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Annual National Accounts 2023

Disposable Income and Savings

Online ISSN: 2811-5724

CSO statistical publication, 12 July 2024, 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
2015	91.7794907146	28.0716118231	60.7415764959548	27.8714918158452	208.4641708495
2016	96.2067340007	29.4196452627	69.3854443245066	26.3039573950934	221.315780983
2017	100.3998676161	31.1650406385	78.1368705202698	29.3005354554302	239.0023142303
2018	107.2775301298	33.0549080671	84.8103765330302	25.2813950754698	250.4242098054
2019	112.1836214578	36.2554484618	92.1124032048369	30.3077652188631	270.8592383433
2020	101.7614669749	40.9788546318	106.847270397998	26.0299178689021	275.6175098736
2021	113.8227238442	44.6138613105	112.435120859392	45.7090917620082	316.5807977761
2022	134.8731720969	48.6930470024	122.001853749668	46.1800207785317	351.7480936275
2023	152.7198764461	53.246707221	128.25688577891	49.21429620339	383.4377656494

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 2022) Adjusted for Terms of Trade (i.e. Real Gross National Disposable Income)

	Household Saving	Government Saving
2014	10.3775089678125	-2.46474950777511
2015	11.9992733270467	2.07857459806442
2016	12.2659099506243	3.35384212995195
2017	15.6875567038931	5.24054572662665
2018	14.6737597461924	7.93671997111988
2019	17.1899184309306	10.293888411328
2020	33.5814408498171	-9.37599957916371
2021	30.720379759304	2.57365280907629
2022	22.4403203409552	19.3745305858391
2023	22.4574106792367	20.3943466666334

Get the data: PxStat NA013

At €22.5 billion, Household Saving in 2023 was broadly unchanged from the level recorded in 2022 (+0.1%). Companies’ Savings of €136.5 billion were recorded in the year, an increase of €7.0 billion compared with 2022 or an increase of 5.4% in percentage terms year-on-year. Government Saving recorded an increase of €1.0 billion in the year (+5.3%). Gross National Saving amounted to €177.5 billion in 2023, an increase of 5.5% or €9.3 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	2018	2019	2020	2021	2022	2023 ¹
105. Gross domestic product at current market prices	B.1*g	334,866	363,675	382,207	449,217	520,935	509,952
106. Net factor income from the rest of the world	D.1 & D.4	-82,000	-90,450	-103,801	-128,946	-165,125	-121,938
	(net to abroad)
107. Gross national product at current market prices		252,866	273,225	278,407	320,270	355,811	388,014
108. EU subsidies	D.3	1,566	1,589	1,512	1,527	1,582	1,221
109. EU taxes	D.2	-433	-456	-410	-735	-876	-884
110. Gross national income at current market prices	B.5*g	253,999	274,358	279,508	321,063	356,517	388,351
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	-3,575	-3,498	-3,891	-4,482	-4,769	-4,914
112. Gross national disposable income	B.6g	250,424	270,859	275,618	316,581	351,748	383,438
113. Personal consumption of goods and services	P.3	107,278	112,184	101,761	113,823	134,873	152,720
114. Net expenditure by central and local government on current goods and services	P.3	33,055	36,255	40,979	44,614	48,693	53,247
115. Total consumption expenditure	P.3	140,332	148,439	142,740	158,437	183,566	205,967
116. Gross national savings	B.8g	110,092	122,420	132,877	158,144	168,182	177,471
117. Provision for depreciation	P.51c	84,810	92,112	106,847	112,435	122,002	128,257
118. Net national savings	B.8n	25,281	30,308	26,030	45,709	46,180	49,214
¹Preliminary

Table 12.2 Annual Percentage Changes in the Main Constituents of Table 12.1							%
Description	ESA Code	2018-2023	2018-2019	2019-2020	2020-2021	2021-2022	2022-2023
Gross domestic product at current market prices	B.1*g	8.8	8.6	5.1	17.5	16.0	-2.1
Gross national product at current market prices		8.9	8.1	1.9	15.0	11.1	9.1
Gross national disposable income	B.6g	8.9	8.2	1.8	14.9	11.1	9.0
Personal consumption of goods and services	P.3	7.3	4.6	-9.3	11.9	18.5	13.2
Net expenditure by central and local government on current goods and services	P.3	10.0	9.7	13.0	8.9	9.1	9.4
Total consumption expenditure	P.3	8.0	5.8	-3.8	11.0	15.9	12.2
Gross national savings	B.8g	10.0	11.2	8.5	19.0	6.3	5.5
Provision for depreciation	P.51c	8.6	8.6	16.0	5.2	8.5	5.1
Net national savings	B.8n	14.3	19.9	-14.1	75.6	1.0	6.6

