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20599
Almost NOK 100 billion in surplus
statistikk
2010-06-02T10:00:00.000Z
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, Q1 2010

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Almost NOK 100 billion in surplus

The surplus in the current account was estimated at NOK 98 billion in the first quarter of 2010. This is NOK 25 billion more than in the first quarter of 2009, but lower than in the fourth quarter of 2009. The surplus can be traced back to a NOK 100 billion positive goods and services balance, while there was a decrease in the balance of income and current transfers.

Balance of payments

The net compensation of employees and investment income contributed to pushing up the balance of income and current transfers with NOK 2 billion in the first quarter, while current transfers to abroad contributed negatively. Overall, the deficit in the balance of income and current transfers was NOK 1.7 billion in the first quarter. This is NOK 35 billion lower than the deficit in the first quarter of 2009. Normally, the dividends to abroad are paid in the first quarter. In the first quarter of 2010, NOK 20 billion was paid in dividends; NOK 31 billion less than in 2009.

Continued high surplus on goods and services balance

The goods and services balance amounted to NOK 100 billion in the first quarter of 2010. This is clearly higher than the previous three quarters, but NOK 10 billion lower than in the first quarter of 2009. Compared to the first quarter of 2009, the total export value is 3 per cent lower, while the total import was 1 per cent higher.

The export value of goods was NOK 201 billion, which is NOK 8 billion lower than in the first quarter of 2009, but NOK 4.5 billion higher than in the fourth quarter of 2009. The export value of crude oil was virtually unchanged from the fourth quarter 2009 to the first quarter of 2010, but clearly higher than in the first quarter of 2009. However, the export value of natural gas, etc. was NOK 27 billion lower in the first quarter of 2010 than in the first quarter of 2009, primarily as a result of price reductions.

The import value of goods was estimated at NOK 107 billion in the first quarter. This is NOK 7 billion less than in the fourth quarter last year, but on a par with the import values in the other quarters of 2009.

More details about exports and imports of goods are available in the statistics on external trade in goods .

The balance of services was NOK 6 billion in the first quarter. This is lower than the figures for the previous quarter, and can mostly be explained by less export of services.

Financial account transactions

The Norwegian foreign direct investment abroad in the first quarter of 2010 amounted to NOK 38 billion, and most of the investment applied to shares and other equity capital. Portfolio investment abroad was influenced by positive investment of the Government Pension Fund Global. While the Fund in the fourth quarter of 2009 sold securities to pay off debt (repurchase agreements), the Fund was again a net purchaser of securities in the first quarter of 2010.

Non-residents’ direct investment transactions in Norway came to NOK 3 billion. The figures for the portfolio investment in Norway were heavily influenced by large security loans raised by mortgage companies.

There are some uncertainties in the figures for the non-financial companies due to problems with the reports.

Balance of payments. 1. quarter 2007 to 4. quarter 2009. NOK billion
  2007 2008 2009 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 3. quarter 2009 4. quarter 2009 1. quarter 2010
Balance of goods and services  348  487  352 89 80 76  103  125  133  110  121  109 75 71 98 99
Balance of income and current transfers -28 -14 -15 -24 -24 17 2 -25 -15 -5 20 -36 16 2 4 -2
Current account balance  321  473  337 66 56 93  105  100  117  115  141 73 91 72  102 98
Capital transfers etc. to abroad, net 1 1 1 0 1 0 0 0 0 1 0 0 1 0 0 1
Net lending  361  472  332 82 67 95  117  100  117  114  141 73 90 72  102 97
Direct investment, net  117  111  173 5 53 30 38 26 34 44 6 17 28 78 46 35
Portifolio investment, net  648  645 16  117 33  282  216  135 77  209  224 84 29 27  134 13
Other investment, net  560 -280  202  383  149  120 -91 -80 3 -127 -77 -21 71 -34  185 58
Revaluations, net -178 -164  122 -61 -60 -68 11 -87 -115 81 44 -239  221  134 9 86
Increase in Norway`s net assets  183  308  460 21 7 27  129 13 3  195 97 -167  311  206  111  183

Audits 2009

New information has provided revisions to quarterly results for the 4th quarter of 2009. The current account balance has been revised up by NOK 3.5 billion, mainly as a result of the upward adjustment of goods and services balance.

For more information about price and volume growth of exports and imports, see the quarterly national accounts .

More details about exports and imports of goods are available in the statistics on external trade in goods .

For more information on the external account, see the theme page .