388869
/en/utenriksokonomi/statistikker/ur/kvartal
388869
statistikk
2020-09-02T08:00:00.000Z
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

Updated

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Key figures

20 482

current account balance

Balance of payments. NOK million
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
Current account:
Current account balance27 02226 91325 05963 23120 482
Balance of goods and services5 352-10 06423 11028 478-7 730
Balance of income and current transfers21 67036 9771 94934 75328 212
Capital transfers, patents, licenses etc, net6725205289766
Net lending (+)/ Net borrowing (-), current account transactions26 95526 88824 85462 94219 716
 
Financial account:
Opening balance7 631 5747 928 6738 515 7158 706 9068 812 300
Net lending (+)/ Net borrowing (-), financial account transactions93 33846 854-149 188141 63311 776
Other changes203 761540 188340 379-36 239440 809
Closing balance7 928 6738 515 7158 706 9068 812 3009 264 885
 
Net errors and omissions66 38319 966-174 04278 691-7 940

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
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
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/units5 21029 64317 58340 470-20 788
Debt instruments11 125-41923 426-28 000-27 164
 
Portofolio investment
Equity and Investment Fund shares57 00765 92831 34872388 437
Equity securities56 26559 89631 7505 86977 582
Investment Fund shares7426 032-402-5 14610 855
Debt securities27 46610 720112 449124 733-102 986
 
Other investments
Other equity---1860
Currency and deposits108 542-95 926-66 97561 683-58 152
Loans-21 75212 89055 622-88 61664 844
Trade credits and advances-6 844-2 1795 298-17 551-9 507
Other accounts recievable/payable-10 991-30 703-45 492119 038-68 396
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)-701 371-179-482-25
Reserve position in the IMF852-2 8051 363-13 6839 424
Other reserve assets338-2 663-27 35067 6748 858
 
Liabilities
Direct investment
Equity and Investment Fund shares/units-17 6152 24486 039-24 372-29 155
Reinvestment of earnings-539-539-5393 4503 450
Debt instruments-33 69337 22431 842-52 279-5 145
 
Portofolio investment
Equity and Investment Fund shares8 9795 78426 0453 145-7 102
Equity securities7 0103 04823 3804 183-14 860
Investment Fund shares1 9692 7362 665-1 0387 758
Debt securities81 18837 88318 56411 3261 904
 
Other investments
Other equity-----
Currency and deposits32 441-58 162-25 99976 008-7 911
Loans17 035-67 817162 359-26 324-29 165
Trade credits and advances1 0191405 609-8 339778
Other accounts recievable/payable-12 359-16 637-47 588141 983-51 742
Liabilities - Special Drawing Rights (SDRs)-----
 
NET LENDING, FINANCIAL ACCOUNT93 33846 854-149 188141 63311 776

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

International Investment Position. By functional category and financial instrument. NOK million
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 502 2671 524 4401 521 6281 572 9721 549 325
Debt instruments654 595670 587673 272712 788667 638
 
Portofolio investment
Equity and Investment Fund shares7 307 4727 761 1468 207 9497 543 4778 310 190
Equity securities7 008 3317 448 4137 884 3577 240 6157 977 871
Investment Fund shares299 141312 733323 592302 862332 319
Debt securities3 641 5523 836 9713 855 3324 506 7394 252 796
 
Other investments
Other equity2 1362 1362 1362 3222 322
Currency and deposits915 398846 215772 705949 786845 444
Loans598 817633 832686 828669 831695 121
Trade credits and advances81 71481 77084 12175 93064 360
Other accounts recievable/payable310 950321 903255 593559 084408 328
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)18 54620 79420 28323 35321 591
Reserve position in the IMF8 0198 9088 87510 39912 541
Other reserve assets561 849591 658558 761713 047684 969
 
Liabilities
Direct investment
Equity and Investment Fund shares/units1 076 1481 076 1461 127 5721 070 6091 055 530
Debt instruments635 460688 302694 731712 246689 108
 
