Balance of payments

02. March

Q4/2020

The current account surplus measured 22.1 b.kr. in Q4/2020, as compared with a surplus of 2.9 b.kr. in the preceding quarter. The deficit on goods trade totalled 15.5 b.kr., while the surplus on services trade totalled 26.4 b.kr. There was an 18.3 b.kr. surplus on primary income and a 7.1 b.kr. deficit on secondary income (see Table 1).

The current account surplus was 30.6 b.kr. smaller than in the same quarter of 2019, owing primarily to less favourable services trade in the amount of 35.1 b.kr. The difference stemmed mainly from services export values, which were lower by 69.9 b.kr. Services imports declined by 34.7 b.kr. The balance on goods trade was more favourable by 1.6 b.kr., and the balance on primary income was 7.8 b.kr. more favourable, owing mainly to negative reinvestment by foreign-owned domestic companies. The deficit on secondary income increased by 4.9 b.kr.

The current account surplus for 2020 as a whole amounted to 30.9 b.kr., as compared with a surplus of 193.9 b.kr. in 2019. The deficit on goods trade totalled 90.3 b.kr., while the surplus on services trade totalled 72.8 b.kr. The surplus on primary income amounted to 70.1 b.kr., whereas there was a 21.8 b.kr. deficit on secondary income.


Supervisor: IT & Statistics | bop@cb.is