Weaker current account balance

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The current account balance in 3rd quarter of 2019 showed a surplus of NOK 24 billion. This is almost NOK 60 million lower than it was in the same quarter of 2018. The main explanation of the weak current account balance is lower export of oil and natural gas.

Written by: Håvard Sjølie / Mats Kristoffersen / Linda Wietfeldt

Export and import

Export value of crude oil and natural gas was NOK 56 billion lower in 3rd quarter than in the same quarter in 2018, according to updated figures from balance of payments. The drop in the value of oil and gas exports relates to maintenance on some oil and gas fields. For the oil production the volume growth is still positive while the volume of the gas production is lower than in the same period in 2018. However, the weak development in oil and gas prices dominate the picture and cause the value of oil and gas exports to drop substantially compared to the same quarter in 2018. The exports of services increase by NOK 12 billion in the same period. Preliminary figures indicate that shipping and financial and business services are contributing to this growth. When it comes to imports both goods and services are imported at a higher value than in 3rd quarter of 2018. The imports of goods is dominated by imports of ships, cars and machinery and equipment. For service imports oil services is the most important. All in all, preliminary figures for exports and imports generate a deficit of NOK 12 billion on the balance of goods and 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

In 3rd quarter of 2019 Preliminary figures of the balance of income and current transfers showed a surplus of NOK 36 billion. This is NOK 9 billion higher than 3rd quarter in 2018 and the highest quarterly level ever in a single quarter for the balance of income and current transfers. Nevertheless, looking at the sum of 2nd and 3rd quarter we see that there has been a reduction in the balance of income and current transfers compared with the same period in 2018. The growth in 3rd quarter in 2019 is partly caused by lower dividends to abroad compared to what was the case in 2018. Added to the deficit in balance of goods and services the current account balance ended at NOK 24 billion.