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/en/nasjonalregnskap-og-konjunkturer/statistikker/finsea/aar
10082
Public financial wealth catches up
statistikk
2010-07-09T10:00:00.000Z
National accounts and business cycles
en
finsea, Financial and non-financial accounts (discontinued), financial investments, households and non-profit organisations, general government, abroad, balance sheets, FINSE, national accountsFinancial accounts , National accounts and business cycles
false

Financial and non-financial accounts (discontinued), 2005-2009

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Public financial wealth catches up

The rise in the securities markets in 2009 accounted for 40 per cent of the depreciation that hit general government’s net financial assets in 2007 and 2008. General government’s savings and net lending, however, fell significantly in 2009 from the levels in 2007 and 2008.

General government owns a high proportion of total savings in Norway. In 2007 and 2008 these amounted to over 70 per cent of Norway’s total savings, only to fall to 56 per cent in 2009. This decline was primarily due to less wealth and tax revenues received by the government from oil and gas operations. Production income from the petroleum industry weakened as a result of a sharp fall in the price of oil and gas from 2008, while oil production itself decreased throughout the whole three-year period.

The general government’s savings have mainly been invested in financial assets. From 2007 to 2009 investments on average were 91 per cent of net lending. High net lending from1996 has built up substantial public net financial assets abroad, largely through the Government Pension Fund - Global.

General government’s net financial assets were severely affected by the turmoil in the international markets in 2007 and the financial crisis that began in mid-September 2008. During the autumn of 2008, market and commodity prices more than halved. At the end of 2007 net financial assets were NOK 3 239 billion. These fell by 2 per cent to NOK 3 177 billion at the end of 2008, despite the fact that NOK 480 billion was net invested in financial assets this year. The financial net wealth had thus lessened its value by NOK 542 billion due to the fall in securities markets, a decline that was larger than net investments in the period.

During 2009, net financial assets grew by 16 per cent to NOK 3 690 billion, although net investments of NOK 253 billion were relatively moderate compared to their respective levels in the two previous years. A favourable development in the securities markets ensured that the value of assets rose further by NOK 260 billion.

Falling exchange rate movements cut general government’s net financial assets by NOK 647 billion in 2007 and 2008. A rise in exchange rates in 2009 made up 40 per cent of this loss. The general government’s portfolio of market-listed securities accounted for 67 per cent of the sector's financial assets at the end of 2009 compared to 58 per cent in 2007.

General tables for institutional sectors within the national accounts system

The Department for National accounts and Financial statistics in Statistics Norway launched a project in 2008 under the heading “Financial and non-financial accounts in common tables - towards integrated institutional national accounts”.

The aim is to compile tables for institutional sectors which comprise a complete set of accounts within the national accounts system: production account, distribution and use of income accounts, accumulation accounts and balance sheets. The plan is to release the first tables after the main revision of the national accounts system in Norway (2014).

At this stage we release preliminary tables for institutional sectors based on ESA 1995. The tables include statistics from the national accounts system which were released on ssb.no earlier in 2010. See subject 09.01 National accounts, Institutional sectors accounts and Financial accounts.

The tables for Norway are inspired by tables released for countries in the Euro area, which cover data from the entire accounting system in the national accounts.

Savings, investments, revaluation and net wealth of public sector and total domestic sectors. NOK billion.
  2007 2008 2009
  General government Sum domestic sectors General government Sum domestic sectors General government Sum domestic sectors
Savings  431 501  565 339  514 093  713 767  270 132  483 470
Capital transfers net -535 -971 -2 138 -1 138 -613 -1 120
Investments  430 966  564 368  511 955  712 629  269 519  482 350
Net acquisition of non-finacial assets (1) 28 446  244 834 31 995  240 994 34 973  146 088
Net lending  402 520  319 534  479 960  471 635  234 546  336 262
Statistical discrepancy -3 901 -2  239 0 18 482 2
Net financial transactions (2)  398 619  319 532  480 199  471 635  253 028  336 264
             
Revaluations and other volume changes (3) -45 326 -58 794 -467 365  349 969  261 003  194 887
Non-financial assets 58 906  312 231 75 025  391 467  590 55 248
Net financial assets -104 232 -371 025 -542 390 -41 498  260 413  139 639
             
Change in stocks = Net acquisition of non-finacial assets (1) + Net financial transactions (2) + Revaluations and other volume changes (3)  381 739  505 572 44 829 1 062 598  549 004  677 239
             
Net assets = Non-financial assets (4)] + Net financial assets (5) 4 189 659 6 840 935 4 234 488 7 903 533 4 783 491 8 580 772
Non-financial assets (4)  950 513 5 617 277 1 057 533 6 249 738 1 093 096 6 451 074
Net financial assets (5) 3 239 146 1 223 658 3 176 955 1 653 795 3 690 395 2 129 697