Continued income growth in the household sector
Disposable income in the household sector increased 1 per cent from the 3rd to the 4th quarter of 2014 according to seasonally-adjusted figures. Compensation of employees made the largest contribution to the increase in disposable income.
|1st quarter 2014||2nd quarter 2014||3rd quarter 2014||4th quarter 2014|
|Compensation of employees||349 260||354 320||354 791||357 171|
|Disposable income||324 196||329 248||331 702||335 031|
|Total consumption||317 809||321 188||323 645||328 009|
|Saving, net||27 257||29 484||30 255||29 906|
|Savings ratio (per cent)||7.9||8.4||8.6||8.4|
|Real disposable income, growth||1.1||1.3||0.1||0.5|
Compensation of employees was up 0.7 per cent in the 4th quarter of 2014. Payments and benefits from general government remained unchanged. Property income received, which mainly consists of income from interest and dividends, went up by 3.4 per cent, while property income paid decreased by 3.4 per cent in the last quarter of 2014. This led to a disposable income of NOK 335 billion.
Real disposable income grew by 0.5 per cent compared to the 3rd quarter.
Consumption expenditure increased by 1.3 per cent to NOK 328 billion in the 4th quarter. Households saving is calculated to approximately NOK 30 billion, which corresponds to a saving ratio of 8.4 per cent.
Income growth through 2014
Household disposable income is calculated to NOK 1 320 billion in 2014; 5 per cent higher compared to 2013. Saving increased to NOK 117 billion, which corresponds to a saving of NOK 22 700 per capita. In 2013, the figure was NOK 19 000.
Real disposable income grew 2.5 per cent through 2014. This equals a growth in real disposable income per capita of 1.4 per cent.