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For more information on this release:
E-mail: nat_acc@cso.ie Michael Connolly (+353) 1 498 4006 Peter Culhane (+353) 1 498 4382
For general information on CSO statistics:
information@cso.ie (+353) 21 453 5000 Visit StatCentral.ie, the portal to Ireland's official statistics On-line ISSN 2009-5600
CSO statistical release, , 11am

Quarterly Institutional Sector Accounts Non-Financial

Quarter 3 2018

Seasonally Adjusted Gross Household Saving by Component€ Million
 Gross Disposable Income (B.6g + D.8)Final Consumption Expenditure (P.3)Gross Saving Ratio
Q2 201827,61024,42111.6%
Q3 201828,02924,78111.6%

Household saving ratio 11.6% in the third quarter of the year

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On a seasonally adjusted basis, the quarterly gross disposable income of households (B.6g+D.8) was up slightly to €28,029m in the third quarter of 2018. There was also a small increase in quarterly household expenditure (P.3) to €24,781m in the same quarter. The derived gross saving ratio was 11.6% in the third quarter, unchanged from the second (see Background Notes - definitions).

Annual gross saving for the overall economy in Q3 2018

Gross saving (B.8g) for the total economy (S.1) was €29,380m in the quarter, with little change over the same period in 2017, as an increase in government saving was offset by a decrease in corporations' saving (see Summary Table).

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 at www.cso.ie/shorturl.aspx/99.  The entire unadjusted series for all variables published in this release are also available at the same link.  See Background Notes for definitions of the terms used.

Decreased net borrowing of Government

The net borrowing (B.9) of Government (S.13) totalled €1,167m in Q3 2018, a decrease of €645m on €1,812m in the equivalent period last year. Revenue from direct taxes (D.2) and indirect taxes (D.5) increased, as did spending on compensation of employees (D.1 up €345m on the third quarter of 2017).

Non-financial (S.11) and Financial (S.12) Corporations

The gross saving of non-financial corporations of €21,844m in Q3 2018 was a decrease of €601m on the Q3 2017 value of €22,445m, driven by higher outflows of dividends and reinvested earnings.

Financial corporations had gross saving of €3,821m in Q3 2018, an improvement on €3,042m in the same period of 2017. The increase in saving for this sector was driven by higher interest income (D.41 resources up €2,049m).

Rest of the World Sector (S.2)

The net borrowing (B.9) by the rest of the world from Ireland amounted to €9,069m in Q3 2018 compared €7,789m in Q3 2017, a change of €1,280m. Ireland's net imports of goods (P.71 minus P.61) was higher, and the net property income (D.4) received by the rest of the world was also higher, but these were offset by the absence of purchases of non-produced assets (NP) by the non-financial sector, which had a large impact on the 2017 figures but are much smaller in 2018.

Table 1: Quarterly Accounts by Institutional Sector, Q1 2017 - Q3 2018 Summary€million
  Key VariablesQuarterS.2 Rest of WorldS.1 Total EconomyS.1N Not SectorisedS.11 Non-Financial CorporationsS.12 Financial CorporationsS.13 General GovernmentS.14+S.15 Households incl. NPISH
(a)B.1*gGross Domestic ProductQ1 2017 68,1513,13247,2284,7456,5106,536
   Q2 2017 68,9174,67246,8324,7696,3986,246
   Q3 2017 77,7786,09752,5935,3716,1897,528
   Q4 2017 79,2644,26355,2185,6616,1477,975
   2017 294,11018,163201,87120,54625,24628,285
   Q1 2018 77,3975,08053,3235,3416,8126,841
   Q2 2018 76,0664,59052,6825,3836,7406,672
   Q3 2018 81,4215,56355,5275,6906,5618,080
           
(b)B.2g/B.3gGross Operating Surplus /Q1 2017 40,763-2,62733,8102,7701,1415,670
  Mixed incomeQ2 2017 43,11658633,1942,6841,1415,510
   Q3 2017 50,1519138,7113,3811,1416,828
   Q4 2017 51,914-82340,7403,6011,1417,254
   2017 185,944-2,773146,45512,4354,56525,262
   Q1 2018 48,836-71139,1273,2921,1685,961
   Q2 2018 48,44527537,9663,1491,1685,887
   Q3 2018 51,699-93540,6093,5401,1687,316
           
