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Key Findings

The household saving rate was 14.3% in Quarter 3 2024

CSO statistical publication, , 11am

Key Findings

  • The household saving rate rose from 12.9% in April, May and June (Q2) 2024 to 14.3% in July, August and September (Q3) 2024.

  • Income and expenditure both rose (after adjusting for seasonal factors) with income rising faster than expenditure.

  • The unadjusted saving of households was €7.8bn, of which €4.9bn was added to capital assets, mainly dwellings. The remainder was added to deposits, pension funds or other financial assets.

  • Income rose due to increased income from work, but also higher investment income on households' half a trillion in financial assets.

  • For the economy as a whole, Gross Domestic Product (GDP), Gross National Income (GNI) and the current account balance all rose compared with Q3 2023 (current prices, not seasonally adjusted).

  • There was a large capital transfer of €14bn from non-financial corporations to the government arising from a Court of Justice of the European Union ruling. This increased the surplus of government and reduced the surplus of non-financial corporations by the same amount.

Statistician's Comment

The Central Statistics Office (CSO) has today (09 January 2025) published the Institutional Sector Accounts Non-Financial for Quarter 3 (Q3) 2024.

Commenting on the release, Peter Culhane, Statistician in the National Accounts Analysis & Globalisation Division of the CSO, said:

"Households saved 14% of their income in July, August and September (Q3) 2024 (seasonally adjusted). This was up on the second quarter of 2024, when it was 12.9%.

The saving rate is the proportion of income that is left over after current consumption. Higher volumes as well as higher prices contributed to consumer spending increases in the quarter. Meanwhile overall household income rose due to higher earnings from work and more investment income, such as deposit interest.

The economic indicators for the economy as a whole were positive: Gross Domestic Product (GDP), Gross National Income (GNI) and the current account balance all rose compared with Q3 2023 (current prices, not seasonally adjusted). 

The government surplus was €16bn in Q3 2024, which was more than the surplus in the previous six quarters combined. There was a large capital transfer of €14bn from non-financial corporations to government arising from a Court of Justice of the European Union ruling. This transfer increased the surplus of government and reduced the surplus of non-financial corporations by the same amount but had no effect on GDP in the quarter. Government tax receipts were an additional €24bn in the quarter, up €3bn on Q3 2023."