Weaker surplus in the balance of goods and services

Despite a weaker balance of goods and services the total current account balance is growing measured against the previous quarter, according to updated figures from balance of payments. This is due to a strong development in the balance of income and current transfers, which to a large extent is characterized by seasonal variation. Measured against the same quarter in the previous year the current account balance is almost NOK 10 billion lower. Still the current account balance ends at NOK 68 billion in 1^st quarter of 2019.

Exports and Imports

Looking at total export compared to 4^th quarter of 2018 we see a clear decline of NOK 16 billion. As already mentioned this is mainly due to a drop in the export of oil and gas where the reduced prices play an important role. If we, however, compare the total export with the same quarter in previous year, the development is the opposite, up NOK 16 billion. Measured this way the development in exports of oil and gas is less important, while export of services is more important.

The imports could be examined in the same manner. The total imports have dropped by NOK 8 billion measured against previous quarter, where the total imports exceeded NOK 300 billion. However, compared to 1^st quarter of 2018 there was a NOK 28 billion growth on total imports. This growth was driven by imports of “Other goods” while comparing with previous quarter the decline was driven by imports of services, and in particular the seasonal sensitive item “Travel” which decreased by almost NOK 4 billion.

 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 1^st quarter 2019 there was a modest growth in the sum of these two items related to the 1^st quarter in 2018. Preliminary calculations show that the income to Norway was a bit higher than the income to abroad, leaving the balance of income and current transfer almost NOK 3 billion higher than the same period in 2018.