Annual non-financial sector accounts, national accounts, 2000-2002

Disposable income and saving for Norway

Norway had a growth in disposable income of 21.6 per cent from 1999 to 2000. Preliminary calculations show an increase in disposable income from 2000 to 2001 of 3.9 per cent. From 2001 to 2002 the figures show a slight growth of 1.2 per cent. The savings rate for Norway has fallen from 26.8 per cent in 2000 to 21.6 per cent in 2002, but the savings rate is still high above the levels observed during the1990s. Disposable income for Norway is currently estimated at NOK 1 302 billion for 2002.

Households and NPISHs

The households' income from operating surplus increased by 4.4 per cent from 2001 to 2002. In addition to the households' income from entrepreneurial activities, the operating surplus also includes imputed income from owner-occupied dwellings. Increased imputed income from owner-occupied dwellings contributed to the growth from 2001 to 2002.

From 2001 to 2002, the households' balance of primary income, which shows remuneration of labour and capital, increased by NOK 55.9 billion, 7.3 per cent. This development is primarily due to the growth in compensation of employees that was NOK 36.3 billion, 5.4 per cent, and an increase in net property income from NOK -7.1 to 8.2 billion.

Property income received increased by NOK 20.4 billion, 31.7 per cent, from 2001 to 2002. This increase is mainly due to a high growth in dividends received in 2002. From 2001 to 2002, property income paid increased by NOK 5.1 billion, 7.1 per cent. The households' property income paid is mainly interest payments on debt. The development from 2001 to 2002 is mainly due to an increase in the households' gross debt.

Preliminary figures show that disposable income from 2001 to 2002 increased by NOK 52.2 billion, 7.8 per cent, from 2001. Behind this development lies a growth in social benefits received of NOK 16.3 billion, 7.8 per cent. Current taxes on income and wealth increased by NOK 6.7 billion, 3.9 per cent, from 2001 to 2002.

The households' savings is calculated at NOK 53.3 billion in 2002 compared with 27.4 billion in 2001. The savings rate, which is the savings portion of disposable income, increased from 4.1 per cent in 2001 to 7.4 per cent in 2002.

The Households and NPISHs net lending increased from NOK 0.7 billion in 2001 to 29.3 billion in 2002.

Financial corporations

The operating surplus of the financial corporations sector declined from 2001 till 2002 by NOK 389 million, 1.6 per cent. Primary incomes increased by NOK 4.3 billion. This is due to a decrease in property income paid of NOK 2.3 billion during 2002, 1.5 per cent, and an increase in property income received of NOK 4.5 billion, 2.4 per cent. Decreasing interest costs in Norges Bank, insurance companies and other financial institutions mainly caused the decrease in expenses. The rise in property incomes was caused by an increase in interest income in businesses and savings banks.

Disposable income has increased by NOK 18.2 billion from 2001 till 2002. The sectors' net lending is estimated at NOK 17.5 billion in 2002.

Non-financial corporations

The final National Account figures for the sector Non-financial corporations show an increase in the operating surplus from NOK 192 billion in 1999 to 365 billion in 2000. This increase is mainly due to the increase in the current value of oil.

The saving was NOK 58.2 billion in 2000. The preliminary figures show an increase from 2000 to 2001 of NOK 8.9 billion. In 2002, the saving fell by NOK 18.1 billion to 48.9 billion.

Net lending for non-financial corporations is estimated to NOK 24.9 billion in 2001. In 2002 net lending decreased at NOK 12.5 billion. The decrease in 2002 is due to both decreases in production and in property income.