Release rescheduled

The next release has been moved back from 3 September to 4 September 2025.

Statistikk innhold

Statistics on

International accounts

The international accounts give an overview of the economic relationships between Norwegian residents and nonresidents. They comprise the international investment position (IIP), including other changes in financial assets and liabilities, and the balance of payments (BOP). As of 2020, the BOP and IIP Statistics are presented together under the heading International accounts. The international account consists of the current account, the capital account and the financial account. The current account shows exports and imports and other international transfers. The capital account shows capital transfers and transactions in intangible assets. The financial account shows net foreign financial assets and liabilities.

Updated: 4 September 2025
Next update: 3 December 2025

Selected figures from these statistics

  • Balance of payments. NOK million
    Balance of payments. NOK million
    2nd quarter 20243rd quarter 20244th quarter 20241st quarter 20252nd quarter 2025
    Current account:
    Current account balance235 727219 235219 125300 505234 185
    Balance of goods and services178 477147 027198 616239 393142 201
    Balance of income and current transfers57 25072 20820 50961 11291 984
    Capital transfers, patents, licenses etc, net1 9552 6155 8802 5275 397
    Net lending (+)/ Net borrowing (-), current account transactions233 772216 620213 245297 978228 788
    MEMO: incl. reinvested earnings
    Current account balance218 749203 623203 710285 289217 848
    Balance of income and current transfers40 27256 5965 09445 89675 647
    Net lending (+)/ Net borrowing (-), current account transactions216 794201 008197 830282 762212 451
    Financial account:
    Opening balance17 320 67717 381 19518 648 98819 658 71918 418 349
    Net lending (+)/ Net borrowing (-), financial account transactions265 563180 84037 167449 702277 327
    Other changes-205 0451 086 953972 564-1 690 072912 541
    Closing balance17 381 19518 648 98819 658 71918 418 34919 608 217
    Net errors and omissions48 769-20 168-160 663166 94064 876
    Explanation of symbols
  • Financial account, transactions. By functional category and financial instrument. NOK million
    Financial account, transactions. By functional category and financial instrument. NOK million1
    2nd quarter 20243rd quarter 20244th quarter 20241st quarter 20252nd quarter 2025
    Foreign assets
    Direct investment22 14097444 037-23 2235 868
    Equity and Investment Fund shares/units54 3094 0656 694-4 8002 367
    Debt instruments-32 169-3 09137 343-18 4233 501
    Portofolio investment377 294287 791369 203223 632243 457
    Equity and Investment Fund shares174 60375 345148 76156 24676 413
    Equity securities140 005-16 51364 39447 78978 463
    Investment Fund shares34 59891 85884 3678 457-2 050
    Debt securities202 691212 446220 442167 386167 044
    Financial derivatives20 338-16 703-91 86180 08618 816
    Other investments-167 011-19 902131 8383 941-18 100
    Other equity2800024
    Currency and deposits-75 995-80 037-408 339134 377188 798
    Loans-54 133107 003582 656-277 481-157 463
    Trade credits and advances10 757-17 23214 2547 314-19 008
    Other accounts recievable/payable-46 240-29 711-57 362138 544-32 375
    Reserve assets (IMF breakdown)10 02614 733-53 62369 2745 552
    Assets - Special Drawing Rights (SDRs)-94533-31224-502
    Reserve position in the IMF261-190-231-453415
    Other reserve assets9 85914 390-53 08069 7035 639
    Liabilities
    Direct investment70 930-9 845100 805-70 6459 955
    Equity and Investment Fund shares/units67 81914 40568 308-48 459729
    Reinvestment of earnings5 3705 3705 3705 3705 370
