International accounts

Updated: 4 September 2024

Next update: 4 December 2024

Current account balance
Current account balance
2nd quarter 2024
231 839
NOK million
 
Balance of payments. NOK million
Balance of payments. NOK million
2nd quarter 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
Current account:
Current account balance181 239197 256247 832242 676237 268
Balance of goods and services140 405151 244215 846156 163151 663
Balance of income and current transfers40 83446 01231 98686 51385 605
Capital transfers, patents, licenses etc, net1 8745311 0741 5221 965
Net lending (+)/ Net borrowing (-), current account transactions179 365196 725246 758241 154235 303
MEMO: incl. reinvested earnings
Current account balance175 959193 048243 370238 325231 839
Balance of income and current transfers35 55441 80427 52482 16280 176
Net lending (+)/ Net borrowing (-), current account transactions174 085192 517242 296236 803229 874
Financial account:
Opening balance13 595 10014 717 95714 114 81915 303 66517 401 170
Net lending (+)/ Net borrowing (-), financial account transactions268 056242 481314 078173 227402 911
Other changes854 801-845 619874 7681 924 278-194 739
Closing balance14 717 95714 114 81915 303 66517 401 17017 609 342
Net errors and omissions93 97149 96471 782-63 576173 037
Explanation of symbols

Selected tables and charts from this statistics

  • Financial account, transactions. By functional category and financial instrument. NOK million
    Financial account, transactions. By functional category and financial instrument. NOK million1
    2nd quarter 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Foreign assets
    Direct investment35 304-9 441110 3115 63921 814
    Equity and Investment Fund shares/units38 45614 646119 82153 94346 033
    Debt instruments-3 152-24 087-9 510-48 304-24 219
    Portofolio investment245 250168 461599 74177 426378 778
    Equity and Investment Fund shares226 5392 147177 90179 720175 260
    Equity securities220 346-2 620161 38373 447150 011
    Investment Fund shares6 1934 76716 5186 27325 249
    Debt securities18 711166 314421 840-2 294203 518
    Other investments-174 647121 922163 762152 100-165 310
    Other equity0270-2727
    Currency and deposits-30 291-22 872-10 082219 770-75 425
    Loans-90 108177 208249 182-186 554-54 280
    Trade credits and advances-41 45231 43921 545-18 9367 028
    Other accounts recievable/payable-13 842-64 741-94 870136 339-41 231
    Reserve assets (IMF breakdown)2 76812 414-26 66420 91910 026
    Assets - Special Drawing Rights (SDRs)3011 658-437-223-94
    Reserve position in the IMF6-423-234-1 263261
    Other reserve assets2 46111 179-25 99322 4059 859
    Liabilities
    Direct investment-21 297-39 662123 004-14 528-70 746
    Equity and Investment Fund shares/units-9 4916 085139 22326 936-65 693
    Reinvestment of earnings7 7447 7447 7447 7447 744
    Debt instruments-11 806-45 747-16 219-41 464-5 053
    Portofolio investment-41 09457 478116 011-23 8041 342
    Equity and Investment Fund shares-10 677-4 979-5 880-14 125-44 023
    Equity securities-15 560-9 159-10 723-15 608-50 647
    Investment Fund shares4 8834 1804 8431 4836 624
    Debt securities-30 41762 457121 891-9 67945 365
    Other investments-96 99033 059294 057121 189-88 199
    Other equity00000
    Currency and deposits9 984-36 84223 395159 812-130 808
    Loans-99 76025 113427 640-215 83475 154
    Trade credits and advances3 9275 58814 571-16 3684 952
    Other accounts recievable/payable-13 20939 919-169 937189 636-38 277
    Liabilities - Special Drawing Rights (SDRs)00000
    NET LENDING, FINANCIAL ACCOUNT268 056242 481314 078173 227402 911
    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 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Foreign assets
    Direct investment2 894 9322 859 6492 910 9992 947 8512 952 307
    Equity and Investment Fund shares/units1 892 9521 896 1951 973 3392 035 9482 073 745
    Debt instruments1 001 980963 454937 660911 903878 562
    Portofolio investment18 471 40517 853 47719 285 51121 320 57021 516 923
    Equity and Investment Fund shares12 799 18612 240 64913 125 33814 962 84115 131 992
