NOK 0.9 billion deficit

Preliminary figures show a current account deficit of NOK 0.9 billion in July 1998. For June 1998 the deficit was NOK 0.6 billion. The negative trend is primarily the result of reduced exports of goods, and higher imports of services. In July 1997 Norway ran a surplus of NOK 4.5 billion.

Exports of goods and services in July 1998 were offset by equally large imports of goods and services. The goods and services balance for June 1998 showed a surplus of NOK 1.6 billion. The goods balance in July 1998 showed a surplus of NOK 2.1 billion, while the services balance showed a deficit of NOK 2.1 billion. A year ago the goods and services balance showed a surplus amounting to NOK 6.2 billion.

A deficit of NOK 0.9 billion has been estimated for the interest and transfers balance for July 1998, while the average deficit per month so far in 1998 was NOK 1.1 billion. The deficit on the interest and transfers balance for June 1998 was NOK 1.0 billion.

Preliminary figures show that Norway's net foreign assets were reduced by NOK 2.0 billion in July 1998, and were estimated at NOK 83.4 billion at the end of the month.

The current account includes both external trade in goods and the export and import of services. In addition, it includes unearned income and expenses in the form of interest, dividends, etc. and current transfers and benefits to and from overseas.

New Statistics
Balance of payments, July 1998.
The statistics are published monthly in the Weekly Bulletin of Statistics. For more information, contact: Bjornar.Ansnes@ssb.no, tel. +47 21 09 48 35, or Tore.Halvorsen@ssb.no, tel. +47 21 09 48 48.

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Weekly Bulletin issue no. 40, 1998