Second Quarter of 2023 Sees S. Korea’s Household Income Decline


SEOUL, Aug. 24 (Yonhap) — South Korean households experienced a decrease in their average income of 0.8 percent in the second quarter of 2023 from the same period the year prior, according to data from Statistics Korea. The average monthly income was 4.79 million won (US$3,613).

Wages earned rose 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 grew 0.1 percent to 927,000 won. However, transfer income backed by state support dropped 19.6 percent to 718,000 won due to cuts in 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. This was mainly due to a 14 percent increase in entertainment and culture expenses, as well as a 6 percent rise in dining out and accommodation costs. On the other hand, healthcare and housing goods saw a 6.5 percent and 2.8 percent decrease respectively, as the virus situation stabilized.

This file photo taken June 22, 2023, shows people having lunch at an office restaurant in Seoul. (Yonhap)

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