ID :
202255
Fri, 08/19/2011 - 07:58
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Shortlink :
https://oananews.org//node/202255
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S. Korean households' monthly income grows 4.7 pct in Q2
SEOUL, Aug. 19 (Yonhap) -- South Korean households' monthly income grew 4.7 percent on-year in the second quarter thanks to improving employment and economic conditions, a government report showed Friday.
According to the report by Statistics Korea, households' monthly income averaged 3.71 million won (US$3,430) in the April-June period. Inflation-adjusted household income edged up 0.5 percent from a year earlier, following a 0.9 percent decline in the first quarter of this year.
The disposable income of households grew 4.4 percent on-year to a monthly average of 3.01 million won, the report said.
The gain in households' monthly income was attributed to expanded employment and overall improvement in economic conditions driven by brisk exports.
"Steady gains in exports, domestic consumption and general improvement in the local job market continued to boost household income growth," the report said.
In July, exports surged 27.3 percent on-year to a new monthly high of $51.4 billion. Outbound shipments are important because they are the main economic growth engines for the country.
Labor market conditions are showing signs of steady improvement, with the nation's jobless rate inching down 3.3 percent last month, falling from 3.7 percent a year earlier.
Households' earned income increased 4.8 percent from a year earlier in the second quarter, while their business income rose 2.8 percent, according to the report.
The report also showed household expenditures expanded 4.8 percent to just under 3.01 million won.
Of the total, consumption expenditures moved up 4.3 percent from a year earlier. The increase is driven by growing consumption of food products and an increase in transportation-related spending, the report said.
Non-consumption expenditures, which include payments on taxes, pensions and insurance, expanded 6.3 percent from a year earlier, according to the report.
According to the report by Statistics Korea, households' monthly income averaged 3.71 million won (US$3,430) in the April-June period. Inflation-adjusted household income edged up 0.5 percent from a year earlier, following a 0.9 percent decline in the first quarter of this year.
The disposable income of households grew 4.4 percent on-year to a monthly average of 3.01 million won, the report said.
The gain in households' monthly income was attributed to expanded employment and overall improvement in economic conditions driven by brisk exports.
"Steady gains in exports, domestic consumption and general improvement in the local job market continued to boost household income growth," the report said.
In July, exports surged 27.3 percent on-year to a new monthly high of $51.4 billion. Outbound shipments are important because they are the main economic growth engines for the country.
Labor market conditions are showing signs of steady improvement, with the nation's jobless rate inching down 3.3 percent last month, falling from 3.7 percent a year earlier.
Households' earned income increased 4.8 percent from a year earlier in the second quarter, while their business income rose 2.8 percent, according to the report.
The report also showed household expenditures expanded 4.8 percent to just under 3.01 million won.
Of the total, consumption expenditures moved up 4.3 percent from a year earlier. The increase is driven by growing consumption of food products and an increase in transportation-related spending, the report said.
Non-consumption expenditures, which include payments on taxes, pensions and insurance, expanded 6.3 percent from a year earlier, according to the report.
