Annual non-financial sector accounts, national accounts, 2012

Statistics Norway has revised the national accounts for institutional sectors for 2011 and 2012. Figures from the annual national accounts have been incorporated into the revision for 2011, and new sources and updated preliminary national accounts have been incorporated into the revision for 2012. For more information about revisions of the national accounts, see annual national accounts .

The main picture has changed little since the last release. The revised figures show that disposable income for Norway was NOK 2 366 billion in 2011; an increase of approximately NOK 10 billion from the preliminary figures. The revision is due to the fact that Norway received a greater contribution from net property income from abroad than expected. The savings for Norway are NOK 643 billion in 2011 after the revisions.

The revised preliminary figures for 2012 show savings of NOK 737 billion. This is a slight decrease since the last release, and savings for Norway in 2012 were still at the highest level since 2008.

Growth in disposable income for Norway

After a sharp fall in 2009, disposable income increased in the three years from 2010 to 2012. Real disposable income increased by 5.6 per cent from 2010 to 2011, which is an increase of 0.5 percentage points compared to previously published national accounts. The corresponding growth rate is, however, revised slightly down in 2012, where disposable income is now estimated to increase by 4.7 per cent. Most of the adjustments, both in 2011 and 2012, stem from the change in income and transfers balance of payments. In 2011, there was mainly an improvement in the terms of trade as a result of oil and gas prices, which contributed to the strong growth in disposable income. Production growth outside the petroleum industry also contributed to the growth. The same was the case in 2012 where the output growth constitutes about 60 per cent of the growth in real income.

Increase in household saving and net lending

Savings for households and NPISHs in 2011 were NOK 92 billion; an increase of NOK 6 billion from the preliminary figures. The largest contribution to the revision was from property income, which was revised up by NOK 7 billion. The savings rate is revised up in line with this, from 7.3 to 7.8 per cent. The savings rate in 2012 was 8.6 per cent; about the same as the previous release.

As a result of the NOK 7 billion reduction in household fixed investment in both 2011 and 2012, the net lending of households and non-profit organisations has been revised for these two years. For more on households, see Quarterly Sector Accounts .