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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
2018-Q428,55725,49910.7%
2019-Q129,19125,86611.4%

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 www.cso.ie/shorturl.aspx/99.  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.