NOK 0.2 billion deficit

Preliminary figures show a current account deficit of NOK 0.2 billion in February this year compared with a surplus of NOK 0.2 billion in February last year. In January this year the surplus was NOK 0.9 billion. The downturn in the current account balance from January to February 1999 is primarily due to the trade balance, which deteriorated by NOK 1.8 billion. This was caused inter alia by a NOK 2.3 billion increase in imports of other goods.

The goods and services surplus in February 1999 was NOK 0.7 billion. This is NOK 1.6 billion lower than in January 1999. The goods balance in February 1999 ended at NOK 1.4 billion, while the service balance showed a deficit of NOK 0.7 billion. In February 1998 the surplus on the goods and services balance was NOK 1.9 billion.

A deficit of NOK 1.0 billion has been estimated for the balance of income and current transfers in February 1999, while the average monthly deficit in 1998 was NOK 1.6 billion. In February 1998 the deficit in the balance of income and current transfers was NOK 1.7 billion.

Preliminary figures show Norway's net external assets were reduced by NOK 9.3 billion in February 1999, and were estimated at NOK 81.5 billion at the end of the month.

The revised balance of payments for 1998 shows a deficit of NOK 16.3 billion, against a previously estimated NOK 9.2 billion. The revision is mainly due to new information about increased imports of ships, oil platforms and shipping-related services. Tables for the final balance of payments for 1996 and revised balance of payments for 1997 and 1998 can be viewed on Statistics Norway's home pages.

Please note that in the capital account, transactions connected with the Norwegian Government Petroleum Fund have been moved from Norges Bank to Central Government, which is included in Other Sectors in the tables.

The current account balance comprises both external trade in goods and exports and imports of services. Also included are property income and expenses in the form of interest and dividends etc., and current transfers to and from abroad.

New Statistics
Balance of payments, February 1999.
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 Vibeke.Aas@ssb.no, tel. +47 21 09 47 07.

Weekly Bulletin issue no. 17, 1999