Monthly household income in South Korea grew 5 percent on-year during the first quarter, thanks to improving labor market conditions that led to more employment, a government report said Friday.

The income of households consisting of two members or more averaged 4.4 million won ($4,300) per month during the January-March period, up from 4.2 million won a year earlier, according to the report by Statistics Korea. When adjusted for inflation, income grew 3.9 percent.

The growth rate is faster than the 1.7 percent gain during the final quarter of last year.

The agency attributed the growth to an increase in earned income among households, which rose 5.3 percent on-year. Business income also gained 3.2 percent over the same period. (Yonhap)