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CSO statistical release, , 11am

Quarterly Institutional Sector Accounts Non-Financial

Quarter 3 2018

Seasonally Adjusted Gross Household Saving by Component€ Million
 Gross Disposable Income (B.6g + D.8)Final Consumption Expenditure (P.3)Gross Saving Ratio
Q2 201827,61024,42111.6%
Q3 201828,02924,78111.6%

Household saving ratio 11.6% in the third quarter of the year

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On a seasonally adjusted basis, the quarterly gross disposable income of households (B.6g+D.8) was up slightly to €28,029m in the third quarter of 2018. There was also a small increase in quarterly household expenditure (P.3) to €24,781m in the same quarter. The derived gross saving ratio was 11.6% in the third quarter, unchanged from the second (see Background Notes - definitions).

Annual gross saving for the overall economy in Q3 2018

Gross saving (B.8g) for the total economy (S.1) was €29,380m in the quarter, with little change over the same period in 2017, as an increase in government saving was offset by a decrease in corporations' saving (see Summary Table).

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 at the same link.  See Background Notes for definitions of the terms used.

Decreased net borrowing of Government

The net borrowing (B.9) of Government (S.13) totalled €1,167m in Q3 2018, a decrease of €645m on €1,812m in the equivalent period last year. Revenue from direct taxes (D.2) and indirect taxes (D.5) increased, as did spending on compensation of employees (D.1 up €345m on the third quarter of 2017).

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

The gross saving of non-financial corporations of €21,844m in Q3 2018 was a decrease of €601m on the Q3 2017 value of €22,445m, driven by higher outflows of dividends and reinvested earnings.

Financial corporations had gross saving of €3,821m in Q3 2018, an improvement on €3,042m in the same period of 2017. The increase in saving for this sector was driven by higher interest income (D.41 resources up €2,049m).

Rest of the World Sector (S.2)

The net borrowing (B.9) by the rest of the world from Ireland amounted to €9,069m in Q3 2018 compared €7,789m in Q3 2017, a change of €1,280m. Ireland's net imports of goods (P.71 minus P.61) was higher, and the net property income (D.4) received by the rest of the world was also higher, but these were offset by the absence of purchases of non-produced assets (NP) by the non-financial sector, which had a large impact on the 2017 figures but are much smaller in 2018.