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230115
Revised income figures for 2013
statistikk
2015-09-09T10:00:00.000Z
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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Preliminary figures show that savings in the general government fell by NOK 51 billion in 2014, and that a reduction in government revenue from petroleum activities contributed most to the decline.

Annual non-financial sector accounts, national accounts2013

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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Revised income figures for 2013

Revised figures for the national accounts show that disposable income and savings for Norway in 2013 were NOK 2 573 and 688 NOK billion respectively. This is a downward revision for the two figures of NOK 14 and 11 billion respectively.

Some selected national account figures. NOK million
2013
General governmentEnterprisesHouseholds and NPISHsNorway
Gross domestic product, basic prices508 0172 007 597233 3662 748 980
Operating surplus0807 296106 017913 313
Disposable income1 024 204294 3251 254 7932 573 322
Savings371 867214 896101 322688 085
Net lending331 292-20 228-4 640306 424

The macro picture is little changed since the preliminary figures were published in June. The revision of disposable income and savings is mainly due to capital income and wages from Norway to abroad being revised up by NOK 9.5 billion.

Consumption has been revised down by NOK 3 billion, and savings for Norway are thus lowered by a further NOK 11 billion or 1.6 per cent. Saving for Norway is therefore estimated at NOK 688 billion in 2013. The savings rate was 27 per cent, unchanged from the previous release.

Growth in real disposable income has been revised upwards by 0.2 percentage points to 0.5 per cent, compared with the previous release. For a more detailed discussion, see the annual national accounts.

High savings in public administration

Final figures for 2013 show that savings in public administration have been lowered by about NOK 14 billion, and this can largely be attributed to lower revenues from petroleum taxes than previously estimated. From 2012 to 2013, the central government’s share of Norway's total savings declined from 64 per cent to 55 per cent.

Following the audit, local government still had negative savings, a trend which has been seen since 2008.

Somewhat higher household saving

Disposable income for households was at NOK 1 194 billion in 2013, which corresponds to a downwards revision of NOK 2 billion from the preliminary figures. Saving is, however, revised upwards by NOK 2.5 billion. Both lower consumption and higher adjustment for savings in pension funds explains this revision. Household saving is now estimated at NOK 100 billion. The savings rate in 2013 is revised upwards slightly and is estimated at 7.8 per cent, while it was 7.3 per cent in 2012.

Continued negative net lending in enterprises

Final figures for 2013 show that savings in the corporate sector were NOK 215 billion, which is about the same as previously estimated. Net acquisition of non-financial assets, however, is revised downwards, so that corporate net lending has been revised up by NOK 13 billion compared to preliminary estimates. Corporate net lending or net borrowing was thus at NOK - 20 billion in 2013, according to the final figures.

Why audited figures?

Statistics Norway has revised national accounts for revenue and capital accounts for the year 2013. Figures from the final national accounts and other audited sources are incorporated. For more about revisions in national accounts, see annual national accounts. In particular in this revision we have audited figures for capital consumption and capital formation holdings, see Appendix box. Consumption of fixed capital and real capital holdings are audited for all years back to 2004. The operating profit in both the corporate and the household sector have been reduced as a result.

Changes in the time of publicationOpen and readClose

There has been a tradition in Norway to publish annual non-financial national accounts figures (ASA) together with the publishing of the third quarter in the quarterly non-national accounts (QSA). Eurostat requires reporting of annual figures within 21 months after the calculation year. Due to this requirement Statistics Norway has decided to publish annual accounts in September, while updated preliminary annual data for 2014 and harmonised quarterly data with the annual data for 2013 will be published in November, together with new quarterly data for 2015.

Revision of capital formation and capital stockOpen and readClose

The time series for consumption of fixed capital and capital stock have been revised back to 2004. The revision is a sample survey about life and impairment of fixed assets as conducted by Statistics Norway in 2014. Based on the results from this survey, the depreciation rates used in the national accounts capital calculations have been adjusted.

To avoid a break in the time series, the new depreciation rates are applied to capital stock built up from 2004, while the old rates are still used on capital that existed in 2003. The rates for government and non- profit institutions serving households have not been changed in order to avoid revisions in production and consumption.

The changes in depreciation rates have resulted in an overall increase in capital consumption in 2012 of approximately NOK 11 billion, or 2.5 percentage points. The capital stock has been reduced by approximately 0.5 percentage points in the same year.