Annual non-financial sector accounts, national accounts, 2010-2011

Disposable income for Norway was NOK 2 180 billion in 2010, which is a revision of almost NOK 21 billion from the preliminary figures. The revision is mainly due to a corresponding upward revision of the gross domestic product (GDP). Consumption was revised up by NOK 4 billion, and saving for Norway is thus revised up nearly NOK 17 billion. Saving for Norway is estimated at NOK 532 billion in 2010.

The revised preliminary figures for 2011 show that savings are now estimated at NOK 656 billion. This adjustment for 2011 is primarily due to an upward revision of GDP by NOK 29 billion, while consumption is NOK 8 billion higher than previously estimated. For more information about revisions in GDP, see annual national accounts .

Continued growth in real disposable income for Norway

After a sharp decline in 2009, there has been growth in disposable real income for Norway in the last two years. Real disposable income increased by 3.4 per cent from 2009 to 2010, while growth from 2010 to 2011 is estimated at 6 per cent. The main factor behind the increase from 2010 to 2011 was the improvement in the terms of trade. Oil and gas price trends are important for the development of trade and were responsible for 4.7 percentage points of growth in real disposable income. Overall, the terms of trade contributed 4.5 percentage points to growth.

Lower household saving

Disposable household income in 2010 was revised down by NOK 4.3 billion. The largest contribution to the revision came from wage income, which is adjusted down by NOK 7.4 billion. The effect of these revisions is muted, however, by the fact that household net property income for 2010 has been revised upwards by about NOK 9 billion.

Household savings in 2010 have also been influenced by the fact that consumption increased by NOK 1.8 billion. Savings were thus reduced by about NOK 5.5 billion in 2010. The household saving ratio was 5.8 per cent, compared with 6.3 per cent in the preliminary estimates.

Household disposable income in 2011 was revised down by NOK 5.5 billion. The decrease is largely due to a downward revision in wage income and household capital income. The revision in household capital income is largely new information on dividends received in 2011. Income from employment has increased by NOK 1.8 billion from the previous release. The household saving rate is estimated to be 7.3 per cent in 2011, a downward revision of almost one percentage point from the previous estimate.

For more on households, see Quarterly Sector Accounts .

High savings in general government

Only small revisions have been made to final figures for 2010 for the general government compared to the previous release. Savings in general government in 2010 were NOK 311 billion. In 2011, the savings are down by NOK 7 billion from initial estimates and are calculated to NOK 398 billion. The decrease in central government can largely be explained by the higher estimates of consumption. Local government has low savings, as opposed to the central government. Savings and the net investment in local government have been negative in recent years.

Final figures for 2010 show that savings in the corporate sector were NOK 156 billion. This is an upward revision of NOK 23 billion compared to the previous release. The corporate sector savings increased by NOK 14 billion from 2010 to 2011. Net lending in 2010 was about NOK 6 billion. This is a downward revision of NOK 4 billion from the preliminary estimate.

Net capital expenditures were higher than savings in 2011. This meant that firms had negative net lending or net borrowing, at NOK 5 billion, which is about the same as previously estimated.