.7 percent.
For 2023, revisions are partly a result of availability of final figures in a normal publication and revision cycle, and a result of changes implemented as part of the benchmark revision. In 2023, exports were adjusted upwards by NOK 17 billion (0.7 percent) while imports were reduced by NOK 11 billion (0.7 percent). This resulted in an increase in the trade balance of NOK 29 billion, an increase of 4 percent. Exports of crude oil and natural gas contributed largely to the increase with an increase of NOK 24 billion. Revisions to figures for exports and imports are the same as those described as part of benchmark revisions of the national accounts.
In addition to the revisions in the National Accounts, revisions have been made in the current account for wages, reinvested earnings, imputed banking services and land rent. These amounts affect the balance of income and current transfers. Revisions have been made in part back to 1981, i.e. over the entire time span of the current account. The balance of income and current transfers has been revised down by NOK 36 billion in 2022, and down by NOK 7 billion in 2023. An error in interest income of NOK 34 billion for the fourth quarter of 2022 was corrected, which explains the relatively large reduction in the balance of income and current transfers for 2022. In connection with improved and more detailed data from the labour accounts, wages to and from abroad have been revised up. In 2022 and 2023, wages to and from abroad increased by NOK 9 and 10 billion respectively, corresponding to 20 percent in both years. Wages from abroad have increased by NOK 4 billion annually in the same years, an increase of around 60 percent. The increase in wages from abroad is entirely due to some Norwegian-registered foreign enterprises (NUF) being reclassified in the labor accounts from domestic units to foreign units, in line with other statistics at Statistics Norway. Residents of Norway who previously received wages in Norway now receive wages from foreign enterprises.
After the benchmark revision of the financial accounts in 2024, a discrepancy arose against reinvested earnings in the current account that had not yet been audited. The discrepancy between the two sub-accounts has now been corrected. Reinvested earnings as income were revised upwards in the current account by NOK 12 billion for 2022, and NOK 6 billion for 2023. Reinvested earnings as expenses were revised upwards by NOK 5 billion in 2022, and downwards by NOK 4 billion in 2023. The numerical value of annual revisions for reinvested earnings backwards in time amounts to up to NOK 25 billion as income (2020), and up to NOK 14 billion as expenses (2012).
Because imports of imputed banking services have been revised downwards, the correction in interest paid for imputed banking services is revised upwards accordingly. The revisions amount to NOK 5 billion in 2022 and NOK 16 billion in 2023. The increase in interest paid in the years from 2007 to 2021 is up to NOK 5 billion.
As part of the benchmark revision, figures for land rent have also been included as income and expenditures. In 2022, figures amounted to NOK 48 million as income from abroad, and NOK 8 million payable to abroad.