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An account surplus of NOK 87 billion
statistikk
2007-06-05T10:00:00.000Z
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 2007

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An account surplus of NOK 87 billion

According to preliminary figures, the current account surplus was NOK 87 billion in the first quarter of 2007, NOK 8 billion above the surplus in the first quarter of 2006. The trade balance in goods and services ended at NOK 93 billion, while there was a deficit in net income of NOK 6 billion.

Balance of payments 2005-2007 NOK billion

Drop in balance of goods and services

There was a surplus in the balance of trade in goods of NOK 85.3 billion, almost NOK 20 billion below the trade balance in the first quarter of the previous year. The main reason for this drop is the decline in exports of oil and natural gas, due to reduced volume and lower prices. Norway exported goods at the amount of NOK 200.7 billion in the first quarter of 2007. Imports of goods were NOK 115.4 billion, or 16 per cent, higher than in the corresponding period of 2006.

Trade in services generated a surplus of NOK 7.3 billion in the first quarter of 2007. The exports of services were NOK 53.0 billion, 5.6 per cent above the first quarter last year. Imports of services rose by NOK 5 billion, or 11 per cent, compared with the first quarter last year.

Reduced income deficit

The balance of net income and current transfers was NOK - 5.5 billion in the first quarter of 2007, compared to NOK - 35.1 billion in the first quarter last year. The main explanation for the improvement is that last year was dominated by an all time high in dividends paid out to non-resident holders of stock shares in Norwegian companies.

Increased investments abroad

On the financial account the Norwegian investments abroad was NOK 285.2 billion, while non-residents' investments in Norway are estimated at 204.7 billion in the first quarter of 2007. Net outward direct investment transactions were NOK 12.2 billion, while net inward direct investment transactions were negative NOK - 21.3 billion.

Preliminary estimates show that Norway's net external assets increased by NOK 45.2 billion in the first quarter of 2007.

Revision of 2006 figures

The current account balance has been revised downwards NOK 6 billion for 2006. The most important revision is an upward adjustment of reinvested earnings to abroad. On the financial account the Norwegian investments abroad have been revised up NOK 20 billion and foreign investments in Norway revised down NOK 9 billion. New and revised survey data is the reason for the revisions.

Balance of payments. 1. quarter 2006 to 1. quarter 2007. Billion kroner
  2005 2006 1. quarter 2006 2. quarter 2006 3. quarter 2006 4. quarter 2006 1. quarter 2007
Balance of goods and services  319  393  114 95 90 94 93
Balance of income and current transfers -18 -39 -35 -7 4 -1 -6
Current account balance  301  354 79 88 94 93 87
Capital transfers etc. to abroad, net 2 1 0 1 0 0 0
Net lending  299  353 79 87 94 93 87
Direct investment, net 94 68 47 9 35 -22 33
Portifolio investment, net 42  499  172 -23  182  169 -11
Other investment, net  101 -316 -98 46 -161 -102 32
Revaluations, net 76 21 1 -65  159 -74 -42
Increase in Norway's net assets  375  374 80 23  252 19 45

Quarterly balance of payments data for the period 1994-2007 are available in StatBank.