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Govt supports to households down €2.2bn in first quarter

New figures from the Central Statistics Office also show that household saving were down €3.7bn compared to the first three months of last year.
New figures from the Central Statistics Office also show that household saving were down €3.7bn compared to the first three months of last year.

Government supports to households, in the form of the Employment Wage Subsidy Scheme (EWSS) and the Pandemic Unemployment Payment (PUP) were down €2.2bn in the first quarter of this year, compared to the same time last year.

New figures from the Central Statistics Office also show that household saving were down €3.7bn compared to the first three months of last year.

The household saving rate was 19.9%.

Although the amount saved is high, the figures show that the saving rate is declining, and this is the first time it has been below 20% since the start of 2020.

The figures also show that household consumption was up €5bn.

However, the CSO said this increase was due to inflation rather than people consuming more goods and services.

The Consumer Price Index shows prices were 5.8% higher in the quarter compared with the first quarter of 2021.

The data shows that household income from employment and self-employment was up €5.5bn.

The growth in pay to workers was spread across most sectors of the economy.

The largest increases were in public administration, education and health, and professional, administration & support activities.

Distribution, transport, hotels and restaurants, also showed significant additions to the pay bill.

Higher take-home pay meant higher taxes and PRSI paid by households.

Meanwhile, the government surplus was €282m in the first quarter of 2022.

This compares to a deficit of €6,382m in the first quarter of last year.

The CSO said the improved position was due to both higher revenues and lower expenditure.

Overall, the economy as a whole grew in the first quarter of 2022, driven by non-financial corporations' higher gross value added.

GDP was €117bn, 16% higher than in the first quarter of last year.