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Annual National Accounts 2021

Disposable Income and Savings

Online ISSN: 2811-5724

CSO statistical publication, 15 July 2022, 11am

	Personal Consumption of Goods & Services	Net Expenditure by Local & Central Government on Goods & Services	Provision for Depreciation	Net National Savings	Gross National Disposable Income
2013	85.2231075253	26.2364673759	26.8683860994353	10.4560865378647	148.7840475385
2014	88.2101186651	27.4010584732	29.1670764704108	17.5091815425892	162.2874351513
2015	91.5098833231	28.0494684407	57.4010304058463	22.1556239715537	199.1160061412
2016	96.3159192442	29.3889474228	65.6423084641318	25.3716120042682	216.7187871354
2017	100.2558375542	31.1391865394	74.4082083370117	28.0039085134883	233.8071409441
2018	106.2588749415	32.9879321692	81.3118164032844	29.1673759314156	249.7259994454
2019	111.0484944028	36.1815044344	90.4520204966325	35.8778306427675	273.5598499766
2020	99.8751244006	40.9006034629	106.109039620092	29.9425689315079	276.8273364151
2021	108.4571706088	44.5980974697	112.054912841414	53.9474183368862	319.0575992568

Get the data: PxStat NA009

National Disposable Income is the sum of the disposable incomes of all resident institutional units.

Gross National Disposable Income (GNDI) measures the income available to the nation for final consumption and gross saving.

Tables 12.1 to 12.3 show GNDI and its use at current market prices as well as the annual percentage changes in the main items and Real GNDI at constant prices (adjusted for terms of trade).

Table 12.1 Gross National Disposable Income and its Use

Table 12.2 Annual Percentage Changes in the Main Constituents of Table 12.1

Table 12.3 Gross National Disposable Income at Constant Market Prices (chain linked annually and referenced to year 2020) Adjusted for Terms of Trade (i.e. Real Gross National Disposable Income)

	Household Saving	Government Saving
2012	10.26	-10.35
2013	8.39	-7.39
2014	6.90	-2.46
2015	7.97	2.08
2016	7.54	3.37
2017	10.98	5.25
2018	10.64	7.96
2019	12.45	10.09
2020	31.71	-9.54
2021	32.43	2.24

Get the data: PxStat NA013

Household Saving in 2021 continued at the elevated level it had achieved in 2020 during the first phase of the COVID pandemic, increasing by a further €719m in the year. Government Saving, that had turned negative in 2020 following five consecutive years of recording positive values in the years 2015 to 2019, reverted to positive territory in 2021 of €2,240m, an improvement of almost €11.8 billion compared with 2020. Gross National Saving amounted to €166.0 billion in 2021, an increase of 22.0% or almost €30.0 billion in money terms.

Tables 12.4 to 12.7 show gross national saving, capital formation and the distribution of household income along with its relationship to Net National Product at Factor Cost.

Table 12.4 shows the gross saving of households calculated from elements of household income and expenditure.

Table 12.4 Household Income and Expenditure

Table 12.5 shows the gross saving of Government calculated from elements of Government current income and expenditure.

Table 12.5 Current Income and Expenditure of Central and Local Government

Table 12.6 shows a breakdown of the sources of gross national saving available for investment in domestic capital formation. It also provides a breakdown of capital formation by whether the capital was produced domestically or imported. See tables 11.1 and 11.2 for further detail on capital formation.

Table 12.6 Savings and Capital Formation

Table 12.7 shows a breakdown of the net income of households and its relationship to Net National Product at Factor Cost.

Table 12.7 Distribution of Household Income and its relationship to Net National Product at Factor Cost

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Table 12.1 Gross National Disposable Income and its Use
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021 ¹
105. Gross domestic product at current market prices	B.1*g	270,205	297,763	326,631	356,705	372,836	426,283
106. Net factor income from the rest of the world	D.1 & D.4	-50,842	-62,039	-74,463	-80,774	-93,268	-103,595
	(net to abroad)
107. Gross national product at current market prices		219,363	235,724	252,168	275,931	279,569	322,688
108. EU subsidies	D.3	1,479	1,504	1,566	1,589	1,512	1,527
109. EU taxes	D.2	-486	-433	-433	-456	-410	-735
110. Gross national income at current market prices	B.5*g	220,356	236,796	253,301	277,064	280,670	323,481
111. Current transfers from the rest of the world
less current transfers to the rest of the world (excluding EU subsidies and taxes)	D.7	-3,638	-2,989	-3,575	-3,504	-3,843	-4,423
112. Gross national disposable income	B.6g	216,719	233,807	249,726	273,560	276,827	319,058
113. Personal consumption of goods and services	P.3	96,316	100,256	106,259	111,048	99,875	108,457
114. Net expenditure by central and local government on current goods and services	P.3	29,389	31,139	32,988	36,182	40,901	44,598
115. Total consumption expenditure	P.3	125,705	131,395	139,247	147,230	140,776	153,055
116. Gross national savings	B.8g	91,014	102,412	110,479	126,330	136,052	166,002
117. Provision for depreciation	P.51c	65,642	74,408	81,312	90,452	106,109	112,055
118. Net national savings	B.8n	25,372	28,004	29,167	35,878	29,943	53,947

