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2021-06-02T08:00:00.000Z
External economy;National accounts and business cycles;External economy
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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

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Balance of payments. NOK million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
Current account:
Current account balance45 476-67017 3285 05594 301
Balance of goods and services13 401-22 509-16 39610 18273 353
Balance of income and current transfers32 07521 83933 724-5 12720 948
Capital transfers, patents, licenses etc, net30677628201 078
Net lending (+)/ Net borrowing (-), current account transactions45 170-1 44617 3005 03593 223
 
Financial account:
Opening balance8 746 8718 763 0259 244 0299 541 4269 763 854
Net lending (+)/ Net borrowing (-), financial account transactions63 08513 28837 207-70 73897 391
Other changes-46 931467 716260 190293 166156 443
Closing balance8 763 0259 244 0299 541 4269 763 85410 017 688
 
Net errors and omissions17 91514 73419 907-75 7734 168

See selected tables from this statistics

Table 1 
Financial account, transactions. By functional category and financial instrument. NOK million

Financial account, transactions. By functional category and financial instrument. NOK million1
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
1Transactions in financial derivatives are included in other accounts receivable/payable under other investments in the balance of payments’ financial account. There is considerable uncertainty in the method used to calculate the transaction figures in derivatives, the figures under this item must therefore be used with some caution.
Foreign assets
Direct investment
Equity and Investment Fund shares/units-4 35530121 058-19 8725 202
Debt instruments-15 464-21 801-8 475-8 85022 176
 
Portofolio investment
Equity and Investment Fund shares-16 48292 95027 10828 563-125 848
Equity securities-6 39579 4493 0303 018-143 340
Investment Fund shares-10 08713 50124 07825 54517 492
Debt securities106 600-121 123-49 414101 669-160
 
Other investments
Other equity1860000
Currency and deposits58 476-56 45266 629-29 395102 028
Loans-83 51557 910-71 94854 71396 061
Trade credits and advances-17 739-8 0386 10916 26910 226
Other accounts recievable/payable120 836-56 80421 017-65 24252 350
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)-482-255-1 30325
Reserve position in the IMF-603 072-871 426-347
Other reserve assets67 6748 858-22 111-17 91825 555
 
Liabilities
Direct investment
Equity and Investment Fund shares/units-2 156-21 8688101 0174 261
Reinvestment of earnings5 4625 4625 4625 46217 912
Debt instruments-15 575-7 06310 615-13 842-2 044
 
Portofolio investment
Equity and Investment Fund shares578-7 3604 11717 91438 666
Equity securities1 667-15 0113 2326 11427 725
Investment Fund shares-1 0897 65188511 80010 941
Debt securities-8 97716 899120 059-20 76213 238
 
Other investments
Other equity00000
Currency and deposits72 567-2 808-123 13138 79560 110
Loans-21 738-27 207-70 167165 617-109 885
Trade credits and advances-10 0642893 3366 202-4 961
Other accounts recievable/payable142 602-65 6298 836-62 90191 156
Liabilities - Special Drawing Rights (SDRs)00000
 
NET LENDING, FINANCIAL ACCOUNT63 08513 28837 207-70 73897 391

Table 2 
International Investment Position. By functional category and financial instrument. NOK million

International Investment Position. By functional category and financial instrument. NOK million
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 572 3821 550 0361 542 7971 509 7611 518 658
Debt instruments745 693706 226696 660658 696676 326
 
Portofolio investment
Equity and Investment Fund shares7 633 4198 409 6478 791 9599 332 2059 547 075
Equity securities7 293 1168 033 9348 377 8318 876 4389 063 834
Investment Fund shares340 303375 713414 128455 767483 241
Debt securities4 495 3244 235 5794 169 6854 081 4873 901 751
 
Other investments
Other equity2 3222 3222 3222 3222 322
Currency and deposits947 382842 948917 162833 994909 051
Loans668 508691 018614 654639 468725 671
Trade credits and advances77 94266 74572 50583 70293 332
Other accounts recievable/payable559 546418 961428 942327 342353 860
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)23 35321 59121 46118 85818 480
Reserve position in the IMF10 39912 54112 36812 92012 303
Other reserve assets713 047684 969661 960610 406622 375
 
Liabilities
Direct investment
Equity and Investment Fund shares/units1 147 3771 139 1691 142 6001 160 6271 171 981
Debt instruments764 320737 086745 026702 252696 329
 
Portofolio investment
Equity and Investment Fund shares819 510893 264960 7221 054 8451 146 488
Equity securities693 485748 022804 474901 958977 303
Investment Fund shares126 025145 242156 248152 887169 185
Debt securities2 854 5232 748 2072 874 1332 694 5072 652 466
 
Other investments
Other equity00000
Currency and deposits1 735 9871 675 2531 542 7771 518 9931 559 441
Loans782 646731 818657 648794 003680 642
Trade credits and advances42 45741 33644 66248 78043 378
Other accounts recievable/payable500 230394 564387 575339 924380 479
Liabilities - Special Drawing Rights (SDRs)22 45720 77120 62019 34118 927
 
