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For more information on this release:
E-mail: nat_acc@cso.ie Michael Connolly (+353) 1 498 4006 Mary Brew (+353) 1 498 4365
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-5600
CSO statistical release, 10 April 2014, 11am

Quarterly Institutional Sector Accounts Non-Financial

Quarter 4 2013 and Year 2013 (Preliminary)

  
       Gross Saving by Institutional Sector
    
 Non Financial CorporationsFinancial CorporationsGeneral GovernmentHouseholds and NPISH
 (S.11)(S.12)(S.13)(S.14 & S.15)
Year     €m 
201218,2274,524-9,2348,851
201320,9506,548-8,6138,150

Increased saving for the whole economy in 2013

Gross Household Savings Ratio Seasonally adjusted Q1 2012 - Q4 2013
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Preliminary estimates for 2013 indicate that gross saving (B.8g) for the economy as a whole increased by €4,671m to €28,383m compared to €23,713m in 2012.  However, in the household sector gross saving decreased by €701m to €8,150m in 2013.  This reflects a decrease of €505m in the gross disposable income of households and an increase of €247m in household consumption expenditure. The gross saving ratio, which expresses saving as a percentage of gross disposable income, decreased from 10.2 per cent in 2012 to 9.4 per cent in 2013 (see Background Notes - definitions). 

On a seasonally adjusted basis, the quarterly gross disposable income of households (B.6g) in Q4 2013 increased by €48m to €21,916m, compared to €21,868m in Q3 2013.  Household expenditure (P.3) decreased by €50m to €19,701m over this same period. Consequently, gross household saving (B.8g) increased by €98m in the quarter. 

The derived gross saving ratio, increased from 9.7 per cent in Q3 2013 to 10.1 per cent in Q4 2013.

  

The seasonally adjusted data series which includes Gross Disposable income, Personal Consumption of Goods and Services and Gross Saving of the Household and 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.

These estimates are preliminary and will be subject to revision.

 

Increase in net borrowing of Government (S.13)

The gross saving of Government amounted to a deficit of €8,613m in 2013, an improvement of €621m on the 2012 deficit of €9,234m. An increase in taxes paid on production and imports (D.2) and an increase in taxes on income and wealth (D.5) contributed to the change in gross saving. 

On the capital side of the accounts an improvement in the saving deficit of €621m and a reduction in gross fixed capital formation (D.5) of €626m were offset by capital transfers of €1,366m to the financial sector.  This resulted in a net borrowing (B.9) of Government of €12,553m in 2013 an increase of €350m on the 2012 result of €12,203m. 

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

The gross saving of non-financial corporations was €20,950m in 2013 – an increase of €2,723m compared with the 2012 figure of €18,227m.  A decrease in dividends (D.42) and reinvested earnings on direct foreign investment (D.43) paid by non-financial corporations is the main factor in this improvement in saving. Net lending of €10,685m by this sector in 2013 has increased by €4,028m compared to the 2012 result of €6,656m.This is explained primarily by the increase in saving. 

Financial corporations had gross saving of €6,548m in 2013, an increase of €2,024m on the previous year. An increase of €2,290m in net property income (D.4) was the main reason for the improvement. Net lending (B.9) of the sector increased from €4,017m in 2012 to €7,244m in 2013. This increase of €3,227m is explained by the increase in saving and a year on year increase in capital transfers (D.9) received from Government of €1,086m. 

Rest of the World Sector (S.2)

The net borrowing (B.9) by the rest of the world from Ireland amounted to €10,869m in 2013 compared with a net borrowing of €5,194m in 2012.  The net borrowing position reflects the level of gross saving in the Irish economy. 

Gross Disposable IncomePCESaving
2012Q122.120689619.36457382.75611578
2012Q221.924275719.49317342.43110228
2012Q321.448011919.59723951.85077237
2012Q421.60047919.7487631.85171602
2013Q121.403177119.51586071.8873164
2013Q221.484309919.52647811.95783183
2013Q321.867653419.75032192.11733157
2013Q421.916113919.70079432.21531959
Table 1: Quarterly Accounts by Institutional Sector, Q1 2012 - Q4 2013 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 2012 39,8463,80421,3223,4075,5775,736
   Q2 2012 42,1633,87123,0533,5705,3056,365
   Q3 2012 41,2814,14822,2493,4885,3406,056
   Q4 2012 40,6484,66922,0593,4755,3135,132
   Q1 2013 39,2984,63220,3433,3705,4085,545
   Q2 2013 41,7673,41622,8843,6035,3076,556
   Q3 2013 42,8925,09522,7033,5645,1206,410
   Q4 2013 40,0923,87322,5213,4515,0585,189
           
