International accounts, Q4 2005

Record high surplus

According to preliminary figures, the balance of goods and services was NOK 94.2 billion in the fourth quarter of 2005. The balance of goods and the balance of services came to NOK 86.4 billion and NOK 7.8 billion respectively. Compared with the fourth quarter last year, the goods and services balance rose by NOK 29 billion, the most important single factor being the rise in oil prices.

The balance of trade in services increased in the fourth quarter of 2005 compared with both the previous quarter and the fourth quarter of 2004. Reduced imports of travel abroad and increased exports of oil drilling etc. made the greatest contributions to the increase in the balance of trade in services from the previous quarter. Compared with the corresponding quarter in 2004, exports of oil drilling services increased the most, while petroleum-related services, business services and other services showed growth on the imports side.

Surplus in the balance of income and current transfers

The balance of net income and transfers is estimated at a surplus of NOK 10.4 billion for the fourth quarter of 2005, an increase of NOK 9.3 billion compared to the fourth quarter last year. This increase is mainly due to high dividends from abroad in the fourth quarter of 2005.

Increase in net external assets

In the financial account, Norwegian investments abroad exceeded NOK 139 billion, and were substantially higher than non-resident investments in Norway. Outward and inward direct investments were NOK 65.2 billion and NOK 35.8 billion respectively, according to preliminary figures for the fourth quarter of 2005.

Preliminary estimates show that Norway's net external assets increased by NOK 184.5 billion in the fourth quarter of 2005 and were estimated at NOK 1 227 billion at the end of the quarter.

High oil prices throughout 2005

Norway's current account surplus increased by NOK 86.7 billion to NOK 319.7 billion from 2004 to 2005. The main reason for this growth is increased export values on crude oil and natural gas. For the year 2005, Norwegian investments abroad totalled NOK 627.3 billion, while non-resident investments in Norway came to NOK 320.9 billion.

Revised figures

In the first three quarters of 2005, the current account balance was adjusted by NOK 1.6, 1.9 and -0.5 billion respectively due to updated information. In the financial account, portfolio investments both in Norway and abroad have been revised due to updated information and improved estimation procedures.