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Annual National Accounts 2022

Disposable Income and Savings

Online ISSN: 2811-5724

CSO statistical publication, 14 July 2023, 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
2014	88.2147075305	27.4022601991	29.1670764704108	17.8880205574892	162.6720647575
2015	91.6383397024	28.0491460502	57.3897215146075	22.5697175625925	199.6469248298
2016	96.4981620605	29.3887557641	65.6301871317265	24.7211860974735	216.2382910538
2017	100.6820190669	31.1320284934	74.3440329966476	28.4141539622524	234.5722345192
2018	106.8208652762	33.0085384009	81.4533797214144	29.2533045873856	250.5360879859
2019	111.5719888868	36.1921049789	90.2592946465075	35.1892516853925	273.2126401976
2020	101.439700011	40.9040528727	106.25316027966	31.5313872873404	280.1283004507
2021	114.1196450338	44.4899679416	112.268883647212	48.7735825564879	319.6520791791
2022	132.9268380194	48.826083219	121.887181714576	55.1822417612237	358.8223447142

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 2021) Adjusted for Terms of Trade (i.e. Real Gross National Disposable Income)

	Household Saving	Government Saving
2013	8.62670969865689	-7.38912
2014	7.18108989536741	-2.46188
2015	8.1427511904637	2.0761
2016	7.69590139559521	3.36144
2017	10.8701617235176	5.243
2018	10.289622162309	7.93643
2019	11.7195940954396	10.34916
2020	29.6460349048614	-9.3984
2021	26.2216530586776	2.39123
2022	17.5519570439015	19.3217

Get the data: PxStat NA013

Household Saving in 2022 declined from the level it had achieved in 2021 by 33.1% or €8.7 billion in the year. Government Saving, which was significantly impacted by COVID-19 in years 2020 and 2021, recorded a peak value in 2022 over the timespan since year 1995 of €19,322m, an improvement of almost €16.9 billion compared with 2021. Companies’ Savings of €142.6 billion were recorded in the year, an €11.2 billion increase compared with 2021 or an increase of 8.5% in percentage terms year-on-year. Gross National Saving amounted to €177.1 billion in 2022, an increase of 10.0% or over €16.0 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

Next chapter: Balance of International Payments

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Table 12.1 Gross National Disposable Income and its Use							€ million
Description	ESA Code	2017	2018	2019	2020	2021	2022 ¹
105. Gross domestic product at current market prices	B.1*g	298,528	327,441	356,357	375,250	434,070	506,282
106. Net factor income from the rest of the world	D.1 & D.4	-62,039	-74,463	-80,774	-92,332	-110,756	-143,407
	(net to abroad)
107. Gross national product at current market prices		236,489	252,978	275,584	282,917	323,314	362,876
108. EU subsidies	D.3	1,504	1,566	1,589	1,512	1,527	1,582
109. EU taxes	D.2	-433	-433	-456	-410	-735	-876
110. Gross national income at current market prices	B.5*g	237,561	254,111	276,717	284,019	324,107	363,582
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	-2,989	-3,575	-3,504	-3,891	-4,455	-4,760
112. Gross national disposable income	B.6g	234,572	250,536	273,213	280,128	319,652	358,822
113. Personal consumption of goods and services	P.3	100,682	106,821	111,572	101,440	114,120	132,927
114. Net expenditure by central and local government on current goods and services	P.3	31,132	33,009	36,192	40,904	44,490	48,826
115. Total consumption expenditure	P.3	131,814	139,829	147,764	142,344	158,610	181,753
116. Gross national savings	B.8g	102,758	110,707	125,449	137,785	161,042	177,069
117. Provision for depreciation	P.51c	74,344	81,453	90,259	106,253	112,269	121,887
118. Net national savings	B.8n	28,414	29,253	35,189	31,531	48,774	55,182
¹Preliminary

Table 12.2 Annual Percentage Changes in the Main Constituents of Table 12.1							%
Description	ESA Code	2017-2022	2017-2018	2018-2019	2019-2020	2020-2021	2021-2022
Gross domestic product at current market prices	B.1*g	11.1	9.7	8.8	5.3	15.7	16.6
Gross national product at current market prices		8.9	7.0	8.9	2.7	14.3	12.2
Gross national disposable income	B.6g	8.9	6.8	9.1	2.5	14.1	12.3
Personal consumption of goods and services	P.3	5.7	6.1	4.4	-9.1	12.5	16.5
Net expenditure by central and local government on current goods and services	P.3	9.4	6.0	9.6	13.0	8.8	9.7
Total consumption expenditure	P.3	6.6	6.1	5.7	-3.7	11.4	14.6
Gross national savings	B.8g	11.5	7.7	13.3	9.8	16.9	10.0
Provision for depreciation	P.51c	10.4	9.6	10.8	17.7	5.7	8.6
Net national savings	B.8n	14.2	3.0	20.3	-10.4	54.7	13.1

