Economic and Investment Outlook
Households balance sheet strength
Debt levels much lower coming into pandemic + Covid savings
Private sector balance sheets are not over leveraged -
healthy position will insulate against tighter monetary policy
Household savings rate has been volatile but clear that
households saving into financial assets since 2019
% of GNI*
175
150
135
129
110
158
125
100
75
82
50
71
65
52
44
51
35
13
25
0 T
Household debt
SME debt
Public debt
2003 2008 2013
12022
EUR bn, 4QMA
10
5
0
-5
-10
I
2005
I
2010
2015
2020
| Financial Liabilities
Savings
Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta
National Treasury Management Agency
Source: Central Bank of Ireland, Eurostat, CSO
Financial Assets
Housing Investments Stat Discrep/Other
Source: Central Bank of Ireland
16
Note: The CSO recently revised downwards the household savings rate from above 20% in 2022 to much closer to
10%. The volatile savings data should be treated with caution.View entire presentation