    Equity securities12 206 96711 652 33512 499 84114 284 58914 425 325
    Investment Fund shares592 219588 314625 497678 252706 667
    Debt securities5 672 2195 612 8286 160 1736 357 7296 384 931
    Other investments2 888 0632 964 3293 044 3173 319 6193 115 423
    Other equity2 5212 5482 5482 5212 548
    Currency and deposits1 189 9351 145 6451 121 4591 389 4141 296 508
    Loans904 9381 065 3141 295 9331 135 3011 071 135
    Trade credits and advances110 831140 903157 134144 406149 644
    Other accounts recievable/payable653 768582 981442 329621 550570 591
    Reserve assets (IMF breakdown)855 051839 151818 915897 256890 068
    Assets - Special Drawing Rights (SDRs)77 38077 38775 17678 49676 799
    Reserve position in the IMF15 95615 20314 61914 01913 992
    Other reserve assets761 715746 561729 120804 741799 277
    Liabilities
    Direct investment2 385 4912 345 7342 430 8922 456 3192 390 551
    Equity and Investment Fund shares/units1 514 5031 532 6671 647 0351 682 4301 628 617
    Debt instruments870 988813 067783 857773 889761 934
    Portofolio investment4 371 2404 427 9904 536 3854 624 1564 586 935
    Equity and Investment Fund shares1 262 2231 324 2821 322 3561 318 9711 288 743
    Equity securities1 088 5671 151 9671 137 5561 114 0171 092 470
    Investment Fund shares173 656172 315184 800204 954196 273
    Debt securities3 109 0173 103 7083 214 0293 305 1853 298 192
    Other investments3 634 7633 628 0633 788 8004 003 6513 887 893
    Other equity00000
    Currency and deposits1 879 7881 822 2131 826 1802 033 5421 886 973
    Loans913 879932 1491 321 5891 122 4471 189 214
    Trade credits and advances56 14360 81273 57259 46863 704
    Other accounts recievable/payable665 122695 323453 202666 630627 178
    Liabilities - Special Drawing Rights (SDRs)74 18172 64370 94474 29572 773
    NET ASSETS14 717 95714 114 81915 303 66517 401 17017 609 342
    Explanation of symbols
  • Current and capital account. NOK million
    Current and capital account. NOK million
    Current and capital account
    2nd quarter 20233rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    Exports, total570 742564 350641 050540 519595 036
    ¬ Goods (FOB)432 102414 977499 695407 607446 581
    ¬¬ Crude oil and natural gas264 620255 816325 131257 658286 879
    ¬¬ Ships1 2142 8564601 6231 724
    ¬¬ Petroleum activities, various goods168119126146174
    ¬¬ Other goods166 100156 186173 978148 180157 804
    ¬ Services138 640149 373141 355132 912148 455
    ¬¬ Gross receipts, shipping42 39839 46839 60839 85442 786
    ¬¬ Petroleum activities, various services7 9548 9439 1437 8749 241
    ¬¬ Pipeline transport2 5852 4182 3742 9322 850
    ¬¬ Travel16 26327 90010 59113 66317 964
    ¬¬ Transport and communication12 57413 11214 07311 73113 177
    ¬¬¬ Land transport, export1 7231 7581 8831 9001 799
    ¬¬¬ Supply, export4 4694 3034 5233 8444 273
    ¬¬¬ Air transport, export2 6973 2703 6592 6053 327
    ¬¬¬ Services related to transport, export2 8543 0503 1972 6202 962
    ¬¬¬ Postal and courier services, export831731811762816
    ¬¬ Financial and business services29 63130 39636 70230 67633 019
    ¬¬¬ Financial and insurance services, export8 9548 9269 8929 19110 065
    ¬¬¬ Audit services, juridical- and technical services, export7 1947 2599 3157 6168 982
    ¬¬¬ Research and development, export1 9211 5181 9231 7461 537
    ¬¬¬ Other business services, export11 56212 69315 57212 12312 435
    ¬¬ Other services26 25825 46327 63024 75528 440
    ¬¬¬ Construction, repairs and installation, export7 3075 9556 0214 2926 150
    ¬¬¬ Recycle and trash handling, export2 3742 7312 8712 1993 406
    ¬¬¬ Retail trade, hotel and restaurant , export1 5581 5301 8362 3282 678
    ¬¬¬ Publishing, film, music and broadcasting services, export584479527442285
    ¬¬¬ Telecommunication services, export3 5123 5593 4212 8002 932
    ¬¬¬ Information services, export9 1879 36911 07910 88611 255
    ¬¬¬ Other personal and government services, export1 7361 8401 8751 8081 734
    MEMO: Services export when import of goods FOB136 960147 998139 828131 373146 653
    Imports, total430 337413 106425 205384 356443 372
    ¬ Goods (CIF)273 133248 841266 176238 764279 962
