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CSO statistical release, , 11am

Quarterly Institutional Sector Accounts Non-Financial

Quarter 1 2019

Seasonally Adjusted Gross Household Saving by Component€million
 Gross Disposable Income (B.6g + D.8)Final Consumption Expenditure (P.3)Gross Saving Ratio

Increase in household saving ratio in the first quarter of the year

Figure 1: Seasonally Adjusted Household Saving Ratio by Components
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The seasonally adjusted gross disposable income of households (B.6g+D.8) was €29,191m in the first quarter of 2019 – an increase compared with the €28,557m result in the previous quarter.  There was a smaller increase in quarterly household expenditure (P.3) of €367m over the same period (€25,866m in Q1 2019 compared with €25,499m in Q4 2018). Since the increase in income exceeded the increase in expenditure, the derived gross saving ratio rose from 10.7% to 11.4% (see Background Notes - definitions).

 Annual gross saving for the overall economy static in Q1 2019   

Gross saving (B.8g) for the total economy (S.1) increased by less than 1% in Q1 2019 to €27,943m (see Summary Table).  Increased Gross Domestic Product (B.1g, up €4,261m on Q1 2018) was offset by higher outflows of profit (D.4 net increase in outflows of €1,972m) and higher final consumption expenditure (P.3 increased by €1,678m).

The seasonally adjusted data series which includes Gross Disposable Income, Personal Consumption of Goods and Services and Gross Saving of the Household incl. NPISH sector is available at  The entire unadjusted series for all variables published in this release are also available there.  


Government gross saving increases

The gross saving (B.8g) of Government (S.13) was €133m in the first quarter of the year, up from -€1m in the equivalent period last year. On the income side, indirect taxes (D.2, such as VAT) were up by €492m and direct taxes (D.5, mainly income tax and corporation tax) increased by €291m. These increases were offset on the expenditure side by growth in final consumption (P.3) which was up by €505m and transfers (D.7, such as EU contributions) which increased by €306m. Net borrowing (B.9) was largely unchanged (€1,804m compared to €1,814m in the first quarter of last year).

Non-financial (S.11) and Financial (S.12) Corporations

The gross saving of non-financial corporations (NFCs) of €21,101m in Q1 2019 was a small decrease of €577m compared to €21,678m in Q1 2018. An increase in profits (B.2A3G) of €1,790m was accompanied by an increase in outflows on investment (D.4 uses) of €2,686m. The net lending of this sector decreased by €6,046m due to large investment in non-produced non-financial assets (NP up €6,283m).

Financial corporations had gross saving of €2,727m in Q1 2019, an increase of €420m on the same period of the previous year. Beneath this relatively stable figure, significant expansion continued in the sector: investment income and expenditure (D.4) increased by €2,594m and €2,304m respectively.

Rest of the World Sector (S.2)

The net borrowing (B.9) by the rest of the world from Ireland amounted to €4,247m in Q1 2019 compared to net borrowing of €10,889m in Q1 2018, a change of €6,642m.  This change is largely explained by the purchases from abroad of non-produced non-financial assets by NFCs, referred to above.