3.6 A comparison with other OECD countries
In this section we compare the saving outcomes at a national level for selected OECD countries. Appendix K plots the current account, net and gross national saving rates and investment all as a percentage of GDP for 12 OECD countries:Australia, Canada, Finland, Germany, Ireland, Japan, Korea, New Zealand, Norway, Sweden, the United Kingdom and the United States. The data are plotted for 1972 to 2010 where available.
| Country | Gross national saving rate |
Net National Saving rate |
Household Saving rate |
|||
|---|---|---|---|---|---|---|
| % GDP | Years | % GDP | Years | % GDP | Years | |
| Australia | 23.4 | 1972-2010 | 7.6 | 1972-2010 | 8.5 | 1972-2008 |
| Canada | 20.5 | 1972-2010 | 8.0 | 1972-2010 | 10.2 | 1972-2010 |
| Finland | 24.5 | 1875-2009 | 8.4 | 1875-2009 | 1.5 | 1996-2010 |
| Germany | 22.7 | 1972-2010 | 8.8 | 1972-2010 | 10.6 | 1994-2010 |
| Ireland | 17.9 | 1972-2010 | 7.1 | 1972-2010 | 2.6 | 2002-2010 |
| Japan | 30.7 | 1972-2008 | 13.6 | 1972-2008 | 6.4 | 1996-2009 |
| Korea | 31.2 | 1972-2006 | 20.3 | 1972-2006 | 10.2 | 1990-2010 |
| New Zealand | 17.7 | 1972-2012 | 3.4 | 1972-2012 | -0.1 | 1972-2012 |
| Norway | 29.4 | 1972-2006 | 14.2 | 1972-2006 | 3.9 | 1978-2010 |
| Sweden | 24.5 | 1972-2006 | 12.6 | 1972-2006 | 7.1 | 1995-2010 |
| United Kingdom | 16.7 | 1972-2010 | 4.5 | 1972-2010 | 1.0 | 1995-2009 |
| United States | 16.5 | 1972-2010 | 5.1 | 1972-2010 | 6.8 | 1972-2010 |
Source: OECD; Statistics New Zealand.
Net national saving rates have been both volatile and display a long term declining trend in most countries. Norway and Ireland were exceptions to this. An overall picture can be obtained by taking the long term average savings rates. These are shown in Table 7. There is a great deal of variation across countries. However, New Zealand has the lowest long term average savings rates, both for net national and household saving. Our gross national saving figure is more similar to other countries, and is possibly a better comparator, as methods of calculating depreciation can differ across countries, and rely on relatively arbitrary assumptions. The United Kingdom, Ireland and Finland are the only countries with similarly low household saving rates; however their long term average rates are all positive in contrast to the negative value for New Zealand.
