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For more information on this release:
E-mail: Michael Connolly (+353) 1 498 4006 Mary Brew (+353) 1 498 4365
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CSO statistical release, 12 January 2016, 11am

Quarterly Institutional Sector Accounts Non-Financial

Quarter 3 2015

         Seasonally adjusted
       Gross Household Saving by component
 Gross Disposable IncomeFinal Consumption ExpenditureGross Saving
Quarter     €m
Q2 201523,77121,6532,118
Q3 201524,47221,9522,520

Household saving ratio increased in Q3 2015

Gross Household Savings Ratio Seasonally adjusted Q1 2014 – Q3 2015

The quarterly gross disposable income of households (B.6g) increased by €701m to €24,472m in the third quarter of 2015 (see table above).  Household expenditure (P.3) increased by €299m to €21,952 over this same period.  Gross household saving (B.8g), therefore, increased by €402m in the quarter. 

The derived gross saving ratio, which expresses saving as a percentage of gross disposable income, increased from 8.9 per cent in the second quarter of 2015 to 10.3 per cent in the current quarter (see Background Notes - definitions).


Increased saving for the overall economy in Q3 2015

Gross saving for the total economy (S.1) increased by €2,310m, when compared to the same quarter last year, from €12,616m in Q3 2014 to €14,926m in Q3 2015 (see Summary Table).   The gross saving of households increased by €1,465m and the saving deficit of Government improved by €1,204m.  However, both the non-financial and financial corporations saw a fall in saving over this period.


The seasonally adjusted data series which includes Gross Disposable income, Personal Consumption of Goods and Services and Gross Savings of the Household and NPISH sector is available at  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.  These estimates are preliminary and will be subject to revision


Decrease in net borrowing of Government (S.13)

The saving deficit of Government was €102m in Q3 2015, an improvement on the Q3 2014 deficit of €1,306m.  This change is explained by increases in receipts and reductions in payments.  Taxes on production and imports (D.2), current taxes (D.5) and social contributions (D.6) received all increased.  There were decreases in social benefits (D.6) and current transfers (D.7) paid.

The net borrowing (B.9) of Government was €1,217m in Q3 2015 a decrease of €875m on the Q3 2014 result of €2,092m.  This improvement is largely explained by the reduction in the saving deficit.  Expenditure on gross capital formation (D.5) and capital transfers (D.9) increased by €318m over this period.


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

Non-financial corporations had gross saving of €9,047m in Q3 2015 – down €275m compared with the corresponding quarter of 2014.  The net lending of €2,334m by this sector in Q3 2014 has been reversed to a net borrowing position in Q3 2015 of €409m.  This is explained by an increase in gross capital formation (D.5) of €2,535m over this period.

Financial corporations had gross saving of €2,456m in Q3 2015 a decrease of €91m on the same period of the previous year.   Net lending (B.9) of the sector decreased from €2,282m in Q3 2014 to €2,091m in Q3 2015 due to an increase of €100m in gross capital formation (D.5).


Rest of the World Sector (S.2)

The net borrowing (B.9) by the rest of the world from Ireland amounted to €2,450m in Q3 2015 compared with a net borrowing of €3,198m in Q3 2014.  The net borrowing position reflects the level of gross saving in the Irish economy.


