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Households

Households

The household saving rate was 14.3% in Quarter 3 2024

CSO statistical publication, , 11am
Table 1.1 Seasonally Adjusted Gross Household Saving by Component (€million)
 Total Disposable Income (B.6g + D.8)Final Consumption Expenditure (P.3)Gross Saving Ratio
2024Q243,41037,81212.9%
2024Q344,25737,92714.3%

The seasonally adjusted household saving rate in the second quarter of 2024 was 14.3%. This was an increase from 12.9% on the second quarter of 2024. As Table 1.1 above shows, this was because Total Disposable Income (TDI) rose by €847m, while Final Consumption Expenditure was up just €115m.

Households used their savings to add to their wealth in the form of real assets (mainly new homes) and financial assets (such as bank deposits). Unadjusted, saving (B.8g) was €7.8bn in the quarter and capital spending (P.5) was €4.9bn. Households also increased their assets in pension funds (D.8) by €1.1bn. Figures from the Central Bank of Ireland show that households deposited €1.3bn more than they withdrew from bank accounts here. However, they also borrowed €1.0bn more in loans than they paid back. Households' financial assets also include life assurance funds and shares. Full accounts of assets and liabilities in financial instruments will be published by the Central Bank.

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 on PxStat. Only the most significant transactions are shown in the table for each sector in this release: the entire unadjusted series for all variables published in this release are also available at the same link. Price-adjusted Total Disposable Income and Final Consumption Expenditure of Households are shown in PxStat ISQ04. See Background Notes for definitions of the terms used.

Saving ratio
2020Q1 24.65%
2020Q2 33.98%
2020Q3 21.23%
2020Q4 25.67%
2021Q1 30.92%
2021Q2 22.03%
2021Q3 19.70%
2021Q4 19.24%
2022Q1 16.34%
2022Q2 16.33%
2022Q3 15.07%
2022Q4 14.05%
2023Q1 15.30%
2023Q2 13.85%
2023Q3 13.33%
2023Q4 12.94%
2024Q1 14.07%
2024Q2 12.89%
2024Q3 14.30%

Household Income

The largest component of household income is Compensation of Employees (CoE): this made up €37bn of the €45bn TDI in the quarter. At current prices seasonally adjusted CoE was largely unchanged compared with the second quarter of the year (+0.3% change) as there were small increases in numbers employed and average earnings. Beneath these steady aggregates, there were significant movements at sectoral level. Figure 1.2 illustrates the differences in CoE by economic sector in the quarter compared to Q2 2024 after adjusting for seasonal factors. There was a significant rise in Public Administration (+€181m or +2%), while the Information & Communications sector saw a decrease in pay to workers (-€128m or -3%), as did the Professional, Scientific and Technical sector (-€120m or -2%). Changes were smaller in other sectors. 

Comparing year-on-year, before price or seasonal adjustment, higher take-home pay meant higher taxes (D.5) and PRSI (D.61) paid by households (see Table 1.2, below). There was also higher investment income received (D.4) on assets such as deposits and pension fund holdings as interest rates have risen. The investment income received rose faster than investment income paid, which might be expected because household financial assets earning income are three times the size of the financial liabilities on which interest is paid.

sectorChange (Seasonally Adjusted) since Q2-2024 €m
Agriculture, Forestry and Fishing1.39967650189504
Industry (excl. Construction)75.9520118009877
Construction44.9069887897172
Distribution, Transport, Hotels and Restaurants5.31275927785373
Information and Communication-127.929754056865
Financial and Insurance Activities13.863750091673
Real Estate Activities17.7507872837798
Professional, Admin and Support Services-120.025452455034
Public Admin, Education and Health181.105821749141
Arts, Entertainment and Other Services12.3091910516598

Gross Disposable Income (B.6G) of households was €43.8bn in Q3 2024 before price and seasonal adjustment (that is, nominal unadjusted). Total Disposable Income (TDI, which also includes the adjustment for the change in pension entitlements (D.8)) was €44.9bn in the quarter, an increase of €2.6bn (6%) on Q3 2023. After accounting for inflation and seasonal factors, household revenue in real terms grew by 3% (see Pxstat table ISQ04). Figure 1.3 shows TDI before and after adjustments.

TDI Current Price Unadjusted TDI Current Price Seasonally Adjusted TDI Constant Price Seasonally Adjusted
2020Q1 32.85659 33.31545 35.68091
2020Q2 32.51586 31.56839 35.42862
2020Q3 31.51704 31.10542 34.28587
2020Q4 31.17378 32.13863 35.43668
2021Q1 32.35487 32.7841 35.64219
2021Q2 34.66798 33.69546 36.55087
2021Q3 35.44207 34.897 37.22855
2021Q4 34.07559 35.26891 37.02249
2022Q1 35.05672 35.37139 35.8172
2022Q2 37.84233 36.88544 37.14524
2022Q3 38.50927 37.85895 37.73083
2022Q4 37.07836 38.53039 37.59732
2023Q1 39.95094 40.00991 38.09585
2023Q2 41.86822 41.0163 37.86716
2023Q3 42.37145 41.68248 37.6501
2023Q4 40.94201 42.53774 38.33933
2024Q1 43.76457 43.60773 38.60744
2024Q2 44.15268 43.4098 38.13125
2024Q3 44.9453 44.25674 38.69507

Consumption

Household consumption was €37bn in the third quarter of 2024, up from €35bn in the equivalent period last year, a rise of 5% in current prices seasonally unadjusted. The most significant inflation in the 12 months to September 2024 were seen in Restaurants & Hotels (+3.9%) and Alcoholic Beverages & Tobacco (+3.1%). The annual change in Restaurants & Hotels costs reflects increases in prices for food and alcoholic drinks consumed in licensed premises, restaurants, cafes etc.

After taking out price rises consumption rose by 2% over the third quarter of 2023. The 2% increase in volume of consumption includes some larger changes in particular goods and services. In the consumer-facing sectors of the Services Index there was significant decline in Other Services (-5%) but a small increase in Food Service (+1%). The Retail Sales Index seasonally adjusted volume was steady overall (-0%), but within the overall index there were increases in Pharmaceutical, Medical & Cosmetics (+5%) and Textiles, Clothing & Footwear (+3%) but a decline in the volume of sales in Bars (-9%). Travel & Tourism abroad was down, seasonally adjusted.

Table 1.2 S.1M Households and Non-Profits