Stable income growth in household sector
Disposable income in the household sector increased 2 per cent from the 1st to the 2nd quarter of 2014 according to seasonally-adjusted figures. Saving remained at a high level.
Compensation of employees was up 1.8 per cent and made the largest contribution to the increase in disposable income. Payments and benefits from general government increased by 1 per cent in the same period. Property income received, which mainly consists of income from interest and dividends, went up by 1.8 per cent, while property income paid decreased by 2.4 per cent in the 2nd quarter of 2014. This is the first time since the 1st quarter of 2010 where property income paid went down.
Consumption expenditure was around NOK 320 billion in the 2nd quarter, which is 1.1 per cent higher than the previous quarter. Households saving is calculated to approximately NOK 34 billion in the 2nd quarter of 2014, which corresponds to a saving ratio of 9.9 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.