Portofolio investment
Equity and Investment Fund shares956 442978 6801 014 398805 473883 673
Equity securities829 562845 849875 230679 448738 431
Investment Fund shares126 880132 831139 168126 025145 242
Debt securities2 447 8032 554 9952 549 9982 862 4982 763 692
 
Other investments
Other equity-----
Currency and deposits1 565 8561 547 7821 506 9681 734 3151 667 610
Loans635 728581 347737 325759 925708 423
Trade credits and advances43 13944 28347 78443 83343 583
Other accounts recievable/payable279 864279 740229 345499 297400 257
Liabilities - Special Drawing Rights (SDRs)18 56819 38119 06322 45720 771
 
NET ASSETS7 928 6738 515 7158 706 9068 812 3009 264 885

Table 3 
Current and capital account. NOK million

Current and capital account. NOK million
Current and capital account
2nd quarter 20193rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
Exports, total318 992309 702347 160322 578256 399
¬ Goods (FOB)217 931197 136245 910224 999169 620
¬¬ Crude oil and natural gas105 89691 291131 239113 19472 352
¬¬ Ships4 0692 5151 4193 5051 455
¬¬ Petroleum activities, various goods15510849140155
¬¬ Other goods107 811103 222113 203108 16095 658
¬ Services101 061112 566101 25097 57986 780
¬¬ Gross receipts, shipping30 24531 61830 50127 04725 591
¬¬ Petroleum activities, various services4 9214 8315 5985 3445 594
¬¬ Pipeline transport3 1783 1283 2213 2533 178
¬¬ Travel13 51221 3157 3987 5181 209
¬¬ Transport and communication14 65215 72514 29214 49115 181
¬¬¬ Land transport, export1 0971 1351 3251 3791 326
¬¬¬ Supply, export7 0377 8526 2235 7687 039
¬¬¬ Air transport, export2 4152 4822 5442 9162 786
¬¬¬ Services related to transport, export3 5233 6983 6133 8633 480
¬¬¬ Postal and courier services, export580558587565550
¬¬ Financial and business services20 94822 05223 96025 29622 325
¬¬¬ Financial and insurance services, export8 0668 4378 53410 3989 246
¬¬¬ Audit services, juridical- and technical services, export5 7186 1366 6176 0875 933
¬¬¬ Research and development, export8918781 1421 205839
¬¬¬ Other business services, export6 2736 6017 6677 6066 307
¬¬ Other services13 60613 89716 28014 63013 702
¬¬¬ Construction, repairs and installation, export3 1753 6734 6423 8403 633
¬¬¬ Recycle and trash handling, export1 5431 3601 5671 6471 390
¬¬¬ Retail trade, hotel and restaurant , export1 2271 2011 390702508
¬¬¬ Publishing, film, music and broadcasting services, export392535533509519
¬¬¬ Telecommunication services, export2 1071 8182 0722 0771 986
¬¬¬ Information services, export4 3684 5045 3175 1224 974
¬¬¬ Other personal and government services, export794806759733692
MEMO: Services export when import of goods FOB99 871111 43199 99096 26885 642
Imports, total313 640319 766324 050294 100264 130
¬ Goods (CIF)202 940198 462206 736197 253190 076
¬¬ Ships2 7004 0634 0635 4693 340
¬¬ Petroleum activities, various goods4 4962 9344 5293 4784 496
¬¬ Other goods195 744191 465198 144188 306182 240
MEMO: Import of goods FOB196 263192 143200 294190 012182 789
¬ Services110 700121 304117 31496 84774 054
¬¬ Operating costs shipping, excl. bunkers11 46514 45113 35310 89511 465
¬¬ Petroleum activities, various services7 9407 5828 2326 6127 021
¬¬ Travel38 11546 09033 79523 1671 500
¬¬ Transport and communication6 8967 2326 9946 9566 315
¬¬¬ Land transport, import2626262526
¬¬¬ Ocean transport, import286287287200286
¬¬¬ Air transport, import2 5302 8722 5392 5062 363