(b)B.2g/B.3gGross operating surplus / Mixed incomeQ1 2012 18,68232711,4371,8286884,402
   Q2 2012 21,10934613,0062,0996884,971
   Q3 2012 19,83233912,1771,9556884,673
   Q4 2012 20,03333412,3131,9836884,715
   Q1 2013 17,53632310,7351,7016174,159
   Q2 2013 20,90234312,9162,0816174,944
   Q3 2013 20,45735312,6182,0246174,846
   Q4 2013 19,93433012,2961,9766174,715
           
(c)D.1_D.4Net Primary IncomeQ1 2012 12,5750-7,314-5602,78917,660
   Q2 2012 12,8690-7,470-1,0693,73117,677
   Q3 2012 13,6280-6,673-2892,91417,676
   Q4 2012 15,1350-5,798-3873,43017,891
   Q1 2013 15,4630-5,07653,05517,480
   Q2 2013 13,0640-7,269-9093,42717,814
   Q3 2013 15,2230-6,195983,67517,645
   Q4 2013 16,3630-4,9047912,59717,879
           
(d)B.5gGross national income = (b + c)Q1 2012 31,2583274,1241,2683,47722,062
   Q2 2012 33,9783465,5361,0304,41822,648
   Q3 2012 33,4603395,5041,6663,60122,350
   Q4 2012 35,1683346,5161,5954,11822,605
   Q1 2013 32,9993235,6591,7053,67321,639
   Q2 2013 33,9663435,6481,1724,04522,758
   Q3 2013 35,6803536,4232,1224,29322,491
   Q4 2013 36,2973307,3922,7673,21422,595
           
(e)D.5_D.7Net Current TransfersQ1 2012 -7350-241590-379-705
   Q2 2012 -5650-1,1932541,225-852
   Q3 2012 -6040-633445771-1,186
   Q4 2012 -5180-1,3852232,966-2,322
   Q1 2013 -7520-499513280-1,046
   Q2 2013 -6470-1,4701882,118-1,483
   Q3 2013 -4640-615471559-879
   Q4 2013 -5830-15872102773-1979
           
(f)B.6gGross disposable income = (d + e)Q1 2012 30,5233273,8831,8593,09821,357
   Q2 2012 33,4133464,3431,2845,64421,797
   Q3 2012 32,8573394,8712,1114,37221,163
   Q4 2012 34,6503345,1301,8187,08420,283
   Q1 2013 32,2473235,1602,2183,95320,592
   Q2 2013 33,3193434,1781,3606,16221,276
   Q3 2013 35,2163535,8072,5924,85221,612
   Q4 2013 35,7153305,8052,9775,98720,615
           
(g)P.3+D8Use of disposable incomeQ1 2012-26,34200-644-7,175-18,523
   Q2 2012-26,16700-625-7,323-18,219
   Q3 2012-26,68900-636-7,844-18,209
   Q4 2012-28,53200-643-7,090-20,799
   Q1 2013-26,28900-651-7,022-18,615
   Q2 2013-26,20200-643-7,404-18,155
   Q3 2013-26,85000-649-7,814-18,387
   Q4 2013-28,77200-656-7,328-20,789
   
(h)B.8gGross saving=(f+g)Q1 20124,1813273,8831,215-4,0772,834
   Q2 20127,2463464,343659-1,6793,577
   Q3 20126,1683394,8711,475-3,4722,954
   Q4 20126,1183345,1301,175-6-515
   Q1 20135,9583235,1601,567-3,0691,977
   Q2 20137,1173434,178717-1,2423,121
   Q3 20138,3663535,8071,943-2,9623,225
   Q4 20136,9423305,8052,321-1,340-173
   
(i) Changes in Capital AccountsQ1 2012-811327-734-63-148-192
   Q2 2012-2,302346-2,211278-511-203
   Q3 2012130339-147-10189-241
   Q4 2012840334229-10-75363
   Q1 2013-679323-300939-1,443-197
   Q2 2013-40343-4387-525-241
   Q3 2013-725353-1,32129626-411
   Q4 201349233025559-296144
   
(j)K.1Consumption of fixed capitalQ1 20124,031 2,1371726061,116
   Q2 20124,170 2,2241796061,161
   Q3 20124,118 2,1911776061,144
   Q4 20124,060 2,1551746061,125
   Q1 20134,044 2,1641755751,130
   Q2 20134,178 2,2481815751,174
   Q3 20134,248 2,2911855751,196
   Q4 20134,088 2,1921775751,145
   
