Foreign asset and liabilities, 2002

A country's net position is the difference between foreign financial assets and liabilities.

At year-end 2002, Norway's total foreign assets amounted to NOK 2001 billion, while total foreign liabilities were NOK 1461 billion. During 2002 foreign assets and foreign liabilities increased by NOK 63 and NOK 112 billion respectively.

Financial intermediation and insurance in addition to public administration saw the strongest growth in liabilities during 2002. In financial intermediation and insurance liabilities increased by NOK 40 billion to NOK 653 billion. The build-up was particularly strong for commercial and savings banks, with an increase in foreign liabilities of NOK 23 billion to NOK 379 billion.

Total foreign shareholding amounted to NOK 564 billion at market value, a decline of NOK 58 billion since 2001. The increase was NOK 75 billion from 2000 to 2001. The financial industry saw the value of its foreign stock decline from 2001 to 2002, due to the negative development in stock markets around the world.

The US was the single most important country for Norwegian investments abroad, with stock totalling NOK 110 billion. Other countries in which Norway had major stock interests were the UK with NOK 87 billion, Sweden with NOK 65 billion and Japan with NOK 29 billion.

Foreign ownership interests in Norwegian companies totalled NOK 86 billion at nominal value in 2002, an increase of NOK 3 billion from 2001. The most important countries in this respect were Sweden with NOK 20 billion, the UK with NOK 11 billion and Denmark with NOK 11 billion. In 1998, the US was the most important country, while Norway's neighbouring countries held this position in 2002. Market values have not been estimated.

Tables:

• Table 1 Foreign assets, liabilities and net assets at nominal/market value. 1980-2002. NOK million and per cent of gross domestic product. (Corrected 13.07.2004)
• Table 2 Foreign assets and liabilities at market value, by sector and industry. 1998-2002. NOK million
• Table 3 Foreign stocks at market value. 1998-2002. NOK million
• Table 4 Norwegian stocks at nominal value. 1998-2002. NOK million