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54174
Decreased savings for Norway
statistikk
2011-05-24T10:00:00.000Z
National accounts and business cycles
en
nri, Annual non-financial sector accounts, national accounts, general government, non-financial enterprises, financial enterprises, households, non-profit organisations, production, production price, operating profit, income, saving, saving rate, disposable income, FISM, net financial investments, dividendsNational accounts , National accounts and business cycles
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Annual non-financial sector accounts, national accounts, 2010

A of 7 June 2017 the statistics will be published as Quarterly non-Financial sector accounts, national accounts.

The institutional sector accounts record economic transactions of the institutional sectors in national accounts. Non-financial and financial accounts by institutional sector is updated quarterly in StatBank.

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Decreased savings for Norway

Revised figures for the period 2008-2010 show a downwards adjustment in national income compared to the last release. The savings rate for the households is adjusted upwards for 2010.

The revised preliminary figures for 2008 and 2009 show decreased national income and savings in Norway. The adjustments are mainly due to the gross domestic product falling in value in both 2008 and 2009, by NOK 6 and 50 billion respectively. The downward revision reflects new information on construction activities and the value of gas production. For more information about the revisions, see the Quarterly National Accounts .

Updated figures for 2010 show that national income was NOK 2 135 billion, which is a downward revision of around NOK 9 billion compared to the previous publication. The revision is mainly due to a downward revision of gross domestic product of about NOK 9 billion. In addition, the net primary income to abroad and capital consumption adjustment decreased by NOK 3 billion. Consumption is revised upwards by NOK 4 billion, and savings for Norway ended at NOK 475 billion. This is NOK 12 billion lower than in the previous publication.

In 2010, real disposable income grew by 5.6 per cent, compared with a decline of 12.7 per cent in 2009. Production decline in the petroleum industry in 2010 pulled down real disposable income by 1.8 percentage points, while output in other industries pushed up real disposable income by 1.9 per cent points. The price development of oil and gas is important for the development in terms of trade. This contributed with 4 percentage points to growth in real disposable income in 2010, while oil and gas prices in comparison pulled down real disposable income by about 10 percentage points in 2009. Overall, the change in terms of trade contributed with 4.5 percentage points to the growth in real disposable income in 2010. The change in Balance of income and current transfers pushed up real disposable income by one percentage point in 2010.

Contribution to growth in real disposable income from the previous year for Norway. Per cent
 
 2007200820092010
 
Real disposable income for Norway0.86.0-12.75.6
Contribution to growth from    
Production growth in the oil business-1.5-1.0-0.4-1.8
Production growth other4.00.5-1.91.9
Change in terms of trade-1.26.6-10.14.5
Of which, prices for crude oil and gas-1.16.4-9.34.0
Change in Balance of income and current transfers-0.5-0.2-0.31.0
 

Higher household saving

Household disposable income is revised upwards by NOK 4 billion in 2010. The revision is mainly due to an upward revision of received wage income and other transfers to the household sector. As a result, savings’ share of disposable income, the saving rate, is revised up by 0.2 percentage points and was 7.6 per cent in 2010.

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