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Households added €2 to their wealth for every €15 of disposable income in January, February and March (Q1) 2025.
The seasonally adjusted household saving rate of 13.4% in Q1 2025 was not significantly different to the rate in Q4 2024 (13.3%), as both income and expenditure increased.
The government surplus was €0.8bn in Q1 2025 as income from household and corporation taxes increased.
This was only the second time since 2007 a government surplus was recorded in Q1, as there is normally a deficit in the first quarter of the year.
For the economy as a whole, Gross Domestic Product (GDP) grew significantly on the back of higher pharmaceutical exports in Q1 2025.
Most of the additional value added in the quarter flowed out of the domestic economy to corporations' owners abroad, but Gross National Income did increase.
While the current account balance of €6bn was positive in Q1 2025, it was lower than the Q1 2024 figure of €18bn.
The lower current account balance was in part due to higher capital investment of €38bn, which was an increase of €11bn on Q1 2024. This capital investment should increase the value added here in future quarters.
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Statistician's Comment
The Central Statistics Office (CSO) has today (31 July 2025) published the Institutional Sector Accounts Non-Financial for Quarter 1 (Q1) 2025.
Commenting on the release, Peter Culhane, Statistician in the National Accounts Analysis & Globalisation Division of the CSO, said:
"The saving rate of households, which is the proportion of income that is left over after current consumption, was 13.4% in the first three months of 2025. This was virtually the same as Quarter 4 2024 (13.3% seasonally adjusted), and in line with the average in recent years. Higher volumes as well as higher prices contributed to consumer spending increases in the year. Meanwhile overall household income rose due to higher earnings from work. As both incomes and expenditure have been rising, the saving rate has been broadly stable.
The economic indicators for the economy as a whole were positive: GNI was up 2% in current prices in Q1 2025 and GDP increased by 26%, but most of this additional value added flowed out to owners abroad, leaving the smaller increase in GNI.
The government surplus was €0.8bn in Q1 2025, and this was only the second time a surplus was recorded in Q1 since 2007 as there is normally a deficit in the first quarter of the year. The only other recent time there has been a first quarter surplus was 2023."