The Irish economy shrank in 2023 due to reduced profits of foreign multinationals here.
While their profits were lower, foreign corporations paid more tax (€19bn) and more pay to employees (€42bn) than in previous years.
Households saved €22bn in 2023, the same as 2022, but the amount of saving that went into real assets such as new homes went from €11bn to €17bn.
Households' debt-to-income ratio continued to decline as income grew faster than new borrowing.
Government consolidated debt was €208bn or 41% of Gross Domestic Product (GDP) at the end of 2023, down from 126% in 2013.
The balance sheet of financial corporations increased in 2023, surpassing €8 trillion by year-end.
Private sector debt decreased in 2023 but remained above the EU target threshold of 133% of GDP.
These accounts published today show the economic situation for the separate sectors of households, corporations (financial and non-financial, domestic, and foreign-owned), and government. They integrate the profit and loss account (non-financial account) for each sector with changes in their balance sheets (financial account). They thus provide the most detailed integrated picture of the Irish economy.
Learn about our data and confidentiality safeguards, and the steps we take to produce statistics that can be trusted by all.
Statistician's Comment
The Central Statistics Office (CSO) has today (04 November 2024) released the Institutional Sector Accounts, Non-Financial and Financial 2023.
Commenting on the release, Peter Culhane, Statistician in the National Accounts Division said: “Today's release shows that households added €22bn to their wealth in 2023, of which €17bn went into new homes and other capital assets. The Household debt-to-income ratio continued to decline and stood at 89%, close to the ratio for the wider Eurozone of 87%.
Private sector debt decreased in 2023 but remained above the EU target threshold of 133% of Gross Domestic Product (GDP). The fall was driven by Non-Financial Corporations, while Household debt increased during the year.
General Government consolidated debt was €208bn or 41% of GDP at the end of 2023, down from 126% in 2013. The Government registered a surplus of €7.6bn in the year. Meanwhile, the balance sheet of the financial corporations sector rose during 2023. The financial assets of the sector grew by €616bn in 2023 to €8,078bn, largely due to holding gains during the period."