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11182
Increase in net financial assets
statistikk
2007-10-08T10:00:00.000Z
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, 2006

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Increase in net financial assets

General government net financial assets amounted to NOK 2359 billion at the end of 2006, an increase of NOK 421 billion from 2005. Total financial assets increased by 22.7 per cent and amounted to NOK 3831 billion, while total liabilities increased by 24.1 per cent and amounted to NOK 1472 billion.

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 reflected in the increase in net financial assets in "Other central government accounts", which amounted to more than NOK 294 billion in 2006.

Central government net financial assets amounted to NOK 2168 billion in 2006, an increase of 22.9 per cent from 2005. The increase is mainly due to large revenues from the petroleum sector. This can be seen through increases in financial assets abroad, especially through the increase in bonds and shares, participations and primary capital certificates.

For local governments, total liabilities and total financial assets rose by approximately the same amount, NOK 22.1 billion and NOK 21.7 billion respectively. Net financial debt amounted to NOK 61.6 billion in 2006, an increase of 0.7 per cent from 2005. In comparison, net financial debt in 2005 amounted to NOK 61.1 billion.

Gross public debt

In spite of a significant surplus in general government, gross public debt as a percentage 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 55.0 per cent of GDP at the end of 2006. The average for the EU-151 at the end of 2006 was 63.3 per cent, according to figures from the OECD.

General government. Financial balance sheet. Nominal
value. NOK billion and change in per cent
  Billion kroner      Change in
per cent
  2005 2006
A. Financial assets total 3 123.2      3 831.0 22.7
Cash and deposits  210.3  273.6 30.1
Commercial papers and bonds  739.3 1 228.6 66.2
Other loans 1 030.1 1 015.9 -1.4
Capital deposits and shares  844.7  999.8 18.4
Other financial assets  298.8  313.0 4.7
       
B. Liabilities total 1 185.6 1 471.9 24.1
Commercial papers and Treasury bills     59.1 57.4 -2.9
Bonds  179.0  210.8 17.8
Other loans  832.7 1 073.4 28.9
Other liabilities  114.8  130.3 13.5
       
C. Net financial assets(A-B) 1 937.6 2 359.1 -
General gross debt  850.2 1 182.5 39.1
Per cent of GDP 43.8 55.0 -

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