NET ASSETS8 763 0259 244 0299 541 4269 763 85410 017 688

Table 3 
Current and capital account. NOK million

Current and capital account. NOK million
Current and capital account
1st quarter 20202nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
Exports, total310 637238 437258 429302 494335 884
¬ Goods (FOB)217 263158 418177 906217 253257 246
¬¬ Crude oil and natural gas105 15760 29079 522107 994143 124
¬¬ Ships3 6461 7632 0591 0961 203
¬¬ Petroleum activities, various goods6672769682
¬¬ Other goods108 39496 29396 249108 067112 837
¬ Services93 37480 01980 52385 24178 638
¬¬ Gross receipts, shipping26 24024 23223 40823 66223 558
¬¬ Petroleum activities, various services5 2585 6025 3015 2944 107
¬¬ Pipeline transport3 3433 2493 2823 2823 332
¬¬ Travel7 8571 5674 9502 3932 041
¬¬ Transport and communication10 4557 6778 0178 7007 264
¬¬¬ Land transport, export1 3811 3221 3571 4781 309
¬¬¬ Supply, export2 8582 5612 6853 2222 560
¬¬¬ Air transport, export3 5041 3571 6211 5591 392
¬¬¬ Services related to transport, export2 1431 8831 7971 7941 386
¬¬¬ Postal and courier services, export569554557647617
¬¬ Financial and business services26 24523 57822 60726 12524 445
¬¬¬ Financial and insurance services, export12 20011 09710 24410 48012 411
¬¬¬ Audit services, juridical- and technical services, export5 9755 5324 9626 5795 008
¬¬¬ Research and development, export1 1877978781 162889
¬¬¬ Other business services, export6 8836 1526 5237 9046 137
¬¬ Other services13 97714 11512 95815 78513 891
¬¬¬ Construction, repairs and installation, export3 1463 4792 9303 3183 281
¬¬¬ Recycle and trash handling, export1 6461 3911 6031 7711 950
¬¬¬ Retail trade, hotel and restaurant , export7229078441 674692
¬¬¬ Publishing, film, music and broadcasting services, export508429400488366
¬¬¬ Telecommunication services, export1 7891 7481 9521 7281 736
¬¬¬ Information services, export5 1234 3554 2135 7064 552
¬¬¬ Other personal and government services, export1 0431 8061 0161 1001 314
MEMO: Services export when import of goods FOB92 08678 88379 21783 83177 092
Imports, total297 236260 947274 826292 312262 531
¬ Goods (CIF)197 992189 245200 342212 775196 476
¬¬ Ships6 8153 7893 9134 3743 361
¬¬ Petroleum activities, various goods2 9782 8952 7721 8221 980
¬¬ Other goods188 199182 561193 657206 579191 135
MEMO: Import of goods FOB191 205182 185193 686205 731189 088
¬ Services99 24571 70274 48479 53766 055
¬¬ Operating costs shipping, excl. bunkers10 70010 60011 00012 74210 517
¬¬ Petroleum activities, various services6 5207 1156 4827 3695 202
¬¬ Travel24 9509746 0102 4801 561
¬¬ Transport and communication6 3623 8263 7584 1554 038
¬¬¬ Land transport, import1919191819
¬¬¬ Ocean transport, import200286286286286
¬¬¬ Air transport, import2 056150402297199
¬¬¬ Services related to transport, import3 9113 2262 8863 3223 350
¬¬¬ Postal and courier services, import176145165232184
¬¬ Financial and business services24 29622 78021 08624 29420 863
¬¬¬ Financial and insurance services, import5 4734 9724 6125 0105 547
¬¬¬ Audit services, juridical- and technical services, import4 4164 1813 7554 4373 461
¬¬¬ Research and development, import7318968091 052955
¬¬¬ Other business services, import13 67612 73111 91013 79510 900
¬¬ Other services26 41626 40626 14728 49823 874
¬¬¬ Construction, repairs and installation, import4 5304 7635 2395 5474 692
¬¬¬ Recycle and trash handling, import1 1301 0611 1171 1331 169
¬¬¬ Retail trade, hotel and restaurant, import507460486546467
¬¬¬ Publishing, film, music and broadcasting services, import3 4683 5763 9135 0553 723
¬¬¬ Telecommunication services, import1 5951 3611 3491 2181 285
¬¬¬ Information services, import11 42412 84310 96512 5719 671
¬¬¬ Other personal and government services, import3 7622 3423 0782 4282 867
MEMO: Service import when import of goods FOB104 74477 62679 83485 17171 897
Balance of goods and services13 401-22 509-16 39610 18273 353
¬ Balance of goods19 271-30 827-22 4364 47860 770
¬ Balance of services-5 8708 3186 0405 70412 583
From abroad119 636105 73694 88193 213101 050
¬ Compensation of employees1 4091 3461 3741 3951 454
¬ Interest received44 34633 82730 86528 41625 853
¬¬Direct investment, interst receivable4 1653 3953 1793 4962 839
¬¬Other investment, interest receivable40 18130 43227 68624 92023 014
¬ Dividends etc.56 65257 91251 37049 66558 210
¬¬Direct investment, dividends etc receivable8 3628 6107 79118 50212 195
¬¬Portfolio ivestment, dividends etc. receivable48 29049 30243 57931 16346 015
¬ Reinvested earnings795795795795-1 995
¬ Current transfers16 43411 85610 47712 94217 528
To abroad87 56183 89761 15798 34080 102
¬ Compensation of employees8 9338 8199 0119 5987 471
¬ Interest paid29 44924 61216 11815 85317 664
¬¬Direct investment, interest payable5 0543 5073 5403 6782 964
¬¬Other investment, interest payable24 39521 10512 57812 17514 700
¬ Dividends etc.17 98315 2924 20724 9219 311
¬¬Direct investment, dividends etc. payable13 98210 2833 25020 8541 887
¬¬Portfolio investment, dividends etc. payable4 0015 0099574 0677 424
¬ Reinvested earnings6 1496 4216 0036 07918 465
¬ Current transfers from general government7 83611 6758 34222 65610 098
¬ Other current transfers17 21117 07817 47619 23317 093
Balance of income and current transfers32 07521 83933 724-5 12720 948
¬ Compensation of employees and investment income (Primary income), net40 68838 73649 06523 82030 611
¬ Current transfers (Secondary income), net-8 613-16 897-15 341-28 947-9 663
Current account balance45 476-67017 3285 05594 301
Capital transfers to abroad, net2987581011 083
Acquisitions of patents, licenses etc. net8181819-5
Net lending45 170-1 44617 3005 03593 223

