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Reduced settlements
Settlements from foreign countries to Norwegian bank accounts amounted to NOK 347 billion in the first quarter of 2009. This is a 27 per cent decrease compared to the fourth quarter of 2008. Outgoing settlements saw a decrease of 15 per cent, totalling NOK 328 billion.
In the first quarter of 2009, incoming settlements totalling NOK 347 billion were registered. This is a decrease of 27 per cent compared to the fourth quarter of 2008. The total value of outgoing settlements showed a decrease of about 15 per cent in the same period, and thereby amounted to NOK 328 billion.
There are substantial changes in settlements between Norway and the rest of the EU when comparing the fourth quarter of 2008 and the first quarter of 2009. Incoming settlements have seen a decrease of more than NOK 54 billion, which amount to more than 80 per cent of the total decrease from the fourth quarter of 2008. Outgoing settlements to the rest of the EU have decreased by NOK 71 billion. This amounts to more than half of the total decline in value of all the outgoing settlements. There have also been marked reductions from the fourth quarter of 2008 to the first quarter in 2009 for outgoing settlements to Asia and North and Central America.
Incoming cross border settlements | Outgoing cross border settlements | ||||||||||||||||||||||||||||||||||||||
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Number of settlements | Per cent | NOK million | Per cent | Number of settlements | Per cent | NOK million | Per cent | ||||||||||||||||||||||||||||||||
Total | 572 198 | 100.0 | 347 997 | 100.0 | 1 252 971 | 100.0 | 328 815 | 100.0 | |||||||||||||||||||||||||||||||
The Nordic countries | 335 245 | 58.6 | 132 679 | 38.1 | 528 567 | 42.2 | 123 105 | 37.4 | |||||||||||||||||||||||||||||||
Rest of the EU | 168 627 | 29.5 | 154 761 | 44.5 | 480 876 | 38.4 | 140 744 | 42.8 | |||||||||||||||||||||||||||||||
Rest of Europe | 12 966 | 2.3 | 4 343 | 1.2 | 36 383 | 2.9 | 11 891 | 3.6 | |||||||||||||||||||||||||||||||
Africa | 1 560 | 0.3 | 855 | 0.2 | 12 833 | 1.0 | 1 831 | 0.6 | |||||||||||||||||||||||||||||||
Asia | 17 398 | 3.0 | 13 874 | 4.0 | 101 255 | 8.1 | 21 570 | 6.6 | |||||||||||||||||||||||||||||||
North and Central America | 32 946 | 5.8 | 38 828 | 11.2 | 79 343 | 6.3 | 25 275 | 7.7 | |||||||||||||||||||||||||||||||
South America | 1 257 | 0.2 | 1 008 | 0.3 | 6 322 | 0.5 | 1 971 | 0.6 | |||||||||||||||||||||||||||||||
Oceania | 2 199 | 0.4 | 1 649 | 0.5 | 7 392 | 0.6 | 2 427 | 0.7 | |||||||||||||||||||||||||||||||
Mining and quarrying down 70 per cent
Mining and quarrying is the industry with the most pronounced changes from the fourth quarter of 2008 to the first quarter of 2009 in total value of the external settlements. The outgoing settlements in this industry have decreased by almost 70 per cent. This amounts to NOK 59 billion. The incoming settlements showed an 11 per cent reduction in the same time period, totalling NOK 26 billion.
The manufacturing industry has seen a reduction both in incoming and outgoing settlements when comparing the fourth quarter of 2008 with the first quarter of 2009. The outgoing settlements have seen a decrease of more than 20 per cent and the incoming 15 per cent, which amount to NOK 33 and NOK 25 billion respectively.
