SEOUL, Nov 22: The average South Korean household’s disposable income grew in the third quarter for a 10th consecutive quarter on an annual basis and at a faster pace than in the preceding three months, official data showed on Friday.
The average household’s disposable income grew a real 1.8 percent in the September quarter over a year before, higher than a 1.0 percent rise in the April-June period, data from Statistics Korea showed.
It bodes well for Asia’s fourth-largest economy, which also enjoyed strong growth for the past two quarters as recovering domestic demand on the back of low inflation and low unemployment offset depressed exports.
Despite robust income growth, South Korean households cut spending on consumption by a real 0.1 percent in the third quarter on an annual basis, although at a slower pace than a 0.4 percent reduction in the second quarter. (agencies)
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