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53761
Continued increase in disposable real income
statistikk
2011-02-17T10:00:00.000Z
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, Q4 2010

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Continued increase in disposable real income

Households’ disposable income increased from the 3rd to 4th quarter, according to seasonally-adjusted figures. The growth was steady through 2010, and disposable income was in total 5.8 per cent higher in 2010 than in 2009. This gave an increase in of 3.8 per cent in disposable real income.

Households’ real disposable income, seasonally adjusted, (2007=100)

Savings ratio, seasonally adjusted

Compensation of employees, which is the most important source of income in the household sector, went up approximately 4 per cent in 2010, nominally measured, and accounted for nearly half of the increase in disposable real income. The increase in compensation of employees was stronger in the second half of 2010 than in the first, and from the 3rd to 4th quarter the growth was 1.6 per cent.

Payments and benefits from general government went up by 5.5 per cent from 2009 to 2010. This increase contributed to pulling the growth in disposable real income up by 1.1 percentage points. Seasonally-adjusted figures show that the increase was steady through the 2010. It was in particular retirement and unemployment benefits that pulled the payments from general government up. Sickness and disability payments showed a slight decrease in 2010.

Property income received, which mainly consists of income from interest and dividends, increased by 7.7 per cent in 2010. Property income paid decreased by 1.5 per cent. From the 3rd to 4th quarter property income received went up by 2.1 per cent, while property income paid remained almost unchanged.

Saving rate unchanged from 2009

In 2010, households’ saving amounted to approximately NOK 82.9 billion, which is NOK 2.6 billion more than in 2009. Savings’ share of disposable income, the saving rate, is measured to be 7.4 per cent in 2010, compared to 7.5 in 2009. Seasonally-adjusted figures show that households’ saving was higher in the two last quarters of the year that in the first two.

Households and NPISH. Income and expenditures1. NOK billion
 
  2008* 2009* 2010* Real growth. Percentage2 Contribution to growth on disposable real income. Percentage points
  2008* 2009* 2010* 2008* 2009* 2010*
 
Income 1 460.1 1 505.0 1 578.9 5.2 0.5 2.9 7.6 0.8 4.1
Compensation of employees  857.0  884.0  919.6 5.3 0.6 2.0 4.5 0.5 1.7
Mixed income  110.9  112.5  121.0 -1.3 -1.0 5.5 -0.2 -0.1 0.6
Property income received 96.7 72.1 77.7 16.3 -27.2 5.6 1.4 -2.6 0.4
Amount of which is due to dividends 26.5 24.8 27.9 38.3 -8.7 10.1 0.8 -0.2 0.2
Pensions and benefits from general government  298.3  326.5  344.4 3.5 6.8 3.5 1.1 2.0 1.1
Other income (net) 56.2 60.9 65.5 -0.3 5.6 5.6 0.0 0.3 0.3
Correction for FISIM 41.0 48.9 50.6 21.0 16.6 1.5 0.7 0.7 0.1
                   
Expenditures  466.7  441.1  453.6 8.9 -7.8 0.9 -4.0 3.7 -0.4
Current taxes on income, wealth, etc.  337.8  354.9  368.8 2.5 2.5 1.9 -0.8 -0.8 -0.6
Property income paid  128.9 86.1 84.8 30.6 -34.8 -3.4 -3.1 4.5 0.3
                   
Disposable income  993.4 1 063.9 1 125.2 3.6 4.5 3.8 . . .
 
1  The components do not sum up to the totals due to rounding.
2  National accounts price index for consumption by households and NPISHs is used as a deflator.

Revisions

Quarterly 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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