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152165
Lower savings for Norway
statistikk
2014-03-05T10:00:00.000Z
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, 2013

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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Lower savings for Norway

Total savings for Norway were NOK 694 billion in 2013 according to preliminary figures. This was NOK 44 billion lower than the previous year.

Some selected national account figures. NOK millionPublished 5 March 2014
2013
General governmentEnterprisesHouseholds and NPISHsNorway
GROSS DOMESTIC PRODUCT, BASIC PRICES480 1871 950 955247 4592 678 601
OPERATING SURPLUS-746773 419125 273897 946
DISPOSABLE INCOME1 033 832237 5011 312 1802 583 513
SAVING377 207198 243118 245693 695
NET LENDING334 556-46 54630 032318 042

Source: Statistics Norway

National income for Norway was NOK 2 622 billion in 2013, which was almost NOK 55 billion higher than the year before. The growth of GDP was NOK 95 billion from 2012 to 2013 . Lower property income from abroad contributed to moderate the growth in national income.

The disposable income of Norway is determined by calculating the current transfers to and from abroad. The current transfers to abroad are higher than those received from abroad, which means that disposable income is lower than national income. For 2013, the disposable income for Norway is provisionally estimated at NOK 2 584 billion. This is 1.9 per cent more than the year before.

Real disposable income fell by 1.4 per cent in 2013. In comparison, real income increased by 4.7 per cent from 2011 to 2012. This is the first time since 2009 that we have seen a decline from the previous year in real disposable income.

Savings for Norway are estimated at NOK 694 billion. This was NOK 44 billion lower than in 2012. Savings' share of disposable income, i.e. the savings rate, was 27 per cent, which is 2 percentage points lower than the year before.

Lower savings in the public sector

Savings in Norway are mainly made through the central government. The central government’s share of total savings was 56 per cent in 2013. This is a decrease of 4 percentage points compared to the previous year. Savings in the public administration were NOK 386 billion; NOK 55 billion less than the year before. The decrease was primarily due to reduced revenues from petroleum tax.

In contrast to central government, the local government has had negative savings since 2007. Total savings in the public sector therefore ended at NOK 377 billion in 2013. The savings in the public sector were 36 per cent; 5 percentage points lower than the year before.

Disposable income per capita was NOK 257 000

Household disposable income is calculated at NOK 1 312 billion in 2013; an increase of 5.9 per cent from 2012. For 2013, this is equal to a disposable income per capita of approximately NOK 257 000. Saving amounted to NOK 118 billion in 2013, which contributed to the highest yearly savings ratio since 2005 of 9 per cent .

Continued negative net lending

Preliminary figures for 2013 show that savings in the corporate sector (both financial and non-financial corporations) were NOK 198 billion. This is about the same as the previous year. Gross investment minus depreciation was higher than savings. This means that firms had negative net lending or net borrowing, of NOK 47 billion.

Planned changes in the national accounts statisticsOpen and readClose

New revised figures for national accounts and related statistics will be published in November and December 2014. Statistics Norway complies with international guidelines in its preparation of national accounts and statistics on foreign affairs. New international guidelines have now been issued for these statistics. Statistics Norway is currently in the process of implementing the changes, in addition to new source data for some of the statistics.