National accounts, non-financial sector accounts, Q1 2009

Seasonally-adjusted figures show a 1.8 per cent increase in disposable income from the 4^{t h} quarter to the 1st quarter of 2009. The increase in the households’ and the non-profit institutions serving households’ (NPISHs’) disposable income is mainly due to the strong decrease in the property income paid. Real disposable income grew by 1.9 per cent.

Pensions and social contributions make up approximately one third of disposable income, and indicated a 1.3 per cent increase from the 4^{t h} quarter to the 1st quarter of 2009. Compensation of employees, which constitutes less than 60 per cent of households’ total income, was almost unchanged.

Households’ savings (defined as disposable income minus final consumption expenditure and corrected) were estimated at NOK 24 billion in the 1st quarter of 2009. The high level of savings, i.e. more than 2007 and 2008 in total, is mainly due to the high level of disposable income combined with a lower level of consumption of the households compared to the last three quarters of 2008.