    Debt instruments3 111-24 25032 497-22 1869 226
    Portofolio investment1 38593 69191 8019 62397 083
    Equity and Investment Fund shares-43 939-2 741-15 56614 5032 703
    Equity securities-50 566-563-81311 131-2 053
    Investment Fund shares6 627-2 178-14 7533 3724 756
    Debt securities45 32496 432107 367-4 88094 380
    Other investments-75 0912 207169 821-34 970-128 772
    Other equity00000
    Currency and deposits-130 47634 871-315 390302 391-2 607
    Loans74 799-38 336622 108-462 329-148 996
    Trade credits and advances10 133-3 1788 155-6 646-434
    Other accounts recievable/payable-30 3298 351-146 467130 55319 118
    Liabilities - Special Drawing Rights (SDRs)00000
    NET LENDING, FINANCIAL ACCOUNT265 563180 84037 167449 702277 327
    1Transactions in financial derivatives are included in other accounts receivable/payable under other investments in the balance of payments’ financial account. There is considerable uncertainty in the method used to calculate the transaction figures in derivatives, the figures under this item must therefore be used with some caution.
    Explanation of symbols
  • International Investment Position. By functional category and financial instrument. NOK million
    International Investment Position. By functional category and financial instrument. NOK million
    2nd quarter 20243rd quarter 20244th quarter 20241st quarter 20252nd quarter 2025
    Foreign assets
    Direct investment3 011 5443 017 6463 066 7652 998 0233 005 004
    Equity and Investment Fund shares/units2 125 9132 130 0762 154 4212 128 9512 131 766
    Debt instruments885 631887 570912 344869 072873 238
    Portofolio investment21 533 17222 830 84123 943 31122 554 99823 761 396
    Equity and Investment Fund shares15 151 91115 977 07216 816 83615 578 27616 617 123
    Equity securities14 430 68815 141 55615 885 88214 676 34115 688 995
    Investment Fund shares721 223835 516930 954901 935928 128
    Debt securities6 381 2616 853 7697 126 4756 976 7227 144 273
    Financial derivatives235 494237 520258 487225 515216 818
    Other investments2 893 1622 895 2233 070 2852 988 1092 951 307
    Other equity2 5492 5492 5492 5492 573
    Currency and deposits1 296 8011 228 552841 346936 6451 117 395
    Loans1 070 1611 188 6141 785 4411 473 5511 314 867
    Trade credits and advances155 794138 809156 254156 332135 659
    Other accounts recievable/payable342 074310 842258 202391 345351 210
    Reserve assets (IMF breakdown)890 068937 179922 515930 190942 527
    Assets - Special Drawing Rights (SDRs)76 79978 77881 28876 93776 024
    Reserve position in the IMF13 99214 07714 34813 13613 415
    Other reserve assets799 277844 324826 879840 117853 088
    Liabilities
    Direct investment2 672 8192 648 0672 563 7042 463 4482 456 039
    Equity and Investment Fund shares/units1 863 9961 857 2341 749 8531 691 9791 696 422
    Debt instruments808 823790 833813 851771 469759 617
    Portofolio investment4 602 7904 703 5604 869 6814 820 2065 000 757
    Equity and Investment Fund shares1 301 5411 253 3811 237 2961 315 6281 359 732
    Equity securities1 105 2681 095 8151 097 4871 185 0341 221 064
    Investment Fund shares196 273157 566139 809130 594138 668
    Debt securities3 301 2493 450 1793 632 3853 504 5783 641 025
    Financial derivatives278 368274 065278 723251 298231 815
    Other investments3 628 2683 643 7293 890 5363 743 5343 580 224
    Other equity00000
    Currency and deposits1 886 9891 931 3451 657 2631 907 3731 892 360
    Loans1 197 0091 159 4541 810 8981 307 2121 140 099
    Trade credits and advances71 89969 56377 44467 62467 378
    Other accounts recievable/payable350 548359 691217 227336 748352 076
    Liabilities - Special Drawing Rights (SDRs)72 77374 12876 74372 55772 145