    ¬¬ Ships5 8814 4167141 7003 633
    ¬¬ Petroleum activities, various goods2 2452 5593 6381 6743 169
    ¬¬ Other goods265 007241 866261 824235 390273 160
    MEMO: Import of goods FOB264 068240 397257 277229 551269 519
    ¬ Services157 204164 265159 029145 592163 410
    ¬¬ Operating costs shipping, excl. bunkers13 90913 84012 80514 12015 052
    ¬¬ Petroleum activities, various services8 3697 6909 7777 4198 842
    ¬¬ Travel51 31860 16144 57040 57953 713
    ¬¬ Transport and communication9 1338 4248 3108 1459 125
    ¬¬¬ Land transport, import19191800
    ¬¬¬ Ocean transport, import200200200200200
    ¬¬¬ Air transport, import2 8572 6672 5182 3493 006
    ¬¬¬ Services related to transport, import5 6165 3755 3305 3215 698
    ¬¬¬ Postal and courier services, import441163244275221
    ¬¬ Financial and business services31 61631 32035 97229 93832 012
    ¬¬¬ Financial and insurance services, import6 5756 4837 3766 8127 297
    ¬¬¬ Audit services, juridical- and technical services, import6 9427 2087 8475 8416 633
    ¬¬¬ Research and development, import2 0651 9492 5801 5321 755
    ¬¬¬ Other business services, import16 03415 68018 16915 75316 327
    ¬¬ Other services42 85942 83047 59545 39144 666
    ¬¬¬ Construction, repairs and installation, import8 0858 5319 4346 8296 941
    ¬¬¬ Recycle and trash handling, import1 9771 3571 9221 6562 343
    ¬¬¬ Retail trade, hotel and restaurant, import575675656497629
    ¬¬¬ Publishing, film, music and broadcasting services, import6 1776 8186 8176 9367 262
    ¬¬¬ Telecommunication services, import2 0882 1582 6031 5651 531
    ¬¬¬ Information services, import19 31818 44621 71022 13221 287
    ¬¬¬ Other personal and government services, import4 6394 8454 4535 7764 673
    MEMO: Service import when import of goods FOB164 589171 334166 401153 266172 051
    Balance of goods and services140 405151 244215 846156 163151 663
    ¬ Balance of goods158 969166 136233 519168 843166 619
    ¬ Balance of services-18 564-14 892-17 674-12 680-14 956
    From abroad247 491197 493195 541243 564264 162
    ¬ Compensation of employees1 5491 5951 5971 6521 549
    ¬ Interest received80 53482 29595 52898 67896 958
    ¬¬Direct investment, interst receivable11 73111 00712 40912 2869 879
    ¬¬Other investment, interest receivable68 80371 28883 11986 39287 079
    ¬ Dividends etc.135 74285 27770 925114 178134 322
    ¬¬Direct investment, dividends etc receivable38 24924 47324 39643 64527 820
    ¬¬Portfolio ivestment, dividends etc. receivable97 49360 80446 52970 533106 502
    ¬ Reinvested earnings4 7954 7954 7954 7954 795
    ¬ Current transfers24 87123 53122 69624 26126 538
    To abroad211 880155 632167 959161 346183 930
    ¬ Compensation of employees12 34012 44212 25110 62011 255
    ¬ Interest paid60 62066 42974 30977 42771 943
    ¬¬Direct investment, interest payable7 2437 9969 4688 4696 933
    ¬¬Other investment, interest payable53 37758 43364 84168 95865 010
    ¬ Dividends etc.79 12930 14121 24819 90149 507
    ¬¬Direct investment, dividends etc. payable52 80617 66211 5605 13728 163
    ¬¬Portfolio investment, dividends etc. payable26 32312 4799 68814 76421 344
    ¬ Reinvested earnings10 0759 0039 2579 14610 224
    ¬ Current transfers from general government26 80812 25931 51119 89119 001
    ¬ Other current transfers22 90825 35819 38324 36122 000
    Balance of income and current transfers40 83446 01231 98686 51385 605
    ¬ Compensation of employees and investment income (Primary income), net60 45655 94755 780102 20994 695
    ¬ Current transfers (Secondary income), net-24 845-14 086-28 198-19 991-14 463
    Current account balance181 239197 256247 832242 676237 268
    Capital transfers to abroad, net1 8476041 0401 5542 012
    Acquisitions of patents, licenses etc. net27-7334-32-47
    Net lending179 365196 725246 758241 154235 303
    MEMO: incl. reinvested earnings
    Balance of income and current transfers35 55441 80427 52482 16280 176
    Current account balance175 959193 048243 370238 325231 839
    Net lending174 085192 517242 296236 803229 874
    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
    202120222021202220212022
