Household Income & Expenditure Trends in the Fourth Quarter and in 2015

Transcription

1 Household Income & Expenditure Trends in the Fourth Quarter and in Income The average monthly household income amounted to 4,373 thousand won in 2015, up 1.6% from (At 2010 prices an increase of 0.9% from 2014) The employee and transfer income grew 1.6% and 9.4% from 2014, respectively. The self-employment income fell 1.9% from The average monthly household income amounted to 4,302 thousand won in the fourth quarter 2015, up 0.9% from the fourth quarter (At 2010 prices a drop of 0.2% from the fourth quarter 2014) The employee and transfer income grew 0.9% and 4.7% from the fourth quarter 2014, respectively. < Table 1 > Average monthly income per household Income 4, , , , , Current income 4, , , , , Employee income 2, , , , , Self-employment income Property income Transfer income Non-current income Consumption Expenditure The average monthly consumption expenditure per household marked 2,563 thousand won in 2015, which rose 0.5% from (At 2010 prices a drop of 0.2% from 2014) The consumption expenditure on 'Housing, water, electricity and other fuels', 'Alcoholic beverages and tobacco' and 'Health' rose by 4.8%, 18.8% and 3.6% from 2014, respectively. The consumption expenditure on 'Transport', 'Clothing and footwear' and 'Communication' declined by 3.7%, 4.4% and 1.7%, respectively. The average monthly consumption expenditure per household marked 2,550 thousand won in the fourth quarter 2015, which rose 1.7% from the fourth quarter (At 2010 prices a rise of 0.7% from the fourth quarter 2014) The consumption expenditure on 'Transport', 'Recreation and culture' and 'Health' grew 6.7%, 8.3% and 5.0% from the fourth quarter 2014, respectively.

2 The consumption expenditure on 'Food and non-alcoholic beverages', 'Clothing and footwear' and 'Housing, water, electricity and other fuels' fell by 3.5%, 5.2% and 0.5%, respectively. < Table 2 > Average monthly consumption expenditure per household Consumption expenditure 2, , , , , Food and non-alcoholic beverages Alcoholic beverages and tobacco Clothing and footwear Housing, water, electricity and other fuels Furnishings, household equipment and routine household maintenance Health Transport Communication Recreation and culture Education Restaurants and hotels Miscellaneous goods and services Non-consumption Expenditure The average monthly non-consumption expenditure per household totaled 810 thousand won in 2015, which rose 0.7% from The social insurance, pension, regular tax and non-regular tax grew by 3.7%, 2.4%, 2.0% and 9.5% from 2014, respectively. The interest and transfer to non-profit institutions dropped by 5.9% and 1.1% from 2014, respectively. The average monthly non-consumption expenditure per household totaled 774 thousand won in the fourth quarter 2015, which grew 1.6% from the fourth quarter The transfer between households, social insurance and pension grew 4.6%, 2.6% and 2.2% from the fourth quarter 2014, respectively. The transfer to non-profit institutions and interest fell by 0.9% and 0.8%, respectively.

3 < Table 3 > Average monthly non-consumption expenditure per household Change Non-consumption expenditure Regular tax Non-regular tax Pension Social insurance Interest Transfer between households Transfer to non-profit institutions Disposable Income and Surplus The average monthly disposable income per household was 3,563 thousand won in 2015, which went up by 1.9% from The surplus amounted to 1,000 thousand won, which grew by 5.6% from The surplus rate stood at 28.1%, up 1.0%p from The propensity to consume stood at 71.9%, down 1.0%p from The average monthly disposable income per household was 3,528 thousand won in the fourth quarter 2015, which rose 0.7% from the fourth quarter The surplus amounted to 978 thousand won, which declined by 1.9% from the fourth quarter The surplus rate stood at 27.7%, down 0.7%p from the fourth quarter The propensity to consume stood at 72.3%, up 0.7%p from the fourth quarter < Table 4 > Average monthly surplus and propensity to consume per household (Unit: thousand won, %, %p) Change Disposable income 3, , , , , Consumption expenditure 2, , , , , Surplus , Surplus rate Propensity to consume * The changes in the surplus rate and propensity to consume are expressed as %p. Note) Disposable Income = Income - Non-consumption Expenditure Surplus = Disposable Income - Consumption Expenditure Surplus Rate = (Surplus / Disposable Income) 100 Propensity to Consume = (Consumption Expenditure / Disposable Income) Income and Expenditure by Income Quintile In 2015, the income recorded an increase in all the income quintiles compared to The consumption expenditure recorded an increase in the lowest, second and fourth income quintiles compared to 2014.

