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NOK 95 billion in current account surplus
statistikk
2009-09-01T10:00:00.000Z
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, Q2 2009

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NOK 95 billion in current account surplus

According to preliminary figures, the current account surplus was NOK 95 billion in the first quarter of 2009, down NOK 30 billion from the second quarter of 2008.

Balance of payments 2007-2009. NOK billion

Reduced balance of goods and services surplus

The balance of goods and services was NOK 78 billion in the second quarter of 2009, down NOK 54 billion compared to the second quarter last year.

The surplus in the balance of trade in goods was NOK 64 billion, compared to NOK 117 billion in the second quarter of 2008. The weakening was mainly due to a substantial fall in prices of international oil and natural gas prices, resulting in a drop in income from exports of oil and gas of almost NOK 59 billion. Norway’s export of goods in total came to NOK 173 billion, representing a decline of 31 per cent from the second quarter in 2008. The value of imported goods was NOK 109 billion, down 17 per cent compared to the second quarter of 2008.

Trade in services generated a surplus of NOK 14 billion in the second quarter of 2009. Exports of services amounted to NOK 64 billion, down NOK 4 billion or 6 per cent from the second quarter the previous year. Imports of services fell from NOK 54 billion to NOK 50 billion.

Net income account surplus

There was a positive net balance of income and current transfers of NOK 18 billion in the second quarter of 2009, compared to a deficit of NOK 6 billion in the same quarter in 2008. The improvement can largely be explained by a rise in net dividends paid from abroad.

Financial account

According to the financial account, Norwegian net assets abroad increased by NOK 282 billion in the second quarter of 2009. About two-thirds of the increase was due to positive revaluations of the positions, thus to a large extent catching up with the substantial losses experienced in the first quarter.

Norwegian investments abroad were negative by NOK 29 billion in the second quarter of 2009, while non-residents' investments in Norway were negative by NOK 180 billion in the same period. There was an increase in both inward and outward direct investments. Portfolio investments abroad were negative, while non-residents’ portfolio investments in Norway were positive.

Balance of payments. 1. quarter 2007 to 2. 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 2. quarter 2009
Balance of goods and services         363         493 93 83 79  107  128  131  114  120  105 78
Balance of income and current transfers -1 3 -11 -16 16 10 -23 -6 9 24 -30 18
Current account balance  362  496 82 68 95  117  105  125  122  144 75 95
Capital transfers etc. to abroad, net 1 1 0 1 0 0 0 0 1 0 0 1
Net lending  361  495 82 67 95  117  104  125  122  144 74 95
Direct investment, net 65  160 33 8 38 -13 38 11 72 37 30 40
Portifolio investment, net  130  641 1 -57  180 5  136 81  215  211 93 35
Other investment, net  166 -305 48  116 -123  125 -70 34 -165 -104 -49 20
Revaluations, net -178 -132 -61 -60 -68 11 -80 -116 77 -12 -231  187
Increase in Norway`s net assets  183  363 21 7 27  129 25 9  199  132 -156  282

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