Norway only Nordic country with net foreign assets

Norway increased its net external assets by NOK 45 billion in 1997, while the other Nordic countries increased their net external debt. Sweden saw the most rapid growth in its net external debt, with the increase calculated at 98 billion in Norwegian kroner.

Denmark and Finland increased their net foreign debt by NOK 16 and 35 billion respectively. Norway was the only country to improve its financial position overseas in relation to its gross domestic product (GDP) and at the close of 1997 Norway had net assets amounting to nine per cent of GDP. Denmark's financial position as a percentage of GDP was virtually unchanged during the same period. On the other hand, Finland increased its net debt in proportion to GDP from 42.8 per cent in 1996 to 43.6 per cent in 1997, while Sweden increased its net debt the most. At the close of 1997, Sweden had a net debt as a percentage of GDP of 47.1 per cent, an increase of 4.9 percentage points from the year before.

Continued growth in Norway's net assets
Balance of payments figures show that Norway's net external assets increased by nearly NOK 7 billion in 1998. Sweden's net debt continued to increase in 1998, and central bank figures from Sweden show that net debt amounted to 50.3 percent of GDP after the first half of 1998. Finland increased its net foreign debt by 107 billion Norwegian kroner until October 1998.

New Statistics
External assets and liabilities, 1997.
The statistics are published annually in the Weekly Bulletin of Statistics and in Banking and Credit Statistics. Current data. For more information contact: Leiv.Ryalen@ssb.no, tel. +47 21 09 45 23, Jens.Nordby@ssb.no, tel. +47 21 09 45 18 or Kjell.Hammer@ssb.no, tel. +47 21 09 45 13.

Weekly Bulletin issue no. 13-14, 1999