    NET ASSETS17 381 19518 648 98819 658 71918 418 34919 608 217
    Explanation of symbols
  • Current and capital account. NOK million
    Current and capital account. NOK million
    Current and capital account
    2nd quarter 20243rd quarter 20244th quarter 20241st quarter 20252nd quarter 2025
    Exports, total630 164602 355662 370664 566589 362
    ¬ Goods (FOB)475 620436 363503 467514 804435 925
    ¬¬ Crude oil and natural gas304 747271 064318 705333 759255 992
    ¬¬ Ships1 8721 8952 2074 8642 269
    ¬¬ Petroleum activities, various goods174141196224214
    ¬¬ Other goods168 827163 263182 359175 957177 450
    ¬ Services154 543165 992158 903149 761153 437
    ¬¬ Gross receipts, shipping42 92041 55240 01139 32438 341
    ¬¬ Petroleum activities, various services9 2818 2899 8898 5478 186
    ¬¬ Pipeline transport2 8502 6542 7843 2153 219
    ¬¬ Travel19 51534 02415 58517 79824 929
    ¬¬ Transport and communication13 15413 94514 87312 49213 587
    ¬¬¬ Land transport, export1 7371 7451 8761 9081 997
    ¬¬¬ Supply, export4 2814 2693 6934 0484 860
    ¬¬¬ Air transport, export3 3273 9695 0052 7623 159
    ¬¬¬ Services related to transport, export2 9933 3143 4322 8882 810
    ¬¬¬ Postal and courier services, export816648867886761
    ¬¬ Financial and business services35 07734 18040 36634 71133 950
    ¬¬¬ Financial and insurance services, export12 73612 57713 34012 37312 030
    ¬¬¬ Audit services, juridical- and technical services, export8 1887 77210 1678 5998 040
    ¬¬¬ Research and development, export1 5751 5281 9851 8571 842
    ¬¬¬ Other business services, export12 57812 30314 87411 88212 038
    ¬¬ Other services30 28629 04032 69330 93629 828
    ¬¬¬ Construction, repairs and installation, export8 9447 7438 2427 8788 269
    ¬¬¬ Recycle and trash handling, export3 3882 8503 9003 1503 107
    ¬¬¬ Retail trade, hotel and restaurant , export1 7552 5552 4711 7701 837
    ¬¬¬ Publishing, film, music and broadcasting services, export396413600466459
    ¬¬¬ Telecommunication services, export2 8893 3563 2782 8771 726
    ¬¬¬ Information services, export11 32410 51012 26412 95512 783
    ¬¬¬ Other personal and government services, export1 5901 6131 9381 8401 647
    MEMO: Services export when import of goods FOB152 771164 352157 218148 169151 662
    Imports, total451 687455 329463 754425 173447 161
    ¬ Goods (CIF)284 115278 935294 273268 926281 296
    ¬¬ Ships3 6335 9987 8452 6181 509
    ¬¬ Petroleum activities, various goods3 1763 7545 4201 6833 176
    ¬¬ Other goods277 306269 183281 008264 625276 611
    MEMO: Import of goods FOB273 689268 753284 071258 514270 902
    ¬ Services167 572176 394169 481156 247165 864
    ¬¬ Operating costs shipping, excl. bunkers15 04015 04014 47314 47313 176
    ¬¬ Petroleum activities, various services9 22910 9999 6619 2839 282
    ¬¬ Travel52 73460 22844 26239 85351 259
    ¬¬ Transport and communication9 7749 6079 7799 1149 580
    ¬¬¬ Land transport, import00000
    ¬¬¬ Ocean transport, import200200200356503
    ¬¬¬ Air transport, import3 0042 8252 7402 4893 061
    ¬¬¬ Services related to transport, import6 3566 2656 5246 0565 771
    ¬¬¬ Postal and courier services, import214317315213245
    ¬¬ Financial and business services32 31931 91937 59230 61432 081
    ¬¬¬ Financial and insurance services, import6 7786 8037 4836 6407 178
    ¬¬¬ Audit services, juridical- and technical services, import6 5385 9588 3856 3477 032
    ¬¬¬ Research and development, import1 9111 9282 1381 9091 737
    ¬¬¬ Other business services, import17 09217 23019 58615 71816 134
    ¬¬ Other services48 47648 60153 71452 91050 487
    ¬¬¬ Construction, repairs and installation, import10 0339 8889 8389 9779 959
    ¬¬¬ Recycle and trash handling, import2 3431 8552 2942 7082 819