    The world655 0001 612 328-12 903-53 118643 8591 664 797
    EU728 239..-43 641..560 059..
    Other European countries-12 215-10 6131 373-1 006-12 085-21 902
    Africa10 80715 1134 7844 76735 26844 942
    North-America-14 464-15 16214 09323 82994 970158 104
    Latin America and the Caribbean-8 710-12 8201 7552 9862 0774 769
    Asia, Oceania and polar regions-54 803-120 48210 4228 378-1 151-70 113
    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 investmentOther investmentsReserve assets
    1st quarter 20242nd quarter 20241st quarter 20242nd quarter 20241st quarter 20242nd quarter 20241st quarter 20242nd quarter 20241st quarter 20242nd quarter 2024
    Foreign assets
    All countries28 485 29628 474 7212 947 8512 952 30721 320 57021 516 9233 319 6193 115 423897 256890 068
    United States10 677 21910 961 152371 159373 2749 168 4519 489 034743 779719 040393 830379 804
    United Kingdom1 797 0121 770 716231 474233 3471 136 5481 122 308368 399348 67060 59166 391
    Japan1 371 3031 293 77112 14712 7621 301 7061 223 5315 3027 73752 14849 741
    Germany1 568 3101 472 367150 002157 0851 022 894917 771303 258303 73792 15693 774
    Sweden1 480 8821 530 395311 282312 010758 160744 477409 791472 2461 6491 662
    Switzerland682 484672 01817 46414 911601 260597 97758 55053 8765 2105 254
    China187 620188 01115 27216 276157 664156 5603 9934 64010 69110 535
    Liabilities
    All countries11 084 12610 865 3792 456 3192 390 5514 624 1564 586 9354 003 6513 887 89300
    Luxembourg1 400 8401 423 70447 54747 0021 254 0851 276 92399 20899 77900
    United Kingdom1 313 8351 282 49366 25374 214698 002687 809549 580520 47000
    United States1 684 4121 617 692102 53648 088835 560758 856746 316810 74800
    Sweden1 163 4721 157 432220 021213 940240 899250 435702 552693 05700
    China27 77627 56122 81422 8891 7991 8683 1632 80400
    Explanation of symbols
  • External debt. NOK million
    External debt. NOK million1
    3rd quarter 20234th quarter 20231st quarter 20242nd quarter 2024
    General government1 159 5321 451 2971 453 2911 511 043
    Short-term
    Currency and deposits0000
    Debt securities16 40814 70216 20917 074
    Loans272 720534 728342 372308 431
    Trade credits and advances0614
    Other accounts recievable/payable181 18785 113248 595218 950
    Long-term
    Currency and deposits0000
    Debt securities393 066398 756403 613430 964
    Loans296 151417 992442 498535 620
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Central bank121 402112 554107 879130 638
    Short-term
    Currency and deposits23373233
    Debt securities0000
    Loans0000
    Trade credits and advances0000
    Other accounts recievable/payable48 69441 54433 48657 762
    Long-term
    Liabilities - Special Drawing Rights (SDRs)72 64370 94474 29572 773
    Currency and deposits0000
    Debt securities0000
    Loans42296670
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Deposit-taking corporations except the central bank4 149 5904 185 2144 490 1774 259 829
    Short-term
    Currency and deposits1 659 9761 664 2371 851 9111 713 400
    Debt securities303 907445 498408 664328 550
    Loans....
    Trade credits and advances0000
    Other accounts recievable/payable326 243242 328281 878258 433
    Long-term
    Currency and deposits162 214161 906181 599173 540
    Debt securities1 697 2501 671 2451 766 1251 785 906
    Loans....
    Trade credits and advances0000
    Other accounts recievable/payable0000
    Other sectors1 301 2471 253 7641 257 4921 284 575
    Short-term
    Currency and deposits0000
    Debt securities13 43111 81517 72226 225
    Loans68 18270 65842 58453 600
    Trade credits and advances60 81273 56659 46763 700
    Other accounts recievable/payable158 409112 079131 064120 130
    Long-term
    Currency and deposits0000
    Debt securities679 646672 013692 852709 473
    Loans295 054298 182294 927291 493
    Trade credits and advances0000
    Other accounts recievable/payable25 71315 45118 87619 954
    Direct investment813 067783 857773 889761 934
    SUM TOTAL7 544 8387 786 6868 082 7287 948 019
    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 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.

