Balance of Payments: Services: Revenue for Norway
NORB6CRSE03STSAQ • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25.07
Year-over-Year Change
40.72%
Date Range
1/1/1981 - 10/1/2024
Summary
The 'Balance of Payments: Services: Revenue for Norway' series tracks Norway's service trade surplus, a key indicator of the country's international competitiveness and ability to earn foreign currency.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic indicator represents Norway's revenue from exporting services, such as transportation, tourism, and professional services. It is a crucial component of the country's balance of payments and provides insights into the performance of Norway's service sector in global markets.
Methodology
The data is collected by Norway's national statistical agency based on surveys of service providers and international transaction records.
Historical Context
Policymakers use this trend to monitor Norway's external sector and inform trade, fiscal, and monetary policies.
Key Facts
- Norway has maintained a persistent service trade surplus since the 1990s.
- Tourism and professional services are major contributors to Norway's service export revenue.
- The service trade balance is an important component of Norway's current account position.
FAQs
Q: What does this economic trend measure?
A: This trend measures Norway's revenue from exporting services, such as transportation, tourism, and professional services. It is a key component of Norway's balance of payments.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into Norway's international competitiveness and ability to earn foreign currency through service exports, which is crucial for the country's economic performance and external position.
Q: How is this data collected or calculated?
A: The data is collected by Norway's national statistical agency based on surveys of service providers and international transaction records.
Q: How is this trend used in economic policy?
A: Policymakers use this trend to monitor Norway's external sector and inform trade, fiscal, and monetary policies aimed at maintaining a healthy balance of payments position.
Q: Are there update delays or limitations?
A: The data is subject to the typical publication delays of national statistical agencies, but generally provides a timely and reliable representation of Norway's service trade performance.
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Citation
U.S. Federal Reserve, Balance of Payments: Services: Revenue for Norway (NORB6CRSE03STSAQ), retrieved from FRED.