SEOUL, May 23 (Xinhua) -- South Korea's household income growth slowed in the first quarter due to lower earned income, statistical office data showed Thursday.
On a nominal basis, the monthly average income per household with one or more family members rose 1.4 percent from a year earlier to 5,122,000 won (3,760 U.S. dollars) in the January-March quarter, according to Statistics Korea.
It continued to increase for the third consecutive quarter, but the first-quarter expansion slowed down after growing 3.9 percent in the previous quarter.
The nominal earned income shed 1.1 percent to 3,291,000 won (2,420 dollars) in the first quarter, turning downward in three years as bonus reduced on lower corporate earnings.
The business income grew 8.9 percent to 875,000 won (640 dollars) on higher farm goods prices, while the property income soared 50 percent to 57,000 won (42 dollars).
The nominal transfer income gained 5.8 percent to 818,000 won (600 dollars) on higher government grants.
The real household income, adjusted for inflation, dwindled 1.6 percent in the first quarter compared to the previous quarter amid the still high inflation.
The monthly average expenditure per household increased 2.5 percent over the year to 3,984,000 won (2,920 dollars) in the first quarter.
The consumption expenditure climbed 3.0 percent to 2,908,000 won (2,130 dollars), while the inflation-adjusted real consumption expenditure was unchanged in the cited quarter.
On a nominal basis, expenses on food, non-alcohol beverage, lodging, eating-out, leisure and culture gained ground, but expenditure on transport and communications retreated in single digits.
Non-consumption expenditure, which includes the payment of tax, social insurance premium and interest cost, went up 1.2 percent over the year to 1,076,000 won (790 dollars) in the first quarter.
The interest payment jumped 11.2 percent on high interest rates, but the tax payment declined on economic slump.
The central bank had left its benchmark interest rate unchanged at 3.50 percent since January last year, after raising it by 3.0 percentage points for the past one and a half years.
The monthly average disposable income per household, or nominal income minus non-consumption expenditure, mounted 1.4 percent from a year earlier to 4,046,000 won (2,970 dollars) in the January-March quarter.
The average consumption propensity among households, which measures the ratio of consumption expenditure to disposable income, swelled 1.2 percentage points to 71.9 percent.
Income disparity among households remained wide in the cited quarter.
The monthly average income for households in the bottom 20-percent income bracket grew 7.6 percent to 1,157,000 won (850 dollars), but income for households in the top 20-percent income group reduced 2.0 percent to 11,258,000 won (8,260 dollars).
The monthly average expenditure for households in the bottom bracket slipped 0.6 percent to 1,312,000 won (960 dollars), while expenditure by the top group dipped 0.5 percent to 5,098,000 won (3,740 dollars). ■
