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11196
Improved net financial assets
statistikk
2001-02-19T10:00:00.000Z
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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General government, financial assets and liabilities, 1999

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Improved net financial assets

In the course of 1999 general government improved its net financial assets by around NOK 113 billion, or 21 percent. The increase occurred despite a NOK 50 billion increase in overall liabilities in general government.

Net financial assets in general government at the end of 1999 came to NOK 644 billion.

The rapid growth in general government net financial assets is primarily caused by increased financial assets in central government. This is partly a result of large allocations to the Government Petroleum Fund in 1999, and partly because the Fund enjoyed high yields during this period. This is expressed through the increase in net financial assets in other central government accounts, which amounted to NOK 63.4 billion in 1999.

In addition to the increase in net financial assets in other central government accounts, net financial assets in the central government fiscal accounts including National Insurance Scheme increased by NOK 32.6 billion. The increase is mainly explained by capital participations in non-financial enterprises.

For local government there is a positive change in net financial assets despite the record-high deficit before financial transactions. This can mainly be attributed to the write up of the value of shares and loans to a number of municipal power plants. (More about this at http://www.ssb.no/kommregnko_en/ ).

General government. Financial balance sheet.
Nominal value. Billion kroner and change in
per cent
  Billion kroner Change in
per cent
  1998 1999
A. Financial assets total 988,7 1 150,3 16,3
Cash and deposits 117,7 128,2 8,9
Commercial papers and bonds 148,9 181,2 21,7
Other loans 304,5 345,8 13,6
Capital deposits and shares 296,7 358,5 20,8
Other financial assets 120,9 136,6 13,0
       
B. Liabilities total 457,4 507,0 10,8
Commercial papers and Treasury bills 30,6 42,1 37,6
Bonds 161,1 157,0 -2,5
Other loans 197,0 239,2 21,4
Other liabilities 68,7 68,7 0,0
       
C. Net financial assets(A-B) 531,3 643,3 -1
General gross debt 297,0 332,6 12,0
Per cent of GDP 26,3 26,7 -1
1  Corrected 11.01.2006.

Gross public debt

The Maastericht Treaty definition is usually used in international comparisons of gross public debt. The definition includes neither other account payable nor internal liabilities in general government. According to this delimitation, Norways public debt is 26.7 per cent of gross domestic product (GDP). This is the second lowest in the EU after Luxembourg, whose gross debt is only 6.7 per cent of GDP. The highest in this connection is Italy, which at the end of 1999 had a gross debt that was 15 per cent higher than the countrys GDP. Average for the 15 EU Member Countries at 31 December 1999 was 64.8 per cent.

Since 1993 the average gross debt has fallen relative to GDP in the European Economic Area (EEA). This trend was particularly obvious for Norway, whose gross debt has been cut nearly in half since 1993. The sharp reduction in the gross debt must be seen in connection with large allocations to the Government Petroleum Fund after 1993.