Norway Current Account Surplus Narrows in Q1

Norway’s current account posted a surplus of NOK 266.8 billion in the first quarter of 2026, narrowing from NOK 271.1 billion in the corresponding period of the previous year. The decline was largely driven by a larger deficit in the services account, which increased to NOK 13.78 billion from NOK 9 billion, while the goods account surplus contracted to NOK 239.9 billion from NOK 242.6 billion. At the same time, the shortfall in current transfers (secondary income) expanded to NOK 12 billion from NOK 11.5 billion. On the other hand, compensation of employees and investment income (primary income) increased to NOK 52.7 billion from NOK 49.1 billion a year earlier.

Norway’s current account posted a surplus of NOK 153.1 billion in the final quarter of 2025, widening from NOK 150.1 billion in the corresponding period of the previous year. The increase was mainly driven by a sharp turnaround in primary income, as compensation of employees and investment income swung to a surplus of NOK 32.1 billion from a deficit of NOK 23.7 billion a year earlier. Additionally, the shortfall in current transfers (secondary income) narrowed to NOK 24.9 billion from NOK 25.5 billion. On the other hand, the goods account surplus contracted to NOK 163.3 billion from NOK 209.8 billion, while the service account deficit expanded to NOK 17.4 billion from NOK 10.5 billion in the same quarter last year.

Norway recorded a current account surplus of NOK 174.5 billion in the third quarter of 2025, narrowing from NOK 192.7 billion in the corresponding period of the previous year. This marked the smallest surplus since the third quarter of 2021, mainly due to a decrease in the goods account surplus, which fell to NOK 157.3 billion from NOK 160.3 billion a year ago, as well as the surplus in the compensation of employees and investment income (primary income), which contracted to NOK 51.9 billion from 63.7 billion. Additionally, the deficit in current transfers (secondary income) widened to NOK 16 billion from NOK 12 billion. On the other hand, the services account shortfall declined to NOK 18.8 billion from NOK 19.3 billion a year earlier.