370906
/en/utenriksokonomi/statistikker/forutland/kvartal
370906
statistikk
2019-06-05T08:00:00.000Z
External economy
en
forutland, Foreign assets and liabilities, net assets, IIP, international investment position, foreign debt, foreign assets, BoP, balance of paymentsForeign assets and liabilities , External economy
true

Foreign assets and liabilities

Updated

Next update

Key figures

7 741

NOK billion in net assets per Q1 2019

International investment position. Latest quarter. NOK million
1st quarter 2019
Opening balanceTransactionsOther changesClosing balance
Foreign assets14 299 463145 078682 47715 127 018
Direct investment2 020 891-19 0288782 002 741
Portofolio investment10 002 017-17 540680 60810 665 085
Other investments1 727 577154 283-6 8311 875 029
Reserve assets (IMF breakdown)548 97827 3637 822584 163
 
Liabilities7 251 152113 92321 4167 386 491
Direct investment1 564 714-11 97714 0831 566 820
Portofolio investment3 194 590113 73533 7933 342 118
Other investments2 491 84512 165-26 4572 477 553
 
NET ASSETS7 048 31131 155661 0617 740 527

See selected tables from this statistics

Table 1 
International investment position. Functional category. NOK million

International investment position. Functional category. NOK million
1st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
Foreign assets13 883 92814 224 09914 422 93514 299 46315 127 018
Direct investment1 907 9091 948 4991 941 5652 020 8912 002 741
Portofolio investment9 775 21410 027 00210 217 95810 002 01710 665 085
Other investments1 676 4301 710 6641 729 6911 727 5771 875 029
Reserve assets (IMF breakdown)524 375537 934533 721548 978584 163
 
Liabilities7 003 4237 092 5517 198 0367 251 1527 386 491
Direct investment1 592 4201 569 2301 581 9461 564 7141 566 820
Portofolio investment3 088 0763 196 7133 270 3963 194 5903 342 118
Other investments2 322 9222 326 6052 345 6942 491 8452 477 553
 
NET ASSETS6 880 5057 131 5487 224 8997 048 3117 740 527

Table 2 
International investment position. Functional category and instrument. NOK million

International investment position. Functional category and instrument. NOK million
1st quarter 20182nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
Foreign assets
Direct investment
Equity and Investment Fund shares/units1 311 9881 348 9091 334 7011 399 0931 395 843
Debt instruments595 921599 590606 864621 798606 898
 
Portofolio investment
Equity and Investment Fund shares6 267 2366 486 4576 676 9816 348 9357 129 655
Equity securities6 011 2196 222 0556 407 2346 089 4166 844 948
Investment Fund shares256 017264 402269 747259 519284 707
Debt securities3 507 9783 540 5453 540 9773 653 0823 535 430
 
Other investments
Other equity1 4611 4611 4611 4611 461
Currency and deposits729 105765 000795 902729 516815 260
Loans552 597543 739512 344598 450622 299
Trade credits and advances85 26187 36086 39385 30087 630
Other accounts recievable/payable292 627299 056319 892298 865333 870
 
Reserve assets (IMF breakdown)
Assets - Special Drawing Rights (SDRs)17 09717 46917 32918 45618 761
Reserve position in the IMF5 1666 3126 1637 3067 827
Other reserve assets502 112514 153510 229523 216557 575
 
Liabilities
Direct investment
Equity and Investment Fund shares/units875 101882 315930 350938 973961 407
Debt instruments717 319686 915651 596625 741605 413
 
Portofolio investment
Equity and Investment Fund shares908 069974 7291 026 682878 580942 933
Equity securities800 955858 903908 569767 585820 896
Investment Fund shares107 114115 826118 113110 995122 037
Debt securities2 180 0072 221 9842 243 7142 316 0102 399 185
 
Other investments
Other equity-----
Currency and deposits1 413 8221 428 4031 444 7011 486 4901 539 753
Loans588 704564 095539 759694 360562 648
Trade credits and advances40 25641 17040 53341 40340 029
Other accounts recievable/payable234 024247 249276 276224 795286 815
Liabilities - Special Drawing Rights (SDRs)17 82217 97017 80518 85418 713
 
NET ASSETS6 880 5057 131 5487 224 8997 048 3117 740 527

Table 3 
External debt statistics (IMF specification). NOK million.

