Household savings rate jumped in 2008
Tuesday, 10 November 2009 11:55Figures from the Central Statistics Office show a big rise in the proportion of income saved by households last year.
The CSO said the percentage of disposable income saved by people rose from 1.7% in 2007 to 4.2% last year. Total disposable income for households grew by €4.4 billion from 2007 to €91 billion.
Government saving fell by €11.2 billion - from a surplus of €6.4 billion to a deficit of €4.7 billion. This was due to lower tax revenue and increased spending on social welfare.
Net lending - the difference between the amount lent and the amount borrowed - by financial institutions was €7.9 billion, down from almost €8.5 billion in 2007. But borrowing by the Government exceeded its lending by €13.9 billion. Net borrowing by households fell sharply from €14.6 billion to €5.2 billion.
Industrial production picks up in Q3
Official figures show that the volume of industrial production in September was 0.6% higher than in the same month last year.
The Central Statistics Office also said production in the third quarter of this year was 4% higher than in the second quarter.
The CSO said there was a strong increase in pharmaceutical production in September, but falls in computer and food production.
The annual increase in the modern sector - which includes high technology and chemical industries - was 10.9% in September, but the traditional sector showed a drop of 17.7%.
