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Record high appreciation on government investments
statistikk
2014-10-30T10:00:00.000Z
Public sector;Public sector
en
offogjeld, General government, financial assets and liabilities, central government, local government, stock, transactions, assets by type (for example bonds, shares, lending), net assets, liabilities by type (for example commercial papers, bonds, loans)Local government finances , General government , Central government finances , Public sector
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These statistics comprise financial assets and liabilities for general government and its sub-sectors and government gross debt for Norway.

General government, financial assets and liabilities, 2013

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Record high appreciation on government investments

At the end of 2013, general government financial assets amounted to NOK 7 277 billion, which corresponds to an increase of NOK 1 341 billion, or 22.6 per cent, compared to the previous year.

General Government. Financial assets and liabilitiesPublished 30 October 2014
20122013
Stocks per 31.DecTransactionsOther changeStocks per 31.Dec
Assets
Currency and Deposits236 383-45 292148191 238
Bonds1 533 741344 76464 6761 943 181
Loans612 54467 37410 586690 504
Shares and other equity3 238 23057 249861 4924 156 971
Other accounts receivable315 064-20 380231294 915
TOTAL ASSETS5 935 961403 715937 1337 276 809
 
Liabilities
Bonds519 540-9 216-9 085501 239
Loans356 11363 5343 556423 203
Oher accounts payable142 3408 23594150 668
TOTAL LIABILITIES1 017 99262 553-5 4351 075 110
 
Net financial assets4 917 9696 201 699
Net lending341 162
Net revaluations942 568

Source: Statistics Norway

Of the total financial assets in general government, 54 per cent were invested in shares and equities. Investments in bonds and loans amounted to 27 per cent and 9 per cent respectively. The total general government debt amounted to NOK 1 075 billion. This is an increase of 6 per cent compared with 2012. The assets of the central government sector represent 96 per cent of the total general government assets.

Record high yield in central government

Revenues from petroleum-related activities contributed to surplus and large net acquisitions of financial assets. In 2013, the central government acquired bonds, securities and equities worth NOK 393 billion. The largest contribution to central government net assets is, however, due to capital gains and depreciation of the Norwegian krone. Together, these factors contributed to an increase of central government net worth of NOK 936 billion. Net worth in central government amounted to NOK 6 373 billion at the end of 2013.

Increased debt in local government

Deficit in local government resulted in an increase in debt in 2013. At the end of 2013, local government total debt amounted to NOK 455 billion, which corresponds to an increase of 8 per cent compared to 2012. Local government deficit, measured by net lending, was approximately NOK 20 billion in 2013.

General government’s gross debt 29.7 per cent of GDP

At the end of 2013, general government’s gross debt was NOK 895 billion or 29.7 per cent of GDP. The gross debt fell substantially from 2010, when it was 42.5 per cent of GDP, to 2011 when it was 29.7 per cent. The reduction was mostly due to reduced repurchase agreements utilised in the administration of the Government Pension Fund Global.

Liabilities connected to the Government Pension Fund GlobalOpen and readClose

Liabilities connected to the Government Pension Fund Global Repurchase agreements and re-sale agreements in securities are frequently used instruments in the administration of the Government Pension Fund Global. The fund sells a portfolio of securities accompanied by a repurchase agreement. However, in the accounts, the portfolio remains on the asset side of the fund’s balance sheet, as does the cash received for the sale. The corresponding sales value is then entered as a loan from the buyer on the liability side of the balance sheet. The reverse situation is called a re-sale agreement or a reversed repo.

Revised figures on General government gross debtOpen and readClose

Due to newly available information concerning nominal value on intergovernmental debt, the time series on general government’s gross debt has been revised. In the period 2000 to 2012, the impact of the revision is between 0.2 and -1.7 per cent compared to previously published data.