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11184
Increased net financial assets
statistikk
2006-09-22T10:00:00.000Z
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, 2005

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Increased net financial assets

General government net financial assets amounted to NOK 1 943 billion at the end of 2005, an increase of NOK 434 billion from 2004. Total financial assets increased by 18.6 per cent and total liabilities increased by 5.0 per cent.

The growth in general government net financial assets is primarily caused by increased financial assets in central government. This is a result of large allocations to the Government Pension Fund- Global and high yields during the year. The growth is observed through the increase in net financial assets in "Other central government accounts", which was over NOK 383 billion in 2005.

General gross debt in per cent of GDP, Norway and EU-15

In addition, net financial assets in the central government fiscal accounts including the National Insurance Scheme increased from NOK 210 billion in 2004 to NOK 226 billion in 2005.

Local governments total liabilities amounted to NOK 258 billion at the end of 2005. Total financial assets amounted to NOK 197 billion. Net financial debt increased by NOK 3.4 billion, and amounted to NOK 61 billion in 2005. Net borrowing according to the revenue and expenditure account was NOK 3.1 billion.

General government. Financial balance sheet.
Nominal value. NOK billion and change in per cent
  NOK billion Change in
per cent
  2004 2005
A.Financial assets total 2 637.5 3 128.6 18.6
Cash and deposits  181.7  210.0 15.6
Commercial papers and bonds  687.8  739.3 7.5
Other loans  831.8 1 030.1 23.8
Capital deposits and shares  668.7  844.7 26.3
Other financial assets  267.4  304.2 13.8
       
B. Liabilities total 1 129.0 1 185.6 5.0
Commercial papers and Treasury bills 71.1 59.1 -16.9
Bonds  163.9  179.0 9.2
Other loans  763.3  832.4 9.1
Other liabilities  130.4  114.8 -12.0
       
C. Net financial assets(A-B) 1 508.5 1 943.0 -
General gross debt  795.6  850.2 6.9
Per cent of GDP 46.3 44.7 -

Gross public debt

In spite of significant surplus in the general government, gross public debt as per cent of gross domestic product (GDP) has increased over the past years. This is due to the repurchase agreements of the Government Pension Fund- Global. Such agreements imply that both assets and liabilities increase. The Maastricht Treaty definition is usually used in international comparisons of gross public debt. The definition does not include internal accounts payable and liabilities in general government. According to this delimitation, Norway's public debt was 44.7 per cent of GDP at the end of 2005. Average for the EU-151 at the end of 2005 was 58.0 per cent, according to figures from the OECD.

1The European Union excluding the 10 new member states from 2004.