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NOK 76 billion in current account surplus
statistikk
2009-06-03T10:00:00.000Z
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 2009

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NOK 76 billion in current account surplus

According to preliminary figures, the current account surplus was NOK 76 billion in the first quarter of 2009, down NOK 29 billion from the first quarter of 2008.

Balance of payments

Reduced balance of goods and services surplus

The surplus in the balance of trade in goods was NOK 87 billion, down NOK 26 billion from the first quarter of 2008. The weakening was mainly due to a substantial fall in international prices of oil and natural gas. Norway’s export of goods came to NOK 200 billion in the first quarter of 2009, representing a decline of 15 per cent from the corresponding quarter in 2008. The value of imported goods was NOK 113 billion, down 8 per cent compared to the first quarter of 2008.

Trade in services generated a surplus of NOK 13 billion in the first quarter of 2009. Exports of services amounted to NOK 64 billion, practically the same as in the first quarter the previous year. Imports of services rose slightly and ended at NOK 51 billion.

Net income account deficit

There was a negative net balance of income and current transfers of NOK 25 billion in the first quarter of 2009, NOK 2 billion below the result in the first quarter of 2008.

Financial account transactions

According to the financial account, Norwegian investments abroad were negative by NOK 73 billion in the first quarter of 2009, while non-residents' investments in Norway were negative by NOK 170 billion in the same period. Net outward direct investment transactions came to NOK 24 billion, while net inward direct investment transactions were NOK 1 billion. The figures for portfolio investment were NOK 78 billion outwards and NOK - 17 billion inwards. The net assets declined by NOK 177 billion due to net lending of NOK 75 billion, and by net revaluations of NOK - 252 billion.

Balance of payments. 1 quarter 2007-1 quarter 2009. NOK billion
  2007 2008 1 quarter
2007 		2 quarter
2007 		3 quarter
2007 		4 quarter
2007 		1 quarter
2008 		2 quarter
2008 		3 quarter
2008 		4 quarter
2008 		1 quarter
2009
Balance of goods and services  363  493 93 83 79  107  128  131  114  120  100
Balance of income and current transfers -1 3 -11 -16 16 10 -23 -6 9 24 -25
Current account balance  362  496 82 68 95  117  105  125  122  144 76
Capital transfers etc. to abroad, net 1 1 0 1 0 0 0 0 1 0 0
Net lending  361  495 82 67 95  117  104  125  122  144 75
Direct investment, net 65  160 33 8 38 -13 38 11 72 38 23
Portifolio investment, net  130  641 1 -57  180 5  136 81  215  211 95
Other investment, net  166 -305 48  116 -123  125 -70 34 -165 -104 -43
Revaluations, net -178 -132 -61 -60 -68 11 -80 -116 77 -13 -252
Increase in Norway`s net assets  183  363 21 7 27  129 25 9  199  131 -177

Quarterly balance of payments data for the period 1994-2009 are available in StatBank Norway .