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NOK 89 billion current account surplus
statistikk
2006-06-06T10:00:00.000Z
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 2006

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NOK 89 billion current account surplus

Norway's current account surplus decreased by 16 billion to NOK 89 billion from the fourth quarter last year to the first quarter this year according to preliminary figures. Compared with the first quarter 2005, the surplus rose by NOK 13 billion.

According to preliminary figures, the balance of goods and services was NOK 115.2 billion in the first quarter of 2006. The balance of goods and the balance of services ended at NOK 103.6 billion and NOK 11.6 billion respectively. Compared with first quarter last year the goods and services balance rose by NOK 37 billion, the most important single factor being the rise in oil prices.

Balance of income and current transfers and net dividends. NOK billion

Balance of payments. NOK billion

The balance of trade in services increased in the first quarter of 2006 compared with both the previous quarter and first quarter of 2005. Increased exports of business services contributed most to the increase in the balance of trade in services from the previous quarter. Compared with the corresponding quarter of 2005, exports of oil drilling services, business services and other services increased the most.

Record high dividends to abroad

The balance of net income and transfers is estimated at a deficit of NOK 26.5 billion for the first quarter of 2006. This deficit is mainly due to high dividends to abroad in the first quarter of 2006. Preliminary figures show NOK 39.1 billion in dividends to abroad in the first quarter of 2006. In comparison we had NOK 42.8 billion in dividends to abroad for the whole year of 2005. The high figures this quarter are mainly related to the oil industry.

Increase in net external assets

On the financial account the Norwegian investments abroad exceeded NOK 287 billion, and were substantially higher than non-resident investments in Norway. Outward and inward direct investments were NOK 42.6 billion and NOK -5.6 billion respectively, according to preliminary figures for the first quarter of 2006.

Preliminary estimates show that Norway's net external assets increased by NOK 12.8 billion in the first quarter of 2006 and were estimated at NOK 1 218 billion at the end of the quarter.

Revised figures

For the year 2005 the current account balance has been revised NOK -3.2, billion due to updated information. On the financial account, direct investment and portfolio investments both in Norway and abroad have been revised due to updated information and improved estimation procedures.

Balance of payments. 1. quarter 2005-1. quarter 2006. NOK billion
  2005 1. quarter 2005 2. quarter 2005 3. quarter 2005 4. quarter 2005 1. quarter 2006
Balance of goods and services  328 78 75 79 96  115
Balance of income and current transfers -12 -2 -19 1 9 -27
Current account balance  317 76 56 80  105 89
Capital transfers etc. to abroad, net 4 1 0 - 3 0
Net lending  312 75 55 80  102 89
Direct investment, net 72 1 20 19 33 48
Portifolio investment, net 91 10  200 -56 -63  152
Other investment, net  116 42 -188  158  105 -118
Revaluations, net 54 7 11 -20 56 -76
Increase in Norway`s net assets  367 82 66 60  158 13
International investment position, net 1 205  921  987 1 047 1 205 1 218