Reduced savings in the household sector
Disposable income in the household sector increased 0.1 per cent from the 2nd to the 3rd quarter of 2013 according to seasonally-adjusted figures. A growth in household final consumption expenditures led to reduced saving.
Compensation of employees and payments and benefits from general government were up 0.3 per cent from the 2nd to the 3rd quarter. Property income received, which mainly consists of income from interest and dividends, decreased by 0.2 per cent, while property income paid increased by 0.8 per cent in the same period.
Household final consumption expenditures grew 1.4 per cent seasonally-adjusted, which led to a reduced saving in the 3rd quarter compared with the 2nd quarter. The saving ratio was 8.2 per cent in the 3rd quarter, with adjustments for seasonal variations. For the first time since Q4 2011, households’ real disposable income decreased.
A slightly weaker investment in non-financial capital, together with a lower saving led to a decrease of NOK 3.9 billion in net lending.
It should be noted that final annual figures for 2011 for the household sector have been revised and incorporated into the quarterly national accounts. For an overview of the main revisions in the yearly figures, please see Annual non-financial sector accounts.
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 cause 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.