Gross Disposable IncomePCESaving
Table 1: Quarterly Accounts by Institutional Sector, Q1 2014 - Q3 2015 Summary
          € million
  Key VariablesQuarter     S.2 Rest of World      S.1 Total Economy          S.IN Not sectorized          S.11 Non-financial corporations     S.12 Financial corporations     S.13 General government     S.14+S.15 Households including NPISH
(a)B.1*gGross domestic productQ1 2014 44,3864,58824,0153,6245,8436,315
   Q2 2014 46,3333,75926,2283,6985,7436,905
   Q3 2014 49,0794,95827,3703,8815,5567,314
   Q4 2014 49,2494,37328,5134,1645,4956,704
   Q1 2015 49,8884,91327,1414,1515,9187,766
   Q2 2015 51,9473,98429,4444,2655,8168,437
   Q3 2015 54,3465,44230,5314,3125,6278,433
(b)B.2g/B.3gGross operating surplus / Mixed incomeQ1 2014 21,6935613,9271,8501,0104,851
   Q2 2014 24,5895915,8202,1401,0105,561
   Q3 2014 26,2796216,9402,3011,0105,967
   Q4 2014 27,5886217,7522,4541,0106,309
   Q1 2015 26,3436316,8312,3771,0266,047
   Q2 2015 29,4606618,8582,6951,0266,817
   Q3 2015 30,5786919,6162,7921,0267,076
(c)D.1_D.4Net Primary IncomeQ1 2014 15,5500-6,7295763,75817,944
   Q2 2014 14,8130-6,855-8923,96018,600
   Q3 2014 15,5860-6,7735173,81718,025
   Q4 2014 17,8150-4,3532693,06418,836
   Q1 2015 15,7360-7,5941224,21718,990
   Q2 2015 13,9620-10,4728654,33219,237
   Q3 2015 14,2350-9,549-14,41019,375
(d)B.5gGross national income = (b + c)Q1 2014 37,243567,1982,4264,76822,795
   Q2 2014 39,402598,9651,2484,97024,161
   Q3 2014 41,8656210,1672,8184,82723,991
   Q4 2014 45,4036213,3992,7234,07425,145
   Q1 2015 42,078639,2372,4985,24325,037
   Q2 2015 43,422668,3863,5605,35826,053
   Q3 2015 44,8136910,0672,7915,43626,451
(e)D.5_D.7Net Current TransfersQ1 2014 -8950-3344361,145-2,142
   Q2 2014 -6010-1,2361022,625-2,092
   Q3 2014 -5220-8452542,342-2,274
   Q4 2014 -6960-1,670-14,472-3,497
   Q1 2015 -8410-5524041,795-2,488
   Q2 2015 -6810-1,745-523,470-2,354
   Q3 2015 -3760-1,0192252,748-2,329
(f)B.6gGross disposable income = (d + e)Q1 2014 36,348566,8632,8615,91320,653
   Q2 2014 38,801597,7291,3507,59522,069
   Q3 2014 41,343629,3223,0727,16921,718
   Q4 2014 44,7076211,7292,7228,54621,648
   Q1 2015 41,237638,6852,9037,03822,549
   Q2 2015 42,741666,6413,5078,82823,699
   Q3 2015 44,437699,0473,0168,18424,121
(g)P.3+D8Use of disposable incomeQ1 2014-27,73500-514-7,335-19,886
   Q2 2014-28,21800-521-7,905-19,792
   Q3 2014-28,72700-525-8,475-19,727
   Q4 2014-31,51700-531-8,708-22,278
   Q1 2015-29,03600-564-7,830-20,641
   Q2 2015-29,07400-561-8,049-20,465
   Q3 2015-29,51100-560-8,286-20,666
(h)B.8gGross saving=(f+g)Q1 20148,613566,8632,347-1,421767
   Q2 201410,584597,729829-3102,277
   Q3 201412,616629,3222,547-1,3061,991
   Q4 201413,1906211,7292,192-162-630
   Q1 201512,202638,6852,339-7931,907
   Q2 201513,667666,6412,9467803,234
   Q3 201514,926699,0472,456-1023,456
(i) Changes in Capital AccountsQ1 2014-2,34056-1,788-45-292-270
   Q2 2014-1,41359-839-25-175-433
   Q3 2014-1,77262-1,709-2195-199
   Q4 2014-3,19262-2,409-96-232-518
   Q1 2015-3,83663-2,619-78-646-556
   Q2 2015-3,85666-2,930-119-302-570
   Q3 2015-5,01869-4,325-128-234-400
(j)K.1Consumption of fixed capitalQ1 20146,853 4,6602158821,096
   Q2 20147,283 4,9952318821,175
   Q3 20147,646 5,2792448821,242
   Q4 20147,543 5,1982408821,223
   Q1 20156,708 4,5462108821,070
   Q2 20157,095 4,8492248821,141
   Q3 20157,458 5,1312378821,207
(k)B.9Net lending(+)/Net borrowing(-)=(h+i)-jQ1 2014580-5791124162,088-2,596-599
   Q2 2014-1,8871,8871171,895574-1,367669
   Q3 2014-3,1983,1981242,3342,282-2,092550
   Q4 2014-2,4572,4551254,1221,856-1,276-2,371
   Q1 2015-1,6591,6581261,5202,051-2,321282
   Q2 2015-2,7172,716131-1,1392,603-4041,524
   Q3 2015-2,4502,450137-4092,091-1,2171,848
Quarterly Accounts by Institutional Sector, Q3 2015 €million
S.14+S.15 Households including NPISH S.13 General government S.12 Financial corporations S.11 Non-financial corporations      S.IN Not sectorized      S.1 Total economy  S.2 Rest of World S.1+S.2 Sum over sectors S.1+S.2 Sum over sectors  S.2 Rest of World      S.1 Total economy      S.IN Not sectorized S.11 Non-financial corporations S.12 Financial corporations S.13 General government S.14+S.15 Households including NPISH  
