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Household saving rate down slightly on 2022

CSO data shows that the household saving rate was 10.01% in the first quarter of 2023, largely unchanged from 10.08% in the last quarter of 2022 and down from 13.93% in Q1 2022.

The saving rate has been declining since the start of 2021 and is now around the same level as 2019. 

Ireland's household saving rate has followed the trajectory of the EU as a whole.

Inflation

Both consumption and income rose in the quarter in current prices, but after adjusting for inflation they were around the same as the previous quarter.

Estimates of total pay to workers rose due to both larger numbers in the workforce and higher average earnings.The Gross Value Added of Non-Financial Corporations, which drives Ireland's Gross Domestic Product (GDP), was €5.4bn (5.7%) higher in Q1 2023 compared with the equivalent quarter of 2022.

There were no large imports of intellectual property in the quarter, and depreciation on the existing large stock of assets exceeded net investment in the quarter.

Continuing saving by households and government contributed to a current account surplus for Ireland in the period.