Table 4 
Current and capital account. Country breakdown. Current prices. NOK million

Current and capital account. Country breakdown. Current prices. NOK million
Balance of goodsBalance of servicesCurrent account balance
201820192018201920182019
The world275 167137 714-71 392-80 327282 642101 609
EU393 372267 172-86 906-90 586262 348127 548
Other European countries-15 661-16 028-2 523-2 567-11 846-6 533
Africa10 9262 4923 3593 33741 65518 871
North-America-19 462-30 74810 0359 53476 47245 457
Central- and South America-9 324-11 908-392 1714 791-13 887
Asia, Oceania & Polar regions-69 766-60 0685 166-185-16 956-6 092

Table 5 
International Investment Position. By functional category and selected countires. NOK million

International Investment Position. By functional category and selected countires. NOK million
TotalDirect investmentPortofolio investmentOther investmentsReserve assets
4th quarter 20201st quarter 20214th quarter 20201st quarter 20214th quarter 20201st quarter 20214th quarter 20201st quarter 20214th quarter 20201st quarter 2021
Foreign assets
All countries18 127 90018 400 1482 168 4572 194 98413 413 69213 448 8261 903 5672 103 180642 184653 158
United States5 561 0125 686 512291 988281 2764 844 0924 948 255107 661123 946317 271333 035
United Kingdom1 347 3981 371 375168 064164 903805 781805 792326 731352 04446 82248 636
Japan1 093 510988 07412 93612 5741 028 125922 0106 0775 44746 37248 043
Germany1 153 1161 197 60660 43646 958736 362705 515281 174372 87775 14472 256
Sweden1 096 0491 071 368251 643229 021536 765538 547306 322302 4201 3191 380
Switzerland464 783451 37813 81014 515419 688406 20527 26026 4484 0254 210
China180 419168 3289 3558 373159 386152 6969 3854 6262 2932 633
Liabilities
All countries8 364 0468 382 4601 862 8791 868 3103 749 3523 798 9542 751 8152 715 19600
Luxembourg1 051 324994 90045 00439 178965 340915 92740 98039 79500
United Kingdom917 252829 48376 99272 422504 455464 201335 805292 86000
United States879 324968 88590 47193 988565 311574 034223 542300 86300
Sweden869 444858 029107 473104 410185 798179 515576 173574 10400
China21 67716 79010 3599 4682 4541 4488 8645 87400

Table 6 
External debt. NOK million

External debt. NOK million1
2nd quarter 20203rd quarter 20204th quarter 20201st quarter 2021
1The external debt position shows the gross debt for the main institutional sectors. Shares and other equity are not included in the statistics.
 
General government760 369749 346836 978817 636
Short-term
Currency and deposits0000
Debt securities15 05714 34511 26811 182
Loans88 92985 052231 279182 870
Trade credits and advances0010
Other accounts recievable/payable73 83283 52430 913113 357
Long-term
Currency and deposits0000
Debt securities384 419381 596376 924370 286
Loans198 132184 829186 594139 941
Trade credits and advances0000
Other accounts recievable/payable0000
 
Central bank136 33144 56335 95124 269
Short-term
Currency and deposits44 387242419
Debt securities0000
Loans0000
Trade credits and advances0000
Other accounts recievable/payable34 16123 87316 5635 304
Long-term
Liabilities - Special Drawing Rights (SDRs)20 77120 62019 34118 927
Currency and deposits0000
Debt securities0000
Loans37 012462319
Trade credits and advances0000
Other accounts recievable/payable0000
 