        B.1*gGross domestic product  54,3465,44230,5314,3125,6278,433
1,6674,6011,42810,587 18,28313418,417D.1Compensation of employees        
1141924925,6636,363 6,363D.2Taxes on production and imports, paid        
        D.3Subsidies, received877 87729016300424
7,0761,0262,79219,6166930,578  B.2g/ B.3gGross operating surplus/ Mixed income        
        B.2g/ B.3gGross operating surplus/ Mixed income  30,5786919,6162,7921,0267,076
        D.1Compensation of employees18,41716718,250    18,250
        D.2Taxes on production and imports, received6,363896,273   6,273 
 482   482395877D.3Subsidies, paid        
1611,68113,90212,811 28,55515,96644,521D.4Property income44,52125,77218,749 3,26113,9013001,286
1111,6813,4421,301 6,5349,19315,727D.41Interest15,7275,07010,657 -2410,413161107
002144,420 4,634**D.42Distributed income of corporations**3,555 1042,532139781
002,2327,089 9,321**D.43Reinvested earnings on direct foreign investment**3,708 3,18152700
008,0140 8,0144308,444D.44Other investment income8,4447,667777 04300348
51001 52 52D.45Rent52 52 00151
26,4515,4362,79110,0676944,813  B.5gGross national income        
*Suppressed for confidentiality reasons
Quarterly Accounts by Institutional Sector, Q3 2015 €million
S.14+S.15 Households including NPISH S.13 General government S.12 Financial corporations S.11 Non-financial corporations      S.IN Not sectorized      S.1 Total economy  S.2 Rest of World S.1+S.2 Sum over sectors S.1+S.2 Sum over sectors  S.2 Rest of World      S.1 Total economy      S.IN Not sectorized S.11 Non-financial corporations S.12 Financial corporations S.13 General government S.14+S.15 Households including NPISH
        B.5gGross national income  44,8136910,0672,7915,43626,451
4,5340326915 5,774195,793D.5Current taxes on income, wealth, etc.5,793205,773   5,773 
4,130    4,13004,130D.61Social contributions4,13004,130 01,4472,6840
05,4268870 6,312776,389D.62Social benefits other than social transfers in kind6,389826,307    6,307
1,2023381,808203 3,5518184,369D.7Other current transfers4,3691,1883,182 981,799551,229
24,1218,1843,0169,0476944,437  B.6gGross disposable income        
        B.6gGross disposable income  44,437699,0473,0168,18424,121
21,2258,286   29,511  P.3Final consumption expenditure        
  560  5600560D.8Adjustment for the change in pension entitlements5600560    560
3,456-1022,4569,0476914,926  B.8gGross saving        
      66,662 P.6Exports of goods and services        
        P.7Imports of goods and services 54,308      
      -12,354 B.11External balance of goods & services        
     74,01017,40991,420D.1 to D.8Primary incomes and current transfers91,42027,31864,102     
      -2,445 B.12Current external balance        
Quarterly Accounts by Institutional Sector, Q3 2015 €million
Changes in assets CAPITAL ACCOUNTSChanges in liabilities and net worth
S.14+S.15 Households including NPISH S.13 General government S.12 Financial corporations S.11 Non-financial corporations      S.IN Not sectorized      S.1 Total economy  S.2 Rest of World S.1+S.2 Sum over sectors S.1+S.2 Sum over sectors  S.2 Rest of World      S.1 Total economy      S.IN Not sectorized S.11 Non-financial corporations S.12 Financial corporations S.13 General government S.14+S.15 Households including NPISH
        B.8g Gross saving   14,926699,0472,456-1023,456
        B.12Current external balance -2,445      
63350031 4445449D.9Capital transfers4490449 219099131
1,2078822375,131 7,458  P.51CConsumption of fixed capital         
2,316-1,2342,2194,104697,474-2,4505,023B.10.1Changes in net worth due to saving and capital transfers        
        B.10.1Changes in net worth due to saving and capital transfers5,023-2,4507,474694,1042,219-1,2342,316
1,6758653659,645-6912,481 12,481P.5Gross capital formation        
        P.51CConsumption of fixed capital 7,458 7,458 5,1312378821,207
0000 000NPAcquisitions less disposals of non-produced assets        
1,848-1,2172,091-4091372,450-2,450-0B.9Net lending (+) / net borrowing (-)        