Table 12.3 Gross National Disposable Income at Constant Market Prices (chain linked annually and referenced to year 2021)² Adjusted for Terms of Trade (i.e. Real Gross National Disposable Income)
						€ million
Description	2017	2018	2019	2020	2021	2022 ¹
Gross national income (adjusted for terms of trade)	255,194	267,794	283,546	292,753	324,107	339,912
Net current transfers from abroad excluding EU subsidies and taxes	-3,094	-3,723	-3,549	-3,970	-4,455	-4,554
Gross national disposable income (adjusted for terms of trade)	252,117	264,071	280,001	288,783	319,652	335,357
Index of Real Gross National Disposable Income	78.9	82.6	87.6	90.3	100.0	104.9
¹Preliminary
²Chain linked series not additive except for 2021 and 2022

Table 12.4 Household Income and Expenditure							€ million
Description	ESA Code	2017	2018	2019	2020	2021	2022¹
1. Net income of households	B.5n_S.1M	114,046	120,473	128,403	129,355	144,732	160,025
2. Income and wealth taxes	D.5PAY_S.1M	-22,401	-23,867	-25,629	-25,334	-30,343	-34,108
3. Pension and other social contributions paid	D.61PAY_S.1M	-20,949	-21,920	-22,939	-22,079	-26,237	-28,853
4. Pension and other social benefits received	D.62REC_S.1M	27,759	27,991	29,564	35,746	35,326	34,127
5. Other transfers (net)	D.7_S1M net	-198	-329	-737	-1,199	-1,143	-220
6. Net disposable income of households	B.6n_S1M	98,257	102,347	108,663	116,489	122,335	130,971
7. Consumption of fixed capital	P.51c_S.1M	5,297	5,726	5,926	5,970	6,458	7,201
8. Gross disposable income of households	B.6g_S.1M	103,554	108,073	114,589	122,459	128,793	138,172
9. Personal consumption of goods and services	P.3	-100,682	-106,821	-111,572	-101,440	-114,120	-132,927
of which
9.1 final consumption expenditure of government	D.632PAY_S13	5,654	6,350	6,774	7,280	8,003	8,794
10. Final consumption expenditure of households	P.31_S.1M	-95,028	-100,471	-104,798	-94,160	-106,117	-124,133
11. Adjustment for saving in pension funds	D.8REC_S.1M	2,344	2,688	1,929	1,347	3,546	3,513
12. Gross saving of households	B.8g_S.1M	10,870	10,290	11,720	29,646	26,222	17,552
¹Preliminary

Table 12.5 Current Income and Expenditure of Central and Local Government							€ million
Description	ESA Code	2017	2018	2019	2020	2021	2022 ¹
13. Taxes on income and wealth	D.5	30,622	34,274	36,541	37,294	45,684	56,711
14. Social contributions	D.61	13,795	14,831	16,027	15,429	17,315	20,100
15. Taxes on production and imports (including rates)	D.2	24,649	25,717	27,510	23,724	29,391	31,838
16. Gross value added	B.1g	25,321	26,723	28,502	29,933	32,276	35,296
17. Investment income	D.4	1,779	1,534	1,580	1,111	480	666
18. Current transfers	D.7	660	865	655	712	1,067	1,133
19. Current income		96,827	103,943	110,815	108,203	126,213	145,743
20. Compensation of employees	D.1	21,194	22,303	23,776	24,910	26,631	28,751
21. Subsidies (excluding EU subsidies)	D.3	1,814	1,947	1,767	6,257	7,298	3,249
22. Social transfers in cash	D.62	22,969	23,276	24,061	29,962	29,416	28,318
23. Current transfers	D.7	2,916	3,816	3,275	4,461	4,692	5,164
24. Debt interest	D.4	5,906	5,306	4,621	3,828	3,292	3,319
25. Total final consumption expenditure	P.3	36,786	39,358	42,966	48,184	52,493	57,620
26. Current expenditure		91,584	96,007	100,466	117,602	123,822	126,421
27. Gross Saving of Government	B.8g	5,243	7,936	10,349	-9,398	2,391	19,322
¹Preliminary