Deposit-taking corporations except the central bank3 587 4143 619 4313 485 4413 470 026
Short-term
Currency and deposits1 487 2471 388 3361 370 9891 428 500
Debt securities68 113158 810139 618187 489
Loans0000
Trade credits and advances0000
Other accounts recievable/payable248 954237 098251 806211 473
Long-term
Currency and deposits143 619154 417147 980130 922
Debt securities1 639 4811 680 7701 575 0481 511 642
Loans0000
Trade credits and advances0000
Other accounts recievable/payable0000
 
Other sectors1 163 2651 148 8271 087 9511 055 731
Short-term
Currency and deposits0000
Debt securities4 8448 3708 79211 445
Loans26 64325 87527 47931 276
Trade credits and advances41 33644 66248 77943 378
Other accounts recievable/payable72 56577 42671 12582 093
Long-term
Currency and deposits0000
Debt securities636 293630 242582 857560 422
Loans381 102361 846348 628326 536
Trade credits and advances0000
Other accounts recievable/payable482406291581
 
Direct investment737 086745 026702 252696 329
 
SUM TOTAL6 384 4656 307 1936 148 5736 063 991

About the statistics

The international accounts give an overview of the economic relationships between Norwegian residents and nonresidents. They comprise the international investment position (IIP), including other changes in financial assets and liabilities, and the balance of payments (BOP).

As of 2020, the BOP and IIP Statistics are presented together under the heading International accounts.  The international account consists of the current account, the capital account and the financial account. The current account shows exports and imports and other international transfers. The capital account shows capital transfers and transactions in intangible assets. The financial account shows net foreign financial assets and liabilities.

Definitions

Definitions of the main concepts and variables

The BOP is a statistical statement of all transactions made between entities in one country and the rest of the world over a defined period of time, such as a quarter or a year. The IIP is a statistical statement that shows at a point in time the value of financial assets of residents of an economy that are claims on nonresidents, and the liabilities of residents of an economy to nonresidents. The difference between the assets and liabilities is the net position in the IIP and represents either a net claim on or a net liability to the rest of the world.

The Norwegian BOP and IIP is presented in accordance with the latest internationally approved guidelines. These are specified in "The Balance of Payments Manual, 6th edition" (BPM6), published by the International Monetary Fund (IMF). The underlying principles and definitions presented in the BPM6 are in full accordance with the international statistical framework for the National Accounts, as laid down in the manual "System of National Accounts 2008" (2008 SNA). 2008 SNA is a joint publication by several international organizations, including the United Nations and the IMF.

 

The European Union (EU) has compiled its own edition of the National Accounts manual, "European System of Accounts 2010" (ESA 2010), which accommodates special conditions in member countries. According to the European Economic Area Agreement (EEA Agreement), Norway is obligated to comply with ESA 2010. The reporting of National Accounts data, as well as BOP and IIP data, to EU's statistical office Eurostat, has a legal basis in regulation (EC) No 184/2005.

 

Basic concepts and recording principles

Like the National Accounts, the BOP and IIP accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe transactions and positions between statistical units in which economic values are provided or received in exchange for other economic values.

-          Statistical units are institutional units which make economic decisions on an independent basis and can present complete accounts for their activities. The institutional unit normally coincides with a body corporate, e.g. a limited liability company or legal person.

-          Economic items can either be real resources, i.e. goods and services, or financial items representing various claims and liabilities.

-          The basic criterion for entering a transaction in the BOP or a position in the IIP, is that it involves an exchange between a domestic entity (resident) and a foreign entity (non-resident). Residents are institutional units that engage and intend to continue to engage in economic activities and transactions within a country's territory, with one year or more serving as the conventional guideline.

 

Positions

Positions are shown as the value of a financial item which, for example, an enterprise is in possession of at a point in time. Financial objects can be, for example, shares, other securities or different types of loans. In principle, stocks must be registered at market value. See description of valuation below.

Transactions

A transaction should in principle be allocated to the period in which there is a change of ownership of the economic value. Conventionally, it is often said that a change of ownership has taken place when both parties of the transaction enters the transaction in their books or accounts. In the case of exports and imports of goods, it is the moment that the goods cross the border and are registered through customs declarations, that determines the time of recording of the transaction and consequently the change of ownership.

All transactions shall be valued at market prices. Market prices are defined as amounts of money that buyers pay to acquire something from sellers; the exchanges are made between independent parties and based on commercial considerations only. Total exports and total imports shall be recorded at free-on-board (f.o.b.) prices. F.o.b prices are the value when passing the border of the country of exports. On a detailed commodity level, cost-insurance-freight (c.i.f.) prices are used for imports, i.e. including transport and insurance costs up to the border of the importing country. The exchange rate on the transaction date or the average rate for the shortest period applicable shall be used for converting transactions in foreign currencies into the national currency. Stocks of assets and liabilities are to be valued at prices or rates in effect at the time to which the balance sheet relates.

