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(LEAD) S. Korea's Q3 household income falls amid economic slowdown
SEOUL, Nov. 13 (Yonhap) -- The average household income in South Korea dropped for the second consecutive quarter in the third quarter amid a protracted economic slowdown, a government report showed Friday.
According to the report by the Statistics Korea, the average income of households with two family members or more amounted to 3.45 million won (US$2,970) during the July-September period, down 1.4 percent from the same quarter a year earlier. In the second quarter, the income fell 0.1 percent from a year ago.
Household income adjusted for inflation also contracted 3.3 percent to 3.05 million won, marking a fall for the fourth straight quarter, the report showed. Disposable income dropped 0.9 percent over the same period to 2.83 million won.
Spending, however, picked up, raising hopes that consumers might steadily open wallets tightly closed in the wake of the financial crisis and a resulting global recession last year.
The average household expenditure amounted to 2.82 million won in the third quarter, up 1.4 percent from a year ago, mainly thanks to increased purchases of vehicles and medical goods. This marked the second straight quarter of spending growth, the report showed.
When adjusted for inflation, however, the amount inched down 0.1 percent from a year ago.
Expenditure on transportation including vehicles jumped 11.1 percent, driven by the government's tax incentives aimed at bolstering car purchases, according to the report.
Households spending on health care also surged 12.4 percent mainly due to increased purchases of medicines and related equipment in the wake of the outbreak of new flu, the report showed. But expenditure on foods and non-alcoholic beverage goods dropped 4.9 percent.
"With an economic recovery gaining momentum and consumer sentiment rebounding, spending seems to be expanding, mostly affected by tax incentives offered by the government," the finance ministry said in a statement after the statistics were unveiled.
"We will continue to seek measures aimed at bolstering job creation, consumption and investment so that they could result in stabilizing the livelihood of ordinary people," it added.
kokobj@yna.co.kr
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