20613_not-searchable
/en/utenriksokonomi/statistikker/ur/arkiv
20613
High oil prices increase the current account surplus
statistikk
2008-09-02T10:00:00.000Z
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
false

International accounts, Q2 2008

Content

Published:

This is an archived release.

Go to latest release

High oil prices increase the current account surplus

According to preliminary figures the current account surplus was NOK 110 billion in the second quarter of 2008. That was NOK 44 billion higher than the surplus in the second quarter of 2007.

Balance of payments 2006-2008. NOK billion

The surplus in the balance of trade in goods was NOK 109 billion, NOK 37 billion more than in the second 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 240 billion in the second quarter of 2008, an increase of 26 per cent from the corresponding quarter in 2007. The value of imported goods was NOK 132 billion, 11 per cent higher than in the corresponding quarter of 2007.

Trade in services generated a surplus of NOK 12 billion in the second quarter of 2008. Exports of services amounted to NOK 69 billion, an increase of 13 per cent from the second quarter of 2007. Imports of services ended at NOK 57 billion.

Net income account deficit

There was a negative net balance of income and current transfers of NOK 10 billion in the second quarter of 2008. The figures in the second quarter of 2007 ended at negative NOK 15 billion.

Financial account transactions

According to the financial account, Norwegian investments abroad amounted to NOK 230 billion, while non-residents' investments in Norway amounted to NOK 136 billion. Net outward direct investment transactions came to NOK 25 billion, while net inward direct investment transactions were NOK 5 billion.

Balance of payments. 2nd quarter 2006-2nd quarter 2008. NOK billion
  2006 2007 2nd quarter 2006 3rd quarter 2006 4th quarter 2006 1st quarter 2007 2nd quarter 2007 3rd quarter 2007 4th quarter 2007 1st quarter 2008 2nd quarter 2008
Balance of goods and services  393        356 96 88 93 93 81 80  103  120  120
Balance of income and current transfers -20 -6 -3 9 7 -12 -15 14 8 -14 -10
Current account balance  373  351 93 97  100 80 66 94  111  105  110
Capital transfers etc. to abroad, net 1 1 1 0 0 0 1 0 0 0 0
Net lending  372  350 92 97  100 80 66 93  110  105  110
Direct investment, net 94 60 18 44 -14 31 10 25 -5 31 20
Portifolio investment, net  479  136 -19  178  159 2 -57  180 11  128 67
Other investment, net -323 -16 45 -160 -112 21  131 -192 23 -80 27
Revaluations, net -77 -178 -72  157 -86 -63 -60 -63 8 -75 -124
Increase in Norway`s net assets  295  172 20  254 14 17 6 31  118 30 -14

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