Survey: Norwegian household spending.
The average Norwegian household spent just over us$63,000 per year. Not surprisingly, housing and transportation staked the biggest claim on the Norwegian household budget.
The third biggest expenditure was recreation and culture. Food was in fourth place--a sure indicator of a wealthy, developed market.
Households with children over six years of age have double the size budget when compared with single households. Single households use 34 percent of their expenditures on housing. Couples with children spend 25 percent.
According to Statistics Norway, the difference in spending on housing between singles and couples with children has remained the same for some time.
Specific expenditure items at the top of household lists consumer more than a quarter of the household budget. "Housing, water, electricity, gas and other fuel make up the largest expenditure item." The amount spent on these items per year was us$17,900 for the average household.
Statistics Norway says that spending for transportation has stabilized. The average household spent us$11,590 per year, about 16.7 percent of total expenses.
Households spent us$7,586 on average per year for recreation and culture, about 12 percent of the household budget. Food and non-alcoholic beverages amounted to us$7,164, approximately 11 percent of the household budget.
Households spent 5.0 percent of their budget on clothing and footware, another category that has been stable for some time. The average annual amount was us$3,398.
Spending for furniture and household equipment accounted for 6.0 percent of total expenditures; private expenditure on healthcare was 3.0 percent; postage and telephone costs (communication) were 2.5 percent, and education accounted for 0.3 percent of spending.
A Statistics Norway review of the economy as a whole, published on September 6, 2007, said, "The strong growth in production and employment in the Norwegian economy over the past few years is expected to become more moderate. Household consumption is forecast to increase 6.3 percent in 2007 when compared with 2006. In 2008, household consumption is expected to gain 3.7 percent; in 2009, 3.3 percent, and 3.9 percent in 2010.
GDP is forecast to grow 3.5 percent in 2007 and 3.7 percent in 2008. The International Monetary Fund (IMF) also estimates Norwegian 2007 GDP at 3.5 percent, but says 2008 GDP will be 3.8 percent.
|Printer friendly Cite/link Email Feedback|
|Date:||Nov 1, 2007|
|Previous Article:||United Kingdom and the credit crunch.|
|Next Article:||Belgian crisis deepens.|