External debt statistics (IMF specification). NOK million.1
2nd quarter 20183rd quarter 20184th quarter 20181st quarter 2019
1The external debt position shows the gross debt for the main institutional sectors. Shares and other equity are not included in the statistics.
 
General government611 005616 206712 565674 949
Short-term
Currency and deposits----
Debt securities9 87210 7579 77410 200
Loans170 390142 762258 591117 101
Trade credits and advances----
Other accounts recievable/payable46 48872 27820 52889 560
Long-term
Currency and deposits----
Debt securities281 605286 364294 209316 021
Loans102 650104 045129 463142 067
Trade credits and advances----
Other accounts recievable/payable----
 
Central bank34 49846 10931 54741 347
Short-term
Currency and deposits36253238
Debt securities----
Loans----
Trade credits and advances----
Other accounts recievable/payable16 06127 51811 77522 396
Long-term
Liabilities - Special Drawing Rights (SDRs)17 97017 80518 85418 713
Currency and deposits----
Debt securities----
Loans431761886200
Trade credits and advances----
Other accounts recievable/payable----
 
Deposit-taking corporations except the central bank3 065 3713 095 7013 195 7173 289 300
Short-term
Currency and deposits1 322 2281 344 8031 367 8521 428 856
Debt securities93 80697 10471 068130 042
Loans----
Trade credits and advances----
Other accounts recievable/payable151 519141 753145 647134 957
Long-term
Currency and deposits106 13999 873118 606110 859
Debt securities1 391 6791 412 1681 492 5441 484 586
Loans----
Trade credits and advances----
Other accounts recievable/payable----
 
Other sectors837 715831 392868 026871 142
Short-term
Currency and deposits0000
Debt securities15 4268 2568 25715 371
Loans14 59414 83321 27424 319
Trade credits and advances41 17040 53341 40340 029
Other accounts recievable/payable60 35160 78472 02969 167
Long-term
Currency and deposits0000
Debt securities429 596429 065440 158442 965
Loans276 030277 358284 146278 961
Trade credits and advances0000
Other accounts recievable/payable548563759330
 
Direct investment686 915651 596625 741605 413
 
SUM TOTAL5 235 5045 241 0045 433 5965 482 151

About the statistics

International investment position (IIP) statistics supply reliable information on residents of Norway’s economic positions with non-residents. The statistics are in compliance with the international requirements given in the Balance of Payments and International Investment Position Manual (BPM).

Definitions

Definitions of the main concepts and variables

International guidelines

The Norwegian International investment position 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 there are in full accordance with corresponding international rules for the National Accounts, as laid down in the manual "System of National Accounts 2008" (2008 SNA ), which is published by a number of international organizations jointly, including the United Nations and also the IMF.

EU has prepared its own edition of the National Accounts manual, "European System of Accounts 2010" (ESA 2010), which accommodates special conditions in member countries. Pursuant to the European Economic Area Agreement, Norway is obligated to adhere to this system. The reporting of National Accounts data in accordance with ESA definitions to EUROSTAT, EU's statistical office, has a legal basis, and so is also the case for reporting of the Balance of Payments data. The aim of these agreements is to enhance the overall presentation of Balance of Payments and International investment positions figures for countries in the EEA and to improve the quality of the data by harmonizing the methods of compilation and calculation.

Basic concepts and recording principles

Like National Accounts and Balance of Payments, International investment position accounts are constructed around three basic concepts: statistical units, economic values and transactions. Briefly, the accounting systems describe 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. The basic criterion for entering 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.

In the IIP, 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 the parties of the position register it in their books or accounts.

All position shall be valued at market prices. 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.

