Standard of living in Ireland declined again in third quarter of 2022

That was the third time the standard of living declined in the previous four quarters. It was down from a peak in the third quarter of 2021 when it was at its highest level in the 24-year series.

Investment in non-financial assets, such as dwellings, went from €1.7 billion in the third quarter of 2021 to €2.7 billion last year. Households also paid off €200 million in loans rather than take out new ones, and added €2.4 billion to their €145 billion deposits in banks. The economy as a whole grew, driven mainly by foreign-owned non-financial corporations. The value of these companies was up 21 per cent, or €17.8 billion. This included an increase of €1.7 billion in pay to workers and €14.9 billion in profit.

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