Balance of payments, March 1998:

Lower surplus

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Preliminary figures show a current account surplus of NOK 7 billion in first quarter 1998. This is NOK 14.3 billion lower compared to first quarter 1997. The reduction is because the goods and services surplus was reduced by NOK 16.6 billion to NOK 10.1 billion.

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The reduction of the surplus on the goods and services balance is explained by a NOK 16.1 billion increase in imports. The breakdown of the increase is NOK 11.6 billion for goods and NOK 4.6 billion for services. Overall services were reduced by NOK 0.5 billion from first quarter 1997 to first quarter 1998. Exports of goods declined by NOK 3.0 billion. Exports of oil and gas dropped by NOK 8.3 billion, while exports of other goods increased by NOK 6.9 billion. Exports of services increased by NOK 2.5 billion from first quarter last year to first quarter this year.

A deficit of NOK 3.1 billion in the interest and transfers balance has been calculated for the first quarter of 1998. This is NOK 2.3 billion less than the deficit in first quarter 1997. The main explanation for the improvement is an increase in net interest income.

New Statistics

Balance of payments, March 1998.
Statistics are published every month in the Weekly Bulletin of Statistics. For more information, contact: elisabeth.norgaard@ssb.no, tel. +47 21 09 49 25, or bjornar.ansnes@ssb.no, tel. +47 21 09 48 35.

Weekly Bulletin issue no. 24, 1998