|Seasonally Adjusted Gross Household Saving by Component||€ Million|
|Gross Disposable Income (B.6g + D.8)||Final Consumption Expenditure (P.3)||Gross Saving Ratio|
On a seasonally adjusted basis, the quarterly gross disposable income of households (B.6g+D.8) was €26,500m in the first quarter of 2018 – a slight decrease compared with the €26,518m result in the previous quarter. There was an increase in quarterly household expenditure (P.3) of €66m over the same period (€23,924m in Q1 2018 compared with €23,858m in Q4 2017). The derived gross saving ratio declined slightly from 10.0% to 9.7% (see Background Notes - definitions).
Annual Gross Saving for the Overall Economy in Q1 2018 Rises
Gross saving (B.8g) for the total economy (S.1) increased by €6,105m, from €22,060m in Q1 2017 to €28,165m in Q1 2018 (see Summary Table). This is explained largely by the increase in the gross saving of non-financial corporations (+€5,967m).
Increase in Net Borrowing of Government
The net borrowing (B.9) of Government (S.13) totalled €1,516m in Q1 2018, an increase of €249m on €1,267m the equivalent period last year. While revenue from taxes on income (D.5) was up €392m, pay to employees (D.1) increased by €300m, transfer payments to the EU and others (D.7) increased by €284m and investment income declined by €224m.
Non-financial (S.11) and Financial (S.12) Corporations
The gross saving of non-financial corporations of €25,980m in Q1 2018 increased by €5,967m compared to €20,013m in Q1 2017, driven by an increase in profits (B.2g) of €5,481m.
Financial corporations had gross saving of €385m in Q1 2018, a decrease of €1,616m on the same period of the previous year. Higher payments to investors (D.4 uses up €1,802m) was the biggest contributor to this change.
Rest of the World Sector (S.2)
The net borrowing (B.9) by the rest of the world from Ireland amounted to €9,115m in Q1 2018 compared to net lending of €9,044m in Q1 2017, a change of €18,159m. The change to a net borrowing position is explained by the absence of large purchases of non-produced assets (NP) by the non-financial sector, which had a large impact on the first quarter figures in 2017 but are much smaller this quarter.