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| ▲ This file photo taken June 22, 2023, shows people having lunch at an office restaurant in Seoul. (Yonhap) |
household income-Q2 tally
S. Korea's household income inches down in Q2
SEOUL, Aug. 24 (Yonhap) -- South Korea's household income fell 0.8 percent on-year in the second quarter of 2023 due to the drop in COVID-19-related subsidies and other state support, data showed Thursday.
The country's households earned an average of 4.79 million won (US$3,613) per month in the April-June period, compared with 4.83 million won tallied a year earlier, according to the data from Statistics Korea.
Profits earned through wages grew 4.9 percent on-year to an average of 3.03 million won per month in the second quarter, and the monthly average income from business operations inched up 0.1 percent to 927,000 won.
But transfer income backed by state support dropped 19.6 percent to 718,000 won as the government cut back on pandemic-related compensation and subsidies.
Monthly household spending rose 4.1 percent on-year in the second quarter to come to 3.65 million won.
The growth came as people spent more on entertainment and culture, which jumped 14 percent on-year. Spending on dining out and accommodation also advanced 6 percent.
But spending on healthcare and housing goods fell 6.5 percent and 2.8 percent, respectively, amid the stabilized virus situation, the data showed.
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