Upturn in investment and borrowing
Capital formation by households and non-profit institutions serving households, which mainly consists of housing investment in new buildings, had a strong upturn in 2011. At the same time there was an upturn in household and NPISHs’ borrowing, but the level of borrowing is still lower than in 2007.
The household capital formation was at a record high of NOK 144.6 billion in 2011 compared to NOK 115.6 billion in 2010. This is an upturn of 25 per cent. At the same time, borrowing amounted to NOK 154.6 billion in 2011 compared to NOK 133.9 billion in 2010, an upturn of 15 per cent. The development in household borrowing is closely related to the development in the residential market and both the trade volume and the price trend for second-hand residents together with capital formation of residents will affect borrowing. However, the development in consumption of durable goods, such as cars and pleasure boats, can also affect household borrowing. The sum of capital formation and consumption of durable goods amounted to NOK 197.9 billion in 2011 compared to NOK 167.3 billion in 2010. This is an upturn of 18 per cent.
Up to 2007 there was a strong increase in household borrowing and the level of borrowing in the years 2005-2007 was higher than household capital formation and consumption of durable goods. There was a strong growth in the house prices in this period, but the development suggests that some households funded parts of their consumption of other goods and services by borrowing. In addition, some investments made by households in financial instruments were funded by borrowing. During and after the financial crisis in 2008, borrowing has been lower than capital formation and consumption of durable goods.
General tables for institutional sectors within the national accounts system
The Department for National accounts and Financial statistics in Statistics Norway launched a project in 2008 under the heading “Financial and non-financial accounts in common tables - towards integrated institutional national accounts”.
The aim is to compile tables for institutional sectors which comprise a complete set of accounts within the national accounts system: production account, distribution and use of income accounts, accumulation accounts and balance sheets. The plan is to release the first tables after the main revision of the national accounts system in Norway (2014).
At this stage we release preliminary tables for institutional sectors based on ESA 1995. The tables include statistics from the national accounts system which were released on ssb.no earlier in 2011. See subject 09.01 National accounts, Institutional sectors accounts and Financial accounts.
The tables for Norway are inspired by tables released for countries in the Euro area, which cover data from the entire accounting system in the national accounts.
|Gross fixed capital formation||101 011||112 478||126 912||122 146||113 046||115 620||144 611|
|Consumption of durable goods||42 697||43 720||52 461||46 785||42 253||51 707||53 305|
|Loan raising||164 049||176 532||190 788||130 297||125 790||133 878||154 598|
|Loans||1 431 595||1 608 419||1 796 045||1 931 380||2 049 865||2 172 384||2 329 555|
|Interests||53 079||63 840||92 530||127 109||91 636||90 778||99 564|
|House price indices||100||114||128||127||129||140||151|
- Table 1 National accounts. 2005. NOK million
- Table 2 National accounts. 2006. NOK million
- Table 3 National accounts. 2007. NOK million
- Table 4 National accounts. 2008. NOK million
- Table 5 National accounts. 2009. NOK million
- Table 6 National accounts. 2010. NOK million
- Table 7 National accounts. 2011. NOK million
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.