(c)D.1_D.4Net Primary IncomeQ1 2017 13,7040-14,2814235,19222,370
   Q2 2017 10,0430-16,066-1,0704,22722,952
   Q3 2017 12,7870-14,853-1235,04522,718
   Q4 2017 11,7440-15,836-3774,35923,599
   2017 48,2770-61,036-1,14818,82391,638
   Q1 2018 13,5960-14,035-1,0305,17923,482
   Q2 2018 12,0800-15,664-1,1894,36424,570
   Q3 2018 13,0090-17,3484915,70724,158
           
(d)B.5gGross National IncomeQ1 2017 54,467-2,62719,5293,1926,33328,039
  = (b + c)Q2 2017 53,15958617,1281,6145,36828,462
   Q3 2017 62,9389123,8583,2586,18629,545
   Q4 2017 63,658-82324,9043,2235,50030,853
   2017 234,221-2,77385,41911,28723,388116,900
   Q1 2018 62,432-71125,0922,2626,34729,443
   Q2 2018 60,52527522,3011,9605,53230,457
   Q3 2018 64,708-93523,2614,0316,87631,475
           
(e)D.5_D.7Net Current TransfersQ1 2017 -9360-9054092,440-2,879
   Q2 2017 -14460-2,850-1634,647-3,080
   Q3 2017 -9960-1,4142592,883-2,725
   Q4 2017 -10960-3,468-2937,536-4,872
   2017 -4,4740-8,63621217,506-13,556
   Q1 2018 -13120-9663442,629-3,319
   Q2 2018 -13040-3,298-2925,552-3,266
   Q3 2018 -11710-1,4182893,273-3,316
           
(f)B.6gGross Disposable IncomeQ1 2017 53,531-2,62718,6243,6018,77325,160
  = (d + e)Q2 2017 51,71258614,2781,45010,01525,383
   Q3 2017 61,9429122,4453,5179,07026,820
   Q4 2017 62,562-82321,4362,93113,03625,981
   2017 229,747-2,77376,78311,49940,894103,344
   Q1 2018 61,121-71124,1252,6068,97626,124
   Q2 2018 59,22127519,0041,66711,08427,191
   Q3 2018 63,536-93521,8444,32010,14928,159
           
(g)P.3 + D.8Use of Disposable IncomeQ1 2017 -31,47100-481-8,403-22,587
   Q2 2017 -31,19600-474-8,659-22,062
   Q3 2017 -32,46700-475-9,382-22,610
   Q4 2017 -34,34900-468-9,202-24,679
   2017 -129,48200-1,898-35,646-91,938
   Q1 2018 -32,76600-424-8,805-23,538
   Q2 2018 -32,94000-460-9,311-23,170
   Q3 2018 -34,15700-500-9,921-23,736
           
(h)B.8gGross SavingQ1 2017 22,060-2,62718,6243,1203712,573
  = (f + g)Q2 2017 20,51758614,2789761,3563,320
   Q3 2017 29,4769122,4453,042-3124,210
   Q4 2017 28,212-82321,4362,4633,8341,302
   2017 100,265-2,77376,7839,6015,24811,406
   Q1 2018 28,354-71124,1252,1821722,587
   Q2 2018 26,28027519,0041,2081,7734,021
   Q3 2018 29,380-93521,8443,8212284,423
           
(i) Changes in Capital AccountsQ1 2017 -13,327-2,627-9,535-435-651-79
   Q2 2017 -12,209586-10,793-837-495-670
   Q3 2017 -3,73391-3,130-317-514138
   Q4 2017 -2,282-823-339-581-439-101
   2017 -31,551-2,773-23,797-2,170-2,099-712
   Q1 2018 -739-7111,742-429-703-637
   Q2 2018 2,2162753,889-471-921-556
   Q3 2018 -1,239-9351,549-629-408-816
           
(j)P.51CConsumption of Fixed Capital1Q1 2017 17,777 15,2223919861,178
   Q2 2017 17,847 15,2863929861,183
   Q3 2017 17,954 15,3823959861,191
   Q4 2017 18,379 15,7674059861,221
   2017 71,957 61,6571,5823,9454,773
   Q1 2018 18,500 15,8774079871,229
   Q2 2018 18,698 16,0564129871,243
   Q3 2018 19,072 16,3954219871,269
           