    ¬¬¬ Retail trade, hotel and restaurant, import679641638599817
    ¬¬¬ Publishing, film, music and broadcasting services, import7 2647 6208 2638 3537 422
    ¬¬¬ Telecommunication services, import1 5201 6431 5641 5151 167
    ¬¬¬ Information services, import21 85722 35625 25924 08523 285
    ¬¬¬ Other personal and government services, import4 7804 5985 8585 6735 018
    MEMO: Service import when import of goods FOB176 226184 936177 998165 067174 483
    Balance of goods and services178 477147 027198 616239 393142 201
    ¬ Balance of goods191 505157 428209 194245 878154 629
    ¬ Balance of services-13 029-10 402-10 579-6 486-12 428
    From abroad245 963224 041209 940204 509272 126
    ¬ Compensation of employees1 6371 6821 6781 7531 711
    ¬ Interest received97 083103 493111 627100 231102 985
    ¬¬Direct investment, interst receivable10 00211 02411 37510 55610 336
    ¬¬Other investment, interest receivable87 08192 469100 25289 67592 649
    ¬ Dividends etc.128 05397 94077 73885 919145 836
    ¬¬Direct investment, dividends etc receivable21 50026 78121 5978 41034 906
    ¬¬Portfolio ivestment, dividends etc. receivable106 55371 15956 14177 509110 930
    ¬ Reinvested earnings-9 125-9 125-9 125-9 125-9 125
    ¬ Current transfers28 31530 05128 02225 73130 719
    To abroad205 691167 445204 846158 613196 479
    ¬ Compensation of employees13 12113 20412 71312 51215 531
    ¬ Interest paid75 82277 20781 71682 93378 811
    ¬¬Direct investment, interest payable7 1878 26810 0348 2607 827
    ¬¬Other investment, interest payable68 63568 93971 68274 67370 984
    ¬ Dividends etc.64 77126 71548 04717 52544 064
    ¬¬Direct investment, dividends etc. payable33 18915 22224 2396 71120 233
    ¬¬Portfolio investment, dividends etc. payable31 58211 49323 80810 81423 831
    ¬ Reinvested earnings7 8536 4876 2906 0917 212
    ¬ Current transfers from general government19 52714 87128 37013 80223 872
    ¬ Other current transfers24 59728 96127 71025 75026 989
    Balance of income and current transfers57 25072 20820 50961 11291 984
    ¬ Compensation of employees and investment income (Primary income), net56 08170 37733 15259 71795 789
    ¬ Current transfers (Secondary income), net-15 809-13 781-28 058-13 821-20 142
    Current account balance235 727219 235219 125300 505234 185
    Capital transfers to abroad, net1 9822 6605 9322 5195 397
    Acquisitions of patents, licenses etc. net-27-45-5280
    Net lending233 772216 620213 245297 978228 788
    MEMO: incl. reinvested earnings
    Balance of income and current transfers40 27256 5965 09445 89675 647
    Current account balance218 749203 623203 710285 289217 848
    Net lending216 794201 008197 830282 762212 451
    Explanation of symbols
  • Current and capital account. Country breakdown. Current prices. NOK million
    Current and capital account. Country breakdown. Current prices. NOK million
    Balance of goodsBalance of servicesCurrent account balance
    202320242023202420232024
    The world860 410801 260-71 754-79 089886 567890 267
    EU703 074619 994-95 661-104 435510 547424 886
    Other European countries3 1282 930-726-2 9167 886-288
    Africa6 2017 7647 9645 63013 50121 534
    North-America-15 030-18 43222 42923 083164 338238 759
    Latin America and the Caribbean-22 981-19 1138 9049 7122 7027 928
    Asia, Oceania and polar regions-125 510-130 16610 62414 331-3 920-28 708
    Explanation of symbols
  • International Investment Position. By functional category and selected countires. NOK million
    International Investment Position. By functional category and selected countires. NOK million
    TotalDirect investmentPortofolio investmentFinancial derivativesOther investmentsReserve assets