Background Notes

Description of institutional sectors

In the sector accounts, institutional sectors are distinguished not in terms of the nature of their production activity (such as agriculture, industry, services etc) but rather in terms primarily of the institutional form of the units that make them up. Thus companies, whether engaged in commercial non-financial or financial business, are grouped in a different sector from households, even though the latter are in many cases also engaged in commercial production, and from government or other non-market producers such as voluntary agencies.


Institutional Sectors The classification system is that of the European System of Accounts 2010 (ESA2010). The sectors and sub-sectors distinguished in the present publication are as follows:


S.1 Resident Economy is the sum of all the sectors of the domestic economy.


S.11 Non-Financial Corporations are corporate bodies producing goods and non-financial services on a commercial basis. They include public limited companies, private companies and other corporate forms of business, whether owned by residents (including the government) or non-residents or both. In particular, therefore, Irish subsidiaries of foreign companies and the Irish branches of foreign companies operating in Ireland on a branch basis are included; while the foreign subsidiaries of Irish companies and the foreign branches of Irish companies operating abroad are excluded (they form part of the Rest of the World sector S.2). The business activities of self-employed persons (quasi-corporations) are in principle to be included here if separate accounts are available for statistical purposes.Under the implementation of ESA2010,entities which operate as holding companies for non-financial corporations are now classified in the financial sector.



S.12 Financial Corporations are corporate bodies producing financial services on a commercial basis. As with S.11, they can take various legal forms, with a range of ownership arrangements. They include monetary financial institutions, other financial intermediaries, financial auxiliaries and insurance corporations and pension funds.


S.13 General Government consists of central and local government . Central government includes the Ireland Strategic Investment Fund (formerly the NPRF), and non-commercial agencies owned and funded by government, but do not include commercial state-owned companies (which are proper to S.11 or S.12 as appropriate).


S.14 + S.15 Households (S.14) and Non-Profit Institutions Serving Households (S.15).  S.14 consists of persons in their capacity as holders of financial assets or as borrowers. The business assets and liabilities of unincorporated self-employed persons are also mainly reflected in this sector. S.15 consists of non-profit institutions such as charities and non-commercial agencies not owned by the government, such as some schools and hospitals.


