Key figures for external economy
Norwaytrades extensively with other countries. We also undertake major investments abroad and other countries invest considerable amounts inNorway. The balance of payments and the associated statistics quantifyNorway’s international relations. The figures are used by international organisations, among others.
| Value | Change in % previous period | Change in % last 5 years | Period | |
|---|---|---|---|---|
| Value of export | ||||
| Export of goods | 906 | -3 | -5 | 2013 |
| Export of crude oil and natural gas | 527 | -6 | -8 | 2013 |
| Value of import | ||||
| Import of goods | 528 | 4 | 5 | 2013 |
| 2nd quarter 2014 | 2nd quarter 2013 | |
|---|---|---|
| Revenue | ||
| 1. Goods and services balance | 62.0 | 72.5 |
| 2. Interest and transfers balance | 6.8 | 4.8 |
| 3. Current account abroad (1+2) | 68.8 | 77.3 |
| 4. Capital balance | 0.3 | 0.3 |
| 5. Financial investments (3-4) | 68.5 | 77.0 |
| Financial account | ||
| 6. Financial account | 68.5 | 77.0 |
| 7. Revaluations | 255.7 | 133.6 |
| 8. Change in Norway’s net assets (6+7) | 324.2 | 210.6 |
| 2012 | 2011 | |
|---|---|---|
| A. Foreign assets (1+2+3+4) | 7 848 | 7 295 |
| 1. Direct investments abroad | 1 317 | 1 242 |
| 2. Portfolio investments abroad | 4 990 | 4 442 |
| 3. Other financial investments abroad | 1 236 | 1 299 |
| 4. International reserves abroad | 304 | 312 |
| B. Liabilities abroad (5+6+7) | 4 943 | 4 724 |
| 5. Direct investments in Norway | 1 180 | 1 094 |
| 6. Portfolio investments in Norway | 2 204 | 2 043 |
| 7. Other financial investments in Norway | 1 560 | 1 587 |
| C. Norway’s net assets (A-B) | 2 905 | 2 571 |
| D. Net assets as a percentage of GDP | 100 | 94 |
External trade in goods
The external trade in goods provides a monthly overview of consignments of goods that are subject to customs declaration. It also contains figures on the export of crude oil and natural gas and the import and export of ships and oil platforms. Figures for the external trade in services are published quarterly in the balance of payments, where figures are provided for the trade with selected main categories of services.
The statistics on the external trade in goods are included in the balance of payments’ current account.
The current account, however, contains several items, both on the export and import side, that are not included in the external trade statistics. This applies in its entirety to the export and import of services, but the current account also contains goods items that are not registered in the external trade statistics. This applies to the import of goods directly to the continental shelf. Furthermore, the definitions of the terms crude oil and natural gas in published tables differ in the current account and the external trade. In the latter, only crude oil, natural gas condensates and natural gas are included, while the current account also covers goods such as naphtha, propane and butane.
Balance of payments
The balance of payments is made up of the current account, the capital account and the financial account abroad.
The current account showsNorway’s export and import of goods and services, salaries and returns on investments in the financial account and transfers (development aid and other donations). The net sum of these items constitutes the current balance in other countries. The capital balance consists of capital transfers and intangible capital, and the current balance and the capital balance determine the net financial investment.
The financial account is the financial counterpart to the current account, and includes the same net financial investments as the current account. The financial account showsNorway’s acquisitions and disposals of financial assets abroad, i.e. financial transactions and revaluations. The most important types of revaluations relate to exchange rate fluctuations for conversions from foreign currency to Norwegian krone and changes in market prices of shares and other securities.
Changes inNorway’s net assets are connected to the balance figures inNorway’s international investment position, but the two sets of statistics deviate due to incomplete figures for the revaluations and different data sources and accrual periods being used.
International investment position
Norway’s international investment position (IIP) provides balance figures forNorway’s assets and liabilities abroad. StatBank has the same structure and classifications as the financial account in the balance of payments, i.e. the statistics are initially broken down into functions (main purpose) and then by asset and Norwegian sector.
Two of the functions; direct investments and portfolio investments, have their own statistics, with additional classifications, such as country.
