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CSO statistical release, , 11am

Quarterly Institutional Sector Accounts Non-Financial

Quarter 2 2018

Seasonally Adjusted Gross Household Saving by Component€ Million
Gross Disposable Income (B.6g + D.8)Final Consumption Expenditure (P.3)Gross Saving Ratio
Q1 201826,64624,0409.8%
Q2 201827,28224,53410.1%

Increase in household saving ratio in the second 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 €27,282m in the second quarter of 2018 – a significant increase compared with this income of €26,646m in the previous quarter. There was also a large increase in quarterly household expenditure (P.3) of €494m over the same period (€24,534m in Q2 2018 compared with €24,040m in Q1 2018). The derived gross saving ratio increased slightly from 9.8% to 10.1% (see Background Notes - definitions).

Annual gross saving for the overall economy in Q2 2018 rises

Gross saving (B.8g) for the total economy (S.1) increased by €6,215m, from €20,517m in Q2 2017 to €26,732m in Q2 2018 (see Summary Table). This is explained largely by the increase in the gross saving of non-financial corporations (+€5,097m).

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.

Increase in Net Borrowing of Government

The net borrowing (B.9) of Government (S.13) totalled €481m in Q2 2018, an increase of €356m on €125m in the equivalent period last year. While revenue increased (income from taxes on income (D.5) was up €800m), spending increased faster, the biggest item being capital investment (P.5) which was up by €810m. 

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

The gross saving of non-financial corporations of €21,325m in Q2 2018 was an increase of €5,097m on the Q2 2017 value of €16,229m, driven by an increase in profits (B.2A3G) of €4,947m.

Financial corporations had gross savings of -€698m in Q2 2018, an improvement on -€974m in the same period of the previous year. The increase in saving for this sector was also driven by higher profits (up €480m).

Rest of the World Sector (S.2)

The net borrowing (B.9) by the rest of the world from Ireland amounted to €9,798m in Q2 2018 compared to net lending of €9,540m in Q2 2017, a change of €19,338m. The change to a net borrowing position is explained by the absence this quarter of large purchases of non-produced assets (NP) by the non-financial sector, which had a large impact on the second quarter figures in 2017.