FX.co ★ Norway Q3 Current Account Surplus Smallest in 4 Years

In the third quarter of 2025, Norway achieved a current account surplus of NOK 174.5 billion, down from NOK 192.7 billion in the same period the previous year. This represents the smallest surplus since the third quarter of 2021. The contraction is primarily attributed to a reduction in the goods account surplus, which decreased to NOK 157.3 billion from NOK 160.3 billion a year earlier. Moreover, the surplus in the compensation of employees and investment income (primary income) also declined to NOK 51.9 billion from 63.7 billion. Additionally, the deficit in current transfers (secondary income) expanded to NOK 16 billion, up from NOK 12 billion. Conversely, the deficit in the services account narrowed slightly to NOK 18.8 billion, compared to NOK 19.3 billion the previous year.