    1st quarter 20252nd quarter 20251st quarter 20252nd quarter 20251st quarter 20252nd quarter 20251st quarter 20252nd quarter 20251st quarter 20252nd quarter 20251st quarter 20252nd quarter 2025
    Foreign assets
    All countries29 696 83530 877 0522 998 0233 005 00422 554 99823 761 396225 515216 8182 988 1092 951 307930 190942 527
    United States11 899 13512 510 920455 228442 13410 227 76010 885 7869 48315 996794 428744 616412 236422 388
    United Kingdom1 822 6171 824 301282 413283 8721 114 4801 141 55996 72390 588263 877242 39165 12465 891
    Japan1 278 8971 339 99719 56919 3161 202 2101 263 1882212086 1995 79050 69851 495
    Germany1 474 9421 571 653127 434127 5441 050 3331 026 11134 16229 770168 759294 08994 25494 139
    Sweden1 754 2591 791 906414 959425 393763 846786 68333 52729 218540 780549 3861 1471 226
    Switzerland644 830623 72716 12115 122564 568569 61795953759 48734 5033 6953 948
    China217 824217 63414 72014 724186 173185 832..0:5 65911 47611 419
    Liabilities
    All countries11 278 48611 268 8352 463 4482 456 0394 820 2065 000 757251 298231 8153 743 5343 580 22400
    Luxembourg1 486 4601 551 51153 99059 2341 347 7571 395 28948350084 23096 48800
    United Kingdom1 316 7581 158 40578 60858 370645 630652 186110 36297 434482 158350 41500
    United States1 824 4701 875 76349 63646 049903 959882 84815 57019 862855 305927 00400
    Sweden1 245 0981 295 557213 725221 411270 772284 74516 90016 540743 701772 86100
    China19 52220 49515 43415 4911 8442 844002 2442 16000
    Explanation of symbols
  • External debt. NOK million
    External debt. NOK million1
    3rd quarter 20244th quarter 20241st quarter 20252nd quarter 2025
    General government1 456 0162 007 2161 588 7001 484 385
    Short-term
    Currency and deposits0000
    Debt securities15 66914 09016 33315 831
    Loans248 568604 567407 317274 765
    Trade credits and advances51175
    Other accounts recievable/payable188 89779 880172 916191 643
    Long-term
    Currency and deposits0000
    Debt securities457 278471 555444 782452 182
    Loans545 599837 113547 345549 959
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Central bank142 135117 603134 378143 654
    Short-term
    Currency and deposits19484797
    Debt securities0000
    Loans0000
    Trade credits and advances0000
    Other accounts recievable/payable67 98140 79161 76071 406
    Long-term
    Liabilities - Special Drawing Rights (SDRs)74 12876 74372 55772 145
    Currency and deposits0000
    Debt securities0000
    Loans721146
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Deposit-taking corporations except the central bank4 197 9534 052 8414 200 5104 299 721
    Short-term
    Currency and deposits1 742 4921 450 3131 700 0281 697 175
    Debt securities402 272458 672331 502359 873
    Loans....
    Trade credits and advances0000
    Other accounts recievable/payable34 17544 15040 77537 900
    Long-term
    Currency and deposits188 834206 902207 298195 088
    Debt securities1 830 1801 892 8041 920 9072 009 685
    Loans....
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Other sectors1 297 8041 345 2611 324 5241 293 489
    Short-term
    Currency and deposits0000
    Debt securities27 33921 18314 47418 420
    Loans69 49793 100106 03585 715
    Trade credits and advances69 55877 43367 61767 373
    Other accounts recievable/payable117 750103 165113 166106 945
    Long-term
    Currency and deposits0000
    Debt securities717 441774 081776 580785 034
    Loans295 783276 097246 501229 654
    Trade credits and advances0000
    Other accounts recievable/payable436202151348
    Direct investment790 833813 851771 469759 617
    SUM TOTAL7 884 7418 336 7728 019 5817 980 866
    1The external debt position shows the gross debt for the main institutional sectors. Shares and other equity are not included in the statistics.
    Explanation of symbols

