Average monthly household income in S. Korea at around US$ 3,800 in Q1
Updated: 2022-05-20 10:57:33 KST
The average household income in South Korea has seen its largest on-year rise on record.
That's according to a survey of around 7,2-hundred households, released on Wednesday by Statistics Korea.
The report said, in the first quarter, South Korea's average household income stood at about three,eight hundred U.S. dollars a month.
That's an increase of more than 10 percent on-year, the biggest jump since the related data was first compiled in 2006.
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"The rise in income is attributed to the base effect. Earned income from work rose as the number of employed increased. Also, income from businesses grew as the service industry recovered."
Income among all brackets grew in the first quarter compared to the previous year, with the government's COVID-19 relief funds and the recovery in the service sector.
Income for those in the lowest 20 percent rose by nearly 15 percent on-year, the most among all income brackets, led by higher employment of those aged 60 and older.
Meanwhile, average monthly household spending was around 2,7-hundred dollars, up six percent on-year.
Spending on restaurants and lodging increased by around 14 percent, and health spending rose some seven-and-a-half percent.
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"Despite the spread of Omicron in the first quarter, social distancing measures were partly eased including the number of people that can get together and the business opening hours. With the relaxed measures, people spent more on restaurants and lodging."
With the complete lifting of social distancing measures, household spending on restaurants and lodging is expected to increase further in the coming months.
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"As I spend more time outside these days, I expect to spend more money on dining out and clothing."
However, the Ministry of Economy and Finance says, although the figures for household income and spending have risen, it is uncertain whether they will continue to improve considering the current economic conditions. The ministry added that the government is to put more effort into creating jobs in the private sector and supporting the socially vulnerable.
Eum Ji-young, Arirang News.