(k)B.9Net lending (+) / Net borrowing (-)Q1 20179,044-9,044-5,254-6,1332,294-1,2671,315
  = (h + i) - jQ2 20179,540-9,5401,171-11,800-253-1251,467
   Q3 2017-7,7897,7891813,9332,330-1,8123,157
   Q4 2017-7,5517,551-1,6455,3301,4782,409-20
   20173,244-3,244-5,546-8,6715,849-7965,920
   Q1 2018-9,1159,115-1,4239,9901,345-1,518720
   Q2 2018-9,7989,7985506,837325-1352,222
   Q3 2018-9,0699,069-1,8706,9982,771-1,1672,338
Table 1.2 Generation of Income Account€million
RESOURCES (RECEIVED)S.1+S.2 Sum Over SectorsS.2 Rest of WorldS.1 Total EconomyS.1N Not SectorisedS.11 Non-Financial CorporationsS.12 Financial CorporationsS.13 General GovernmentS.14+S.15 Households incl. NPISH
B.1*gGross Domestic Product  81,4215,56355,5275,6906,5618,080
D.3Subsidies, Received819 81924420800367
USES (PAID)        
D.1Compensation of Employees23,17513523,040 14,5752,0615,3931,010
D.2Taxes on Production and Imports, Paid7,502 7,5026,742551880120
B.2g/ B.3gGross Operating Surplus/ Gross Mixed Income  51,699-93540,6093,5401,1687,316
Table 1.3 Allocation of Primary Income Account€million
RESOURCES (RECEIVED)S.1+S.2 Sum Over SectorsS.2 Rest of WorldS.1 Total EconomyS.1N Not SectorisedS.11 Non-Financial CorporationsS.12 Financial CorporationsS.13 General GovernmentS.14+S.15 Households incl. NPISH
B.2g/ B.3gGross Operating Surplus/ Gross Mixed income  51,699-93540,6093,5401,1687,316
D.1Compensation of Employees23,17516023,015    23,015
D.2Taxes on Production and Imports, Received7,502907,411   7,411 
D.4Property Income67,31940,71526,604 4,82720,133801,563
D.41Interest22,6687,10415,563 76314,48830282
D.42Distributed Income of Corporations11,0786,4954,583 1733,84823540
D.43Reinvested Earnings on Direct Foreign Investment20,07715,0735,004 3,8661,13800
D.44Property Income attributed to Insurance Policy Holders13,40912,0431,366 256580682
D.45Rents87 87 002760
USES (PAID)        
D.3Subsidies, Paid819384435   435 
D.4Property Income67,31923,73343,586 22,17519,6421,349420
D.41Interest22,66814,0548,613 2,4164,4881,349360
D.42Distributed Income of Corporations11,0784,0177,061 6,20086100
D.43Reinvested Earnings on Direct Foreign Investment20,0775,00415,073 13,5321,54200
D.44Property Income attributed to Insurance Policy Holders13,40965712,752 012,75200
D.45Rents87 87 270060
B.5gGross National Income  64,708-93523,2614,0316,87631,475
Table 1.5 Secondary Distribution of Income Account€million
RESOURCES (RECEIVED)S.1+S.2 Sum Over SectorsS.2 Rest of WorldS.1 Total EconomyS.1N Not SectorisedS.11 Non-Financial CorporationsS.12 Financial CorporationsS.13 General GovernmentS.14+S.15 Households incl. NPISH
B.5gGross National Income  64,708-93523,2614,0316,87631,475
D.5Current Taxes on Income, Wealth, etc.6,277186,259   6,259 
D.61Social Contributions4,50204,502 01,3183,1840
D.62Social Benefits other than Social Transfers in kind6,421836,338    6,338
D.7Other Current Transfers5,8882,1853,703 2412,206561,200
USES (PAID)        
D.5Current Taxes on Income, Wealth, etc.6,277196,258 92325705,078
D.61Net Social Contributions4,50204,502    4,502
D.62Social Benefits other than Social Transfers in kind6,421776,344 08185,5260
D.7Other Current Transfers5,8881,0194,870 7352,1607001,275
B.6gGross Disposable Income  63,536-93521,8444,32010,14928,159
Table 1.6 Use of Disposable Income Account€million
RESOURCES (RECEIVED)S.1+S.2 Sum Over SectorsS.2 Rest of WorldS.1 Total EconomyS.1N Not SectorisedS.11 Non-Financial CorporationsS.12 Financial CorporationsS.13 General GovernmentS.14+S.15 Households incl. NPISH
B.6gGross Disposable Income  63,536-93521,8444,32010,14928,159
D.8Adjustment for the Change in Pension Entitlements5000500    500
USES (PAID)        
P.3Final Consumption Expenditure  34,157   9,92124,236
D.8Adjustment for the Change in Pension Entitlements5000500  500  
B.8gGross Saving  29,380-93521,8443,8212284,423
Table 1.7 External Account€million
RESOURCES (RECEIVED)S.1+S.2 Sum Over SectorsS.2 Rest of WorldS.1 Total EconomyS.1N Not SectorisedS.11 Non-Financial CorporationsS.12 Financial CorporationsS.13 General GovernmentS.14+S.15 Households incl. NPISH
P.7Imports of Goods and Services 70,178      
D.1 to D.8Primary Incomes and Current Transfers122,40243,25179,151     
USES (PAID)        
P.6Exports of Goods and Services 97,167      
B.11External Balance of Goods & Services -26,988      
D.1 to D.8Primary Incomes and Current Transfers122,40225,36797,035     
B.12Current External Balance -9,104      
Table 1.8 Change in Net Worth due to Saving and Capital Transfers Account€million
LIABILITIESS.1+S.2 Sum Over SectorsS.2 Rest of WorldS.1 Total EconomyS.1N Not SectorisedS.11 Non-Financial CorporationsS.12 Financial CorporationsS.13 General GovernmentS.14+S.15 Households incl. NPISH
B.8gGross Saving   29,380-93521,8443,8212284,423
B.12Current External Balance -9,104      
D.9Capital Transfers4025398 148021535
ASSETS        
D.9Capital Transfers40212391 121018386
P.51cConsumption of Fixed Capital   19,072 16,3954219871,269
B.10.1Changes in Net Worth due to Saving and Capital Transfers1,204-9,11110,315-9355,4753,400-7283,103
Table 1.9 Acquisition of Non-Financial Assets Account€million
LIABILITIESS.1+S.2 Sum Over SectorsS.2 Rest of WorldS.1 Total EconomyS.1N Not SectorisedS.11 Non-Financial CorporationsS.12 Financial CorporationsS.13 General GovernmentS.14+S.15 Households incl. NPISH
B.10.1Changes in Net Worth due to Saving and Capital Transfers1,204-9,11110,315-9355,4753,400-7283,103
P.51cConsumption of Fixed Capital 19,072 19,072 16,3954219871,269
ASSETS        
P.5Gross Capital Formation20,276 20,27693514,8311,0501,4262,034
NPAcquisitions less Disposals of Non-Produced Assets0-4242 42000
B.9Net Lending (+)/ Net Borrowing (-)0-9,0699,069-1,8706,9982,771-1,1672,338

