Increased income in the household sector
Disposable income in the household sector increased in nominal terms by 1.3 per cent from the 2nd to the 3rd quarter of 2014 according to seasonally-adjusted figures. Saving also increased.
Compensation of employees was up 0.9 per cent and made the largest contribution to the increase in disposable income. Payments and benefits from general government increased by 2.3 per cent in the same period. Property income received, which mainly consists of income from interest and dividends, went up by 1.4 per cent, while property income paid decreased by 0.3 per cent in the 3rd quarter of 2014.
Increased income led to a growth in disposable income of 1.3 per cent in the 3rd quarter. Consumption expenditure was 0.5 per cent higher than the previous quarter. Saving increased from NOK 28 to 30 billion or 9 per cent. The saving ratio was 8.6 per cent in the 3rd quarter of 2014, up from 8.0 per cent in the 2nd quarter.
Due to a main revision of the national accounts the time series have been revised back to 1995.
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.