Cash flows between Norway and abroad

Norges BankPhoto: Norges Bank

Increase in settlement flows – Both incoming and outgoing bank settlement flows increased from the third quarter of 2015 to the fourth quarter of 2015.

Bank settlements to Norway from foreign countries surpassed the amount being sent out from Norway, meaning that NOK 5 billion more money was sent into Norway than was sent out of Norway.

Settlements from foreign countries to Norwegian bank accounts amounted to NOK 606 billion in the fourth quarter of 2015. This was an increase of 18.9 per cent, up by NOK 96 billion from the third quarter.

Outgoing settlements from Norwegian non-financial enterprises and private persons showed an increase of 6.5 per cent, or NOK 37 billion, from the third quarter. The total settlements sent from Norwegian non-financial enterprises and private persons to foreign countries reached NOK 601 billion.

Compared with the fourth quarter of 2014, incoming settlements increased by NOK 24 billion. This was an increase of 4.0 per cent. In the same period, outgoing settlements decreased by 6.5 per cent, going down by NOK 42 billion.

Increase in settlements from Nordic countries, and non-Nordic EU countries

From the third to the fourth quarter of 2015, the increase in the inward settlements was mainly due to an increase in transfers from non-Nordic EU countries, which went up by NOK 59 billion from the third quarter. The inward settlements from non-Nordic EU countries ended at NOK 279 billion in the fourth quarter of 2015.

Outgoing bank transfers from Norway to Nordic countries increased by NOK 50 billion from the previous quarter; a rise of 27.0 per cent.

Increased transfers to electricity, gas and steam, and manufacturing

Enterprises within electricity, gas and steam received NOK 81 billion from abroad in the fourth quarter of 2015. This was an increase of NOK 23 billion from the third quarter, equivalent to an increase of 40.2 per cent. Bank transfers to enterprises within manufacturing ended at NOK 179 billion; NOK 25 billion more than in the previous quarter, which is a rise of 15.9 per cent.

Norwegian enterprises sent NOK 590 billion abroad in the fourth quarter of 2015, which was NOK 37 billion more than in the third quarter. Settlements to foreign countries saw a particular increase for enterprises within manufacturing and wholesale and retail trade: repair of motor vehicles and motorcycles, which increased by NOK 36 billion and NOK 21 billion respectively.

 

Source. SSB / Norway Today

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