 

Other changes

Income and expenditure are defined in the National Accounts and BoP excluding gains and losses, irrespective of whether they are realised or unrealised. Such items, however, help to explain total balance sheet changes that take place during a period and are registered on the account for revaluation.

 

Income and expenditure

Income and expenditure are defined in the National Accounts and BoP excluding gains and losses, irrespective of whether they are realised or unrealised. Such items, however, help to explain total balance sheet changes that take place in the course of a period and are registered on the account for revaluation.

 

Assets and liabilities

Assets and liabilities are the components of the balance sheets of the total economy and institutional sectors. In contrast to the accounts that show economic flows, a balance sheet shows the positions of assets and liabilities held at one point in time by each unit or sector or the economy as a whole.

An asset is a store of value representing a benefit or series of benefits accruing to the economic owner by holding or using the entity over a period of time. It is a means of carrying forward value from one accounting period to another.

A liability is established when one unit (the debtor) is obliged, under specific circumstances, to provide a payment or series of payments to another unit (the creditor).

 

Double entry bookkeeping

International Accounts are based on the rules for double entry bookkeeping. All transactions are represented by two entries, a credit and debit entry. Most transactions are those in which economic items are provided or received in exchange for other economic items, entailing that offsetting credit and debit entries will normally be registered.

 

For example, exports of a good will be registered in External Trade Statistics and recorded as a credit entry in the current account, whereas the accompanying increase in foreign assets, e.g. in the form of increased deposits abroad, is registered in financial account and recorded as a transaction on the debit side of the BOP accounts. In other cases when items are given away rather than exchanged, or a recording is one-sided for other reasons, there is only one recording in the data sources. In these cases, a counter entry is constructed, in this example in the form of a transfer so that the double entry requirement is satisfied.

 

Structure

The International Accounts is an integrated part of the National Accounts and is constructed as a mirror image of the institutional sector "Rest of the World" in the National Accounts. In the BOP and IIP, transactions and positions are seen from Norway's point of view, while in the institutional sector accounts they will be seen from the perspective of the rest of the world. A surplus on Norway's current account will in the National Accounts appear as a deficit for the sector "Rest of the World".

The BOP consists of three main parts: a current account, which shows current transactions with the rest of the world, a capital showing capital transactions, and a financial account, which records investment transactions in the form of purchases and sales of financial instruments.

The table below illustrates the statement of transactions and positions in the BoP and IIPs (eller IAs) current, capital and financial accounts:

1)            Current account balance

Balance of goods and services
Balance of income and current transfers

2)            Capital transfers to abroad, net

3)            Net lending, current- and capital account

4)            Financial account, assets/liabilities

Direct investment
Portfolio investment
Other investment
Reserve assets

5)            Net lending, financial account

6)            Errors and omissions

 

 

The financial statements are presented as shown in the following table, broken down by functions (direct investment, portfolio investment, other financial investment and international reserves):

7)       The financial position of at the beginning of the reference period

8)      Investments during period (asset)

9)      Borrowing

10)    Gains, losses and other changes (netto)

11)    The financial position of at the end of the reference period

 

Following definitions applies

The relationship between current- and capital account and the transactions in the financial account:

1+ 2 =3

4 assets – 4 liabilities = 5

3 – 5 = 6

Consistent International Accounts requires:

 (3) = (5)

 

The relationship between positions and change in positions in the financial account:

7 + 8 – 9 + 10 = 11

 

Description of the accounts

The definitional relationship between the current account and the financial account is that a current account surplus, adjusted for net capital transfers and net acquisitions of patents and copyrights etc, increases net foreign assets (or reduces net liabilities), while a deficit on the current account will reduce net assets (or increase net liabilities).

The current account comprises, first, exports and imports of goods and services, with the balance of goods and services as a balancing item. In addition, data are provided for compensation of employees, investment income and expenditure as well as current transfers to and from the rest of the world. The balance for this component is net income and current transfers. The total balance of the current account is the sum of the balances of these two components.

The capital and financial account shows how transactions recorded in the current account result in changes in foreign assets and liabilities, and in addition to purchases and sales of financial instruments includes capital transfers. This entails that the balance on the current account must be adjusted for net capital transfers in order to arrive at net lending.

The financial account also includes transactions that do not have a counter entry in the current account. One example would be a resident who uses funds in a foreign bank account to repay a loan raised abroad.

Net lending

Total asset transactions less total liability transactions result in net lending. By adjusting net lending for valuation changes and other balance sheet changes not caused by transactions2, we arrive at changes in Norway's net foreign assets/liabilities.

Net lending, current account =
Current account balance + Capital transfers to abroad, net - non-financial net investment (?)

Net lending, financial account = Net acquiring of financial assets – net borrowing

 

Net errors and omissions are derived from net lending from the two accounts and can be derived from the current account minus the same item derived from the financial accounts. Although the BoP accounts are, in principle, balanced, imbalances occur due to imperfections in source data and compilation.