¹Preliminary

Table 12.2 Annual Percentage Changes in the Main Constituents of Table 12.1
							%
Description	ESA Code	2016-2021	2016-2017	2017-2018	2018-2019	2019-2020	2020-2021
Gross domestic product at current market prices	B.1*g	9.5	10.2	9.7	9.2	4.5	14.3
Gross national product at current market prices		8.0	7.5	7.0	9.4	1.3	15.4
Gross national disposable income	B.6g	8.0	7.9	6.8	9.5	1.2	15.3
Personal consumption of goods and services	P.3	2.4	4.1	6.0	4.5	-10.1	8.6
Net expenditure by central and local government on current goods and services	P.3	8.7	6.0	5.9	9.7	13.0	9.0
Total consumption expenditure	P.3	4.0	4.5	6.0	5.7	-4.4	8.7
Gross national savings	B.8g	12.8	12.5	7.9	14.3	7.7	22.0
Provision for depreciation	P.51c	11.3	13.4	9.3	11.2	17.3	5.6
Net national savings	B.8n	16.3	10.4	4.2	23.0	-16.5	80.2

Table 12.3 Gross National Disposable Income at Constant Market Prices (chain linked annually and referenced to year 2020) Adjusted for Terms of Trade (i.e. Real Gross National Disposable Income)
						€ million
Description	2016	2017	2018	2019	2020	2021 ¹
Gross national income (adjusted for terms of trade)	238,507	246,246	258,553	274,244	280,670	307,517
Net current transfers from abroad excluding EU subsidies and taxes	-3,552	-3,031	-3,647	-3,477	-3,843	-4,340
Gross national disposable income (adjusted for terms of trade)	234,898	243,226	254,905	270,766	276,827	303,177
Index of Real Gross National Disposable Income	84.9	87.9	92.1	97.8	100.0	109.5

¹Preliminary
Chain linked series not additive except for 2020 and 2021

Table 12.4 Household Income and Expenditure
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021¹
1. Net income of households	B.5n_S.1M	105,541	113,722	120,476	128,331	128,364	143,581
2. Income and wealth taxes	D.5PAY_S.1M	-21,556	-22,401	-23,867	-25,629	-25,334	-30,337
3. Pension and other social contributions paid	D.61PAY_S.1M	-19,193	-21,021	-21,997	-22,923	-21,988	-24,527
4. Pension and other social benefits received	D.62REC_S.1M	27,212	27,853	28,079	29,641	36,067	36,243
5. Other transfers (net)	D.7_S1M net	-170	-198	-350	-638	-337	-400
6. Net disposable income of households	B.6n_S1M	91,834	97,955	102,341	108,781	116,773	124,560
7. Consumption of fixed capital	P.51c_S.1M	5,253	5,379	5,618	6,108	6,160	6,861
8. Gross disposable income of households	B.6g_S.1M	97,087	103,334	107,959	114,889	122,933	131,421
9. Personal consumption of goods and services	P.3	-96,316	-100,256	-106,259	-111,048	-99,875	-108,457
of which
9.1 final consumption expenditure of government	D.632PAY_S13	5,105	5,556	6,254	6,681	7,181	7,645
10. Final consumption expenditure of households	P.31_S.1M	-91,211	-94,700	-100,005	-104,368	-92,694	-100,812
11. Adjustment for saving in pension funds	D.8REC_S.1M	1,662	2,344	2,688	1,929	1,475	1,825
12. Gross saving of households	B.8g_S.1M	7,537	10,978	10,642	12,450	31,715	32,433

¹Preliminary

Table 12.5 Current Income and Expenditure of Central and Local Government
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021 ¹
13. Taxes on income and wealth	D.5	28,932	30,621	34,271	36,540	37,293	45,677
14. Social contributions	D.61	13,052	13,795	14,831	15,944	15,346	16,925
15. Taxes on production and imports (including rates)	D.2	23,471	24,649	25,717	27,510	23,724	29,564
16. Gross value added	B.1g	23,923	25,328	26,702	28,453	29,885	32,227
17. Investment income	D.4	1,826	1,779	1,534	1,579	1,112	479
18. Current transfers	D.7	512	660	865	647	699	1,038
19. Current income		91,716	96,833	103,920	110,673	108,058	125,910
20. Compensation of employees	D.1	20,035	21,194	22,303	23,696	24,829	26,551
21. Subsidies (excluding EU subsidies)	D.3	1,768	1,814	1,948	1,907	6,421	6,875
22. Social transfers in cash	D.62	22,829	23,075	23,372	24,154	30,412	29,911
23. Current transfers	D.7	2,952	2,902	3,778	3,345	4,029	4,799
24. Debt interest	D.4	6,264	5,906	5,313	4,621	3,828	3,292
25. Total final consumption expenditure	P.3	34,493	36,695	39,242	42,862	48,082	52,243
26. Current expenditure		88,341	91,586	95,956	100,586	117,601	123,670
27. Gross Saving of Government	B.8g	3,375	5,247	7,964	10,087	-9,542	2,240

