10290_not-searchable
/en/utenriksokonomi/statistikker/betalstr/arkiv
10290
Reduced settlements
statistikk
2009-05-20T10:00:00.000Z
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, Q1 2009

Content

Published:

This is an archived release.

Go to latest release

Reduced settlements

Settlements from foreign countries to Norwegian bank accounts amounted to NOK 347 billion in the first quarter of 2009. This is a 27 per cent decrease compared to the fourth quarter of 2008. Outgoing settlements saw a decrease of 15 per cent, totalling NOK 328 billion.

In the first quarter of 2009, incoming settlements totalling NOK 347 billion were registered. This is a decrease of 27 per cent compared to the fourth quarter of 2008. The total value of outgoing settlements showed a decrease of about 15 per cent in the same period, and thereby amounted to NOK 328 billion.

There are substantial changes in settlements between Norway and the rest of the EU when comparing the fourth quarter of 2008 and the first quarter of 2009. Incoming settlements have seen a decrease of more than NOK 54 billion, which amount to more than 80 per cent of the total decrease from the fourth quarter of 2008. Outgoing settlements to the rest of the EU have decreased by NOK 71 billion. This amounts to more than half of the total decline in value of all the outgoing settlements. There have also been marked reductions from the fourth quarter of 2008 to the first quarter in 2009 for outgoing settlements to Asia and North and Central America.

Cross border settlements through Norwegian banks. 1 quarter 2009
Incoming cross border settlements Outgoing cross border settlements
Number of settlements Per cent NOK million Per cent Number of settlements Per cent NOK million Per cent
Total  572 198  100.0  347 997  100.0 1 252 971  100.0  328 815  100.0
The Nordic countries  335 245 58.6  132 679 38.1  528 567 42.2  123 105 37.4
Rest of the EU  168 627 29.5  154 761 44.5  480 876 38.4  140 744 42.8
Rest of Europe 12 966 2.3 4 343 1.2 36 383 2.9 11 891 3.6
Africa 1 560 0.3  855 0.2 12 833 1.0 1 831 0.6
Asia 17 398 3.0 13 874 4.0  101 255 8.1 21 570 6.6
North and Central America 32 946 5.8 38 828 11.2 79 343 6.3 25 275 7.7
South America 1 257 0.2 1 008 0.3 6 322 0.5 1 971 0.6
Oceania 2 199 0.4 1 649 0.5 7 392 0.6 2 427 0.7

Mining and quarrying down 70 per cent

Mining and quarrying is the industry with the most pronounced changes from the fourth quarter of 2008 to the first quarter of 2009 in total value of the external settlements. The outgoing settlements in this industry have decreased by almost 70 per cent. This amounts to NOK 59 billion. The incoming settlements showed an 11 per cent reduction in the same time period, totalling NOK 26 billion.

The manufacturing industry has seen a reduction both in incoming and outgoing settlements when comparing the fourth quarter of 2008 with the first quarter of 2009. The outgoing settlements have seen a decrease of more than 20 per cent and the incoming 15 per cent, which amount to NOK 33 and NOK 25 billion respectively.

Figures for 1. quarter 2009, by industry
Section Incoming settlements Outgoing settlements
NOK million Per cent NOK million Per cent
Total  344 603  100.0  323 636  100.0
Agriculture, hunting and forestry 20 0.0  157 0.0
Fishing 3 848 1.1 2 117 0.7
Mining and quarrying 62 801 18.2 26 006 8.0
Manufactoring  150 068 43.5  126 694 39.1
Electricity, gas and water supply 22 023 6.4 30 312 9.4
Construction 1 153 0.3 2 089 0.6
Wholesale and retail trade 30 681 8.9 65 892 20.4
Hotels and restaurants  291 0.1  528 0.2
Transport, storage and communication 39 736 11.5 32 862 10.2
Real estate, renting and buiness activities 24 684 7.2 25 590 7.9
Public administration 7 402 2.1 7 441 2.3
Education  152 0.0  318 0.1
Health and social work  390 0.1 1 441 0.4
Other community, social and personal service activities 1 037 0.3 1 939 0.6
Private households with employed persons 0 0.0 0 0.0
Extra-territorial organizations and bodies  142 0.0 24 0.0
Missing  174 0.1  227 0.1

Incoming settlements again larger than outgoing

In the first quarter of 2009, the total value of incoming settlements is almost 6 per cent higher than the outgoing. This is a marked change from the fourth quarter of 2008, when the value of all incoming settlements was 9 per cent lower than the outgoing. The increase in incoming settlements from North and Central America and the rest of the EU is the main element in this change. These countries constitute about 80 per cent of the total value of Norwegian external settlements.

Change of incoming versus outgoing settlements in Q1 2009 and Q1-Q4 2008.
Per cent
  1. quarter 2009 4. quarter 2008 3. quarter 2008 2. quarter 2008 1. quarter 2008
Total 5.8 -9.1 28.6 13.8 12.1
The Nordic countries 7.8 -5.2 34.1 36.8 24.1
Rest of the EU 10.0 -1.2 32.4 6.9 6.4
Rest of Europe -63.5 -65.7 -55.0 -67.2 -61.9
Africa -53.3 -90.5 -29.8 -14.4 -17.8
Asia -35.7 -41.5 31.5 -11.8 -16.6
North and Central America 53.6 13.0 38.4 17.4 72.5
South America -48.9 -58.4 -54.6 -55.9 -54.8
Oceania -32.1 -47.7 4.3 -18.8 -37.4

Enterprises dominate

Comparing the total value and number of settlements for enterprises with private individuals shows that enterprises clearly dominate in both areas. In the first quarter of 2009, the enterprises account for more than 98 per cent of the total value of both incoming and outgoing settlements. For private individuals, the total value of outgoing settlements in the first quarter of 2009 is higher than the incoming settlements.

Enterprises and private individuals. 1. quarter 2009
  Incoming settlements Outgoing settlements Percentage share enterprises
  Total Enterprises Private individuals Total Enterprises Private individuals Incoming settlements Outgoing settlements
Number of settlements  572 198  468 866  103 332      1 252 971  872 455  380 516 81.9 69.6
NOK million  347 997  344 603 3 395  328 815  323 636 5 178 99.0 98.4

The majority of settlements in the Register of Cross Border Transactions and Currency Exchange are transferred via commercial banks. The use abroad of credit cards issued in Norway and the use in Norway of credit cards issued abroad are 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 .