Annual non-financial sector accounts, national accounts, 2008-2009

The National income in 2008 is adjusted down by almost NOK 44 billion compared to the previous release, and is now estimated at NOK 2 171 billion. The downward adjustment is partly caused by property income from the rest of the world, which is NOK 18 billion lower than assumed earlier, and partly caused by a downward revision of GDP by NOK 26 billion. Saving for Norway was NOK 669 billion in 2008, which is a downward revision of almost NOK 45 billion.

Savings for 2009 are estimated at NOK 440 billion. This is a downward adjustment of previous estimates by NOK 44 billion. For 2009 the main explanation is also a downward revision of property income from the rest of the world by NOK 26 billion, and also an adjustment down of the GDP by approximately NOK 20 billion.

Disposable income rose by 6.4 per cent from 2007 to 2008, while it was down 10.8 per cent from 2008 to 2009.

For more information about the GDP, go to National accounts, quarterly

High household saving

Disposable income in households is revised by NOK 2.5 billion in 2008. The revisions are due to a NOK 7 billion rise in income from business operations and NOK 1.5 billion in income from wages. In the opposite direction there is a downward revision by nearly NOK 3 billion from property income.

Household saving in 2008 is estimated at NOK 38 billion; an upward revision by NOK 4 billion compared to previous estimates. The saving rate was 3.8 per cent, as opposed to 3.4 per cent in the last release.

The revision of disposable income of NOK 10 billion in 2009 is mainly due to an upward adjustment in income from business operations by nearly NOK 8 billion. The income from wages was down by closer to NOK 5 billion, while income excluding property income and production rose by more than NOK 6 billion.

Saving, which is defined as disposable income less consumption but including savings in pension funds, is estimated at NOK 80 billion in 2009, which is a small upward adjustment compared to previously released numbers. The saving rate for 2009 was 7.5 per cent, approximately the same as the last release.

For more information about the household sector, go to National accounts, quarterly sector accounts.

Lower saving rate in general government

The saving in general government in 2008 is revised upward by NOK 5 billion and totals NOK 519 billion. This can be explained by the rise in taxes on income and property from petroleum businesses of NOK 6.5 billion.

In 2009 on the other hand, the saving is revised downward by NOK 3 billion and is estimated at NOK 267 billion. Saving from general government in the last few years has amounted to 70 per cent of total savings. In 2008 this amount was 78 per cent, and in 2009 the amount sunk to approximately 61 per cent.

Downward revision of saving in corporations

The saving in 2008 for non-financial corporations shows a revision of NOK 54 billion, which is mainly due to a downward revision of the gross product of NOK 33 billion. Net property income is revised downward by approximately NOK 6 billion. In the preliminary figures for 2009, saving in corporations is estimated at NOK 91 billion, which is NOK 44 billion lower than earlier estimates.

Tables

Published tables