2023 Irish household savings fell to €16.8bn from €17.6bn in 2022, with the saving rate dropping from 12% to 11% due to inflation.
Irish household savings fell slightly to €16.8bn in 2023, down from €17.6bn in 2022, with the saving rate dropping from 12% to 11%. This return to pre-pandemic levels is partly due to inflation causing faster spending growth than income growth. Inflation also contributed to a decline in overall household savings in the last three months of 2023, as consumers dipped into savings and borrowed to fund projects.
March 11, 2024
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