About the statistics

The information under «About the statistics» was last updated 4 December 2024.

The BOP is a statistical statement of all transactions made between entities in one country and the rest of the world over a defined period of time, such as a quarter or a year. The IIP is a statistical statement that shows at a point in time the value of financial assets of residents of an economy that are claims on nonresidents, and the liabilities of residents of an economy to nonresidents. The difference between the assets and liabilities is the net position in the IIP and represents either a net claim on or a net liability to the rest of the world.

The Norwegian BOP and IIP is presented in accordance with the latest internationally approved guidelines. These are specified in "The Balance of Payments Manual, 6th edition" (BPM6), published by the International Monetary Fund (IMF). The underlying principles and definitions presented in the BPM6 are in full accordance with the international statistical framework for the National Accounts, as laid down in the manual "System of National Accounts 2008" (2008 SNA). 2008 SNA is a joint publication by several international organizations, including the United Nations and the IMF.

The European Union (EU) has compiled its own edition of the National Accounts manual, "European System of Accounts 2010" (ESA 2010), which accommodates special conditions in member countries. According to the European Economic Area Agreement (EEA Agreement), Norway is obligated to comply with ESA 2010. The reporting of National Accounts data, as well as BOP and IIP data, to EU's statistical office Eurostat, has a legal basis in regulation (EC) No 184/2005.

Basic concepts and recording principles

Like the National Accounts, the BOP and IIP accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe transactions and positions between statistical units in which economic values are provided or received in exchange for other economic values.

  • Statistical units are institutional units which make economic decisions on an independent basis and can present complete accounts for their activities. The institutional unit normally coincides with a body corporate, e.g. a limited liability company or legal person.
  • Economic items can either be real resources, i.e. goods and services, or financial items representing various claims and liabilities.
  • The basic criterion for entering a transaction in the BOP or a position in the IIP, is that it involves an exchange between a domestic entity (resident) and a foreign entity (non-resident). Residents are institutional units that engage and intend to continue to engage in economic activities and transactions within a country's territory, with one year or more serving as the conventional guideline.

Positions

Positions are shown as the value of a financial item which, for example, an enterprise is in possession of at a point in time. Financial objects can be, for example, shares, other securities or different types of loans. In principle, stocks must be registered at market value. See description of valuation below.

Transactions

A transaction should in principle be allocated to the period in which there is a change of ownership of the economic value. Conventionally, it is often said that a change of ownership has taken place when both parties of the transaction enters the transaction in their books or accounts. In the case of exports and imports of goods, it is the moment that the goods cross the border and are registered through customs declarations, that determines the time of recording of the transaction and consequently the change of ownership.

All transactions shall be valued at market prices. Market prices are defined as amounts of money that buyers pay to acquire something from sellers; the exchanges are made between independent parties and based on commercial considerations only. Total exports and total imports shall be recorded at free-on-board (f.o.b.) prices. F.o.b prices are the value when passing the border of the country of exports. On a detailed commodity level, cost-insurance-freight (c.i.f.) prices are used for imports, i.e. including transport and insurance costs up to the border of the importing country. The exchange rate on the transaction date or the average rate for the shortest period applicable shall be used for converting transactions in foreign currencies into the national currency. Stocks of assets and liabilities are to be valued at prices or rates in effect at the time to which the balance sheet relates.

Other changes

Income and expenditure are defined in the National Accounts and BoP excluding gains and losses, irrespective of whether they are realised or unrealised. Such items, however, help to explain total balance sheet changes that take place during a period and are registered on the account for revaluation.

Income and expenditure

Income and expenditure are defined in the National Accounts and BoP excluding gains and losses, irrespective of whether they are realised or unrealised. Such items, however, help to explain total balance sheet changes that take place in the course of a period and are registered on the account for revaluation.

Assets and liabilities

Assets and liabilities are the components of the balance sheets of the total economy and institutional sectors. In contrast to the accounts that show economic flows, a balance sheet shows the positions of assets and liabilities held at one point in time by each unit or sector or the economy as a whole.

An asset is a store of value representing a benefit or series of benefits accruing to the economic owner by holding or using the entity over a period of time. It is a means of carrying forward value from one accounting period to another.

A liability is established when one unit (the debtor) is obliged, under specific circumstances, to provide a payment or series of payments to another unit (the creditor).

Double entry bookkeeping

International Accounts are based on the rules for double entry bookkeeping. All transactions are represented by two entries, a credit and debit entry. Most transactions are those in which economic items are provided or received in exchange for other economic items, entailing that offsetting credit and debit entries will normally be registered.