4 The income of the lowest quintile showed the highest increase (4.9%), while that of the highest quintile showed the lowest increase (0.6%). - As for the lowest quintile, the employee and transfer income showed a rise. As for the second quintile, the transfer income showed a rise. - As for the third quintile, the self-employment income recorded a drop, while the employee and transfer income recorded a rise. - The income of the highest quintile showed a low increase rate owing to the drop in the self-employment income in spite of the rise in the employee income. The consumption expenditure of the fourth quintile showed the highest increase (2.3%). In the meantime, the consumption expenditure of the lowest quintile dropped by 1.3%. - As for the fourth quintile, the consumption expenditure on 'Transport', 'Housing, water, electricity and other fuels' and 'Education' marked an increase. - As for the third and highest quintiles, the consumption expenditure on 'Transport' and 'Clothing and footwear' marked a decrease. The propensity to consume recorded a drop in all the income quintiles excluding the fourth quintile. < Table 5 > Income and expenditure by income quintile (2015) (Unit: thousand won, %, %p) Lowest quintile Second quintile Third quintile Fourth quintile Highest quintile Change Number of household members 2.43 persons 3.02 persons 3.31 persons 3.48 persons 3.59 persons Age of household head 59.8 years 50.3 years 47.2 years 47.0 years 48.7 years Income 1, , , , , Consumption expenditure 1, , , , , Disposable income 1, , , , , Propensity to consume * The changes in the propensity to consume are expressed as %p. Note) Disposable Income = Income - Non-consumption Expenditure Propensity to Consume = (Consumption Expenditure / Disposable Income) x 100 In the fourth quarter 2015, the income recorded an increase in all the income quintiles excluding the highest income quintile, compared to the fourth quarter The consumption expenditure recorded an increase in all the income quintiles excluding the lowest income quintile, compared to the fourth quarter The income of the lowest quintile showed the highest increase (3.6%). In the meantime, the income of the highest quintile fell by 1.1%. - As for the lowest and second quintiles, the employee and transfer income showed a rise, while the self-employment income showed a drop. - As for the highest quintile, the employee income showed an increase, while the self-employment income showed a decrease. The consumption expenditure of the highest quintile showed the highest increase (4.8%). In the meantime, the consumption expenditure of the lowest quintile dropped by 4.0%.

5 - As for the highest quintile, the consumption expenditure on 'Transport', 'Health' and 'Recreation and culture' marked an increase. - As for the lowest quintile, the consumption expenditure on 'Transport' and 'Housing, water, electricity and other fuels' marked a decrease. The propensity to consume of the highest quintile went up by 3.8%p. The propensity to consume of the lowest quintile went down by 9.8%p. < Table 6 > Income and expenditure by income quintile (4Q, 2015) (Unit: thousand won, %, %p Lowest quintile Second quintile Third quintile Fourth quintile Highest quintile Change Number of household members 2.45 persons 3.04 persons 3.32 persons 3.47 persons 3.6 persons Age of household head 59.9 years 49.7 years 47.3 years 47.2 years 48.5 years Income 1, , , , , Consumption expenditure 1, , , , , Disposable income 1, , , , , Propensity to consume * The changes in the propensity to consume are expressed as %p.