National accounts, non-financial sector accounts, Q2 2016

Compensation of employees was at NOK 366 billion in the 2nd quarter 2016, almost unchanged from the previous quarter, according to preliminary and seasonally adjusted figures. An increase in property income and reduction in property expenses and an increase in pensions and benefits, mainly work-related benefits, from the public sector helped to draw up the disposable income. It was a seasonally adjusted increase in disposable income in the 2nd quarter 2016 of about NOK 3.6 billion, or 1 percent increase. Seasonally adjusted consumption increased by 1.4 percent, and savings decreased by NOK 2 billion to NOK 22 billion. The seasonally adjusted savings rate ended at 5.8 per cent.

Accumulated over the first two quarters in 2016, the disposable income in the corporate sector was higher compared with the first two quarters of 2015. It was mainly the non- financial enterprises that contributed positively, while the financial sector had a decrease in disposable income. The fixed capital formation of the enterprises declined and helped to reduce their net borrowing compared to last year.

In the general government, however, the expenditures for both consumption and the fixed capital formation increased. In addition, the income was slightly lower than in the same period in 2015, so that net lending has been reduced.