For example, exports of a good will be registered in External Trade Statistics and recorded as a credit entry in the current account, whereas the accompanying increase in foreign assets, e.g. in the form of increased deposits abroad, is registered in financial account and recorded as a transaction on the debit side of the BOP accounts. In other cases when items are given away rather than exchanged, or a recording is one-sided for other reasons, there is only one recording in the data sources. In these cases, a counter entry is constructed, in this example in the form of a transfer so that the double entry requirement is satisfied.

Structure

The International Accounts is an integrated part of the National Accounts and is constructed as a mirror image of the institutional sector "Rest of the World" in the National Accounts. In the BOP and IIP, transactions and positions are seen from Norway's point of view, while in the institutional sector accounts they will be seen from the perspective of the rest of the world. A surplus on Norway's current account will in the National Accounts appear as a deficit for the sector "Rest of the World".

The BOP consists of three main parts: a current account, which shows current transactions with the rest of the world, a capital showing capital transactions, and a financial account, which records investment transactions in the form of purchases and sales of financial instruments.

The table below illustrates the statement of transactions and positions in the BoP and IIPs (eller IAs) current, capital and financial accounts:

1) Current account balance

Balance of goods and services
Balance of income and current transfers

2) Capital transfers to abroad, net

3) Net lending, current- and capital account

4) Financial account, assets/liabilities

Direct investment
Portfolio investment
Other investment
Reserve assets

5) Net lending, financial account

6) Errors and omissions

The financial statements are presented as shown in the following table, broken down by functions (direct investment, portfolio investment, other financial investment and international reserves):

7) The financial position of at the beginning of the reference period

8) Investments during period (asset)

9) Borrowing

10) Gains, losses and other changes (netto)

11) The financial position of at the end of the reference period

Following definitions applies

The relationship between current- and capital account and the transactions in the financial account:

1+ 2 =3

4 assets – 4 liabilities = 5

3 – 5 = 6

Consistent International Accounts requires:

(3) = (5)

The relationship between positions and change in positions in the financial account:

7 + 8 – 9 + 10 = 11

Description of the accounts

The definitional relationship between the current account and the financial account is that a current account surplus, adjusted for net capital transfers and net acquisitions of patents and copyrights etc, increases net foreign assets (or reduces net liabilities), while a deficit on the current account will reduce net assets (or increase net liabilities).

The current account comprises, first, exports and imports of goods and services, with the balance of goods and services as a balancing item. In addition, data are provided for compensation of employees, investment income and expenditure as well as current transfers to and from the rest of the world. The balance for this component is net income and current transfers. The total balance of the current account is the sum of the balances of these two components.

The capital and financial account shows how transactions recorded in the current account result in changes in foreign assets and liabilities, and in addition to purchases and sales of financial instruments includes capital transfers. This entails that the balance on the current account must be adjusted for net capital transfers in order to arrive at net lending.

The financial account also includes transactions that do not have a counter entry in the current account. One example would be a resident who uses funds in a foreign bank account to repay a loan raised abroad.

Net lending

Total asset transactions less total liability transactions result in net lending. By adjusting net lending for valuation changes and other balance sheet changes not caused by transactions, we arrive at changes in Norway's net foreign assets/liabilities.

Net lending, current account =
Current account balance + Capital transfers to abroad, net - non-financial net investment

Net lending, financial account = Net acquiring of financial assets – net borrowing

Net errors and omissions are derived from net lending from the two accounts and can be derived from the current account minus the same item derived from the financial accounts. Although the BoP accounts are, in principle, balanced, imbalances occur due to imperfections in source data and compilation.

In addition to the classifications and categories described in the international BOP, IIP and National Accounts manuals, it may be mentioned that the Norwegian BOP, IIP and National Accounts make use of the product classification CPA (Classification of Products by Activity) of the EU and sector of the BPM6, 2008 SNA and ESA 2010. For more details, please check https://www.ssb.no/en/klass/klassifikasjoner/39.

Country Codes are based on the International Standard ISO 3166.

Functional categories

Direct investment:

Direct investment is a cross-border financial investment made by an investor for the purpose of acquiring a lasting interest in a foreign enterprise, and exerting a degree of influence on that enterprise's operations. An investment by owning 20 per cent or more of the ordinary shares is considered always a direct investment. The establishment of a subsidiary abroad is an example of a direct investment.