Background Notes

Revisions in this release

Some revisions have been made to previously published figures for the quarters of 2018. Non-financial and financial corporations' data has been revised for 2012-2018 to take account of changes in sectoral allocation of corporations and to show investment income flows on an asset/liability basis where they had been shown on a directional basis.

Description of Institutional Sectors

In the Sector Accounts, Institutional Sectors are distinguished not in terms of the nature of their production activity (such as agriculture, industry, services, etc.) but rather in terms primarily of the institutional form of the units that make them up. Thus, companies, whether engaged in commercial non-financial or financial business, are grouped in a different sector from households, even though the latter are in many cases also engaged in commercial production, and from government or other non-market producers such as voluntary agencies.

Institutional Sectors

The classification system is that of the European System of Accounts 2010 (ESA2010). The sectors and sub-sectors distinguished in the present publication are as follows:

S.1 Resident Economy is the sum of all the sectors of the domestic economy.

S.11 Non-Financial Corporations are corporate bodies producing goods and non-financial services on a commercial basis. They include public limited companies, private companies and other corporate forms of business, whether owned by residents (including the government) or non-residents or both. In particular, therefore, Irish subsidiaries of foreign companies and the Irish branches of foreign companies operating in Ireland on a branch basis are included; while the foreign subsidiaries of Irish companies and the foreign branches of Irish companies operating abroad are excluded (they form part of the Rest of World sector S.2). The business activities of self-employed persons (quasi-corporations) are in principle to be included here if separate accounts are available for statistical purposes. Under the implementation of ESA2010, entities which operate as holding companies for non-financial corporations are now classified in the financial sector.

