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10294
Large increase in settlements to Norwegian bank accounts
statistikk
2008-11-20T10:00:00.000Z
External economy;External economy
en
betalstr, Cash flows between Norway and abroad, register of Cross Borders and Transactions and Currency Exchange, banking transactions (for non-financial enterprises and private individuals), incoming and outgoing payments, country areas, main business sectors (for example manufacturing, electricity and water supply, fishing)Balance of payments, Foreign assets and liabilities , External economy
false

Cash flows between Norway and abroad, Q3 2008

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Large increase in settlements to Norwegian bank accounts

Settlements to Norwegian bank accounts from foreign countries amounted to more than NOK 425 billion in the third quarter of 2008. This is a marked increase of almost 24 per cent compared with the second quarter of 2008.

Cross border settlements through Norwegian banks. 3. quarter 2008
  Incoming settlements Outgoing settlements
  Number of
settlements 		Per cent NOK million Per cent Number of
settlements 		Per cent NOK million Per cent
Total  597 208  100.0  424 767  100.0 1 230 061  100.0  330 254  100.0
The Nordic countries  349 382 58.5  151 176 35.6  510 071 41.5  112 761 34.1
Rest of the EU  178 428 29.9  195 006 45.9  478 227 38.9  147 313 44.6
Rest of Europe 14 704 2.5 6 043 1.4 34 683 2.8 13 416 4.1
Africa 2 247 0.4 1 045 0.2 12 160 1.0 1 489 0.5
Asia 20 683 3.5 41 203 9.7  102 216 8.3 31 331 9.5
North and Central America 27 713 4.6 26 764 6.3 79 183 6.4 19 336 5.9
South America 1 499 0.3  982 0.2 6 592 0.5 2 165 0.7
Oceania 2 552 0.4 2 549 0.6 6 929 0.6 2 443 0.7

Incoming settlements totalling almost NOK 425 billion were registered in the third quarter of 2008; an increase of nearly 24 per cent from the second quarter. The total value of outgoing settlements showed an increase of about 10 per cent in the same period, and thereby amounted to NOK 330 billion. There is an especially strong increase in the cash flow between Norway and Asia. Incoming settlements from Asia to Norway have a 163 per cent higher value compared to the second quarter. There is also a strong 76 per cent increase in outgoing settlements. In total numbers, the upswing in cash flow between Asia and Norway amounts to NOK 26 billion for incoming settlements and NOK 14 billion for outgoing settlements. Still, in total figures the settlements from rest of EU to Norway represent the largest change. Compared to the second quarter, there is an increase of more than NOK 56 billion, which is an increase of 40 per cent. Outgoing settlements from Norway to the rest of the EU have increased by more than NOK 17 billion, which is 13 per cent higher than the second quarter of 2008.

Figures for 3rd quarter 2008, by industry
Section Incoming settlements Outgoing settlements
NOK million Per cent NOK million Per cent
Total  421 108  100.0  324 796  100.0
Agriculture, hunting and forestry 23 0.0  136 0.0
Fishing 3 302 0.8 2 168 0.7
Mining and quarrying  117 711 28.0 20 036 6.2
Manufactoring  131 845 31.3  107 228 33.0
Electricity, gas and water supply 21 403 5.1 27 147 8.4
Construction  941 0.2 2 355 0.7
Wholesale and retail trade 37 277 8.9 75 752 23.3
Hotels and restaurants  603 0.1  619 0.2
Transport, storage and communication 39 972 9.5 35 222 10.8
Real estate, renting and buiness activities 62 411 14.8 43 039 13.3
Public administration 3 105 0.7 7 307 2.2
Education  168 0.0  280 0.1
Health and social work  387 0.1 1 595 0.5
Other community, social and personal service activities 1 030 0.2 1 655 0.5
Private households with employed persons 0 0.0 0 0.0
Extra-territorial organizations and bodies 77 0.0 15 0.0
Missing  853 0.2  242 0.1

Large increase in settlements to mining and quarrying from abroad

In the third quarter 2008, the manufacturing and mining and quarrying industries also received more than 59 per cent of the incoming settlements in total. There has been a particularly large change in incoming settlements to the mining and quarrying industry. Compared to the second quarter of 2008, there has been an increase of 63 per cent, which amounts to NOK 46 billion. In the third quarter of 2008, the real estate, renting and business activities industry had the largest relative increase in incoming settlements, with 127 per cent compared to the second quarter. This amounts to approximately NOK 35 billion.

Change of incoming versus outgoing settlements in Q1-Q3 2008. Per cent
  1. quarter 2. quarter 3. quarter
Total 12.1 13.8 28.6
The Nordic countries 24.1 36.8 34.1
Rest of the EU 6.4 6.9 32.4
Rest of Europe -61.9 -67.2 -55.0
Africa -17.8 -14.4 -29.8
Asia -16.6 -11.8 31.5
North and Central America 72.5 17.4 38.4
South America -54.8 -55.9 -54.6
Oceania -37.4 -18.8 4.3

Much higher incoming values than outgoing

The total value of incoming settlements to Norway exceeded the value of the outgoing settlements by around 29 per cent in the third quarter of 2008. This is higher than both the first and second quarter of 2008 when the total value of the incoming settlements was about 13 per cent higher than outgoing. Quite a large portion of this increase is a result of the increased value of settlements from Asia and the rest of the EU to Norway.

Outgoing settlements from Norway broken down on the ten largest receiving countries in Q3
Country 3. quarter 2. quarter 1. quarter
  NOK million
Sweden 70 730      77 572      66 024
United Kingdom 56 299 49 947 48 058
Denmark 29 829 27 252 26 119
Germany 28 335 26 286 21 993
Netherlands 16 810 12 366 11 846
USA 15 976 15 316 15 236
France 12 728 9 430 12 307
Finland 11 525 9 843 9 522
Switzerland 11 008 11 093 9 616
Hong Kong 10 150 1 917 2 219

Sweden and Great Britain are the largest receivers of bank settlements from Norway

The large Norwegian trade partners dominate the top ten list of countries receiving settlements from Norway. In the first three quarters of 2008, Sweden and Great Britain are clearly the largest receivers of settlements from Norway. In the third quarter alone, Sweden received settlements with a total value of more than NOK 70 billion, and Great Britain received around NOK 56 billion.

The majority of settlements in the Register of Cross Border Transactions and Currency Exchange are transferred via commercial banks. The use of credit cards issued in Norway abroad and credit cards issued abroad in Norway is also registered. Unless otherwise stated, the statistics only cover payments via commercial banks.

The statistics show the extent of cross border payments between individuals or enterprises in Norway and foreign individuals or enterprises. Financial enterprises are not included in the statistics. More details about delimitation and important terms are available in About the statistics .