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65983
Steady growth in disposable real income
statistikk
2012-02-16T10:00:00.000Z
National accounts and business cycles
en
knri, National accounts, non-financial sector 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
false

National accounts, non-financial sector accounts, Q4 2011

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Steady growth in disposable real income

Households’ disposable income rose by 1.1 per cent from the 3rd to 4th quarter in 2011, according to seasonally-adjusted figures. The growth was stable through 2011, and disposable income was in total 5.4 per cent higher in 2011 than in 2010. This gave an increase of 4 per cent in disposable real income.

Compensation of employees, which is the most important source of income in the household sector, went up approximately 6 per cent in 2011, nominally measured, and was the largest contributor to the growth in disposable income. Seasonally-adjusted figures show that compensation of employees rose 1.6 per cent from the 3rd to the 4th quarter.

Households’ real disposable income, seasonally adjusted, (2005=100)

Payments and benefits from the general government went up 6.2 per cent from 2010 to 2011. This increase contributed to pulling the growth in disposable real income up by 1.5 percentage points. The increase was to a large degree driven by a rise in retirement benefits.

Property income received, which mainly consists of income from interest and dividends as well as property income attributed to policy insurance holders, increased by 14.8 per cent in 2011. Property income paid also increased, and was 9.7 per cent higher in 2011 than in 2010. From the 3rd to 4th quarter, both property income paid and property income received went up by 3.9 per cent.

The growth in households’ disposable income exceeded the growth in final consumption expenditures in 2011, which resulted in higher savings. Households’ savings amounted to approximately NOK 98 billion, which is NOK 27 billion more than in 2010. Savings’ share of disposable income; the saving rate, is measured to be 8.2 per cent in 2011, compared to 6.3 per cent in 2010.

Households and NPISH. Income and expenditure 1 . NOK billion
 
 Current value. NOK billionReal growth. Percentage 2Contribution to growth on disposable real income. Percentage points
 20092010*2011*20092010*2011*20092010*2011*
 
Income1 468.1       1 543.3       1 639.1       0.0       2.9       4.90.74.16.6
Compensation of employees 3 889.0 924.4 979.60.71.84.60.61.53.8
Mixed income 112.1 121.9 127.8-4.46.43.5-0.50.70.4
Property income received82.086.699.4-24.03.413.4-2.50.31.0
Amount of which is due to dividends26.231.437.6-3.617.518.1-0.10.40.5
Pensions and benefits from general government 326.5 345.2 366.66.93.54.82.01.11.5
Other income (net)58.665.365.77.19.1-0.70.40.50.0
Correction for FISIM44.846.447.219.41.40.30.70.10.0
          
Expenditure 446.4 461.9 498.0-6.91.36.43.2-0.6-2.6
Current taxes on income, wealth, etc. 3 352.0 368.9 396.01.72.66.0-0.6-0.9-2.0
Property income paid94.493.0 102.0-29.1-3.58.33.80.3-0.7
          
Disposable income1 066.61 127.91 188.33.93.54.0...
 
1  The components do not sum up to the totals due to rounding.
2  National accounts price index for consumption by households and NPISHs is used as a deflator.
3  Does not include employers social contributions.

Revisions

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.

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