Balance of payments

01. June

Q1/2021

The current account showed a deficit of 27.1 b.kr. in Q1/2021. That represents a deterioration of 50.4 b.kr from the preceding quarter and of 38.8 b.kr. from to the same quarter of 2020. The deficit on goods trade totalled 21.9 b.kr., and the deficit on services trade totalled 10.9 b.kr. There was a 12.8 b.kr. surplus on primary income and a 7.1 b.kr. deficit on secondary income.
Less favourable current account balance than in the same quarter of 2020 is primarily due to less favourable services trade in the amount of 33.3 b.kr. The difference stemmed mainly from services export values, which were lower by 54.5 b.kr. Services imports declined by 21.2 b.kr. The balance on goods trade was more favourable by 1.4 b.kr. The primary income balance deteriorated by 6.7 b.kr., and the deficit on secondary income widened by 0.2 b.kr.

Supervisor: IT & Statistics | bop@cb.is