South Korea Q3 household income growth rises 1.6% y-o-y

[SEOUL] South Korean household disposable income in July-September grew for the 14th consecutive quarter on a year-on-year basis, government data showed on Friday, with the pace picking up slightly from the second quarter.

Average household income in real terms grew 1.6 per cent in the third quarter compared to a year earlier, marginally quicker than the 1.1 per cent rise seen in April-June.

Growth in real household spending also quickened, rising 2.0 per cent in the July-September period compared to 1.3 per cent in the second quarter.

The data indicates a modest recovery in domestic demand which had been subdued in the wake of the April 16 ferry disaster that killed about 300 people, which plunged the country into a state of mourning and prompted consumers to curb spending.

REUTERS