Norway’s trade balance decreased by 3 percent from Q3 2023 to Q3 2024, and the level in the first quarter was 5 billion lower than the quarter the previous year. The surplus remains elevated compared to historical levels. The main reason for the large surplus was large export income from petroleum.
- Current account balance increased by 11 percent compared to the third¹ quarter of last year.
- The balance of income and current transfers increased by 27 billion NOK in the same period.
- Norway’s net foreign assets have skyrocketed to almost twice its level since 2020, climbing to NOK 18 777 billion by the end of the third quarter of 2024.
- Return on portfolio investments abroad played a crucial role, significantly boosting the growth of 7.5 percent during third quarter, amounting to 1 306 billion.
Lower trade balance surplus
The balance of trade in goods and services, also known as the trade balance, showed a surplus of NOK 166 billion in the second quarter of 2024, down from the NOK 172 billion observed in the second quarter of last year.
In total, Norway exported goods and services worth NOK 595 billion in the first quarter of 2024. This is an increase of NOK 15 billion compared to the same period the previous year. Goods exports increased by 3 per cent, while service exports increased by 5 per cent.
Norway imported goods and services worth NOK 429 billion in the first quarter of 2024, up 3 percent from the same quarter of the previous year. Imports of goods increased by 7 per cent, while imports of services increased by 2 per cent compared to the same period the previous year.
For information on volume and price developments in exports and imports as well as seasonally adjusted figures, see quarterly national accounts.
High surplus on the balance of income and current transfers
The interest and current transfers balance showed a surplus of NOK 59 billion in the third quarter of 2024, 27 billion NOK stronger than in the third quarter of 2023.
An increase in dividend payments of 18 billion NOK contributed to the increase in the surplus. Higher interest rate levels means that both interest income and expenses increase compared to the same quarter last year, but interest income increased more by NOK 9 billion.
Financial accounts
Norway’s net foreign assets have nearly doubled over 4 years
Norway's net foreign assets have nearly doubled over the past 4 years. Investor optimism returned in the third quarter of 2024, following interest rate cuts by several central banks. This spurred a rise in the stock market value of foreign portfolio investment, lifting Norway’s net foreign assets to NOK 18 777 billion by the end of the third quarter of 2024. For context, Norway’s net foreign assets amounted to NOK 9 706 billion at the end of 2020. Since then, Norway’s net foreign assets have increased by a remarkable NOK 9 071 billion.
A surge in the return on portfolio investments abroad
The value of foreign assets took a sharp upturn in the third quarter, following a weak growth in the second quarter. Net foreign assets rose by NOK 1 306 billion in the third quarter, an increase of 7.5 percent. This represents a significant change when compared to the average growth rate of 4.5 percent since 2020. Other changes, primary market price gains and exchange rate changes, accounted for 86 percent of the total value growth in the third quarter.
The Government Pension Fund Global is the dominating investor
The majority of the market value gains is due to The Government Pension Fund Global’s (GPFG) portfolio investments abroad. Alongside tailwinds in stock markets, the Norwegian krone saw a weakening against several major currencies in the third quarter, resulting in foreign currency gains. Net lending has remained at positive levels over the past few years. During the third quarter, GPFG invested just over NOK 200 billion in debt securities, substantially influencing the net financial transactions, which ended at NOK 182 billion by the end of the third quarter of 2024.
Current account In this publication the current account is revised from 1st quarter 2022. Financial account The financial account is revised from 1st quarter 2012.
Revision of the national accounts time series Statistics Norway (SSB) is undertaking a revision of the time series in the national accounts. Parts of the revisions have now been published, the rest are planned to be published in November and December 2025. Statistics on foreign accounts are an integral part of the national accounts and a corresponding revision is carried out here. The revision incorporates new or updated statistics, as well as improved methods. Read more about the revision in separate articles.
¹ Corrected from 'first' quarter to 'third' quarter, 4 December 2024, at 08.55 a.m.