Standard classifications

In addition to the classifications and categories described in the international BOP, IIP and National Accounts manuals, it may be mentioned that the Norwegian BOP, IIP and National Accounts make use of the product classification CPA (Classification of Products by Activity) of the EU and sector of the BPM6, 2008 SNA and ESA 2010. For more details, please check https://www.ssb.no/en/klass/klassifikasjoner/39.

Country Codes are based on the International Standard ISO 3166.

 

Functional categories

Direct investment

Direct investment is a cross-border financial investment made by an investor for the purpose of acquiring a lasting interest in a foreign enterprise, and exerting a degree of influence on that enterprise's operations. An investment by owning 20 per cent or more of the ordinary shares is considered always a direct investment. The establishment of a subsidiary abroad is an example of a direct investment.

 

Portfolio investment

Portfolio investment covers transactions in equities, other securities, and financial derivatives, except where these transactions relate to direct investment or reserve assets category. The Government Pension Fund – Global is not part of the reserve assets, though it is owned by the government and administrated by Norges Bank. This is therefore treated as portfolio investment as concerns investment abroad. Most important are shares and other equities, bonds and money market instruments (certificates and Treasury bills).

 

Other investments

Other financial investments is a residual category that covers all investments that are not included in direct investment, portfolio investments and international reserves.

 

Reserve assets

Reserve assets consist of those external assets that are readily available to and controlled by monetary authorities for direct financing of payment imbalances, for indirectly regulating the magnitude of such imbalances through intervention in exchange markets to affect the currency exchange rate and /or other purposes. In Norway, Norges Bank have reserve assets. International reserves basically consist of assets only, i.e. any foreign central banks' holdings of assets in Norway (for instance Norwegian securities) are not considered "reserve liabilities", but as portfolio investment in Norway.

 

The classification of financial assets and liabilities

The financial accounts include a limited number of financial instrument groups with detailed claims and debt items in the balance sheets of institutional units. The financial instrument links one entity claims to another sector’s debt items. The financial instruments are grouped in claim and debt items with similar economic functions. For example, the payment function is characteristic of coins, notes and salary accounts, while credit is procured through different types of loans. In addition, the liquidity ratio has been the determinant factor for the ranking of financial assets in the classification.

 

Classification of financial assets and liabilities in the financial accounts is based on the recommendations of the SNA 2008 and ESA 2010. The classifications are described below:

 

Equity and other shares

The instrument includes ordinary shares in limited liability companies, shares in general partnerships and shares in mutual funds. Shares in foreign companies are also included. Furthermore, the instrument includes tradable Norwegian equity certificates and general government capital contributions in public enterprises and the state lending institutions.

 

Dept securities

Comprise short and long-term securities. Short-term securities is defined as negotiable securities with original maturity of maximum one year, while long-term securities comprise instruments defined as tradable standardised debentures with original maturity of more than one year.

 

Currency and deposits

Comprise Norwegian and foreign notes and coins, all types of deposits with commercial banks and savings banks, Norges Bank and foreign banks.

 

Loans

This financial instrument includes lending forms other than tradable debentures and certificates. Short-term loans are mainly quantified on the basis of the specifications in accounting statistics for financial corporations. The instrument comprises building loans, factoring, bank overdrafts, operating and working credit. Long-term loans comprise all loans other than short-term loans (mortgage bond issues, other medium and long-term repayment loans and financial leasing).

 

Trade credits

Financial claims arising from the direct extension of credit by suppliers and buyers for goods and services.

Insurance technical reserves

The instrument includes individual insurance savings and group insurance savings in private life insurance companies and total capital in autonomous municipal and private pension funds. Prepayments of premiums and reserves against outstanding claims in non-life insurance companies are also included.

 

Other claims

Comprise claims and debt that is due to differences in timing between transactions and payments. For example credit extended to a customer/supplier credit, deferred tax claims/liabilities. Included are also other financial items that do not belong to the previously listed instruments. Derivatives recorded in the accounting statistics are included.

 

Reserve assets/liabilities IMF

The foreign exchange reserves and claims on the International Monetary Fund (IMF) together constitute Norges Bank's international reserves. Claims on the IMF consist of three components: SDR accounts (Special Drawing Rights), reserve positions in the IMF and loans to the IMF (Poverty Reduction and Growth Facility).

 

Valution

Market value

Market prices are defined as amounts of money that willing buyers pay to acquire something from willing sellers; the exchanges are made between independent parties and on the basis of commercial considerations only. The exchange rate on the position date or the average rate for the shortest period applicable shall be used for converting positions in foreign currencies into the national currency. Stocks of assets and liabilities are to be valued at prices or rates in effect at the time to which the balance sheet relates.

Administrative information

Name and topic

Name: International accounts
Topic: External economy

Next release

Responsible division

Division for National Accounts

Regional level

National level.

Frequency and timeliness

Quarterly statistics. The first version for quarter k t is published after k+60 days, followed by revisions in the following quarterly publications. The final version is published in August/September year t+2.

International reporting

Reporting to Eurostat, the International Monetary Fund (IMF), Organization for Economic Co-orporation and Development (OECD) and Bank for International Settlement (BIS).

