Gross Irish household savings increased by €2.76bn in Q1 2011 compared to an increase of €2.5bn in Q1 2010. The gross savings ratio in Q1 2011 which expresses gross savings as a percentage of gross disposable income is 12.9% compared to 11.6% in Q1 2010.
The Central Statistics Office said that the first estimate for annual gross saving in 2010 of €10.7bn is presented in these accounts. The gross annual savings ratio for 2010 is 12.2%. In general, the gross disposable income of households fell over the course of 2010 and into Q1 2011.
However, consumption by households has remained generally flat resulting in lower gross savings in 2010.
This new Quarterly series highlights the trend over the past five quarters in a number of key macro economic variables. The transition from GDP (gross domestic product) to Net Lending/Net Borrowing including Primary Incomes, Gross National Income, Gross Disposable Income and Gross Saving. The detailed results for the first quarter of 2011 are set out in greater detail in the 2011 Q1 table (pdf).
Financial corporations had gross savings of €2.0bn in the first quarter of 2011 - - down from €2.2bn in Q1 2010 while the corresponding figures for non-financial corporations were €2.6bn and €2.56bn, respectively. The Government sector had a savings deficit of €4.2bn which is almost identical to the result for Q1 2010 of €4.3bn.
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