SEOUL, Aug. 28 (Xinhua) -- South Korea's household income rose for the eighth straight quarter due to an expansion in earned and business incomes, statistical office data showed Thursday.
On a nominal basis, the monthly average income per household with one or more family members grew 2.1 percent from a year earlier to 5,065,000 won (3,640 U.S. dollars) in the April-June quarter, continuing to increase since the third quarter of 2023, according to Statistics Korea.
The real household income, adjusted for inflation, was unchanged in the second quarter on a yearly basis.
The nominal earned income climbed 1.5 percent to 3,194,000 won in the second quarter, slower than a growth of 3.7 percent in the previous quarter.
Business income added 0.2 percent to 941,000 won in the second quarter after expanding 3.0 percent in the prior quarter.
Property income swelled 7.6 percent, while transfer income mounted 5.1 percent in the cited quarter.
The monthly average expenditure per household increased 1.7 percent over the year to 3,876,000 won in the April-June quarter.
Consumption expenditure rose 0.8 percent to 2,836,000 won in the second quarter after growing 1.4 percent in the previous quarter.
The inflation-adjusted real consumption expenditure shrank 1.2 percent, keeping a downward trend for the second straight quarter.
On a nominal basis, expenditure on food, beverage, housing, water, light, heat, health, lodging and eating-out rose in the cited quarter, but expenses on liquor, tobacco, clothing, footwear, home supplies, transport, communications, leisure, culture and education retreated in single digits.
Non-consumption expenditure, which includes the payment of tax, social insurance premium and interest cost, went up 4.3 percent to 1,040,000 won in the second quarter compared to the same quarter of last year.
The payment of non-recurring taxes jumped 25.9 percent, with interest cost and social insurance premium swelling in single figures.
The monthly average disposable income per household, or nominal income minus non-consumption expenditure, mounted 1.5 percent over the year to 4,024,000 won in the second quarter.
The average consumption propensity among households, which measures the ratio of consumption expenditure to disposable income, was down 0.5 percentage points to 70.5 percent.
Income disparity among households slightly narrowed in the cited quarter.
The monthly average income for households in the bottom 20 percent income bracket rose 3.1 percent to 1,194,000 won, while income for households in the top 20 percent income group grew 0.9 percent to 10,743,000 won.
The monthly average consumption expenditure in the bottom bracket increased 4.1 percent to 1,304,000 won, while the expenditure in the top group added 1.4 percent to 4,943,000 won. (1 won equals 0.00072 U.S. dollars) ■
