[Graphic News] Household income, spending grow 3% on-year in Q3

Household income in South Korea grew 3 percent during the third quarter from the same period last year as a hike in employment led to more earnings, a government report said Friday.

When adjusted for inflation, however, household income grew 1.6 percent, according to the report by Statistics Korea.

The income of households consisting of two members or more averaged 4.39 million won ($3,948) per month during the July-September period, up from 4.26 million won a year earlier.

The agency data showed household expenditure increased 3.4 percent in the July-September period to 3.41 million won. Adjusted for inflation, it rose only 2 percent.

When it comes to monthly household consumption increase by item, spending on transportation topped the list with a 13.7 percent rise to 350,400 won in the third quarter over a year ago. The hike was partially the result of an increase in foreign car ownership, the agency said. (Yonhap)