S. Korea’s household income rises in Q1 on govt grants

28
Seoul

South Korea’s household income rose in the first quarter as the government offered relief grants to help the low-income households get through the economic downturn from the Covid-19 pandemic, statistical office data showed Thursday.

The monthly average income of households, including the single-person ones, came in at 4,384,000 won (3,870 U.S. dollars) in the January-March quarter, up 0.4 percent from a year earlier, according to Statistics Korea.

The earned and business incomes shrank amid the pandemic shock on the economy, but the transfer income soared on the back of the government’s offer of relief checks.

The monthly average earned income fell 1.3 percent over the year to 2,778,000 won (2,450 U.S. dollars) in the March quarter, marking the biggest first-quarter reduction.

The business income diminished 1.6 percent to 767,000 won (680 U.S. dollars), continuing to decline for the second consecutive quarter. The property income tumbled 14.4 percent in the first quarter. The pandemic roiled the face-to-face services sector.—Xinhua

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