SEOUL, Nov. 27 (Xinhua) -- South Korea's household income rose for the ninth consecutive quarter due to a double-digit expansion in transfer income, statistical ministry data showed Thursday.
On a nominal basis, the monthly average income per household with one or more family members grew 3.5 percent from a year earlier to 5,439,000 won (3,710 U.S. dollars) in the July-September quarter, continuing to increase since the third quarter of 2023, according to the Ministry of Data and Statistics.
The real household income, adjusted for inflation, gained 1.5 percent in the third quarter on a yearly basis.
The nominal transfer income jumped 17.7 percent as the government began to provide cash handouts to all people in July in a bid to bolster the sagging private consumption.
The nominal earned income climbed 1.1 percent to 3,367,000 won (2,300 dollars) in the third quarter, lower than a growth of 1.5 percent in the previous quarter.
Business income added 0.2 percent to 989,000 won (680 dollars), but property income reduced 0.8 percent.
The monthly average expenditure per household swelled 0.7 percent over the year to 4,002,000 won (2,730 dollars) in the July-September quarter.
Consumption expenditure mounted 1.3 percent to 2,944,000 won (2,010 dollars) in the third quarter, faster than an increase of 0.8 percent in the prior quarter.
The inflation-adjusted real consumption expenditure fell 0.7 percent, keeping a downward trend for the third straight quarter.
On a nominal basis, expenditure on eatery, lodging, service and transport went up in the cited quarter, but expenses on education, leisure, culture, food and non-alcoholic beverage retreated in single digits.
Non-consumption expenditure, which includes the payment of tax, social insurance premiums and interest costs, went down 0.9 percent to 1,058,000 won (720 dollars) in the third quarter compared to the same quarter of last year.
The payment of non-recurring taxes jumped 41.0 percent, but inter-household transfer tumbled 19.1 percent.
The monthly average disposable income per household, or nominal income minus non-consumption expenditure, grew 4.6 percent over the year to 4,381,000 won (2,990 dollars) in the third quarter.
The average consumption propensity among households, which measures the ratio of consumption expenditure to disposable income, was down 2.2 percentage points to 67.2 percent.
Income disparity among households narrowed in the cited quarter.
The monthly average income for households in the bottom 20 percent income bracket soared 11.0 percent to 1,313,000 won (900 dollars), while income for households in the top 20 percent income group added 0.4 percent to 11,584,000 won (7,910 dollars).
The monthly average consumption expenditure in the bottom bracket increased 6.9 percent to 1,386,000 won (950 dollars), while the expenditure in the top group reduced 1.4 percent to 4,973,000 won (3,400 dollars). ■
