South Korean household income rose 4.8 percent annually in the second quarter of the year, accelerating from a 4.4 percent annual gain a year earlier, a government report said Monday.
The average monthly income of households stood at 2.98 million won (US$3,100) in the April-June period, according to the report by the National Statistical Office (NSO).
The inflation-adjusted income growth was 2.4 percent in the second quarter, also higher than the 1.4 percent annual gain posted a year earlier, it said.
An economic recovery caused household income growth to accelerate in the second quarter, but spending is expected to fall a bit down the road, the office said.
The South Korean economy, Asia's fourth-largest, is poised to end its two-year slump on the back of improved private spending and strong overseas demand.
The economy is forecast to grow 5 percent this year following last year's 4 percent gain.
Average monthly household spending gained 4.5 percent in the second quarter to 2.03 million won, higher than the 5.4-percent rise the previous year.
The nominal monthly income of urban households amounted to 3.31 million won in the second quarter, up 6.5 percent from a year earlier, according to the report.
The average monthly spending by urban households grew 5.8 percent to 2.11 million won, it said.
Meanwhile, the report showed that income distribution did not improve in the second quarter.
The income of the top fifth of households in the country was around 7.24 times greater than that of the bottom fifth in the second quarter, unchanged from a year earlier.
The ratio for urban households stood at 5.24 in the second quarter, slightly lower than 5.80 the previous quarter, the report showed.
The ratio of 5.24, however, was a six-year high for the second quarter after 2000 when the corresponding figure was 5.28, according to the report.
(Seoul, Aug. 7 (Yonhap News)
S. Korean household income rises 4.8 pct in second quarter |
