Growth in households’ net financial assets
National accounts and business cycles
finsek, Financial accounts, financial investments, households and non-profit organisations, general government, abroad, balance sheets, FINSEFinancial accounts , National accounts and business cycles

Financial accountsQ2 2014



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Growth in households’ net financial assets

Households’ net financial assets at the end of the second quarter of 2014 amounted to NOK 896 billion, compared to NOK 789 billion at the end of the second quarter of 2013. Net lending over this period amounted to NOK -12 billion, while net gains were NOK 120 billion.

Financial accounts for households. Key figures. Million NOK and percentage
2nd quarter 20133rd quarter 20134th quarter 20131st quarter 20142nd quarter 2014
1Seasonal adjusted
Assets3 463 5343 501 3623 575 9053 633 1733 734 081
Liabilities2 674 8052 699 6382 764 5332 773 6442 837 682
Net financial assets788 729801 724811 372859 529896 399
Net lending-9 359-12 288-30 14127 0723 437
Other changes8 85625 28339 78921 08533 433
Debt to income ratio1203.1203.5204.9204.7205.3
Debt growth (per cent)

In this publication, Statistics Norway releases the results from the main revision of the financial accounts with some time series revised back to 1995. Some of the major changes in this revision are other principles and data sources adopted for calculations of unlisted shares and pension, life insurance and annuity entitlements.

Large value revised in households’ net financial assets

From now on, our publications will focus on the household sector only. The focus in earlier publications was on the aggregate sector households and non-profit institutions serving households (NPISH). The households’ net financial assets are estimated at NOK 811 billion at the end of 2013 compared to NOK 376 billion in the previous publication in March this year. The net assets are revised upwards in the whole period from 1995 to 2013. The main reason for this revision are the adoption of new principles and new data sources for estimating unlisted shares; where the book value in company’s annual accounts is now used in the valuation of unlisted shares.

Increase in households’ net lending

Households’ net lending over the last four quarters amounted to NOK -12 billion, compared to NOK -25 billion in the previous four-quarter period. The households still have a high incurrence of debt, but not as high as in previous periods. The incurrence of debt amounted to NOK 163 billion in the last four quarters. The annual growth in debt was 6.1 per cent at the end of the second quarter of 2014, compared to 7.2 per cent at the end of the second quarter of 2013. This was the lowest rate since the fourth quarter of 2009.

In the period during the fourth quarter of 2010 to the fourth quarter of 2013, the households’ net lending has been revised upwards. In 2013, this upward revision amounted to NOK 9 billion. The direction of the revisions for year 2010 and further back in time is more varied.