Microdata

Microdata are based on different sources.

Background

Background and purpose

The purpose of the BOP and IIP Statistics is to provide reliable information on residents of Norway’s economic relationships with non-residents. The statistics are an integrated part of the National Accounts using the same principles and definitions.

The statistics is set to meet the international requirements given in the BPM. The international guidelines in BPM are revised during the last several years, with the latest update published in 2009 by the International Monetary Fund (IMF). The sixth edition of the manual, BPM6, is the current version and is implemented in the Norwegian BOP and IIP Statistics in December 2014. Back data based on the guidelines from BPM6 is implemented in both the current- and capital account and the financial account.

The current- and capital account has time series going back to 1981, while the financial account has time series going back to 2005 (BOP) and 2012 (IIP). The current- and capital account has time series going back to 1981.

Users and applications

The main users are international organizations, IMF, Eurostat, OECD and BIS. The Balance of Payments and the International investment position are used by market analytics within finance and the business sector in general, and by governmental agencies for economic policy purposes. Used in the National Accounts, the BOP and the IIP give an exact mirror image of the sector Rest of The World in the national Accounts.

Equal treatment of users

No external users have access to the statistics and analyses before they are published and accessible simultaneously for all users on ssb.no at 08.00 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar. This is one of Statistics Norway’s key principles for ensuring that all users are treated equally.

Coherence with other statistics

The IIP and the BOP have the same principles and detailing levels. IIP shows the positions of assets and liabilities abroad each quarter. The positions together with the transactions, revaluations and other volume changes give a consistent picture of the financial part of the external sector.

Full integration with the National Accounts makes the Norwegian BOP and IIP data consistent with both the exports and the imports figures and financial figures for the Rest of the World Account of the National Accounts.

The BOP has a somewhat broader scope compared to the External Trade in Goods statistics. The main deviations are that BOP includes as exports goods delivered to non-resident carriers in Norwegian ports, goods other than oil and gas exported directly from the Norwegian continental shelf, imports of fuel to Norwegian carriers in foreign ports, and direct imports of goods to the Norwegian continental shelf. In addition, the BOP converts exports and imports of certain types of goods as registered in the external trade statistics into exports and imports of services.

A table of the external debt statistics can be found under “tables”. The external debt statistics is based on the guidelines in BPM6 and External Debt Statistics: Guide for Compilers and Users. The quarterly data from the IIP statistics is the basis of the external debt statistics. The gross external debt liabilities equals the debt liabilities in the IIP statement, i.e., total IIP liabilities excluding all equity (equity shares and other equity) and investment fund shares. The first level of disaggregation of the external debt is by institutional sector. The second level of disaggregation is by maturity of external debt, and the third level of disaggregation is by type of debt instrument.

In the BOP and IIP Statistics there is a classification on functional categories, one of them being direct investment. There is a separate annual statistics on Direct investment published by Statistics Norway. The two statistics follows different principles and will therefore show different figures. Statistics Norway also publishes Portfolio investment abroad, and the statistics follows the same international guidelines as the IIP.

Legal authority

The main part of the data is collected under the provisions of the Statistics Act and the Act on the Supervision of Credit Institutions, Insurance Companies and Securities Trading etc.

EEA reference

EU-regulations incorporated in the EEA-agreement define the scope of the statistics. The following regulations apply to the BOP and IIP -statistics:

  • REGULATION (EC) No 184/2005 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 12 January 2005 on Community statistics concerning balance of payments, international trade in services and foreign direct investment
  • COMMISSION REGULATION (EC) No 1055/2008 of 27 October 2008 implementing Regulation (EC) No 184/2005 of the European Parliament and of the Council, as regards quality criteria and quality reporting for balance of payments statistics
  • COMMISSION REGULATION (EU) No 1227/2010 of 20 December 2010 amending Regulation (EC) No 1055/2008 implementing Regulation (EC) No 184/2005 of the European Parliament and of the Council, as regards quality criteria and quality reporting for balance of payments statistics
  • COMMISSION REGULATION (EU) No 555/2012 of 22 June 2012 amending Regulation (EC) No 184/2005 of the European Parliament and of the Council on Community statistics concerning balance of payments, international trade in services and foreign direct investment, as regards the update of data requirements and definitions
  • REGULATION (EC) No 716/2007 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 20 June 2007 on Community statistics on the structure and activity of foreign affiliates

Production

Population

The scope of the Balance of Payments and International investment position is defined in international guidelines in the Balance of Payments and International Investment Position Manual (BPM6), System of National Accounts (2008 SNA, published by the UN, OECD, IMF, World Bank and the European Commission) and the European System of National and Regional Accounts (ESA 2010).

Like the National Accounts, the IIP and BOP accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe transactions between statistical units in which economic values are provided or received in exchange for other economic values. The Balance of Payments shall in principle include all transactions between unit’s resident of the Norwegian economic territory and non-resident units. See below for more about the sample that’s behind the BoP statistics. 