S.12 Financial Corporations are corporate bodies producing financial services on a commercial basis. As with S.11, they can take various legal forms, with a range of ownership arrangements. They include monetary financial institutions, other financial intermediaries, financial auxiliaries and insurance corporations and pension funds.

S.13 General Government consists of central and local government. Central government includes the Ireland Strategic Investment Fund (formerly the NPRF), and non-commercial agencies owned and funded by government, but does not include commercial state-owned companies (which are proper to S.11 or S.12 as appropriate).

S.1M: S.14 + S.15 Households and Non-Profit Institutions Serving Households. S.14 consists of persons in their capacity as holders of financial assets or as borrowers. The business assets and liabilities of unincorporated self-employed persons are also mainly reflected in this sector. S.15 consists of non-profit institutions such as charities and non-commercial agencies not owned by the government, such as some schools and hospitals.

S.2 Rest of World. The figures represent the economy's transactions with non-residents. The conceptual definition is the same as in the Balance of Payments (BOP) statistics. In particular, non-residents include foreign subsidiaries of Irish companies, the foreign branches of Irish companies that operate abroad on a branch basis, and the head offices of foreign companies that operate in Ireland on a branch basis.

S.1N Not Sectorised. In the non-financial accounts an additional residual sector is used to report taxes and subsidies on products (D.21) in the Generation of Income Account (Account 1.2) as it is not possible to allocate these amounts to Institutional Sectors. In addition, throughout these accounts S.1N is used to report the amounts that appear as the statistical discrepancy in the National Income and Expenditure GDP accounts, arising from the use of two independent estimates of GDP (from the Income and Expenditure approaches). In the Annual National Accounts NIE tables 3 and 5, the official estimate of GDP is reported as the average of the two measures, and the discrepancy is therefore displayed as half the difference between the two independent estimates (and thus with different signs in the two tables). The discrepancy is projected forward on a quarterly basis in line with the trends in the Expenditure components and is presented in Table 2 of the Quarterly National Accounts. In the Quarterly Sector Accounts it appears in Gross Domestic Product, the opening item in the Generation of Income Account and is then carried through successive accounts via the balancing item.

Description of Detailed Non-Financial Accounts

Sector Accounts present a coherent overview of all economic processes and the roles played by the various sectors. Each economic process is described in a separate account. The accounts describe successively: generation of income, primary and secondary income distribution, final consumption, redistribution by means of capital transfers, and capital formation. Note that the Production Account (1.1) from the Annual Accounts is not included in these quarterly accounts as the data is not available on a quarterly basis. The accounts record economic transactions, distinguishing between uses and resources (e.g. the resources side of the transaction category Interest (D.41) records the amounts of interest receivable by the different sectors of the economy and the uses side shows interest payable) with a special item to balance the two sides of each account. By passing on the balancing item from one account to the next a connection is created between successive accounts.

The accounts are compiled for the total economy and include accounts for separate domestic sectors and the Rest of World sector. In this way the sector accounts describe:

  • for each economic process the role of each sector, for instance General Government in income redistribution and Financial Corporations in financing.
  • for each sector all economic transactions and their relation with other domestic sectors and the Rest of World.

The successive accounts are explained in more detail below. 

Current Accounts

1.1 Production Account

This account is not presented in the Quarterly Non-Financial Accounts as quarterly data is not available.

1.2 Generation of Income Account

This account displays the transactions through which Gross Domestic Product at market prices is distributed to labour (compensation of employees), capital (operating surplus) and government (the balance of taxes and subsidies on production). The balancing item for the Household and NPISH sector in this account is called mixed income, because apart from operating surplus it also contains compensation for work by self-employed persons and their family members. Gross Operating Surplus/Gross Mixed Income (B.2g/B.3g) is the balancing item for the entire account.

1.3 Allocation of Primary Income Account

This account records, as resources, the income from direct participation in the production process, as well as property income received in exchange for the use of land, financial resources and other intangible assets. In addition, this account records the taxes on production and imports received by the government. On the uses side, property income (including interest, dividends, reinvested earnings and land rent) is recorded as well as the subsidies paid by the government.

On this account the interest paid and received are recorded excluding imputed bank services (financial intermediation services indirectly measured - FISIM). In the national accounts insurance technical reserves are seen as a liability of insurance enterprises and pension funds to policyholders. Therefore, the receipts from investing these reserves are recorded as payments from insurance enterprises and pension funds to households, under Other Investment Income (D.44). The balancing item of this account for each sector is Gross National Income (B.5g). The Primary Income for the total economy is the National Income.

