Large surplus on the balance of income and current transfers

Highlights from the publication

• The current account balance was mostly unchanged compared to the second quarter of last year.
• The trade balance weakened by 20 percent in the same period.
• Norway’s net foreign assets increased with NOK 1 190 billion during the second quarter of the year, this equals an increase of 6,5 per cent.
• It was particularly gains in the global stock markets that contributed to the increase.

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. The balance of income and current transfers showed a surplus of NOK 76 billion in the second quarter. Dividend payments from abroad were high in the second quarter of this year.

Lower trade balance surplus 

The trade balance recorded a surplus of NOK 142 billion in the second quarter of 2025, down from NOK 178 billion observed in the second quarter of last year. Lower revenues from petroleum exports contributed to the reduced trade surplus, while exports of fish, electricity, and electrical components pulled in the opposite direction. The trade surplus corresponded to 11 per cent of mainland Norway’s GDP.

In total, Norway exported goods and services worth NOK 589 billion in the second quarter of 2025. This represented a decline of NOK 41 billion compared to the same period the previous year. Service exports were 1 per cent lower, while goods exports fell by 8 per cent.

Norway imported goods and services worth NOK 447 billion in the second quarter of 2025. Imports of goods and imports of services were both down 1 per cent compared to the second quarter of last year.

For information on volume and price developments in exports and imports as well as seasonally adjusted figures, see quarterly national accounts.

Higher surplus on the balance of income and current transfers

The interest and current transfers balance showed a surplus of NOK 76 billion in the second quarter of 2025, an increase of 35 billion compared to the same quarter of last year. Surplus on the balance of income and current transfers represented 6 per cent of Norway’s Mainland GDP.

Dividend payments were the main driver for the surplus. In all, Norway received NOK 146 billion in dividend payments.

Financial accounts

Norway’s net foreign assets, or net International Investment Position (IIP), increased with NOK 1 190 billion, from NOK 18 418 billion at the end of the first quarter, up to NOK 19 608 billion at the end of the second quarter. This equals an increase of 6,5 per cent.

As the blue line in the figure illustrates, after a dip in Norway’s net foreign assets in the first quarter, the net assets again reached the same level as it had at the end of 2024.

Gains in the global stock markets

After losses in the global stock markets in the first quarter of the year, the second quarter saw an upswing. This contributed highly to the increased value of Norway’s investments abroad, especially portfolio investments. The value of portfolio investments abroad increased with more than NOK 1 200 billion during the second quarter, mainly driven by the stock market gains.

Net lending

Net lending amounted to NOK 277 billion this quarter. Also here, the portfolio investments abroad were the main contributor to the positive net financial transactions in the balance of payments. With the Government Pension Fund Global in the lead, Norway invested more than NOK 240 billion in securities abroad, mostly in debt securities, but also equity.