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Real household income per capita in the OECD increased in Q4
Real household income per capita in the OECD area increased by 0.5% in the fourth quarter of 2023, after a decrease of 0.2% in the third quarter, it was announced today.
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Economia OCDE
In a statement released today, the Organisation for Economic Co-operation and Development (OECD) advances that the growth of real income 'per capita' (per person) exceeded the growth of real Gross Domestic Product (GDP) 'per capita' by 0.2%.
The real income of households 'per capita' increased in most OECD countries in the fourth quarter of 2023 and of the 19 countries for which data are available, 11 recorded an increase, six recorded a decrease and two remained stable.
The OECD also states that among the G7 economies, the real income of households 'per capita' increased in the United Kingdom, France and the United States.
The United Kingdom recorded an increase in real income of households 'per capita' of 0.5% in the fourth quarter of 2023, despite the fact that GDP 'per capita' decreased for the fourth consecutive quarter, the organisation highlights.
This growth in real income was mainly driven by the increase in social benefits, with the exception of transfers in kind.
France and the United States both recorded growth in real income of households 'per capita' in the 4th quarter (0.7% and 0.4%, respectively), after a decline in the previous quarter.
On the other hand, Canada recorded a fall in both real income of households 'per capita' (-0.7%) and real GDP 'per capita' (-0.8%) in the fourth quarter of 2023, partly reflecting the continuation of strong population growth.
Italy recorded a smaller decline in real income of households 'per capita' (-0.4%), while in Germany it remained stable, although real GDP 'per capita' decreased by 0.6%.
In the whole of 2023, real income of households 'per capita' grew by 1.2% across the OECD, recovering from the record fall recorded in 2022, when the Covid-19 assistance programmes were ending, while GDP 'per capita' increased by 1.1%.
The annual increase in real income of households 'per capita' came as inflation slowed compared to the previous year.
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