S.2 Rest of the World. The figures represent the economy’s transactions with non-residents. The conceptual definition is the same as in the balance of payments (BOP) statistics. In particular, non-residents include foreign subsidiaries of Irish companies, the foreign branches of Irish companies that operate abroad on a branch basis, and the head offices of foreign companies that operate in Ireland on a branch basis.


S.1N Not Sectorised. In the non-financial accounts an additional residual sector is used to report taxes and subsidies in the Generation of Income Account (Account 1.2) as it is not possible to allocate these amounts to Institutional Sectors. In addition throughout these accounts S.1N is used to report the amounts that appear as the statistical discrepancy in the National Income and Expenditure GDP accounts, arising from the use of two independent estimates of GDP (from the Income and Expenditure approaches). In the Annual National Accounts NIE tables 3 and 5, the official estimate of GDP is reported as the average of the two measures, and the discrepancy is therefore displayed as half the difference between the two independent estimates (and thus with different signs in the two tables).  The discrepancy is projected forward on a quarterly basis in line with the trends in the Expenditure components and is presented in Table 2 of the Quarterly National Accounts. In the quarterly sector accounts it appears in Gross Domestic Product, the opening item in the Generation of Income Account and is then carried through successive accounts via the balancing item. In the final non-financial account,the full amount of the discrepancy then emerges as the unallocated net lending or borrowing in the economy.

Description of detailed non-financial accounts

Sector accounts present a coherent overview of all economic processes and the roles played by the various sectors. Each economic process is described in a separate account. The accounts describe successively generation of income, primary and secondary income distribution, final consumption, redistribution by means of capital transfers and capital formation. Note that the Production Account (1.1) from the Annual Accounts is not included in these quarterly accounts as the data is not available on a quarterly basis.   The accounts record economic transactions, distinguishing between uses and resources, (e.g. the resources side of the transaction category D.41 Interest records the amounts of interest receivable by the different sectors of the economy and the uses side shows interest payable) with a special item to balance the two sides of each account. By passing on the balancing item from one account to the next a connection is created between successive accounts.


The accounts are compiled for the total economy and include accounts for separate domestic sectors and the Rest of the World sector. In this way the sector accounts describe:

  • for each economic process the role of each sector, for instance General Government in income redistribution and Financial Corporations in financing.
  • for each sector all economic transactions and their relation with other domestic sectors and the Rest of the World.


The successive accounts are explained in more detail below. 

Current Accounts:


1.1    Production Account

This Account is not presented in the Quarterly Non-Financial Accounts as quarterly data is not available.


1.2 Generation of Income Account

This account displays the transactions through which Gross Domestic Product at market prices is distributed to labour (compensation of employees), capital (operating surplus) and government (the balance of taxes and subsidies on production). The balancing item for the Household and NPISH sector in this account is called mixed income, because apart from operating surplus it also contains compensation for work by self-employed persons and their family members. B.2g/B.3g Gross Operating Surplus / Gross Mixed Income is the balancing item for the entire account.


1.3 Allocation of Primary Income Account

This account records, as resources, the income from direct participation in the production process, as well as property income received in exchange for the use of land, financial resources and other intangible assets. In addition, this account records the taxes on production and imports received by the government. On the uses side, property income is recorded as well as the subsidies paid by the government.

On this account the interest paid and received are recorded excluding imputed bank services (financial intermediation services indirectly measured -FISIM). In the national accounts insurance technical reserves are seen as a liability of insurance enterprises and pension funds to policyholders. Therefore, the receipts from investing these reserves are recorded as payments from insurance enterprises and pension funds to households,under D.44 other investment income. The balancing item of this account for each sector is B.5g Gross National Income.  The Primary Income for the total economy is the National Income.


1.4 Memorandum -Entrepreneurial Income Account

This account is not presented in the Quarterly series.


