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84798
Increased savings for Norway in 2011
statistikk
2012-05-22T10:00:00.000Z
National accounts and business cycles
en
nri, Annual non-financial sector accounts, national accounts, general government, non-financial enterprises, financial enterprises, households, non-profit organisations, production, production price, operating profit, income, saving, saving rate, disposable income, FISM, net financial investments, dividendsNational accounts , National accounts and business cycles
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Annual non-financial sector accounts, national accounts, 2011

A of 7 June 2017 the statistics will be published as Quarterly non-Financial sector accounts, national accounts.

The institutional sector accounts record economic transactions of the institutional sectors in national accounts. Non-financial and financial accounts by institutional sector is updated quarterly in StatBank.

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Increased savings for Norway in 2011

Revised figures for 2011 show higher savings for Norway than the previous release, while the savings for households remained unchanged.

The revised figures for 2011 show a higher national income and savings for Norway. The revision is mainly due to an upward revision of gross domestic product (GDP) of NOK 10 billion. For more information on the revision of GDP in 2011, see the quarterly national accounts (QNA).

Updated figures show that national income was NOK 2 385 billion in 2011, which is an upward adjustment of NOK 9 billion. Current transfers to and from abroad are unchanged, while total consumption was revised upwards by NOK 3 billion. Saving for Norway in 2011 was NOK 642 billion, which is NOK 6 billion higher than in the previous release.

Continued increase in disposable real income for Norway

After a sharp decline in 2009, there has been growth in disposable real income for Norway in the last two years. Preliminary figures for 2011 show that disposable real income grew by 6.5 per cent in 2011, after rising by 5.3 per cent the year before. The main factor behind the increase from 2010 to 2011 was the improvement in the terms of trade. Price trends of oil and gas are important for the development of terms of trade and contributed by 4.7 percentage points to growth in disposable real income. Overall, the terms of trade contributed by 4.4 percentage points to growth.

Contribution to growth in real disposable income from the previous year for Norway. Per cent
 
 2008200920102011
 
Real disposable income for Norway      5.8      -12.0      5.3      6.5
Contribution to growth from    
Production growth in the oil business-0.8-0.7-1.3-0.7
Production growth other0.2-2.01.62.1
Change in terms of trade6.6-10.24.24.4
Of which, prices for crude oil and gas5.9-9.23.04.7
Change in Balance of income and current transfers-0.20.90.80.8
 

Minor revisions in the household sector

Household disposable income is revised up by just under NOK 2 billion in 2011. The revision is due to an upward adjustment of mixed income. Household consumption, however, is revised up by more than NOK 2 billion. As a result of this, the savings rate remained unchanged from the previous publication of 2011.

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