Reduced savings in households
Disposable income in the household sector increased 1.1 per cent in the 1st quarter of 2015 according to seasonally-adjusted figures.
|2nd quarter 2014||3rd quarter 2014||4th quarter 2014||1st quarter 2015|
|Compensation of employees||354 360||355 309||358 910||362 752|
|Disposable income||329 749||331 829||337 200||340 778|
|Total consumption||320 917||323 523||327 423||332 456|
|Saving, net||30 274||30 426||32 628||30 613|
|Savings ratio (per cent)||8.6||8.6||9.1||8.4|
|Real disposable income, growth||2.0||0.0||1.3||0.8|
Compensation of employees was up 1.1 per cent in the 1st quarter. Payments and benefits from general government increased by 3.9 per cent to approximately NOK 112 billion. Property income received and paid decreased compared to the last quarter of 2014.
Consumption expenditure increased by 1.5 per cent from the 4th quarter of 2014. A stronger increase in consumption expenditure than disposable income and adjustment for households’ pension funds led to reduced savings in the 1st quarter of 2015. The savings ratio is calculated to 8.4.
Quarterly sector accounts are based on preliminary calculations. The uncertainty in the last quarter is the largest. New information is continuously being integrated into the figures, which could lead to revisions in the previously released data. Quarterly sector accounts are also consolidated against the data from the quarterly national accounts data. When the last quarters of the unadjusted series are updated, seasonally-adjusted series may also be revised backwards.
Statistics Norway has made a main revision to the national accounts. The first results from this revision were published on 20 November 2014. The revisions are partly due to new international recommendations on national accounting and partly the result of improved methods of estimations and new sources.