Annual National Accounts 2022

Disposable Income and Savings

Disposable Income and Savings

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Table 12.6 Savings and Capital Formation							€ million
Description	ESA code	2017	2018	2019	2020	2021	2022 ¹
28. Household Saving	B.8g_S.1M	10,870	10,290	11,720	29,646	26,222	17,552
29. Companies' Saving	B.8g_S.11 & B.8g_S.12	84,313	93,128	104,260	118,245	131,454	142,609
30. Government Saving	B.8g_S.13	5,243	7,936	10,349	-9,398	2,391	19,322
31. Statistical Discrepancy²		2,331	-648	-880	-708	975	-2,414
32. Gross National Saving	B.8g_S.1	102,758	110,705	125,448	137,784	161,042	177,069
33. Net foreign capital transfers	D.9_S.2 net	-9	71	5	119	209	76
34. Statistical Discrepancy		2,331	-648	-880	-708	975	-2,414
35. Net foreign disinvestment	B.9_S.2	24,215	35,856	105,936	36,382	-63,301	-53,420
36. Net investment in non-produced non-financial assets	NP_S.1	-25,846	-52,090	-35,316	-11,996	3,562	-1,245
37. Gross total available for investment in domestic capital formation	P.5	103,449	93,895	195,193	161,581	102,487	120,068
Capital formation
38. Building and construction		19,433	22,965	25,402	23,700	25,318	29,805
39. Other home produced capital goods and services		2,979	7,520	6,124	-6,595	6,256	7,737
40. Imported capital goods and services		76,232	62,492	161,884	140,789	65,368	71,983
41. Value of physical changes in agricultural stocks		49	-36	-40	-59	116	2
42. Increase in value of non-agricultural stocks and work in progress (incl. EU intervention stocks)		4,023	998	1,471	2,142	8,960	13,503
43. Adjustment for stock appreciation		733	-42	353	1,605	-3,530	-2,962
44. Gross domestic physical capital formation		103,449	93,896	195,194	161,581	102,487	120,068
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	2017	2018	2019	2020	2021	2022¹
45. Wages and salaries	D.11_S.1M	73,398	78,557	84,329	84,963	92,716	101,867
46. Employers' social contributions	D.12_S.1M	14,866	15,267	16,645	16,350	18,477	20,037
47. Net compensation of employees from abroad	D.1_S.2 net	-114	-85	-150	-302	-299	-231
48. Income of independent traders	B.3n_S.1M	13,058	12,852	13,657	13,303	15,182	17,345
49. Rent (real and imputed) of households	B.2n_S.1M	8,385	9,445	10,347	11,287	12,806	14,100
50. Interest and other investment income	D.4G_REC_S.1M	5,403	5,461	4,647	4,458	6,425	7,464
51. FISIM on interest received		95	656	1,328	836	1,339	1,645
52. Interest paid and land rent	D.4G_PAY_S.1M	-4,385	-4,373	-4,010	-4,582	-4,558	-4,210
53. Adjustment for FISIM on interest paid		3,340	2,692	1,611	3,042	2,643	2,008
54. Net income of households	B.5n_S.1M	114,046	120,473	128,403	129,355	144,732	160,025
55. Undistributed profits of companies	B.5n_S.11 & B.5n_S.12	28,131	32,834	36,231	34,368	46,849	58,148
56. Private income	B.5n_S.11, S.12, S.1M	142,177	153,307	164,634	163,723	191,581	218,174
57. Government interest paid	D.4PAY_S.13	5,906	5,306	4,621	3,828	3,292	3,319
58. Government trading and investment income	B.2n_S.13 + D.4REC_S.13	1,779	1,534	1,580	1,111	480	666
59. Statistical discrepancy (equals Item 12, Table 1)		2,331	-648	-880	-708	975	-2,414
60. Net national product at factor cost		140,382	148,888	160,714	160,298	189,744	213,107
61. Taxes less subsidies of National Government	D.2REC_S.13-D.3PAY_S.13	22,835	23,770	25,744	17,467	22,093	28,588
62. Net national income at market prices	B.5n_S.1	163,217	172,658	186,457	177,766	211,838	241,695
¹Preliminary