Almost NOK 100 billion in surplus
The net compensation of employees and investment income contributed to pushing up the balance of income and current transfers with NOK 2 billion in the first quarter, while current transfers to abroad contributed negatively. Overall, the deficit in the balance of income and current transfers was NOK 1.7 billion in the first quarter. This is NOK 35 billion lower than the deficit in the first quarter of 2009. Normally, the dividends to abroad are paid in the first quarter. In the first quarter of 2010, NOK 20 billion was paid in dividends; NOK 31 billion less than in 2009.
Continued high surplus on goods and services balance
The goods and services balance amounted to NOK 100 billion in the first quarter of 2010. This is clearly higher than the previous three quarters, but NOK 10 billion lower than in the first quarter of 2009. Compared to the first quarter of 2009, the total export value is 3 per cent lower, while the total import was 1 per cent higher.
The export value of goods was NOK 201 billion, which is NOK 8 billion lower than in the first quarter of 2009, but NOK 4.5 billion higher than in the fourth quarter of 2009. The export value of crude oil was virtually unchanged from the fourth quarter 2009 to the first quarter of 2010, but clearly higher than in the first quarter of 2009. However, the export value of natural gas, etc. was NOK 27 billion lower in the first quarter of 2010 than in the first quarter of 2009, primarily as a result of price reductions.
The import value of goods was estimated at NOK 107 billion in the first quarter. This is NOK 7 billion less than in the fourth quarter last year, but on a par with the import values in the other quarters of 2009.
More details about exports and imports of goods are available in the statistics on external trade in goods.
The balance of services was NOK 6 billion in the first quarter. This is lower than the figures for the previous quarter, and can mostly be explained by less export of services.
Financial account transactions
The Norwegian foreign direct investment abroad in the first quarter of 2010 amounted to NOK 38 billion, and most of the investment applied to shares and other equity capital. Portfolio investment abroad was influenced by positive investment of the Government Pension Fund Global. While the Fund in the fourth quarter of 2009 sold securities to pay off debt (repurchase agreements), the Fund was again a net purchaser of securities in the first quarter of 2010.
Non-residents’ direct investment transactions in Norway came to NOK 3 billion. The figures for the portfolio investment in Norway were heavily influenced by large security loans raised by mortgage companies.
There are some uncertainties in the figures for the non-financial companies due to problems with the reports.
| 2007 | 2008 | 2009 | 1. quarter 2007 | 2. quarter 2007 | 3. quarter 2007 | 4. quarter 2007 | 1. quarter 2008 | 2. quarter 2008 | 3. quarter 2008 | 4. quarter 2008 | 1. quarter 2009 | 2. quarter 2009 | 3. quarter 2009 | 4. quarter 2009 | 1. quarter 2010 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Balance of goods and services | 348 | 487 | 352 | 89 | 80 | 76 | 103 | 125 | 133 | 110 | 121 | 109 | 75 | 71 | 98 | 99 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance of income and current transfers | -28 | -14 | -15 | -24 | -24 | 17 | 2 | -25 | -15 | -5 | 20 | -36 | 16 | 2 | 4 | -2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Current account balance | 321 | 473 | 337 | 66 | 56 | 93 | 105 | 100 | 117 | 115 | 141 | 73 | 91 | 72 | 102 | 98 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Capital transfers etc. to abroad, net | 1 | 1 | 1 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | 0 | 0 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net lending | 361 | 472 | 332 | 82 | 67 | 95 | 117 | 100 | 117 | 114 | 141 | 73 | 90 | 72 | 102 | 97 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Direct investment, net | 117 | 111 | 173 | 5 | 53 | 30 | 38 | 26 | 34 | 44 | 6 | 17 | 28 | 78 | 46 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Portifolio investment, net | 648 | 645 | 16 | 117 | 33 | 282 | 216 | 135 | 77 | 209 | 224 | 84 | 29 | 27 | 134 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other investment, net | 560 | -280 | 202 | 383 | 149 | 120 | -91 | -80 | 3 | -127 | -77 | -21 | 71 | -34 | 185 | 58 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revaluations, net | -178 | -164 | 122 | -61 | -60 | -68 | 11 | -87 | -115 | 81 | 44 | -239 | 221 | 134 | 9 | 86 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Increase in Norway`s net assets | 183 | 308 | 460 | 21 | 7 | 27 | 129 | 13 | 3 | 195 | 97 | -167 | 311 | 206 | 111 | 183 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Source: Statistics Norway
