Increased surplus on Norwegian current accounts

gas fieldsOil fields.Photo: Pixabay

The operating account surplus was 59 billion in the fourth quarter of last year, 40 billion higher than in the preceding quarter.

For the full year the current account surplus was 152 billion, against 270 billion last year, according to figures from Statistics Norway.

After two consecutive quarters of losses, there was a surplus of goods and services with a balance of close to 33 billion in the fourth quarter.

The goods balance improved primarily as a result of a sharp increase in export earnings from crude oil and natural gas, which was due to an increase in both price and volume in the third quarter. The total value of exports in the last quarter of last year was 206 billion.

Of the increase of over 30 billion in the previous quarter, the export value of crude oil and natural gas amounted to 25 billion.

Total imports for the fourth quarter were estimated at 252 billion. Goods imports came to 162 billion, almost 3 billion higher than in the preceding quarter.

For services, the import value decreased from the previous quarter, primarily due to a seasonal decline in Norwegians’ spending on travel, and taking trips abroad.


Source: NTB scanpix / Norway Today