Annual non-financial sector accounts, national accounts, 2013

The macro picture is little changed since the preliminary figures were published in June. The revision of disposable income and savings is mainly due to capital income and wages from Norway to abroad being revised up by NOK 9.5 billion.

Consumption has been revised down by NOK 3 billion, and savings for Norway are thus lowered by a further NOK 11 billion or 1.6 per cent. Saving for Norway is therefore estimated at NOK 688 billion in 2013. The savings rate was 27 per cent, unchanged from the previous release.

Growth in real disposable income has been revised upwards by 0.2 percentage points to 0.5 per cent, compared with the previous release. For a more detailed discussion, see the annual national accounts.

High savings in public administration

Final figures for 2013 show that savings in public administration have been lowered by about NOK 14 billion, and this can largely be attributed to lower revenues from petroleum taxes than previously estimated. From 2012 to 2013, the central government’s share of Norway's total savings declined from 64 per cent to 55 per cent.

Following the audit, local government still had negative savings, a trend which has been seen since 2008.

Somewhat higher household saving

Disposable income for households was at NOK 1 194 billion in 2013, which corresponds to a downwards revision of NOK 2 billion from the preliminary figures. Saving is, however, revised upwards by NOK 2.5 billion. Both lower consumption and higher adjustment for savings in pension funds explains this revision. Household saving is now estimated at NOK 100 billion. The savings rate in 2013 is revised upwards slightly and is estimated at 7.8 per cent, while it was 7.3 per cent in 2012.

Continued negative net lending in enterprises

Final figures for 2013 show that savings in the corporate sector were NOK 215 billion, which is about the same as previously estimated. Net acquisition of non-financial assets, however, is revised downwards, so that corporate net lending has been revised up by NOK 13 billion compared to preliminary estimates. Corporate net lending or net borrowing was thus at NOK - 20 billion in 2013, according to the final figures.

Why audited figures?

Statistics Norway has revised national accounts for revenue and capital accounts for the year 2013. Figures from the final national accounts and other audited sources are incorporated. For more about revisions in national accounts, see annual national accounts. In particular in this revision we have audited figures for capital consumption and capital formation holdings, see Appendix box. Consumption of fixed capital and real capital holdings are audited for all years back to 2004. The operating profit in both the corporate and the household sector have been reduced as a result.