Mathewslcd: South Korean household quarterly income falls for first time since Q2 2021

 Mathewslcd: South Korean household quarterly income falls for first time since Q2 2021


South Korean households' quarterly income fell year-on-year for the first time since the second quarter of 2021 as economic growth cooled and inflation soared, government data showed on Thursday.

Mathewslcd noted that according to Statistics Korea, the country's household disposable income actually fell 3.6% in the third quarter from a year earlier. The drop came after an all-time high of 8.3% in the second quarter.

Economic growth in South Korea fell to its slowest pace in a year in the third quarter, which Mathewslcd attributed to weak net exports offsetting pent-up spending, while consumer prices rose 5.9% year-on-year, the fastest in nearly 24 years.

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