Structure and definitional relationships

Net assets (net financial wealth) = total assets - total liabilities

The financial balance sheet shows the financial position of a sector at the end of the reference period and is broken down into categories of financial assets and liabilities.

Changes in net asset = net lending + net other changes

The change in the financial balance sheet during the reference period is a result of accumulated financial transactions and other changes in assets. Total asset transactions less total liability transactions result in net lending. The latter category mainly reflects revaluations due to changes in market prices of financial instruments.

Functional categories

  • Direct investment

Direct investment is across-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 claim 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.

  • 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.

  • 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.

  •  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).

Standard classifications

In addition to the classifications and categories described in the international IIP and National Accounts manuals, it may be mentioned that both the Norwegian IIP and National Accounts make use of the sector of the EU in ESA 2010.  For more information of sectors, please see ssb.no.

Administrative information

Name and topic

Name: Foreign assets and liabilities
Topic: External economy

Next release

Responsible division

Division for Financial Accounts

Regional level

National level.

Frequency and timeliness

Quarterly time series. Data released about 70 days’ time lag.

International reporting

Reporting to Eurostat, the International Monetary Fund (IMF), Organisation 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 International investment position (IIP) statistics is to supply reliable information on residents' of Norway economic positions with non-residents. The statistics are an integrated part of the Balance of Payments using the same principles and definitions.

The statistics is set to meet the international requirements given in the Balance of Payments and International Investment Position Manual (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 Balance of Payments in December 2014. Back data based on the guidelines from BPM6 is implemented in the financial account. The financial account has time series going back to 1st quarter 2012.   

Balance of Payments statistics has been published by Statistics Norway ever since the first post-war years.

Users and applications

The main users are international organizations, IMF, Eurostat, OECD and BIS. The International investment position is 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, International investment position statistics 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 8 am. Prior to this, a minimum of three months' advance notice is given in the Statistics Release Calendar.

Coherence with other statistics

Full integration with the Balance of Payments makes the Norwegian IIP data consistent with the financial transaction figures, and also consistent with the Rest of the World Account of the National Accounts.

The IIP financial account has the same principle and detailing level as Balance of Payments. 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.

A table of the external debt statistics can be found under “tables”. The external debt statistics is based on the guidelines in Balance of Payments and International Investment Position Manual, 6th edition (BPM6) and External Debt Statistics: Guide for Compilers and Users. The quarterly data from the foreign assets and liabilities (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 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 methods and will therefore show different figures. Statistics Norway also publishes Portfolio investment abroad, and the statistics follows the same international guidelines as IIP.

Legal authority

Not relevant

EEA reference

EU-regulations incorporated in the EEA-agreement define the scope of the statistics. Following regulations apply to the 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 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 Balance of Payments, International investment positions 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 IIP shall in principle include all positions between unit’s resident of the Norwegian economic territory and non-resident units. See below for more about the sample that’s behind the IIP 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 IIP is based on data collected by other divisions in Statistics Norway.

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 IIP-statistics.

Collection of data, editing and estimations

Data are collected through different surveys in Statistics Norway and put together to create the IIP.

Revisions:

The IIP data are subject to control and revisions before each publication. The data is integrated with the Balance of Payments and National Accounts thereby allowing for consistency checks against total transactions and positions for the various items. Also checks on the breakdown of positions into price and volume components accommodates for evaluation of the results on transactions.

The IIP time series have been implemented with the implementation of the new manuals Balance of Payments and International Investment Position (BPM6) and European system of national Accounts (ESA2010) in December 2014. The IIP financial account has revised its time series back to 1st quarter 2012.

Estimations: 

For most of the 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:

  • 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 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

The confidentiality rules of Statistics Norway are followed.

Comparability over time and space

Statistics Norway has adapted the international recommendations for compiling IIP statistics and is therefore comparable with other countries' IIP statistics. Quarterly 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 data are available back to 1998 based on BPM5 guidelines.

Accuracy and reliability

Sources of error and uncertainty

The Norwegian IIP 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

Not relevant