Norway’s net International Investment Position doubled in four years and increased with more than NOK 10 000 billion.

Highlights from the publication:

• The current account balance weakened slightly compared to last year.
• Trade balance surplus was reduced by 9 per cent but remained elevated.
• The balance of income and current transfers showed a record 131 billion surplus in 2025.
• Norway’s net International Investment Position (IIP) or net Foreign Assets amounted to NOK 21 279 billion at the end of 2025. The increase from 2024 was NOK 1 610 billion, equal to 8 percent.
• Net lending accounted for NOK 950 billion of the increase in 2025.
• During the last four years, from 2022 to 2025, Norway’s net IIP doubled and increased with more than NOK 10 000 billion.

The current account

Norway’s current account surplus remains strong. The main driver being exports of petroleum. The current account was further strengthened by a historically high surplus on the balance of income and current transfers.

Lower trade balance surplus 

Trade balance surplus in the fourth quarter of 2025 ended at NOK 146 billion, down by 53 billion compared to the same period of last year. In total Norway exported goods and services with a market value of NOK 630 billion in the fourth quarter. Imports of goods and services came in at 484 billion.

For the entire year of 2025 the trade balance weakened by 9 per cent. Still a trade balance surplus of NOK 645 billion is substantial in historical terms. 

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

Increased surplus on the balance of income and current transfers in 2025

The interest and current transfers balance showed a surplus of NOK 7 billion in the fourth quarter of 2025.

For the entire year, 2025, Norway experienced a surplus on the balance of income and current transfers of NOK 131 billion. An increase of NOK 33 billion compared to the previous year.

Financial accounts

Net lending in 2025 amounted to NOK 950 billion, thus accounting for most of the increase of NOK 1 610 billion in net IIP. Net lending in the financial account means that a country has invested more abroad than what it has incurred of liabilities. In 2025, especially in the first quarter of the year, Norway invested substantially abroad. Whereas in 2023 and 2024, the increase in IIP was driven by other changes, especially market gains.

Since the beginning of 2022, net IIP doubled and increased with more than NOK 10 000 billion.

As shown in the blue line (right axis), net IIP increased with more than NOK 10 000 billion during the four-year period.

Portfolio investment abroad

In 2025, Norwegian sectors invested a lot abroad, especially there were a lot of Portfolio investments. General government, with the Government Pension Fund Global (GPFG) in the lead, invested significantly in debt securities during 2025.

Market price gains

The development in the global stock markets highly affects the value of Norway’s net IIP, since a lot of the investments abroad are in stocks. In 2025 market price changes were high, as they also where in the two previous years 2023 and 2024.

In the meantime, the strengthening of the Norwegian krone (NOK) in 2025 affected the value of the investments abroad negatively. The total effect of price- and exchange rate changes amounted to NOK 660 billion in 2025.

In 2023 and 2024 the Norwegian krone weakened, thus affecting the value of investments abroad positively. The Market price gains together with the exchange rate changes pulled in the same direction giving a huge rise in the value of net IIP both in 2023 and 2024.