(k)B.9Net lending(+)/Net borrowing(-)=(h+i)-jQ1 2012661-6616531,012979-4,8311,527
   Q2 2012-776775691-92758-2,7962,213
   Q3 2012-2,1802,1806792,5321,288-3,8891,569
   Q4 2012-2,8992,8996683,204991-687-1,278
   Q1 2013-1,2341,2356462,6952,332-5,088650
   Q2 2013-2,8982,8986871,926922-2,3421,706
   Q3 2013-3,3923,3937052,1951,787-2,9121,618
   Q4 2013-3,3453,3466593,8692,203-2,211-1,174
Quarterly Accounts by Institutional Sector, Q4 2013 €million
UsesCURRENT ACCOUNTSResources
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  
  1.2 GENERATION OF INCOME ACCOUNT
        B.1*gGross domestic product  40,0923,87322,5213,4515,0585,189
1,5684,4411,4109,905 17,32313617,460D.1Compensation of employees        
2130654653,8124,556 4,556D.2Taxes on production and imports, paid        
        D.3Subsidies, received1,721 1,721269145001,307
4,7156171,97612,29633019,934  B.2g/ B.3gGross operating surplus/ Mixed income        
1.3 ALLOCATION OF PRIMARY INCOME ACCOUNT
        B.2g/ B.3gGross operating surplus/ Mixed income  19,93433012,2961,9766174,715
        D.1Compensation of employees17,46018017,280    17,280
        D.2Taxes on production and imports, received4,556954,462   4,462 
 484   4841,2371,721D.3Subsidies, paid        
2951,80411,1138,401 21,61313,78835,401D.4Property income35,40118,68216,719 3,49711,904423895
2451,8045,1771,413 8,6388,38417,022D.41Interest17,0226,62810,394 1599,848212175
005,1394,154 9,293**D.42Distributed income of corporations**3,989 1,7411,604212432
001552,834 2,989**D.43Reinvested earnings on direct foreign investment**2,049 1,59745200
006420 6420642D.44Property income attributed to insurance policy holders642405237 000237
50000 50 50D.45Rent50 50 00050
22,5953,2142,7677,39233036,297  B.5gGross national income        
* Suppressed for confidentiality reasons
Quarterly Accounts by Institutional Sector, Q4 2013 €million
UsesCURRENT ACCOUNTSResources
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
1.5 SECONDARY DISTRIBUTION OF INCOME ACCOUNT
        B.5gGross national income  36,2973307,3922,7673,21422,595
5,36304221,486 7,271197,290D.5Current taxes on income, wealth, etc.7,290207,271   7,271 
3,846    3,84603,846D.61Social contributions3,84603,846 01,0302,711104
1726,7783740 7,324777,400D.62Social benefits other than social transfers in kind7,400777,323    7,323
1,1944721,774262 3,7015784,279D.7Other current transfers4,2791,1603,119 1611,750401,168
20,6155,9872,9775,80533035,715  B.6gGross disposable income        
1.6 USE OF DISPOSABLE INCOME ACCOUNT
        B.6gGross disposable income  35,7153305,8052,9775,98720,615
21,4457,328   28,772  P.3Final consumption expenditure        
  656  6560656D.8Adjustment for the change in net equity of households in pension funds reserves6560656    656
-173-1,3402,3215,8053306,942  B.8gGross saving        
1.7 EXTERNAL ACCOUNT
      45,484 P.6Exports of goods and services        
        P.7Imports of goods and services 37,776      
      -7,709 B.11External balance of goods & services        
     66,77315,83582,609D.1 to D.8Primary incomes and current transfers82,60920,21362,396     
      -3,330 B.12Current external balance        
Quarterly Accounts by Institutional Sector, Q4 2013 €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
1.8 CHANGE IN NET WORTH DUE TO SAVING AND CAPITAL TRANSFERS ACCOUNT
        B.8g Gross saving   6,9423305,8052,321-1,340-173
        B.12Current external balance -3,330      
238430080 74834782D.9Capital transfers78215767 5662352298
1,1455751772,192 4,088  K.1Consumption of fixed capital         
-1,258-1,9932,2063,5893302,873-3,350-477B.10.1Changes in net worth due to saving and capital transfers        
1.9 ACQUISITION OF NON-FINANCIAL ASSETS ACCOUNT
        B.10.1Changes in net worth due to saving and capital transfers-477-3,3502,8733303,5892,206-1,993-1,258
1,0607931801,907-3303,611 3,611P.5Gross capital formation        
        K.1Consumption of fixed capital 4,088 4,088 2,1921775751,145
0005 5-50K.2Acquisitions less disposals of non-produced non-financial assets        
-1,174-2,2112,2033,8696593,346-3,3451B.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 1995 (ESA95). 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.

 

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 and the social security fund. Central government includes the National Pension Reserve Fund, and non-commercial agencies owned and funded by government, but does 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 sector accounts it appears as the first balancing item in the sequence (in the gross value added item in the production 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, in the form of property income attributed to insurance policy holders and pension scheme members. 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 savings. 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 and life insurance reserves are seen as financial assets that belong 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 net equity in pension funds reserves’. 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 2002 to Q2 2013. These models are then applied to the entire series (Q1 2002 to Q4 2013). 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 net equity of households in pension fund reserves.  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 http://www.centralbank.ie/polstats/stats/qfaccounts/Pages/releases.aspx published by the Central Bank of Ireland and http://www.cso.ie/shorturl.aspx/191 for annual integrated financial and non financial account.

 

 

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