Financial accounts

Households' net financial assets have increased significantly over the last four years. This is illustrated by the seasonally adjusted net financial asset-to-income ratio, which rose from 78.2 per cent at the end of 2019 to 109.2 per cent of disposable income at the end of 2023. The net financial assets have grown strongly and faster than disposable income in the period.

Statistics Norway has initiated an extensive revision of the time series in the national accounts, and the plan is to release revised national accounts statistics in November and December 2024.

The share of GDP has remained unchanged since 2019. At the end of 2021, the present value of Norwegian households accrued-to-date pension entitlements was estimated at approximately NOK 13 200 billion.

Households net lending was positive, while the debt growth continued to slow down in the 2nd quarter of 2023.

The report summarises the main points of households' financial accounts based on the latest release of annual figures. We have three turbulent years of huge and unusual changes behind us. Both the COVID-19 pandemic and the war in Ukraine have had a large impact on the financial position of households in the three-year period.

Central government's net lending increased to a record high level in 2022. The opposite was the case for households. Households’ net lending was reduced after a large drop in savings.

The life insurance and annuity entitlements and pension entitlements are adjusted in 2020 and 2021. The households unlisted shares are also adjusted.

The financial accounts for the fourth quarter of 2021 capture the effects of the COVID-19 pandemic on households’ net financial assets, financial investments and debt over the last two years. The picture is characterized by exceptionally high savings and historic net lending.

Households’ owned mutual fund shares are increased. Their assets and transactions in insurance and pension entitlements are also revised.