Table 12.3 Gross National Disposable Income at Constant Market Prices (chain linked annually and referenced to year 2022) Adjusted for Terms of Trade (i.e. Real Gross National Disposable Income)²
						€ million
Description	2018	2019	2020	2021	2022	2023 ¹
Gross national income (adjusted for terms of trade)	286,063	300,479	311,761	344,836	356,517	370,495
Net current transfers from abroad excluding EU subsidies and taxes	-3,902	-3,715	-4,146	-4,680	-4,769	-4,641
Gross national disposable income (adjusted for terms of trade)	282,160	296,775	307,618	340,154	351,748	365,854
Index of Real Gross National Disposable Income	80.2	84.4	87.5	96.7	100.0	104.0
¹Preliminary
²Chain linked series not additive except for 2022 and 2023

Table 12.4 Household Income and Expenditure							€ million
Description	ESA Code	2018	2019	2020	2021	2022	2023¹
1. Net income of households	B.5n_S.1M	125,321	134,424	133,724	149,222	166,073	183,945
2. Income and wealth taxes	D.5PAY_S.1M	-23,867	-25,629	-25,334	-30,343	-34,010	-35,701
3. Pension and other social contributions paid	D.61PAY_S.1M	-21,914	-22,949	-22,247	-26,256	-28,857	-31,260
4. Pension and other social benefits received	D.62REC_S.1M	27,967	29,766	35,589	35,252	34,116	35,523
5. Other transfers (net)	D.7_S1M net	-331	-672	-1,298	-1,314	-354	254
6. Net disposable income of households	B.6n_S1M	107,175	114,940	120,433	126,560	136,969	152,761
7. Consumption of fixed capital	P.51c_S.1M	5,720	5,923	5,958	6,434	8,005	8,131
8. Gross disposable income of households	B.6g_S.1M	112,896	120,863	126,391	132,995	144,974	160,892
9. Personal consumption of goods and services	P.3	-107,278	-112,184	-101,761	-113,823	-134,873	-152,720
of which
9.1 final consumption expenditure of government	D.632PAY_S13	6,350	6,774	7,280	8,003	8,827	10,069
10. Final consumption expenditure of households	P.31_S.1M	-100,928	-105,409	-94,482	-105,820	-126,046	-142,651
11. Adjustment for saving in pension funds	D.8REC_S.1M	2,706	1,737	1,672	3,546	3,513	4,217
12. Gross saving of households	B.8g_S.1M	14,674	17,190	33,581	30,720	22,440	22,457
¹Preliminary

Table 12.5 Current Income and Expenditure of Central and Local Government							€ million
Description	ESA Code	2018	2019	2020	2021	2022	2023 ¹
13. Taxes on income and wealth	D.5	34,274	36,541	37,294	45,684	56,613	59,702
14. Social contributions	D.61	14,831	16,027	15,429	17,315	20,020	21,253
15. Taxes on production and imports (including rates)	D.2	25,717	27,535	23,743	29,423	31,677	33,115
16. Gross value added	B.1g	26,769	28,566	30,007	32,400	35,416	38,563
17. Investment income	D.4	1,533	1,581	1,111	480	671	1,837
18. Current transfers	D.7	867	659	714	1,059	1,137	1,227
19. Current income		103,991	110,908	108,298	126,361	145,533	155,697
20. Compensation of employees	D.1	22,303	23,777	24,910	26,632	28,751	31,290
21. Subsidies (excluding EU subsidies)	D.3	1,947	1,791	6,353	7,377	3,407	2,538
22. Social transfers in cash	D.62	23,276	24,061	29,962	29,324	28,255	29,437
23. Current transfers	D.7	3,817	3,336	4,364	4,547	4,902	5,337
24. Debt interest	D.4	5,306	4,620	3,826	3,291	3,323	3,386
25. Total final consumption expenditure	P.3	39,405	43,030	48,259	52,616	57,520	63,315
26. Current expenditure		96,054	100,614	117,674	123,787	126,159	135,303
27. Gross Saving of Government	B.8g	7,937	10,294	-9,376	2,574	19,375	20,394
¹Preliminary

