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CSO statistical release, , 11am

Quarterly Institutional Sector Accounts Non-Financial

Quarter 4 2018

Gross Saving by Institutional Sector€million
 Non-Financial Corporations S.11Financial Corporations S.12General Government S.13Households incl. NPISH S.14 & S.15
201776,7849,6095,24811,397
201883,0899,7487,69812,999

Increase in gross saving of all sectors in 2018

Composition of Gross Saving for Total Economy (S.1) by Sector 2017-2018
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Preliminary estimates for 2018 indicate that gross household saving increased by €1,603m to €12,999m in the year. Total disposable income of households (B.6g+D.8) increased from €105,233m in 2017 to €111,313m in 2018 – growth of €6,080m (+5.9%).  Higher wages (D.1) (+€6,119) was the biggest factor in the change.  In the same period household expenditure (P.3) also increased by €4,477m (+4.8%) from €93,837m to €98,314m. 

The derived saving ratio, which expresses saving as a percentage of total disposable income, increased from 10.8 per cent in 2017 to 11.8 per cent in 2018.

On a seasonally adjusted basis the quarterly total disposable income of households (B.6g + D.8) was €28,518m in Q4 2018 – an increase of €301m compared with Q3 2018. Quarterly household expenditure (P.3) rose by €123m over the same period (€25,000m in Q4 2018 compared with €24,877m in Q3 2018). The derived gross saving ratio increased from 11.8 per cent in Q3 2018 to 12.3 per cent in Q4 2018 (see Background Notes - definitions).

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.  

 

Improvement in government saving

The gross saving of Government (resources less uses) amounted to €7,698m in 2018 – an improvement of €2,450m on the 2017 saving figure of €5,248m. This increase is largely explained by higher taxes with taxes on income and wealth (D.5) up 11% and taxes on products and production (D.2) up 4%. 

On the capital side investment (P.5) by government in 2018 was €6,584m, up from €5,421m the previous year.  Taken together with the saving result, this led to government going from being a net borrower (B.9) of €796m in 2017 to a net lender of €228m in 2018.   

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

The gross saving of non-financial corporations were €83,089m in 2018 – an increase of €6,305m compared with the 2017 figure of €76,784m. This increase in saving is mainly explained by an increase of €13,189m in gross operating surplus (B.2g/B.3g).

Financial corporations had gross saving of €9,748m in 2018 – up slightly from €9,609m in 2017. This is explained by an increase in gross operating surplus (B.2g/B.3g) of €1,271m being offset by reduced net property income (D.4), which was down €629m.

Rest of the World Sector (S.2)

The net borrowing (B.9) by the rest of the world from Ireland amounted to €6,600m in 2018 compared to net lending to Ireland of €3,244m in 2017. This change is explained by higher net exports (P.6 and P.7). There were large acquisitions of trademarks and licences (NP) from the rest of the world in the last quarter of 2018 (€21,600m), which were similar in scale to these purchases in the first half of 2017.