The information under «About the statistics» was last updated 4 January 2023.

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).

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.

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.

Name: International accounts
Topic: External economy

4 December 2024

Division for National Accounts

National level

Quarterly statistics. The first version for quarter k t is published after k+60 days, followed by revisions in the following quarterly publications. The final version is published in August/September year t+2.

Reporting to Eurostat, the International Monetary Fund (IMF), Organization for Economic Co-orporation and Development (OECD) and Bank for International Settlement (BIS).

Microdata are based on different sources

The purpose of the BOP and IIP Statistics is to provide reliable information on residents of Norway’s economic relationships with non-residents. The statistics are an integrated part of the National Accounts using the same principles and definitions.

The statistics is set to meet the international requirements given in the BPM. The international guidelines in BPM are revised during the last several years, with the latest update published in 2009 by the International Monetary Fund (IMF). The sixth edition of the manual, BPM6, is the current version and is implemented in the Norwegian BOP and IIP Statistics in December 2014. Back data based on the guidelines from BPM6 is implemented in both the current- and capital account and the financial account.

The current- and capital account has time series going back to 1981, while the financial account has time series going back to 2005 (BOP) and 2012 (IIP). The current- and capital account has time series going back to 1981.

The main users are international organizations, IMF, Eurostat, OECD and BIS. The Balance of Payments and the International investment position are used by market analytics within finance and the business sector in general, and by governmental agencies for economic policy purposes. Used in the National Accounts, the BOP and the IIP give an exact mirror image of the sector Rest of The World in the national Accounts.

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 08.00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

The IIP and the BOP have the same principles and detailing levels. IIP shows the positions of assets and liabilities abroad each quarter. The positions together with the transactions, revaluations and other volume changes give a consistent picture of the financial part of the external sector.

