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CSO statistical release, , 11am

Quarterly Institutional Sector Accounts Non-Financial

Quarter 1 2018

Seasonally Adjusted Gross Household Saving by Component€ Million
Gross Disposable Income (B.6g + D.8)Final Consumption Expenditure (P.3)Gross Saving Ratio
Q4 201726,51823,85810.0%
Q1 201826,50023,9249.7%

Slight Decrease in Household Saving Ratio in the First Quarter of the Year

Gross Household Savings Ratio Seasonally Adjusted Q1 2017 – Q1 2018
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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).

 

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 €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.