NOK 3.2 billion deficit in November

Preliminary figures show a current account deficit of NOK 3.2 billion in November 1998. In October 1998 the deficit was NOK 3.6 billion.

In November 1998 the deficit on the balance of goods and services totalled NOK 1.2 billion, up NOK 0.6 billion compared with October 1998. Total exports were reduced by NOK 2.1 billion, while total imports were reduced by NOK 1.6 billion. The goods balance shows a deficit of NOK 0.5 billion in November 1998, while the services balance shows a deficit of NOK 0.7 billion. Compared with October 1998, the goods balance deteriorated by NOK 0.7 billion due mainly to reduced exports of traditional goods. The services balance changed little from October to November. In November 1997 the surplus on the goods and services balance was NOK 6.4 billion.

A deficit of NOK 2 billion has been estimated for the November 1998 balance of incomes and current transfers, while the average deficit per month so far in 1998 was NOK 1.5 billion. For October 1998 the deficit on the balance of incomes and transfers was NOK 2.9 billion.

Preliminary figures show Norway's net foreign assets were reduced by NOK 6.5 billion in November 1998, and were at the end of the month estimated at NOK 84.6 billion.

The current balance includes both external trade with commodities and exports and imports of services. Also included are unearned income and expenses in the form of interest and dividends, etc. and current transfers to and from Norway.

New Statistics
Balance of payments, November 1998.
The statistics are published every month 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.

Weekly Bulletin issue no. 5, 1999