The delineation of the economy towards the rest of the world is based on the concept of resident units. A unit is a resident unit when it has a centre of economic interest in the economic territory in question, i.e. when it is engaged in economic activity in a territory for a long period of time (at least one year).

The Norwegian economic territory includes mainland Norway together with the Norwegian part of the Continental Shelf, Svalbard and Jan Mayen with Bjørnøya.

Data sources and sampling

The BOP and IIP statistics are based on data collected by other divisions in Statistics Norway.

The main sources for the current- and capital account;

  • External trade in goods   
  • Petroleum Statistics
  • Sample survey, non-financial enterprises,non-financial corporations and financial institutions not under supervision
  • Structural Business Statistics, Ocean Transport
  • Annual accounting statistics for the general government.
  • Quarterly accounting statistics for financial corporations under supervision
  • Travel survey

The main sources for the financial account;

  • Quarterly accounting statistics for financial corporations under supervision. Positions are reported and some transactions (equity, other debt securities and loans) and some revaluations (exchange rate changes and other price changes) quarterly and annually.
  • Quarterly accounting statistics for non-financial corporations and financial institutions not under supervision. Positions and revaluations are reported quarterly and annually. 
  • Annual accounting statistics for the general government. Positions and revaluations (exchange rate changes and other price changes) are reported.
  • Quarterly data from the Norwegian Central Securities Depository (VPS) and data from a separate survey on mutual funds. Positions and transactions are reported.

Data collected for non-financial corporations and mutual funds are based on sample surveys. See each survey for more information on sampling, for example sample survey and how to choose the sample. For areas with incomplete statistical coverage, it is necessary to do estimations or use supplementary sources such as tax returns.

All major Norwegian financial and non-financial enterprises are covered in the BOP and IIP-statistics.

Collection of data, editing and estimations

For most of the BOP and IIP items the figures used are as shown in the primary sources, as mentioned in the “Data source and sampling” section. Others are derived through estimations of which the most important are:

Current account

Services and income flows are estimated on quarterly basis by using the change as observed in the sampling survey data combined with last known annual totals. This estimation procedure is the same used in Quarterly National Accounts.

Reinvestment of earnings

Reinvestment of earnings is included in both the current and financial account. Reinvestment of earnings arising from a direct investor’s equity in its direct investment enterprise is calculated based on accounting variables profit and dividends.

Financial account

Financial transactions are to a large extent estimated starting with observed investment positions. The definitional identity employed is: opening position + transactions + revaluations = closing position.

Most of the revaluations due to exchange rate movements are estimated combining exchange rates and information on foreign currencies in use for different variables.

The household’s holiday houses abroad are estimated based on tax information. Price changes and exchange rates are estimated from information from various countries.

The non-financial enterprises and financial institutions not under supervision are based on a quarterly sample survey. This covers the major enterprises in the population and has a sample size of 500-600 enterprises. Quarterly numbers are then grossed up with figures from the annual BoP and IIP reporting that has a sample size of 3,000 enterprises. This is done by adding the enterprises only included in yearly survey to the fourth quarter and are then copied the following three quarters. These enterprises represent approximately ten percent of non-financial enterprises' total assets and liabilities.

Seasonal adjustment

Not relevant

Confidentiality

§ 2-6 of the Statistics Act states that data under no circumstances shall be published in such a way that they may be traced back to the supplier.

§2-4 of the Statistics Act contains provisions regarding professional secrecy for the staff as well as other provisions regarding confidentiality and integrity.

Comparability over time and space

 

Statistics Norway has adapted the international recommendations for compiling BOP and IIP statistics and is therefore comparable with other countries' BOP and IIP statistics. Annual and quarterly current account data on a consistent form are available back to 1981 in the Statbank. Correspondingly for the financial account back to 2005. Quarterly IIP data on a consistent form are available back to 2012 in the Statbank. The data has had several changes due to the new manuals BPM6 and ESA2010 and which has led to minor breaks in the time series.  Longer times series for annual IIP data are available back to 1998 based on BPM5 guidelines. Longer times series for annual and quarterly current account data are available back to 1970. Correspondingly for the financial account back to 1981. For the period 1994 - 2004 monthly data for both current and financial account are available. An historic table for Balance of Payments is available back to 1949, see 22.8 and 22.9.

 

Accuracy and reliability

Sources of error and uncertainty

The Norwegian BOP and IIP Statistics makes use of information from a great variety of statistical sources and will reflect uncertainty and errors which might appear in these sources. However, the fact that IIP is a logical system within an even larger logical system of the National Accounts, it is possible to carry out a range of consistency checks to counterbalance the initial collection and then processing errors of the primary sources.

Revision

Preliminary quarterly and annual figures are revised until final annual figures are published (in August/September year t+2). See Administrative information, Frequency and timeliness.

In addition, periodical main revisions give revised figures. A main revision of the BoP time series were conducted in December 2014 with the implementation of the new manuals Balance of Payments and International Investment Position (BPM6) and European system of national Accounts (ESA2010). The BoP financial account has revised its time series back to 2005.