Balance of payments

02. March

Q4/2021

The current account deficit measured 44.2 b.kr. in Q4/2021. This represents a deterioration of 61.2 b.kr. relative to the previous quarter and 67,6 b.kr. relative to Q4/2020. The deficit on goods trade totalled 38.7 b.kr., while the surplus on services trade totalled 20.1 b.kr. The deficit on primary income was 15.5 b.kr., and the deficit on secondary income was 10.1 b.kr. 
The erosion in the current account balance relative to the same quarter in 2020 is due mainly to a deterioration in primary income in the amount of 27.6 b.kr. For the first time since Q2/2015, the secondary income account showed a deficit. This is due mainly to improved performance among foreign-owned companies classified as direct investment. Furthermore, the balance on goods trade was weaker by 23.2 b.kr. owing mainly to strong imports. The balance on services was weaker by 5.9 b.kr. The deficit on secondary income was 1.6 b.kr. larger than in the same quarter of 2020.
The current account balance for 2021 as a whole showed a deficit of 90.2, b.kr. as compared with a surplus of 24.1 b.kr. in 2020. The deficit on goods trade totalled 163.7 b.kr., while the surplus on services trade totalled 94.8 b.kr. The surplus on primary income amounted to 11.6 b.kr., whereas there was a 33 b.kr. deficit on secondary income.

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