Full integration with the National Accounts makes the Norwegian BOP and IIP data consistent with both the exports and the imports figures and financial figures for the Rest of the World Account of the National Accounts.

The BOP has a somewhat broader scope compared to the External Trade in Goods statistics. The main deviations are that BOP includes as exports goods delivered to non-resident carriers in Norwegian ports, goods other than oil and gas exported directly from the Norwegian continental shelf, imports of fuel to Norwegian carriers in foreign ports, and direct imports of goods to the Norwegian continental shelf. In addition, the BOP converts exports and imports of certain types of goods as registered in the external trade statistics into exports and imports of services.

A table of the external debt statistics can be found under “tables”. The external debt statistics is based on the guidelines in BPM6 and External Debt Statistics: Guide for Compilers and Users. The quarterly data from the IIP statistics is the basis of the external debt statistics. The gross external debt liabilities equals the debt liabilities in the IIP statement, i.e., total IIP liabilities excluding all equity (equity shares and other equity) and investment fund shares. The first level of disaggregation of the external debt is by institutional sector. The second level of disaggregation is by maturity of external debt, and the third level of disaggregation is by type of debt instrument.

In the BOP and IIP Statistics there is a classification on functional categories, one of them being direct investment. There is a separate annual statistics on Direct investment published by Statistics Norway. The two statistics follows different principles and will therefore show different figures. Statistics Norway also publishes Portfolio investment abroad, and the statistics follows the same international guidelines as the IIP.

The main part of the data is collected under the provisions of the Statistics Act and the Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc.

EU-regulations incorporated in the EEA-agreement define the scope of the statistics. The following regulations apply to the BOP and IIP -statistics:

  • REGULATION (EC) No 184/2005 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment
  • COMMISSION REGULATION (EC) No 1055/2008 of 27 October 2008 implementing Regulation (EC) No 184/2005 of the European Parliament and of the Council, as regards quality criteria and quality reporting for balance of payments statistics
  • COMMISSION REGULATION (EU) No 1227/2010 of 20 December 2010 amending Regulation (EC) No 1055/2008 implementing Regulation (EC) No 184/2005 of the European Parliament and of the Council, as regards quality criteria and quality reporting for balance of payments statistics
  • COMMISSION REGULATION (EU) No 555/2012 of 22 June 2012 amending Regulation (EC) No 184/2005 of the European Parliament and of the Council on Community statistics concerning balance of payments, international trade in services and foreign direct investment, as regards the update of data requirements and definitions
  • REGULATION (EC) No 716/2007 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 June 2007 on Community statistics on the structure and activity of foreign affiliates

The scope of the Balance of Payments and International investment position is defined in international guidelines in the Balance of Payments and International Investment Position Manual (BPM6), System of National Accounts (2008 SNA, published by the UN, OECD, IMF, World Bank and the European Commission) and the European System of National and Regional Accounts (ESA 2010).

Like the National Accounts, the IIP and BOP accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe transactions between statistical units in which economic values are provided or received in exchange for other economic values. The Balance of Payments shall in principle include all transactions between unit’s resident of the Norwegian economic territory and non-resident units. See below for more about the sample that’s behind the BoP statistics.

The delineation of the economy towards the rest of the world is based on the concept of resident units. A unit is a resident unit when it has a centre of economic interest in the economic territory in question, i.e. when it is engaged in economic activity in a territory for a long period of time (at least one year).

The Norwegian economic territory includes mainland Norway together with the Norwegian part of the Continental Shelf, Svalbard and Jan Mayen with Bjørnøya.


The BOP and IIP statistics are based on data collected by other divisions in Statistics Norway.

