Highlights from the publication:
- The current account balance strengthened somewhat compared to last quarter and strengthened substantially from last year
- Trade balance surplus went up by 9 percent compared to the previous quarter due to higher oil and gas prices
- Net international investment position increased by NOK 3 408 billion during the second quarter of 2026, reaching NOK 22 825 billion, corresponding to a 17 per cent increase compared with the previous quarter.
- Net lending amounted to NOK 470 billion in the second quarter of 2026. The corresponding figure for the first quarter of 2026 was NOK 279 billion.
The current account
Norway’s current account surplus remains strong compared to the same quarter last year at NOK 279 billion, the main driver being price increases on the exports of petroleum. The balance of income and current transfers showed a diminished surplus compared to second quarter of 2025.
Surge in the trade balance surplus
The trade balance surplus in the second quarter of 2026 ended at NOK 232 billion, up by NOK 101 billion compared to the same quarter of 2025. The strengthening of the trade balance is mostly due to higher petroleum prices.
In total Norway exported goods and services with a market value of NOK 701 billion in the second quarter. This was an increase of 7 percent measured against the first quarter of 2026, and up 18 percent from the second quarter of last year. Goods exports were up compared to the same quarter last year by 24 percent, while serviced exports increased by 1 percent from the second quarter of 2025.
Imports of goods and services came in at NOK 469 billion, which was an increase of 1 percent compared to the quarter one year ago, and an increase of 6 percent versus the first quarter of 2026. Goods imports increased by 4 percent from the year-ago quarter, while service imports fell by 3 percent.
For information on volume and price developments in exports and imports as well as seasonally adjusted figures, see quarterly national accounts.
Strong balance of income and current transfers
The balance of income and current transfers showed a surplus of NOK 47 billion in the second quarter of 2026. This was a reduction of NOK 7 billion compared to the second quarter of 2025, but 12 billion NOK higher than the surplus recorded in the first quarter.
Financial account
Norway’s net international investment position (net IIP), or net foreign assets increased by NOK 3 408 billion in the second quarter of 2026. As a result, net IIP amounted to NOK 22 825 billion kroner, representing the highest net IIP ever. This strong increase was primarily driven by market price gains on Norwegian portfolio investments abroad. In addition, a depreciation of the Norwegian krone and a high net lending contributed to the increase.
Strong positive developments in global stock markets and a weak Norwegian krone
The Government Pension Fund Global recorded a total gain of NOK 2 476 billion in the second quarter of 2026. Of the total gains, market price gains on portfolio investments explains most of it, while exchange rate gains from a weaker Norwegian krone explains the rest. The Norwegian krone weakened against key currencies such as the US dollar, euro and British pound.
Large portfolio investments abroad
Net lending amounted to NOK 470 billion in the second quarter of 2026 and is, compared with figures over several years, a large number. This is mostly explained by large portfolio investments abroad of NOK 392 billion, more specifically, purchases of debt securities of NOK 315 billion.
Current account In this publication the current account is revised from 1st quarter 2026 as part of an ongoing revision cycle. Financial account The financial account is revised from 1st quarter 2025.