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NOK 73 billion in current account surplus
statistikk
2005-06-07T10:00:00.000Z
External economy;National accounts and business cycles;External economy
en
ur, International accounts, current account balance, direct investments, operational and capital accounts, financial accounts, investment abroad, foreign investment, transactions, stocks, financial assets, liabilities, portofolio investment, financial investments, revaluations, current account balance, balance of income and current transfers, reinvested earnings, net assets, BOP geographical breakdown, balance of goods, balance of services, BOP, IIP, balance of payments, international investment positionBalance of payments, National accounts , Foreign assets and liabilities , National accounts and business cycles, External economy
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International accounts, Q1 2005

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NOK 73 billion in current account surplus

According to preliminary figures Norway's current account surplus amounted to NOK 73 billion in the firstquarter of 2005, compared with an average surplus the previous four quarters of NOK 57 billion.

Current account balance. 2004 - 2005

As from the first quarter of 2005 the Norwegian Balance of Payments statistics is released on a quarterly basis due to a fundamental change in the data collection system. Previously, monthly data on bank payments between residents and non-residents were used. Now data are collected directly from the various residents engaged in economic transactions with non-residents. The change means that users should be more careful in comparing the data for the first quarter of 2005 with data from previous periods. The figures for merchandise trade are not influenced by the change in collection system.

Increase in oil and gas exports

Oil and gas exports increased and imports of goods decreased in the first quarter of 2005 compared to the previous one, raising the surplus in trade of goods and services to NOK 77 billion. The balance of goods ended at NOK 69 billion, while the contribution to the surplus from services was NOK 8 billion.

The total value of exports of goods and services was NOK 199 billion in the first quarter, while the total value of imports of goods and services came to NOK 122 billion.

The balance of income and current transfers is estimated at a deficit of NOK 4 billion for the first quarter of 2005. The average deficit per quarter in 2004 was NOK 3 billion.

According to preliminary figures Norway's net external assets increased by NOK 85 billion in the first quarter of 2005, and were estimated at NOK 1 148 billion at the end of the quarter.

2004 revision

The current account surplus for 2004 has been revised down from NOK 231 billion to NOK 228 billion, due to new estimates for reinvested earnings to and from abroad.

Balance of payments. 1. quarter 2004 to 1. quarter 2005. NOK billion
  2004 1. quarter 2004 2. quarter 2004 3. quarter 2004 4. quarter 2004 1. quarter 2005
Balance of goods and services  238 63 57 54 64 77
Balance of income and current transfers -10 -9 -9 7 1 -4
Current account balance  228 53 48 61 65 73
Capital transfers etc. to abroad, net 1 - 1 - - -
Net lending  227 53 48 61 65 73
Direct investment, net 6 3 3 27 -4 -2
Portifolio investment, net  193 59 -21 97 57 31
Other investment, net 25 -9 65 -64 11 44
Revaluations, net 27 33 -17 2 8 12
Increase in Norway`s net assets  254 87 31 63 72 85
International investment position, net 1 060  895  927  990 1 062 1 148