Roundup: S. Korea’s household income keeps rising in Q2

SEOUL, Aug. 29 (Xinhua) — South Korea’s household income kept rising for the fourth straight quarter in the second quarter of this year due to higher earned income and a rapid growth in property income, statistical office 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 4,961,000 won (3,710 U.S. dollars) in the April-June quarter, according to Statistics Korea.
It maintained an upward trend for the fourth consecutive quarter with an increase of 3.4 percent and 3.9 percent in the third and fourth quarter last year, respectively, and 1.4 percent in the first quarter this year.
The nominal earned income gained 3.9 percent to 3,146,000 won (2,350 dollars) in the second quarter after shrinking 1.1 percent in the previous quarter.
The business income added 1.4 percent to 940,000 won (700 dollars), while the property income soared 29.5 percent to 52,000 won (39 dollars).
The nominal transfer income expanded 2.4 percent to 735,000 won (550 dollars) on higher government grants.
The real household income, adjusted for inflation, climbed 0.8 percent in the second quarter on a yearly basis after reducing 1.6 percent in the previous quarter.
The monthly average expenditure per household increased 4.3 percent over the year to 3,811,000 won (2,850 dollars) in the second quarter.
The consumption expenditure swelled 4.6 percent to 2,813,000 won (2,100 dollars), while the inflation-adjusted real consumption expenditure went up 1.8 percent in the cited quarter.
On a nominal basis, expenditure on transport, housing, water, light, heat, lodging, eating-out, health, food and non-alcohol beverage gained ground, while expense on liquor and cigarettes retreated in single digits.
Non-consumption expenditure, which includes the payment of tax, social insurance premium and interest cost, went up 3.7 percent over the year to 997,000 won (750 dollars) in the second quarter.
The interest payment dwindled 4.8 percent in the second quarter after jumping 11.2 percent in the previous quarter, while the payment of recurring and non-recurring taxes advanced in double figures.
The monthly average disposable income per household, or nominal income minus non-consumption expenditure, mounted 3.5 percent from a year earlier to 3,964,000 won (2,970 dollars) in the April-June quarter.
The average consumption propensity among households, which measures the ratio of consumption expenditure to disposable income, was up 0.7 percentage points to 71.0 percent.
Income disparity among households remained wide in the cited quarter.
The monthly average income for households in the bottom 20-percent income bracket rose 3.7 percent to 1,159,000 won (870 dollars), while income for households in the top 20-percent income group grew 5.1 percent to 10,652,000 won (7,975 dollars).
The monthly average expenditure for households in the bottom bracket climbed 1.9 percent to 1,252,000 won (940 dollars), while expenditure by the top group increased 6.8 percent to 4,873,000 won (3,650 dollars). ■