Portfolio investment:

Portfolio investment covers transactions in equities, other securities, and financial derivatives, except where these transactions relate to direct investment or reserve assets category. The Government Pension Fund – Global is not part of the reserve assets, though it is owned by the government and administrated by Norges Bank. This is therefore treated as portfolio investment as concerns investment abroad. Most important are shares and other equities, bonds and money market instruments (certificates and Treasury bills).

Financial derivatives:

Financial derivatives positions are divided into assets and liabilities, while the trasaction figures are net and presented under assets.

Other investments:

Other financial investments is a residual category that covers all investments that are not included in direct investment, portfolio investments and international reserves.

Reserve assets:

Reserve assets consist of those external assets that are readily available to and controlled by monetary authorities for direct financing of payment imbalances, for indirectly regulating the magnitude of such imbalances through intervention in exchange markets to affect the currency exchange rate and /or other purposes. In Norway, Norges Bank have reserve assets. International reserves basically consist of assets only, i.e. any foreign central banks' holdings of assets in Norway (for instance Norwegian securities) are not considered "reserve liabilities", but as portfolio investment in Norway.

The classification of financial assets and liabilities:

The financial accounts include a limited number of financial instrument groups with detailed claims and debt items in the balance sheets of institutional units. The financial instrument links one entity claims to another sector’s debt items. The financial instruments are grouped in claim and debt items with similar economic functions. For example, the payment function is characteristic of coins, notes and salary accounts, while credit is procured through different types of loans. In addition, the liquidity ratio has been the determinant factor for the ranking of financial assets in the classification.

Classification of financial assets and liabilities in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The classifications are described below:

Equity and other shares:

The instrument includes ordinary shares in limited liability companies, shares in general partnerships and shares in mutual funds. Shares in foreign companies are also included. Furthermore, the instrument includes tradable Norwegian equity certificates and general government capital contributions in public enterprises and the state lending institutions.

Dept securities:

Comprise short and long-term securities. Short-term securities is defined as negotiable securities with original maturity of maximum one year, while long-term securities comprise instruments defined as tradable standardised debentures with original maturity of more than one year.

Currency and deposits:

Comprise Norwegian and foreign notes and coins, all types of deposits with commercial banks and savings banks, Norges Bank and foreign banks.

Loans:

This financial instrument includes lending forms other than tradable debentures and certificates. Short-term loans are mainly quantified on the basis of the specifications in accounting statistics for financial corporations. The instrument comprises building loans, factoring, bank overdrafts, operating and working credit. Long-term loans comprise all loans other than short-term loans (mortgage bond issues, other medium and long-term repayment loans and financial leasing).

Trade credits:

Financial claims arising from the direct extension of credit by suppliers and buyers for goods and services.

Financial derivatives

A financial derivative contract is a financial instrument that is linked to another specific financial instrument or indicator or commodity and through which specific financial risks (such as interest rate risk, foreign exchange risk, equity and commodity price risks, credit risks and so on,) can be traded in their own right in financial markets.

Insurance technical reserves:

The instrument includes individual insurance savings and group insurance savings in private life insurance companies and total capital in autonomous municipal and private pension funds. Prepayments of premiums and reserves against outstanding claims in non-life insurance companies are also included.

Other claims:

Comprise claims and debt that is due to differences in timing between transactions and payments. For example credit extended to a customer/supplier credit, deferred tax claims/liabilities. Included are also other financial items that do not belong to the previously listed instruments. Derivatives recorded in the accounting statistics are included.

Reserve assets/liabilities IMF:

The foreign exchange reserves and claims on the International Monetary Fund (IMF) together constitute Norges Bank's international reserves. Claims on the IMF consist of three components: SDR accounts (Special Drawing Rights), reserve positions in the IMF and loans to the IMF (Poverty Reduction and Growth Facility).

Valution

Market value:

Market prices are defined as amounts of money that willing buyers pay to acquire something from willing sellers; the exchanges are made between independent parties and on the basis of commercial considerations only. The exchange rate on the position date or the average rate for the shortest period applicable shall be used for converting positions in foreign currencies into the national currency. Stocks of assets and liabilities are to be valued at prices or rates in effect at the time to which the balance sheet relates.

Relatert innhold