Growth in households’ net financial assets
Households’ net financial assets at the end of the second quarter of 2014 amounted to NOK 896 billion, compared to NOK 789 billion at the end of the second quarter of 2013. Net lending over this period amounted to NOK -12 billion, while net gains were NOK 120 billion.
|2nd quarter 2013||3rd quarter 2013||4th quarter 2013||1st quarter 2014||2nd quarter 2014|
|Assets||3 463 534||3 501 362||3 575 905||3 633 173||3 734 081|
|Liabilities||2 674 805||2 699 638||2 764 533||2 773 644||2 837 682|
|Net financial assets||788 729||801 724||811 372||859 529||896 399|
|Net lending||-9 359||-12 288||-30 141||27 072||3 437|
|Other changes||8 856||25 283||39 789||21 085||33 433|
|Debt to income ratio1||203.1||203.5||204.9||204.7||205.3|
|Debt growth (per cent)1||7.2||7.2||6.8||6.5||6.1|
In this publication, Statistics Norway releases the results from the main revision of the financial accounts with some time series revised back to 1995. Some of the major changes in this revision are other principles and data sources adopted for calculations of unlisted shares and pension, life insurance and annuity entitlements.
Large value revised in households’ net financial assets
From now on, our publications will focus on the household sector only. The focus in earlier publications was on the aggregate sector households and non-profit institutions serving households (NPISH). The households’ net financial assets are estimated at NOK 811 billion at the end of 2013 compared to NOK 376 billion in the previous publication in March this year. The net assets are revised upwards in the whole period from 1995 to 2013. The main reason for this revision are the adoption of new principles and new data sources for estimating unlisted shares; where the book value in company’s annual accounts is now used in the valuation of unlisted shares.
Increase in households’ net lending
Households’ net lending over the last four quarters amounted to NOK -12 billion, compared to NOK -25 billion in the previous four-quarter period. The households still have a high incurrence of debt, but not as high as in previous periods. The incurrence of debt amounted to NOK 163 billion in the last four quarters. The annual growth in debt was 6.1 per cent at the end of the second quarter of 2014, compared to 7.2 per cent at the end of the second quarter of 2013. This was the lowest rate since the fourth quarter of 2009.
In the period during the fourth quarter of 2010 to the fourth quarter of 2013, the households’ net lending has been revised upwards. In 2013, this upward revision amounted to NOK 9 billion. The direction of the revisions for year 2010 and further back in time is more varied.