Section | Incoming settlements | Outgoing settlements | |||||||||||||||||||||||||||||||||||||
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NOK million | Per cent | NOK million | Per cent | ||||||||||||||||||||||||||||||||||||
Total | 344 603 | 100.0 | 323 636 | 100.0 | |||||||||||||||||||||||||||||||||||
Agriculture, hunting and forestry | 20 | 0.0 | 157 | 0.0 | |||||||||||||||||||||||||||||||||||
Fishing | 3 848 | 1.1 | 2 117 | 0.7 | |||||||||||||||||||||||||||||||||||
Mining and quarrying | 62 801 | 18.2 | 26 006 | 8.0 | |||||||||||||||||||||||||||||||||||
Manufactoring | 150 068 | 43.5 | 126 694 | 39.1 | |||||||||||||||||||||||||||||||||||
Electricity, gas and water supply | 22 023 | 6.4 | 30 312 | 9.4 | |||||||||||||||||||||||||||||||||||
Construction | 1 153 | 0.3 | 2 089 | 0.6 | |||||||||||||||||||||||||||||||||||
Wholesale and retail trade | 30 681 | 8.9 | 65 892 | 20.4 | |||||||||||||||||||||||||||||||||||
Hotels and restaurants | 291 | 0.1 | 528 | 0.2 | |||||||||||||||||||||||||||||||||||
Transport, storage and communication | 39 736 | 11.5 | 32 862 | 10.2 | |||||||||||||||||||||||||||||||||||
Real estate, renting and buiness activities | 24 684 | 7.2 | 25 590 | 7.9 | |||||||||||||||||||||||||||||||||||
Public administration | 7 402 | 2.1 | 7 441 | 2.3 | |||||||||||||||||||||||||||||||||||
Education | 152 | 0.0 | 318 | 0.1 | |||||||||||||||||||||||||||||||||||
Health and social work | 390 | 0.1 | 1 441 | 0.4 | |||||||||||||||||||||||||||||||||||
Other community, social and personal service activities | 1 037 | 0.3 | 1 939 | 0.6 | |||||||||||||||||||||||||||||||||||
Private households with employed persons | 0 | 0.0 | 0 | 0.0 | |||||||||||||||||||||||||||||||||||
Extra-territorial organizations and bodies | 142 | 0.0 | 24 | 0.0 | |||||||||||||||||||||||||||||||||||
Missing | 174 | 0.1 | 227 | 0.1 | |||||||||||||||||||||||||||||||||||
Incoming settlements again larger than outgoing
In the first quarter of 2009, the total value of incoming settlements is almost 6 per cent higher than the outgoing. This is a marked change from the fourth quarter of 2008, when the value of all incoming settlements was 9 per cent lower than the outgoing. The increase in incoming settlements from North and Central America and the rest of the EU is the main element in this change. These countries constitute about 80 per cent of the total value of Norwegian external settlements.
1. quarter 2009 | 4. quarter 2008 | 3. quarter 2008 | 2. quarter 2008 | 1. quarter 2008 | |||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total | 5.8 | -9.1 | 28.6 | 13.8 | 12.1 | ||||||||||||||||||||||||||||||||||
The Nordic countries | 7.8 | -5.2 | 34.1 | 36.8 | 24.1 | ||||||||||||||||||||||||||||||||||
Rest of the EU | 10.0 | -1.2 | 32.4 | 6.9 | 6.4 | ||||||||||||||||||||||||||||||||||
Rest of Europe | -63.5 | -65.7 | -55.0 | -67.2 | -61.9 | ||||||||||||||||||||||||||||||||||
Africa | -53.3 | -90.5 | -29.8 | -14.4 | -17.8 | ||||||||||||||||||||||||||||||||||
Asia | -35.7 | -41.5 | 31.5 | -11.8 | -16.6 | ||||||||||||||||||||||||||||||||||
North and Central America | 53.6 | 13.0 | 38.4 | 17.4 | 72.5 | ||||||||||||||||||||||||||||||||||
South America | -48.9 | -58.4 | -54.6 | -55.9 | -54.8 | ||||||||||||||||||||||||||||||||||
Oceania | -32.1 | -47.7 | 4.3 | -18.8 | -37.4 | ||||||||||||||||||||||||||||||||||
Enterprises dominate
Comparing the total value and number of settlements for enterprises with private individuals shows that enterprises clearly dominate in both areas. In the first quarter of 2009, the enterprises account for more than 98 per cent of the total value of both incoming and outgoing settlements. For private individuals, the total value of outgoing settlements in the first quarter of 2009 is higher than the incoming settlements.
Incoming settlements | Outgoing settlements | Percentage share enterprises | |||||||||||||||||||||||||||||||||||||
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Total | Enterprises | Private individuals | Total | Enterprises | Private individuals | Incoming settlements | Outgoing settlements | ||||||||||||||||||||||||||||||||
Number of settlements | 572 198 | 468 866 | 103 332 | 1 252 971 | 872 455 | 380 516 | 81.9 | 69.6 | |||||||||||||||||||||||||||||||
NOK million | 347 997 | 344 603 | 3 395 | 328 815 | 323 636 | 5 178 | 99.0 | 98.4 | |||||||||||||||||||||||||||||||
The majority of settlements in the Register of Cross Border Transactions and Currency Exchange are transferred via commercial banks. The use abroad of credit cards issued in Norway and the use in Norway of credit cards issued abroad are also registered. Unless otherwise stated, the statistics only cover payments via commercial banks. The statistics show the extent of cross border payments between individuals or enterprises in Norway and foreign individuals or enterprises. Financial enterprises are not included in the statistics. More details about delimitation and important terms are available in About the statistics . |
Contact
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Anne Lyslid Larsen
E-mail: anne.larsen@ssb.no
tel.: (+47) 40 90 23 31
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Jonathan Ho
E-mail: jonathan.ho@ssb.no
tel.: (+47) 40 90 25 82