Preliminary deficit of NOK 0.2 billion

Preliminary figures show a current account deficit of NOK 0.2 billion in January. In January last year, Norway had a current account surplus of NOK 5.6 billion. The shortfall is primarily due to the reduced export value of crude oil and an increase in external interest expenses. Exports of other goods and services were also lower than last year. In December 1998 the deficit was NOK 5.4 billion.

The goods and services surplus in January 1999 was NOK 2.2 billion, the largest such surplus since March 1998, but still NOK 4.1 billion lower than in January 1998. The goods balance in January 1999 closed with a surplus of NOK 3.1 billion, while the services balance showed a deficit of NOK 0.9 billion.
A deficit of NOK 2.4 billion has been estimated for the income and current transfers balance in January 1999, while the average monthly deficit in 1998 was NOK 1.6 billion. In January 1998, the income and current transfers balance showed a deficit of NOK 0.7 billion.
Preliminary figures show that Norway's net external assets were reduced by NOK 1.7 billion in January 1999, and amounted to an estimated NOK 103 billion at the end of the month.

The current external balance comprises both external trade in goods and exports and imports of services. Also included are property income and expenditure in the form of interest and dividends and current transfers to and from overseas.

New Statistics
Balance of payments, January 1999.
The statistics are published monthly in the Weekly Bulletin of Statistics. For more information contact: Bjornar.Ansnes@ssb.no, tel. +47 21 09 48 35 or Tore.Halvorsen@ssb.no, tel. +47 21 09 48 48.

Weekly Bulletin issue no. 13-14, 1999