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NOK 113 billion in current account surplus
statistikk
2008-06-03T10:00:00.000Z
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 2008

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NOK 113 billion in current account surplus

According to preliminary figures the current account surplus was NOK 113 billion in the first quarter of 2008, NOK 33 billion higher than the surplus in the first quarter of 2007.

Balance of payments 2006-2008 NOK billion

The surplus in the balance of trade in goods was NOK 106 billion, NOK 25 billion more than in the first quarter of 2007. The improvement was mainly due to the effect of higher prices on exports of oil and natural gas. Norway’s export of goods came to NOK 228 billion in the first quarter of 2008, an increase of 16 per cent from the corresponding quarter in 2007. The value of imported goods was NOK 122 billion, almost 6 per cent higher than in the corresponding quarter of 2007.

Trade in services generated a surplus of NOK 15 billion in the first quarter of 2008. Exports of services amounted to NOK 65 billion, an increase of 13 per cent from the first quarter of 2007. Imports of services rose more slowly and ended at NOK 50 billion.

Net income account deficit

There was a negative net balance of income and current transfers of NOK 8 billion in the first quarter of 2008. The figures in the first quarter of 2007 ended at NOK 12 billion.

Financial account transactions

According to the financial account, Norwegian investments abroad amounted to NOK 31 billion, while non-residents' investments in Norway amounted to NOK -22 billion. Net outward direct investment transactions came to NOK 15 billion, while net inward direct investment transactions were NOK -15 billion.

Revised 2007 figures

The 2007 figures have been revised mainly due to new information on the value of exports of natural gas.

Balance of payments. 2. quarter 2006 to 1. quarter 2008. NOK billion
  2006 2007 2. quarter 2006 3. quarter 2006 4. quarter 2006 1. quarter 2007 2. quarter 2007 3. quarter 2007 4. quarter 2007 1. quarter 2008
Balance of goods and services  393  356 96 88 93 93 81 80  103  121
Balance of income and current transfers -20 -6 -3 9 7 -12 -15 14 8 -8
Current account balance  373  351 93 97  100 80 66 94  111  113
Capital transfers etc. to abroad, net 1 1 1 0 0 0 1 0 0 0
Net lending  372  350 92 97  100 80 66 93  110  113
Direct investment, net 94 53 18 44 -14 29 10 25 -11 30
Portifolio investment, net  479  139 -19  178  159 1 -57  180 15  122
Other investment, net -323 -9 45 -160 -112 22  133 -188 25 -87
Revaluations, net -77 -179 -72  157 -86 -60 -60 -63 3 -81
Increase in Norway`s net assets  295  170 20  254 14 20 6 31  114 32

Quarterly balance of payments data for the period 1994-2008 are available in StatBank Norway .