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10194
Lower savings in the household sector
statistikk
2010-05-25T10:00:00.000Z
National accounts and business cycles
en
knri, National accounts, non-financial sector accounts, households, non-profit organisations, disposable income, disposable real income, saving rate, income, expenditures, savings, FISIM, net financial investments, dividendsNational accounts , National accounts and business cycles
false

National accounts, non-financial sector accounts, Q1 2010

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Lower savings in the household sector

Seasonally adjusted figures for the 1st quarter of 2010 show that savings in the household sector are lower than the previous quarter. In addition, disposable real income for the household sector declined by 1.6 per cent compared with the 4th quarter.

Households’ real disposable income, seasonally adjusted, (2007=100) Q1 2002-Q1 2010

Savings ratio, seasonally adjusted Q1 2002-Q1 2010

The growth in seasonally adjusted disposable income in current prices was 0.5 per cent in the 1st quarter of 2010. Behind this moderate growth lies an increase in compensation of employees, which is the main income component for the households, of 0.8 per cent. Also, pensions and benefits from central government saw a modest increase of 1.3 per cent, while property income declined and reduced disposable income. Disposable real income, which is disposable income adjusted for price increase, fell by 1.6 per cent and amounted to 5.9 per cent.

Growth in household consumption resulted in lower savings

Seasonally adjusted figures for consumption show a growth rate of 3.1 per cent for the 1st quarter of 2010. This development is influenced by the rise in prices and particularly growth in electricity prices. Together with the modest increase in disposable income, and the rise in consumption, savings were reduced by NOK 7 billion in the 1st quarter of 2010.

Lower saving rate

The seasonally adjusted saving ratio, savings share of disposable income, was 5.9 per cent in the 1st quarter of 2010, while the saving ratio for the previous quarter was 8.5 per cent. The unadjusted saving ratio is almost 10 per cent for the 1st quarter of 2010.

Disposable income and disposable real income - Households and non-profit institutions serving households, seasonally adjusted, percentage change from previous period Q1 2007-Q1 2010
 
Quarter Disposable income Disposable real income
 
Q1 2007 3.1 1.9
Q2 2007 0.5 0.5
Q3 2007 3.0 3.0
Q4 2007 0.9 0.9
     
Q1 2008 0.3 -3.3
Q2 2008 4.2 4.2
Q3 2008 0.8 0.8
Q4 2008 1.8 1.8
     
Q1 2009 0.5 -2.0
Q2 2009 2.2 2.2
Q3 2009 1.8 1.8
Q4 2009 2.5 2.5
     
Q1 2010 0.5 -1.6
 

Revisions

Quarterly institutional sector accounts are based on preliminary calculations. The uncertainty in the last quarter is the largest. New information is continuously being integrated into the figures, which could cause revisions in the previously released data. Quarterly sector accounts are also consolidated against the data from the quarterly national accounts data. When the last quarters of the unadjusted series are updated, seasonally-adjusted series may also be revised backwards.

 

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