Annual National Accounts 2023

Disposable Income and Savings

Disposable Income and Savings

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Table 12.6 Savings and Capital Formation							€ million
Description	ESA code	2018	2019	2020	2021	2022	2023 ¹
28. Household Saving	B.8g_S.1M	14,674	17,190	33,581	30,720	22,440	22,457
29. Companies' Saving	B.8g_S.11 & B.8g_S.12	88,781	97,383	106,277	124,528	129,514	136,546
30. Government Saving	B.8g_S.13	7,937	10,294	-9,376	2,574	19,375	20,394
31. Statistical Discrepancy²		-1,300	-2,446	2,394	322	-3,148	-1,926
32. Gross National Saving	B.8g_S.1	110,090	122,420	132,877	158,144	168,182	177,471
33. Net foreign capital transfers	D.9_S.2 net	71	5	119	263	187	2,596
34. Statistical Discrepancy		-1,300	-2,446	2,394	322	-3,148	-1,926
35. Net foreign disinvestment	B.9_S.2	37,650	110,680	38,902	-56,150	-44,716	-32,599
36. Net investment in non-produced non-financial assets	NP_S.1	-52,090	-35,316	-11,996	1,239	-1,114	-11,260
37. Gross total available for investment in domestic capital formation	P.5	94,421	195,342	162,296	103,818	119,391	134,282
Capital formation
38. Building and construction		22,596	24,958	23,152	26,425	31,307	32,451
39. Other home produced capital goods and services		8,082	6,632	-6,222	6,530	5,191	4,645
40. Imported capital goods and services		62,822	161,965	141,057	66,052	73,809	81,136
41. Value of physical changes in agricultural stocks		-32	-36	-55	116	0	-19
42. Increase in value of non-agricultural stocks and work in progress (incl. EU intervention stocks)		998	1,471	2,742	8,139	12,147	15,312
43. Adjustment for stock appreciation		-42	353	1,623	-3,444	-3,062	758
44. Gross domestic physical capital formation		94,423	195,343	162,296	103,818	119,391	134,282
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	2018	2019	2020	2021	2022	2023¹
45. Wages and salaries	D.11_S.1M	83,025	89,609	89,738	98,776	108,550	121,257
46. Employers' social contributions	D.12_S.1M	15,267	16,655	16,365	18,496	20,040	21,293
47. Net compensation of employees from abroad	D.1_S.2 net	-85	-151	-302	-308	-393	-609
48. Income of independent traders	B.3n_S.1M	13,306	13,989	13,377	15,009	17,570	16,767
49. Rent (real and imputed) of households	B.2n_S.1M	9,044	10,220	10,629	11,222	12,565	15,787
50. Interest and other investment income	D.4G_REC_S.1M	5,624	4,802	4,612	6,554	8,287	9,591
51. FISIM on interest received		375	509	845	1,339	1,852	5,399
52. Interest paid and land rent	D.4G_PAY_S.1M	-4,663	-4,493	-4,582	-4,510	-4,523	-5,302
53. Adjustment for FISIM on interest paid		3,428	3,284	3,042	2,643	2,125	-238
54. Net income of households	B.5n_S.1M	125,321	134,424	133,724	149,222	166,073	183,945
55. Undistributed profits of companies	B.5n_S.11 & B.5n_S.12	25,172	27,563	21,868	39,849	45,973	49,048
56. Private income	B.5n_S.11, S.12, S.1M	150,492	161,987	155,591	189,071	212,046	232,993
57. Government interest paid	D.4PAY_S.13	5,306	4,620	3,826	3,291	3,323	3,386
58. Government trading and investment income	B.2n_S.13 + D.4REC_S.13	1,533	1,581	1,111	480	671	1,837
59. Statistical discrepancy (equals Item 12, Table 1)		-1,300	-2,446	2,394	322	-3,148	-1,926
60. Net national product at factor cost		145,419	156,502	155,271	186,583	206,246	229,517
61. Taxes less subsidies of National Government	D.2REC_S.13-D.3PAY_S.13	23,770	25,744	17,390	22,045	28,270	30,577
62. Net national income at market prices	B.5n_S.1	169,189	182,245	172,661	208,628	234,516	260,094
¹Preliminary