¬¬¬ Services related to transport, import3 9093 8923 9634 0493 495
¬¬¬ Postal and courier services, import145155179176145
¬¬ Financial and business services22 96222 62926 51424 77323 799
¬¬¬ Financial and insurance services, import4 3904 6484 8985 7545 347
¬¬¬ Audit services, juridical- and technical services, import3 6743 7184 9774 4264 503
¬¬¬ Research and development, import8838411 082789928
¬¬¬ Other business services, import14 01513 42215 55713 80413 021
¬¬ Other services23 32123 31928 42624 44323 953
¬¬¬ Construction, repairs and installation, import4 3174 5825 5624 0104 100
¬¬¬ Recycle and trash handling, import1 3509551 0371 1351 064
¬¬¬ Retail trade, hotel and restaurant, import553543652520468
¬¬¬ Publishing, film, music and broadcasting services, import2 7623 1274 1053 5063 415
¬¬¬ Telecommunication services, import1 5961 3121 4111 6311 343
¬¬¬ Information services, import9 1779 00111 2869 7489 873
¬¬¬ Other personal and government services, import3 5663 7994 3733 8933 690
MEMO: Service import when import of goods FOB116 187126 488122 496102 77780 203
Balance of goods and services5 352-10 06423 11028 478-7 730
¬ Balance of goods14 991-1 32639 17427 745-20 456
¬ Balance of services-9 639-8 738-16 06473212 726
From abroad144 944106 529101 806116 795102 527
¬ Compensation of employees1 3371 3601 3631 4001 342
¬ Interest received36 38038 60841 46144 06933 603
¬¬Direct investment, interst receivable3 6403 5688 8263 8883 102
¬¬Other investment, interest receivable32 74035 04032 63540 18130 501
¬ Dividends etc.94 45255 37347 19056 37657 171
¬¬Direct investment, dividends etc receivable25 4999 92913 7748 0097 836
¬¬Portfolio ivestment, dividends etc. receivable68 95345 44433 41648 36749 335
¬ Reinvested earnings1 2591 2591 259-1 502-1 502
¬ Current transfers11 5169 92910 53316 45211 913
To abroad123 27469 55299 85782 04274 315
¬ Compensation of employees10 55310 86410 8328 9318 800
¬ Interest paid31 17427 79725 09927 11722 281
¬¬Direct investment, interest payable3 9854 0895 4045 2033 600
¬¬Other investment, interest payable27 18923 70819 69521 91418 681
¬ Dividends etc.55 9228 36829 22617 70510 855
¬¬Direct investment, dividends etc. payable35 0506 09625 67413 9826 088
¬¬Portfolio investment, dividends etc. payable20 8722 2723 5523 7234 767
¬ Reinvested earnings9291221974 1884 517
¬ Current transfers from general government10 6177 79817 7637 80811 690
¬ Other current transfers14 07914 60316 74016 29316 172
Balance of income and current transfers21 67036 9771 94934 75328 212
¬ Compensation of employees and investment income (Primary income), net34 85049 44925 91942 40244 161
¬ Current transfers (Secondary income), net-13 180-12 472-23 970-7 649-15 949
Current account balance27 02226 91325 05963 23120 482
Capital transfers to abroad, net5816105298758
Acquisitions of patents, licenses etc. net99100-98
Net lending26 95526 88824 85462 94219 716

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
201720182017201820172018
The world192 153273 051-76 753-67 949152 077252 262
EU306 604391 544-69 897-75 443208 956293 392
Other European countries-11 428-15 303-4 823-5 800-12 694-19 358
Africa2 92910 0625 5335 28531 60135 753
North-America-10 875-19 8319077 04137 95057 942
Central- and South America-4 626-10 710-1 845-9903 581-10 070
Asia, Oceania & Polar regions-69 426-69 235-1 2708 746-32 451-14 501

