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Household income grows at fastest pace in Q3 on COVID-19 relief funds Updated: 2021-11-19 07:15:39 KST

South Korean households saw their income grow at its fastest pace in the July to September period despite the ongoing COVID-19 pandemic.
Statistics Korea on Thursday said that the average monthly income per household was about 4-thousand U.S. dollars, up 8 percent from the third quarter last year.
It's the biggest on-year growth since 2006.
The whopping 8 percent was largely driven by a 25.3 percent increase in the transfer income.
Money from the state, known as public transfer income was up 30.4 percent, while private transfers to household income climbed 13.4 percent.
The government's fifth round of COVID-19 relief funds to households in the bottom 80 percent income bracket as well as the Chuseok holiday in September were reasons behind the gains.
Also, strong employment figures and better business conditions in the service sector partially helped boost household income.
Wage income rose 6.2 percent to an average of 2,500 dollars per month while the average monthly income from business operations increased 3.7 percent to 750 dollars.

Household spending was up as wellfollowing improved consumer sentiment from vaccine rollouts.
The average monthly consumption expenditure per household amounted to over 2-thousand U.S. dollars, up 4.9 percent on-year.

"Consumer spending increased in all sectors, including in-person services, like restaurants and accommodation. This is due to the effects of COVID-19-related grants and the Chuseok holiday."

Meanwhile, data also shows that people in the top 20 percent income bracket earned 5 times more than those in the bottom 20 percent.
The figure is slighlty down from the previous year, meaning the income gap between the haves and have-nots appeared to have narrowed in the third quarter.
Min Suk-hyen, Arirang News.
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