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Positive balance of income and current transfers
statistikk
2009-03-03T10:00:00.000Z
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, Q4 2008

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Positive balance of income and current transfers

The balance of income and transfers for 2008 was positive. This is the first time since 1953.

Balance of payments. 2006-2008. NOK billion

The surplus was approximately NOK 1 billion for the year of 2008. This is NOK 2 billon higher than in 2007. There was a positive net balance of income and current transfers of NOK 22 billion in the fourth quarter of 2008. The main reason was high interest received and dividends from abroad.

Interest received and dividends from abroad were NOK 36 billion higher than the equal flows to abroad. This is the main reason for the high balance.

Modest growth in the current account surplus in the 4t h quarter

According to preliminary figures, the current account surplus was NOK 123 billion in the fourth quarter of 2008, which was 5 per cent higher than the surplus in the fourth quarter of 2007. Due to falling oil prices, the current account surplus was lower in the fourth quarter than in the third quarter.

For 2008 the current account surplus was NOK 104 billion higher than in 2007.

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

Trade in services generated a surplus of NOK 14 billion in the fourth quarter of 2008. Exports of services amounted to NOK 68 billion, and imports of services ended at NOK 54 billion. The balance of services was NOK 48 billion in 2008, and NOK 4 billion higher than 2007.

Financial account transactions

According to the financial account, Norwegian investments abroad amounted to NOK 447 billion in the fourth quarter of 2008, while non-residents' investments in Norway amounted to NOK 241 billion in the same period. Net outward direct investment transactions came to NOK 75 billion, while net inward direct investment transactions were minus NOK 35 billion. The figures for portfolio investment were NOK 270 billion outwards and NOK -2 billion inwards. The net assets increased by NOK 108 billion due to net lending of NOK 123 billion, and by net revaluations of NOK -15 billion.

Balance of payments. 4. quarter 2006 to 4. quarter 2008. NOK billion
  2007 2008 4. quarter 2006 1. quarter 2007 2. quarter 2007 3. quarter 2007 4. quarter 2007 1. quarter 2008 2. quarter 2008 3. quarter 2008 4. quarter 2008
Balance of goods and services  363          465 91 93 83 79  107  123  129  112  102
Balance of income and current transfers -1 1 10 -11 -16 16 10 -23 -6 9 22
Current account balance  362  466  101 82 68 95  117  100  123  121  123
Capital transfers etc. to abroad, net 1 1 0 0 1 0 0 0 0 1 0
Net lending  361  465  101 82 67 95  117  100  123  120  123
Direct investment, net 65  163 -16 33 8 38 -13 39 12 74 38
Portifolio investment, net  130  702  161 1 -57  180 5  136 81  215  271
Other investment, net -21 -376 -106 20  130 -193 22 -66 22 -128 -203
Revaluations, net -178 -134 -81 -61 -60 -68 11 -80 -116 76 -15
Increase in Norway`s net assets  183  331 20 21 7 27  129 19 7  196  108

Revised figures

The balance of payment figures for 2007 are not revised. Figures for 2008 are revised compared to the last publication.

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