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High oil prices gave a large surplus
statistikk
2008-12-02T10:00:00.000Z
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
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International accounts, Q3 2008

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High oil prices gave a large surplus

According to preliminary figures the current account surplus was NOK 117 billion in the third quarter of 2008, which was 23 per cent higher than the surplus in the third quarter of 2007. The improvement was mainly due to the effect of high prices on exports of oil and natural gas.

Balance of payments 2006-2008 NOK billion

The surplus of 43 per cent or NOK 32 billion in the balance of trade in goods explained the growth in the current account surplus. The main reason was an increase in the value of oil and gas exports of 30 per cent, caused by a 40 per cent price increase, while the volume was reduced by 7 per cent.

For more information about changes in prices and volume, see quarterly national accounts .

Trade in services generated a surplus of NOK 4 billion in the third quarter of 2008. Exports of services amounted to NOK 68 billion, an increase of 9 per cent from the third quarter of 2007. Imports of services ended at NOK 64 billion. The balance of goods and services fell 21 per cent from the third quarter last year.

Net income account surplus

There was a positive net balance of income and current transfers of NOK 7 billion in the third quarter of 2008, which is a reduction of 57 per cent compared to the third quarter last year.

Financial account transactions

According to the financial account, Norwegian investments abroad amounted to NOK 236 billion, while non-residents' investments in Norway amounted to NOK 122 billion. Net outward direct investment transactions came to NOK 48 billion, while net inward direct investment transactions were minus NOK 22 billion. The net assets increased by NOK 191 billion due to net lending of NOK 116 billion and by net revaluations of NOK 75 billion.

Balance of payments. 3. quarter 2006-3. quarter 2008. NOK billion
  2006 2007 3. quarter 2006 4. quarter 2006 1. quarter 2007 2. quarter 2007 3. quarter 2007 4. quarter 2007 1. quarter 2008 2. quarter 2008 3. quarter 2008
Balance of goods and services      390       363 89 91 93 83 79  107  123  130  110
Balance of income and current transfers -18 -1 10 10 -11 -16 16 10 -22 -7 7
Current account balance  372  362 99  101 82 68 95  117  101  123  117
Capital transfers etc. to abroad, net 1 1 0 0 0 1 0 0 0 0 1
Net lending  371  361 99  101 82 67 95  117  101  123  116
Direct investment, net 96 65 44 -16 33 8 38 -13 31 12 70
Portifolio investment, net  480  130  178  161 1 -57  180 5  133 80  166
Other investment, net -319 -21 -161 -106 20  130 -193 22 -66 31 -121
Revaluations, net -72 -178  157 -81 -61 -60 -68 11 -76 -127 75
Increase in Norway`s net assets  299  183  256 20 21 7 27  129 25 -4  191

Revised figures 2006 and 2007

The balance of payment figures for 2006 and 2007 are revised compared to the last publication. The main figures for 2006 are mainly revised down, whereas figures for 2007 are mostly revised up. For more information, see the table below.

Balance of Payments. Revised figures 2006 and 2007. NOK million
  2006 2007
Balance of goods and services      -3 650      6 830
Balance of income and current transfers 2 438 4 824
Current account balance -1 212 11 654
Capital transfers etc. to abroad, net 0 0

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

Fore more information about the external economy, use the following link External economy