High saving for households
Disposable income in the household sector increased 2 per cent from the 3rd to the 4th quarter of 2013, according to seasonally-adjusted figures. A lower growth in household final consumption expenditures led to higher saving.
Compensation of employees and payments and benefits from general government were up 1.5 per cent from the 3rd to the 4th quarter. Property income received, which mainly consists of income from interest and dividends, went up by 5.2 per cent, while property income paid increased by 0.4 per cent in the same period. Household final consumption expenditures grew 0.7 per cent seasonally adjusted, which led to higher saving and a savings ratio of 9.4 per cent in the 4th quarter.
Household disposable income is calculated to NOK 1 312 billion in 2013; an increase of 5.9 per cent from 2012. For 2013, this is equal to a disposable income per capita of approximately NOK 257 000. Saving amounted to NOK 118 billion in 2013, which contributed to the highest yearly savings ratio since 2005 of 9 per cent.
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.
New revised figures for national accounts and related statistics will be published in November and December 2014. Statistics Norway complies with international guidelines in its preparation of national accounts and statistics on foreign affairs. New international guidelines have now been issued for these statistics. Statistics Norway is currently in the process of implementing the changes, in addition to new source data for some of the statistics.