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CSO statistical release, 11 April 2018, 11am

Quarterly Institutional Sector Accounts Non-Financial

Quarter 4 2017 and Year 2017 (Preliminary)

Gross Saving by Institutional Sector€million
Non-Financial Corporations S.11Financial Corporations S.12General Government S.13Households incl. NPISH S.14 & S.15
201686,5602,8123,0466,639
201791,8933,0594,8878,846

Increased Saving for All Sectors of the Economy in 2017

Composition of Gross Saving for Total Economy (S.1) by Sector 2013-2017
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Preliminary estimates for 2017 indicate that gross saving (B.8g) for the economy as a whole increased by €9,634m to €108,780m, compared to €99,146m in 2016 (see Summary Table). All sectors increased their gross saving, continuing a recent trend, as illustrated in Figure 1.

For households, gross saving went from €6,639m in 2016 to €8,846m in 2017. This change is driven by households' gross income (B.6g, up 5.3%) rising faster than expenditure on goods and services (P.3, up 3.2%). The gross saving ratio of households, which expresses saving as a percentage of total disposable income (B.6g + D.8), increased from 6.8% in 2016 to 8.6% in 2017 (see Background Notes).

In the last quarter of 2017, the seasonally adjusted saving ratio was 8.1%, down from 8.7% in quarter 3.

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. These estimates are preliminary and will be subject to revision.

Increase in Gross Saving of Government (S.13)

The gross saving of Government amounted to €4,887m in 2017, an improvement of €1,841m on the 2016 saving of €3,046m. An increase of €1,740m in income and corporation taxes (D.5) was the biggest contributor to the change in gross saving.

Capital spending by government continued to exceed gross saving in 2017, leaving a net borrowing requirement (B.9) of €1,208m. This borrowing was down from €1,979m the previous year, and 2017 was the seventh successive year of reduced borrowing since the peak of €53,709m in 2010.

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

The gross saving of non-financial corporations was €91,893m in 2017 – an increase of €5,333m compared with the 2016 figure of €86,560m. Their profits (B.2g) increased by €11,943m and their income flowing in from subsidiaries abroad (D.42 + D.43) increased by €2,546m while their payments flowing out to parent companies abroad (D.42 + D.43) only increased by €8,333m. While gross saving increased by €5,333m, after the capital account items the net lending increased by just €3,618m, from €6,595m to €10,213m. The sharp decline in capital investment (P.51g, down €19,551m), due to reduced intellectual property purchases from abroad, was more than offset in the capital account by a large increase in imports of goodwill and marketing assets (part of NP, up €21,075m).

Financial corporations had gross saving of €3,059m in 2017, up from €2,812m the previous year. The continued growth of the investment fund sector is reflected in payments of 'other investment income' (D.44) growing by €5,485m in the year to €41,043m, more than double what it was four years ago.

Rest of World Sector (S.2)

The net borrowing (B.9) by the rest of the world from Ireland amounted to €10,218m in 2017, compared with a net borrowing of €4,128m in 2016. This net borrowing is the equal and opposite of the total Irish economy's lending, and the changes are dominated by the large transactions of the non-financial corporations.