The main sources for the current- and capital account;

  • External trade in goods
  • Petroleum Statistics
  • Sample survey, non-financial enterprises,non-financial corporations and financial institutions not under supervision
  • Structural Business Statistics, Ocean Transport
  • Annual accounting statistics for the general government.
  • Quarterly accounting statistics for financial corporations under supervision
  • Travel survey

The main sources for the financial account;

  • Quarterly accounting statistics for financial corporations under supervision. Positions are reported and some transactions (equity, other debt securities and loans) and some revaluations (exchange rate changes and other price changes) quarterly and annually.
  • Quarterly accounting statistics for non-financial corporations and financial institutions not under supervision. Positions and revaluations are reported quarterly and annually.
  • Annual accounting statistics for the general government. Positions and revaluations (exchange rate changes and other price changes) are reported.
  • Quarterly data from the Norwegian Central Securities Depository (VPS) and data from a separate survey on mutual funds. Positions and transactions are reported.

Data collected for non-financial corporations and mutual funds are based on sample surveys. See each survey for more information on sampling, for example sample survey and how to choose the sample. For areas with incomplete statistical coverage, it is necessary to do estimations or use supplementary sources such as tax returns.

All major Norwegian financial and non-financial enterprises are covered in the BOP and IIP-statistics.

For most of the BOP and IIP items the figures used are as shown in the primary sources, as mentioned in the “Data source and sampling” section. Others are derived through estimations of which the most important are:

Current account

Services and income flows are estimated on quarterly basis by using the change as observed in the sampling survey data combined with last known annual totals. This estimation procedure is the same used in Quarterly National Accounts.

Reinvestment of earnings

Reinvestment of earnings is included in both the current and financial account. Reinvestment of earnings arising from a direct investor’s equity in its direct investment enterprise is calculated based on accounting variables profit and dividends.

Financial account

Financial transactions are to a large extent estimated starting with observed investment positions. The definitional identity employed is: opening position + transactions + revaluations = closing position.

Most of the revaluations due to exchange rate movements are estimated combining exchange rates and information on foreign currencies in use for different variables.

The household’s holiday houses abroad are estimated based on tax information. Price changes and exchange rates are estimated from information from various countries.

The non-financial enterprises and financial institutions not under supervision are based on a quarterly sample survey. This covers the major enterprises in the population and has a sample size of 500-600 enterprises. Quarterly numbers are then grossed up with figures from the annual BoP and IIP reporting that has a sample size of 3,000 enterprises. This is done by adding the enterprises only included in yearly survey to the fourth quarter and are then copied the following three quarters. These enterprises represent approximately ten percent of non-financial enterprises' total assets and liabilities.

Not relevant

Statistics Norway's standard rules for confidentiality are applied

Statistics Norway has adapted the international recommendations for compiling BOP and IIP statistics and is therefore comparable with other countries' BOP and IIP statistics. Annual and quarterly current account data on a consistent form are available back to 1981 in the Statbank. Correspondingly for the financial account back to 2005. Quarterly IIP data on a consistent form are available back to 2012 in the Statbank. The data has had several changes due to the new manuals BPM6 and ESA2010 and which has led to minor breaks in the time series. Longer times series for annual IIP data are available back to 1998 based on BPM5 guidelines. Longer times series for annual and quarterly current account data are available back to 1970. Correspondingly for the financial account back to 1981. For the period 1994 - 2004 monthly data for both current and financial account are available. An historic table for Balance of Payments is available back to 1949, see 22.8 and 22.9.

The Norwegian BOP and IIP Statistics makes use of information from a great variety of statistical sources and will reflect uncertainty and errors which might appear in these sources. However, the fact that IIP is a logical system within an even larger logical system of the National Accounts, it is possible to carry out a range of consistency checks to counterbalance the initial collection and then processing errors of the primary sources.

Preliminary quarterly and annual figures are revised until final annual figures are published (in August/September year t+2). See Administrative information, Frequency and Timeliness.

In addition, periodical main revisions give revised figures. A main revision of the BoP time series were conducted in December 2014 with the implementation of the new manuals Balance of Payments and International Investment Position (BPM6) and European system of national Accounts (ESA2010). The BoP financial account has revised its time series back to 2005.

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