| 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 | |
| 2024Q3 | 44,578 | 37,918 | 14.94% |
| 2024Q4 | 45,742 | 38,758 | 15.27% |
The seasonally adjusted household saving rate in the fourth quarter of 2024 was 15.3%. This was a slight increase from 14.9% on the third quarter of 2024. As Table 1.1 above shows, this was because the rise in Total Disposable Income (TDI) exceeded that in Final Consumption Expenditure.
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 €2.9bn in the quarter and capital spending (P.5) was €4.2bn. Households also increased their assets in pension funds (D.8) by €1.1bn. Figures from the Central Bank of Ireland show that households' net deposits into banks in Ireland rose by €1.7bn over October, November and December (Q4) 2024. Loan liabilities of households to banks were up €1.4bn in the three months, meaning growth in deposit assets was largely counter-balanced by growth in loan liabilities. 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.
For 2024 as a whole (unadjusted), the saving rate was 14.2%, up from 13.6% in 2023.
The accounts for Households have revised since the Household Saving release in March 2025. This is primarily due to new data on Government Finance Statistics which only became available in March, which indicated lower taxes (D.5) and social contributions (D.6) by Households, and hence a higher saving rate.
The seasonally adjusted data series which includes Gross Disposable Income, Personal Consumption of Goods and Services and Gross Saving of the Household including Non-Profit Institutions Serving Households (NPISH) 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 | 24.68% |
| 2020Q2 | 33.99% |
| 2020Q3 | 21.22% |
| 2020Q4 | 25.64% |
| 2021Q1 | 30.97% |
| 2021Q2 | 22.04% |
| 2021Q3 | 19.69% |
| 2021Q4 | 19.16% |
| 2022Q1 | 16.43% |
| 2022Q2 | 16.37% |
| 2022Q3 | 15.06% |
| 2022Q4 | 13.88% |
| 2023Q1 | 15.40% |
| 2023Q2 | 13.98% |
| 2023Q3 | 13.31% |
| 2023Q4 | 12.68% |
| 2024Q1 | 13.93% |
| 2024Q2 | 12.83% |
| 2024Q3 | 14.94% |
| 2024Q4 | 15.27% |
The largest component of household income is Compensation of Employees (CoE): this made up €39bn of the €43bn TDI in the quarter. At current prices seasonally adjusted COE was higher compared with the third quarter of the year (+2.9% change). There was a small decline in the number employed but a small rise in average earnings. Figure 1.2 illustrates the differences in CoE by economic sector in the quarter compared to Q3 2024 after adjusting for seasonal factors. There was a significant rise in Information & Communications (+€279m or +7.7%), and the Professional, Scientific and Technical sector (+€207m or +3.9%). Changes were smaller in other sectors but all showed an increase in the quarter.
| sector | Change (Seasonally Adjusted) since Q3-2024 €m |
|---|---|
| Agriculture, Forestry and Fishing | 3.31308757011999 |
| Industry (excl. Construction) | 164.48386936532 |
| Construction | 48.80291328217 |
| Distribution, Transport, Hotels and Restaurants | 130.35484929551 |
| Information and Communication | 279.0632020926 |
| Financial and Insurance Activities | 90.2209994969198 |
| Real Estate Activities | 9.40212783321198 |
| Professional, Admin and Support Services | 206.79271930828 |
| Public Admin, Education and Health | 127.116372651399 |
| Arts, Entertainment and Other Services | 22.940980442899 |
Get the Data: Compensation of Employees by Economic Activity
Comparing the equivalent quarter of 2023, before price or seasonal adjustment, higher take-home pay meant higher taxes (D.5) and PRSI (D.61) paid by households (see Tables 1.2 and 1.3, 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 by more than the 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. Households also received more in social protection and pension payments.
Gross Disposable Income (B.6G) of households was €43.2bn in Q4 2024 before price and seasonal adjustment (that is, nominal unadjusted). TDI, which also includes the adjustment for the change in pension entitlements (D.8), was €44.3bn in Q4 2024. This was an increase of €3.4bn (8.5%) on Q3 2024. After accounting for inflation and seasonal factors, household total disposable income in real terms grew by 3% (see Pxstat table ISQ04). Figure 1.3 shows TDI before and after adjustments for the quarter.
In the whole year 2024, Gross Disposable Income was €173bn, up €12bn or 7.5% on 2023 (see Table 1.3). The majority of this increase is accounted for by COE (+€10bn or 6.8%). The biggest percentage increases in household transactions were in investment income paid and received as interest rates were higher in 2024 than 2023. Investment income received grew by 25%, while investment income paid went up 49%. The net investment income was €10.5bn (€18.5bn received and €8bn paid), an increase of €1bn on 2023.
| TDI Current Price Unadjusted | TDI Current Price Seasonally Adjusted | TDI Constant Price Seasonally Adjusted | |
| 2020Q1 | 32.85659 | 33.32898 | 35.71337 |
| 2020Q2 | 32.51586 | 31.56888 | 35.42631 |
| 2020Q3 | 31.51704 | 31.09687 | 34.25983 |
| 2020Q4 | 31.17378 | 32.12532 | 35.40089 |
| 2021Q1 | 32.35487 | 32.80683 | 35.71248 |
| 2021Q2 | 34.66798 | 33.70239 | 36.54774 |
| 2021Q3 | 35.44207 | 34.88693 | 37.19682 |
| 2021Q4 | 34.07559 | 35.23117 | 36.94582 |
| 2022Q1 | 35.05672 | 35.40764 | 35.92867 |
| 2022Q2 | 37.84233 | 36.91251 | 37.13308 |
| 2022Q3 | 38.50927 | 37.85051 | 37.7338 |
| 2022Q4 | 37.07836 | 38.44732 | 37.46864 |
| 2023Q1 | 39.95094 | 40.05248 | 38.21254 |
| 2023Q2 | 41.86822 | 41.08838 | 37.88924 |
| 2023Q3 | 42.37211 | 41.68588 | 37.70196 |
| 2023Q4 | 40.94286 | 42.38623 | 38.1122 |
| 2024Q1 | 43.64442 | 43.53995 | 38.68078 |
| 2024Q2 | 44.04426 | 43.41908 | 38.0511 |
| 2024Q3 | 45.25132 | 44.5782 | 38.92756 |
| 2024Q4 | 44.3032 | 45.74216 | 39.9318 |
In 2024 as a whole, household consumption was up 2.3% on 2023 after adjusting for inflation. Household consumption was up slightly (+1.4%) in the final quarter of 2024 once seasonal and price factors were taken into account. Goods were up 0.2% while services were up 2.5% in volume consumed. In the consumer-facing sectors of the Services Index in the last quarter there was significant increase in the volume of services of Accommodation & Food (+8%). The Retail Sales Index seasonally adjusted volume was up overall (+1%), but the subsector of sales in Bars was up 8%. The figures are seasonally adjusted, and these large increases in consumption in bars and restaurants are in addition to the usual increases in activity before Christmas; they are also price adjusted, and show the volume of activity was up as well as price.
The Consumer Price Index (CPI) shows that prices for consumer goods and services at the end of the quarter (December 2024) were up 1.4% when compared with a year earlier (December 2023). The most significant increases in the 12 months to December 2024 were seen in Restaurants & Hotels (+3.7%) and Recreation & Culture (+3.3%). Prices were lower than 12 months previously for Clothing & Footwear (-8.0%) and Furnishings, Household Equipment & Routine Household Maintenance (-1.3%).
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