On a nominal basis, the monthly average income per household with one or more family members grew 3.4 percent over the year to 5,033,000 won (3,880 U.S. dollars) in the July-September quarter, according to Statistics Korea.
It was a turnaround after sliding 0.8 percent in the second quarter.
The real household income, adjusted for inflation, edged up 0.2 percent in the third quarter on a yearly basis after dropping 3.9 percent in the previous quarter. It marked the first rebound in five quarters.
The nominal property income jumped 16.5 percent in the cited quarter on the back of tax cuts for the rich, but the business income declined 0.8 percent on growing worry about the economic downturn.
The nominal earned income gained 3.5 percent in the third quarter, while the transfer income advanced 11.7 percent owing to higher grants from the government.
The monthly average expenditure per household increased 4.0 percent over the year to 3,871,000 won (2,980 dollars) in the third quarter.
Consumption expenditure expanded 3.9 percent to 2,808,000 won (2,160 dollars), while the inflation-adjusted real consumption expenditure added 0.8 percent in the quarter.
On a nominal basis, household expenditure on leisure and culture climbed in double digits while those on food and non-alcoholic beverages, education and transport services rose in single figures.
Non-consumption expenditure, which includes the payment of tax, social insurance premium and interest rate, went up 4.3 percent in the cited quarter.
The interest rate payment surged 24.2 percent amid the policy rate hikes.
The country's central bank had left its benchmark interest rate unchanged at 3.50 percent since January, after hiking it by 3.0 percentage points for the past one and a half years.
The monthly average disposable income, or income minus non-consumption expenditure, per household picked up 3.1 percent from a year earlier to 3,970,000 won (3,060 dollars) in the third quarter.
The average consumption propensity among households, which measures the ratio of consumption expenditure to disposable income, added 0.5 percentage points to 70.7 percent in the cited quarter.
Income disparity among households widened in the July-September quarter.
The monthly average income of households in the bottom 20-percent income bracket shrank 0.7 percent over the year to 1,122,000 won (860 dollars) in the third quarter.
Income for households in the top 20-percent income group swelled 4.1 percent to 10,843,000 won (8,350 dollars).
The monthly average expenditure of households in the bottom bracket retreated 0.7 percent to 1,237,000 won (950 dollars), while expenditure by the top group mounted 6.5 percent to 4,922,000 won (3,790 dollars).
Latest comments