¹Preliminary

Annual National Accounts 2021

Disposable Income and Savings

Disposable Income and Savings

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Table 12.6 Savings and Capital Formation
							€ million
Description	ESA code	2016	2017	2018	2019	2020	2021 ¹
28. Household Saving	B.8g_S.1M	7,537	10,978	10,642	12,450	31,715	32,433
29. Companies' Saving	B.8g_S.11 & B.8g_S.12	80,739	84,016	92,930	104,721	112,704	131,369
30. Government Saving	B.8g_S.13	3,375	5,247	7,964	10,087	-9,542	2,240
31. Statistical Discrepancy²		-637	2,171	-1,057	-929	1,175	-40
32. Gross National Saving	B.8g_S.1	91,014	102,412	110,478	126,330	136,051	166,002
33. Net foreign capital transfers	D.9_S.2 net	628	-9	71	5	119	150
34. Statistical Discrepancy		-637	2,171	-1,057	-929	1,175	-40
35. Net foreign disinvestment	B.9_S.2	15,521	24,215	35,856	105,936	37,388	-64,371
36. Net investment in non-produced non-financial assets	NP_S.1	-4,959	-25,846	-52,090	-35,316	-11,996	3,562
37. Gross total available for investment in domestic capital formation	P.5	101,567	102,942	93,258	196,026	162,737	105,303
Capital formation
38. Building and construction		16,588	19,526	22,722	25,691	23,975	25,880
39. Other home produced capital goods and services		3,979	2,985	7,526	6,131	-6,153	6,755
40. Imported capital goods and services		76,250	76,232	62,492	161,884	140,244	66,562
41. Value of physical changes in agricultural stocks		132	49	-36	-40	-59	74
42. Increase in value of non-agricultural stocks and work in progress (incl. EU intervention stocks)		3,438	4,023	998	1,471	3,118	9,574
43. Adjustment for stock appreciation		1,180	128	-442	889	1,613	-3,541
44. Gross domestic physical capital formation		101,567	102,943	93,259	196,026	162,737	105,303

¹Preliminary
²The statistical discrepancy is included for consistency with the Institutional Sector Accounts.
It is included twice because this spans the income and expenditure methods

Table 12.7 Distribution of Household Income and its relationship to Net National Product at Factor Cost
							€ million
Description	ESA Code	2016	2017	2018	2019	2020	2021¹
45. Wages and salaries	D.11_S.1M	68,610	73,398	78,557	84,329	84,963	93,040
46. Employers' social contributions	D.12_S.1M	13,845	14,866	15,267	16,645	16,350	18,154
47. Net compensation of employees from abroad	D.1_S.2 net	-105	-114	-85	-150	-302	-306
48. Income of independent traders	B.3n_S.1M	12,271	12,734	12,691	13,213	12,061	14,612
49. Imputed Rent of Households	B.2n_S.1M	7,627	8,385	9,445	10,347	11,529	13,035
50. Interest and other investment income	D.4G_REC_S.1M	4,408	5,368	5,442	4,587	4,308	5,158
51. FISIM on interest received		267	92	355	483	836	1,336
52. Interest paid and land rent	D.4G_PAY_S.1M	-3,854	-4,359	-4,623	-4,407	-4,422	-3,726
53. Adjustment for FISIM on interest paid		2,471	3,350	3,428	3,285	3,042	2,279
54. Net income of households	B.5n_S.1M	105,541	113,722	120,476	128,331	128,364	143,581
55. Undistributed profits of companies	B.5n_S.11 & B.5n_S.12	32,546	27,786	32,580	36,648	30,434	48,008
56. Private income	B.5n_S.11, S.12, S.1M	138,086	141,508	153,056	164,979	158,799	191,589
57. Government interest paid	D.4PAY_S.13	6,264	5,906	5,313	4,621	3,828	3,292
58. Government trading and investment income	B.2n_S.13 + D.4REC_S.13	1,826	1,779	1,534	1,579	1,112	479
59. Statistical discrepancy (equals Item 12, Table 1)		-637	2,171	-1,057	-929	1,175	-40
60. Net national product at factor cost		133,011	139,553	148,220	161,009	157,258	188,737
61. Taxes less subsidies of National Government	D.2REC_S.13-D.3PAY_S.13	21,703	22,835	23,770	25,603	17,304	22,689
62. Net national income at market prices	B.5n_S.1	154,714	162,388	171,989	186,612	174,561	211,426

¹Preliminary