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
1st quarter 20202nd quarter 20201st quarter 20202nd quarter 20201st quarter 20202nd quarter 20201st quarter 20202nd quarter 20201st quarter 20202nd quarter 2020
Foreign assets
All countries17 359 35017 532 9652 285 7602 216 96312 050 21612 562 9862 276 5752 033 915746 799719 101
United States5 237 1395 310 793362 340344 7244 370 5684 500 971174 455146 061329 776319 037
United Kingdom1 578 6461 409 605179 604163 634778 023759 170561 737429 56559 28257 236
Japan1 021 652998 34913 22312 366934 313917 21310 5708 77263 54659 998
Germany1 007 6741 063 45357 02854 093635 270692 967245 774250 53369 60265 860
Sweden920 758929 086176 288182 327443 444469 081299 826276 3551 2001 323
Switzerland453 669455 0939 6959 910410 750416 82428 73323 4104 4914 949
China336 418156 8768 4759 245320 970142 1916 8375 312136128
Liabilities
All countries8 547 0508 268 0801 782 8551 744 6383 667 9713 647 3653 096 2242 876 077..
Luxembourg1 052 7511 010 25830 18431 528979 596943 62842 97135 102..
United Kingdom1 024 574884 25254 13357 629531 234479 295439 207347 328..
United States929 2311 001 20696 04394 775418 991452 626414 197453 805..
Sweden690 646687 12086 51785 465118 820127 350485 309474 305..
China17 82919 00811 63311 66579766 1177 267..

Table 6 
External debt. NOK million

External debt. NOK million1
3rd quarter 20194th quarter 20191st quarter 20202nd quarter 2020
1The external debt position shows the gross debt for the main institutional sectors. Shares and other equity are not included in the statistics.
 
General government609 006747 394872 259760 392
Short-term
Currency and deposits----
Debt securities19 76723 87618 25715 057
Loans72 570226 272161 04188 929
Trade credits and advances0120
Other accounts recievable/payable51 75418 004116 68473 832
Long-term
Currency and deposits----
Debt securities314 572338 008375 143384 419
Loans150 343141 233201 134198 155
Trade credits and advances----
Other accounts recievable/payable----
 
Central bank45 17932 05070 643136 331
Short-term
Currency and deposits141311 57444 387
Debt securities----
Loans----
Trade credits and advances----
Other accounts recievable/payable25 38812 87325 23634 161
Long-term
Liabilities - Special Drawing Rights (SDRs)19 38119 06322 45720 771
Currency and deposits----
Debt securities----
Loans39610111 37637 012
Trade credits and advances----
Other accounts recievable/payable----
 
Deposit-taking corporations except the central bank3 416 2793 345 2423 880 5563 575 770
Short-term
Currency and deposits1 424 3831 392 4281 556 8671 486 713
Debt securities152 54396 07991 55768 113
Loans----
Trade credits and advances----
Other accounts recievable/payable162 932161 258287 170244 966
Long-term
Currency and deposits123 385114 527165 874136 510
Debt securities1 553 0361 580 9501 779 0881 639 468
Loans----
Trade credits and advances----
Other accounts recievable/payable----
 
Other sectors986 437994 6181 135 2621 167 276
Short-term
Currency and deposits0000
Debt securities13 31212 4563 9804 844
Loans36 86330 84320 44925 091
Trade credits and advances44 28347 78343 83143 583
Other accounts recievable/payable68 22765 733105 59682 224
Long-term
Currency and deposits0000
Debt securities501 765498 629594 473651 791
Loans321 175338 876365 925359 236
Trade credits and advances0000
Other accounts recievable/payable8122981 008507
 
Direct investment688 302694 731712 246689 108
 
SUM TOTAL5 745 2035 814 0356 670 9666 328 877

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.