Increased current account surplus

There was growth in the current account balance in Norway, both measured against the previous quarter and the corresponding quarter in 2017. This is largely due to persistent high prices of oil and natural gas and stable net investment income from abroad, according to updated figures from balance of payments.

Exports and imports

Compared to the 4th quarter, the value of both exports and imports declined. This was the case both for goods and services. The opposite was the case compared to the 1st quarter of 2017. Net change in balance of goods and services was up NOK 7 billon compared to the previous quarter and up NOK 3 billion compared to the corresponding quarter in 2017. For the preliminary calculations of exports and imports in the 1st quarter of 2018, the figures for goods are more reliable than those for services.

For more information about export and import, including price and volume considerations and seasonal adjustments, please see the quarterly national accounts .

Income and current transfers

When it comes to primary income and secondary income to and from abroad in the 1st quarter of 2018 there was a modest growth in both compared to the 1st quarter in 2017. Preliminary calculations show that the income to Norway was slightly higher than the income to abroad, leaving the balance of income and current transfer NOK 1 billion higher than the same period in 2017.

Due to new information for 2017, all quarters have been revised since these statistics were last published in March 2018. In total, the balance of income and current transfers was revised upwards to NOK 14 billion. The revision is particularly due to new price information on oil and gas exports. See separate information about revisions.

Revisions

Exports and imports

2016

Both exports and imports have been revised for 2016. Total export has been revised up to NOK 34.5 billion, almost exclusively from a revision of the export of services. Roughly half the revision was so called gross receipts, shipping. The rest of the revision was dominated by oil-related services and financial services.

Imports for 2016 were also adjusted upward in the ‘final’ figures for 2016. Total import was adjusted upwards by NOK 10.3 billion. About 5 billion stemmed from oil-related investments, while other goods were adjusted upwards by NOK 3 billion. Overall, services have been revised upwards slightly, but there are a number of upward and downward revisions in the detailed services.

2017

Preliminary figures for 2017 have also been revised due to new accounting information, among other things. Exports and imports have been revised up by NOK 26.7 and NOK 2.3 billion respectively.

2018

The revisions are larger for the 1st quarter of 2018 because the figures were estimated with more uncertainty in the last publication. Both exports and imports have been revised, giving a total upward revision of NOK 10.9 billion of the balance of goods and services.

Income and current transfers

In 2016, the balance of income and current account has been revised downward by approximately NOK 18 billion. Most of the revisions are due to new information regarding reinvested earnings.

There have also been downward revisions of the balance of income and current transfers in 2017, approximately NOK 20 billion. Also, in 2017, this is mostly due to revisions of reinvested earnings.

In the 1st quarter of 2018, the balance of income and current transfers was revised up by NOK 3 billion compared to the last publication.