This release was updated on 20 April 2023. After the first publication (6 April), data from Government Accounts was significantly revised following dialogue with Eurostat. The largest single item to be changed was capital grants. The EU agency advised that the recording of the Defective Concrete Blocks Grant Scheme should be revised from upfront expenditure in 2022 and instead accrued at the time of approvals. This approach is consistent with other Member States. This affected capital transfers (D.9) paid by government (S.13), which were revised downward for 2022-Q2 from €3,140m to €428m (a revision of €2,711m). Other smaller changes to S.13 data were also incorporated and other sectors adjusted accordingly. Please see the Information Note for further details. We apologise for any inconvenience caused.
The Household Saving Rate was 22% in the last quarter of 2022.
Household income from work and from financial investments rose in the quarter.
Consumption by households was also up, even after inflation and seasonal factors are taken into account.
Value added in the Irish economy continued to grow rapidly, mainly due to non-financial corporations that are foreign-owned.
Non-Financial Corporations had gross profit of €79bn and paid €39bn in dividends and reinvested earnings to their owners. They paid €21bn in pay to workers and €7bn in tax.
Government had a surplus of €5bn in the quarter, due largely to increased tax income from higher earnings of households and corporations.
The economy as a whole had a current account surplus with the rest of the world of €16bn.
The Central Statistics Office (CSO) today (06 April 2023) released the Institutional Sector Accounts Non-Financial for Quarter 4, 2022.
Commenting on the release, Peter Culhane, Statistician in the National Accounts Analysis and Globalisation Division of the CSO, said:
"The household saving rate was high throughout 2022 and remained elevated at 22% in the last quarter of the year. While consumer spending increased, it did not reach its pre-pandemic level, relative to income. Higher interest rates produced larger investment income on the wealth households had been adding to during the pandemic. Income from work also increased as the labour force expanded, and wages went up.
The indicators for the wider economy were also positive. GDP grew as non-financial corporations continued their rapid increase in gross value added, driven by foreign-owned multi-nationals. The Government had a budget surplus of €5bn in the quarter and €8bn in the year as a whole. Ireland's balance of payments with the rest of the world were positive, as households, government and corporations added to their financial wealth."