National accounts. Institutional sector accounts, quarterly. Households and NPISHs – 2nd quarter 2008

Higher disposable income

The disposable income of households less dividends went up by 8.7 per cent from 2nd quarter of 2007 to 2nd quarter of 2008 due to an increase in wages and salaries, pensions and social contributions from the government.

Households’ and non-profit institutions serving households’ (NPISHs) total income coming from wages and salaries less taxes were NOK16.5 billion higher than in the first quarter of 2007. Pensions and social contributions from the government sector were about 6.5 per cent higher than in the corresponding quarter of 2007. This was mainly due to the increase in pensions and sickness benefits. Sickness benefits have increased by 11.3 per cent during the first half of this year.

The real household disposable income grew by 5.6 per cent in the latest quarter compared to the 2nd quarter of 2007.

Property expenditure for the households has recently showed a sharp increase. The expenditures were about NOK 11 billion higher in the second quarter of 2008, compared with the same period of 2007.

Savings, defined as disposable income minus final consumption expenditure and corrected, amounted to NOK 3 billion in the second quarter of 2008. The household saving ratio was 1.2 per cent in the second quarter of 2008.

Disposable income for households and NPISHs. Current prices. NOK million
	2006	2007	2nd quarter 2006	3rd quarter 2006	4th quarter 2006	1st quarter 2007	2nd quarter 2007	3rd quarter 2007	4th quarter 2007	1st quarter 2008	2nd quarter 2008


Disposable income	862 116	923 459	209 938	218 379	222 412	226 451	225 780	232 810	238 418	234 208	245 768
Disposable income excluding dividends	854 478	909 423	206 882	217 233	220 501	223 644	220 166	230 704	234 909	230 973	239 298

Revisions

Quarterly institutional sector accounts are based on preliminary calculations. The uncertainty is greater in the last quarter of the year. New information is continuously integrated in the figures, which means that the previously released data might be revised. Quarterly institutional sector accounts are consolidated against the data from the quarterly national accounts data as well.