Monthly household income in South Korea grew 2.9 percent on-year during the third quarter amid signs the economy is recovering from a prolonged slump, government data showed Friday.
The income of households consisting of two members or more averaged 4.26 million won ($4,012) per month during the July-September period, up from 4.14 million won tallied a year earlier, according to the data provided by Statistics Korea. If adjusted for inflation, income also grew 1.6 percent.
The income growth rate is faster than the 2.5 percent gain reported during the second quarter.
The agency attributed the income growth to increased earned and business income among households, which rose 3.3 percent and 0.7 percent on-year during the third quarter.
The job data came as the country’s economy is showing some signs of rebounding from its prolonged slumping growth trend. (Yonhap News)
