Household saving remains high
National accounts and business cycles
knri, Quarterly non-financial sector accounts, national accounts, households, non-profit organisations, disposable income, disposable real income, saving rate, income, expenditures, savings, FISIM, net financial investments, dividendsNational accounts , National accounts and business cycles

Quarterly non-financial sector accounts, national accountsQ1 2016

Quarterly sector accounts record economic transactions of the institutional sectors in national accounts.



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Household saving remains high

According to seasonally-adjusted figures, disposable income in households and non-profit institutions serving households increased by NOK 2.6 billion from the previous quarter. Saving remained at a high level.

Households and NPISH. Seasonally adjusted. NOK million
2nd quarter 20153rd quarter 20154th quarter 20151st quarter 2016
Compensation of employees364 591366 936368 993371 690
Disposable income345 274345 781351 740354 384
Total consumption332 284331 760340 104345 666
Saving, net34 42835 01332 97329 749
Savings ratio (per cent)
Real disposable income, growth-0.3-0.51.3-0.5

Disposable income in the household sector increased by NOK 2.6 billion, or 0.8 per cent, from the 4th quarter of 2015 to the 1st quarter of 2016, according to seasonally-adjusted figures. The increase stemmed mainly from higher compensation of employees. Disposable income per capita was about NOK 67 900 in the 1st quarter of 2016, compared to NOK 67 500 in the 4th quarter of 2015.

Consumption in households and NPISHs increased by 1.6 per cent, or NOK 5.6 billion, which is higher than the increase in disposable income. Savings of households and NPISHs decreased by NOK 3.2 billion from Q4 2015. Savings is still historically at a high level. The seasonally-adjusted savings rate ended at 7.9 per cent.

Lower disposable income for Norway

Non-seasonally-adjusted figures for the national accounts show that gross national income for Norway decreased by NOK 31 billion from the 4th quarter of 2015 to the 1st quarter of 2016. Gross national income is estimated at NOK 801 billion, which is lower than the average for the year 2015. Property income and salaries from abroad are higher than payments going out of the country, such that the gross national income is higher than Norway's gross domestic product (GDP). GDP dropped by NOK 39 billion, which largely explains the decline in gross national income in the 1st quarter of 2016.

Disposable income for Norway takes into account current transfers to and from abroad, and adjustments for depreciation. The current transfers to abroad are higher than those received from abroad, such that disposable income is less than the national income. The disposable income decreased by NOK 20 billion from the 4th quarter of 2015 to the 1st quarter of 2016, and is estimated at NOK 653 billion. This amounts to about NOK 125 100 per capita.

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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.