1.5 Secondary Distribution of Income Account

The secondary distribution of income account shows how primary income is redistributed by means of current taxes on income and wealth, social contributions (including contributions to pension schemes), social benefits (including pension benefits) and other current transfers. The balancing item of this account is B.6g Gross Disposable Income. For the consuming sectors (Households, NPISH and General Government) this item is passed on to 1.6 Use of Disposable Income Account. For the other sectors the disposable income is generally equal to saving. This is then passed on to the capital account.

1.6 Use of Disposable Income Account

This account shows the element of disposable income that is spent on final consumption and also the element that is saved. As mentioned above final consumption only exists for Households, NPISH and General Government. The net equity of Households in pension funds is seen as a financial asset that belongs to Households. Changes in these reserves need to be included in the saving of Households. However, contributions to pension schemes and pension benefits have already been recorded on 1.5 Secondary Distribution of Income Account (as social contributions and social benefits). Therefore, an adjustment is needed to include in the saving of Households the change in pension funds reserves on which they have a definite claim. This adjustment is called D.8 ‘Adjustment for the change in pension entitlements’. There is no need for a similar adjustment concerning life insurance because life insurance premiums and benefits are not recorded as current transactions. The balancing item for this account is B.8g Gross Saving.


1.7 External account

This account records the summarised transactions of S.2 the Rest of the World sector, including on the uses side exports of goods and services, primary incomes and current transfers receivable. The resources side of this account includes imports of goods and services together with primary incomes and transfers payable. The balancing item is B.12 Current External Balance, which records the balance on current accounts with the Rest of the World.


Capital accounts:

1.8 Change in Net Worth due to Saving and Capital Transfers

On this account the capital transfers are recorded and combined with gross saving and the current external balance. The resulting balancing item is B.10.1 Changes in Net Worth due to Saving and Capital Transfers.

1.9 Acquisition of Non-Financial Assets Account

On this account gross fixed capital formation, changes in inventories, acquisitions less disposals of valuables and non-produced non-financial assets are recorded among the uses. The decline in the value of fixed capital goods caused by consumption of fixed capital goods is recorded among the resources. The balancing item is Net Lending (+) or Borrowing (-). It shows the amount a sector can lend / invest or has to borrow as a result of its current and capital transactions.


Seasonal Adjustment       


Seasonally adjusted estimates of Household Saving are done using the indirect seasonal adjustment approach. Under this approach the two main aggregates Household Disposable Income and Final Consumption Expenditure of Households are independently adjusted.  In the case of Household Saving, however, this estimate is derived by taking the difference between the two adjusted series of Household Disposable Income and Final Expenditure of Households. This method for estimating the seasonally adjusted value for a small net residual of two large aggregates, such as Household Saving is considered a more appropriate estimation procedure.


As part of the seasonal adjustment process, ARIMA models are identified for each series based on unadjusted data spanning Q1 1999 to Q3 2015. These models are then applied to the entire series (Q1 1999 to Q3 2015). Seasonal factors and the parameters of the ARIMA models are updated each quarter.


The adjustments are completed by applying the X-12-ARIMA model, developed by the U.S. Census Bureau to the unadjusted data. This methodology estimates seasonal factors while also taking into consideration factors that impact on the quality of the seasonal adjustment such as, for example:

• Calendar effects, e.g. the timing of Easter

• Outliers, temporary changes and level shifts in the series


For additional information on the use of X-12-ARIMA see (Findley, D.F., B.C. Monsell, W.R. Bell, M.C. Otto, and B. Chen (1998), “New Capabilities and Methods of the X-12-Arima Seasonal Adjustment Program”, Journal of Business & Economic Statistics, 16, pp. 127-177.)


Definition of Household Saving Ratio

The household saving ratio is gross household  saving expressed as a percentage of total resources i.e. the sum of gross household disposable income and the adjustment for the change in pension entitlements. Household saving in the relevant quarter represent that part of disposable income that is not spent on final consumption of goods and services.  The use of these saving either for financial investment or debt reduction is not recorded in these accounts but is recorded in the financial account (see Quarterly Financial Accounts by the Central Bank of Ireland and for annual integrated financial and non financial account).



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