1.4 Memorandum-Entrepreneurial Income Account

This account is not presented in the Quarterly series.

1.5 Secondary Distribution of Income Account

The Secondary Distribution of Income Account shows how primary income is redistributed by means of current taxes on income and wealth, social contributions (including contributions to pension schemes), social benefits (including pension benefits) and other current transfers. The balancing item of this account is Gross Disposable Income (B.6g). For the consuming sectors (Households, NPISH and General Government) this item is passed on to Use of Disposable Income Account (1.6). For the other sectors the disposable income is generally equal to saving. This is then passed on to the Change in Net Worth due to Saving and Capital Transfers Account (1.8).

1.6 Use of Disposable Income Account

This account shows the element of disposable income that is spent on final consumption and also the element that is saved. As mentioned above, final consumption only exists for Households, NPISH and General Government. The net equity of Households in pension funds is seen as a financial asset that belongs to Households. Changes in these reserves need to be included in the saving of Households. However, contributions to pension schemes and pension benefits have already been recorded on the Secondary Distribution of Income Account (1.5) as social contributions and social benefits. Therefore, an adjustment is needed in the saving of Households to include the change in pension funds reserves on which they have a definite claim. This adjustment is called Adjustment for the Change in Pension Entitlements (D.8). There is no need for a similar adjustment concerning life insurance because life insurance premiums and benefits are not recorded as current transactions. The balancing item for this account is Gross Saving (B.8g).

1.7 External Account

This account records the summarised transactions of the Rest of World Sector (S.2), including on the uses side exports of goods and services, primary incomes and current transfers receivable. The resources side of this account includes imports of goods and services together with primary incomes and transfers payable. The balancing item is Current External Balance (B.12), which records the balance on current accounts with the Rest of World.

Capital Accounts

1.8 Change in Net Worth due to Saving and Capital Transfers

On this account the capital transfers are recorded and combined with gross saving and the current external balance. The resulting balancing item is Changes in Net Worth due to Saving and Capital Transfers (B.10.1).

1.9 Acquisition of Non-Financial Assets Account

On this account, Gross Fixed Capital Formation (P.51), Changes in Inventories (P.52) and Acquisitions less Disposals of Valuables and Non-Produced Non-Financial Assets (N.P.) are recorded among the uses. The decline in the value of fixed capital goods caused by consumption of fixed capital goods is recorded among the resources (P.51c). The balancing item is Net Lending(+) or Borrowing(-) (B.9). It shows the amount a sector can lend/invest or has to borrow as a result of its current and capital transactions.

Seasonal Adjustment

Seasonal adjustment is conducted using the direct seasonal adjustment approach. Under this approach, each individual time series is independently adjusted, i.e. aggregate series are adjusted without reference to the component series.

As part of the seasonal adjustment process, ARIMA models are identified for each series based on unadjusted data spanning Q1 1999 to Q1 2018. These models are then applied to the entire series (Q1 1999 to Q2 2018). Seasonal factors and the parameters of the ARIMA models are updated each quarter.

The adjustments are completed by applying the X-13-ARIMA model, developed by the U.S. Census Bureau to the unadjusted data. This methodology estimates seasonal factors while also taking into consideration factors that impact on the quality of the seasonal adjustment such as, for example:

  • calendar effects, e.g. the timing of Easter
  • outliers, temporary changes and level shifts in the series

For additional information on the use of X-13-ARIMA, see https://www.census.gov/srd/www/x13as/.

Derived Seasonally Adjusted Household Saving Ratio

Seasonally adjusted estimates of Household Saving are compiled using the indirect seasonal adjustment approach. Under this approach the two main aggregates, Household Disposable Income (B.6g + D.8) and Final Consumption Expenditure of Households (P.3), are independently adjusted. The derived saving is the difference between the two adjusted series of Household Disposable Income and Final Expenditure of Households. This method for estimating the seasonally adjusted value for a small net residual of two large aggregates, such as Household Saving, is considered to be a more appropriate estimation procedure.

The use of these saving either for financial investment or debt reduction is not recorded in these accounts but is recorded in the financial account (see Quarterly Financial Accounts published by the Central Bank of Ireland and Institutional Sector Accounts Non-Financial and Financial 2016 for annual integrated financial and non financial accounts).

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