brytfmonline

Complete News World

OECD household disposable income fell by 0.2% in the third quarter of 2023

OECD household disposable income fell by 0.2% in the third quarter of 2023

Spain recorded the largest decline in the bloc, down 2.1%, while Italy led the G7, advancing 1.4%. Germany, the industrial engine of the Eurozone, witnessed the fourth consecutive decline in this indicator, this time by 0.6%.

Disposable income in the OECD group fell by 0.2% in the third quarter of 2023, interrupting a streak of four consecutive quarters of growth in real terms, despite a 0.3% increase in per capita GDP in the same period. Period.

According to data released by the Paris-based organization on Thursday, household disposable income rose in eleven of the 21 countries for which data is available, although this was not enough to reverse the trend of the global index. The statement explained that Hungary led the gains, seeing a 5.5% increase on the back of “strong employee compensation, self-employment income, and real estate income.”

In contrast, Spain recorded the largest decline in the bloc, with a decline of 2.1%, while Italy led the G7, advancing by 1.4%. Germany, the industrial engine of the euro zone, witnessed the fourth consecutive decline in this indicator, this time by 0.6%, which exacerbated concerns about the near future of the largest European economy, and thus the single currency group.

The UK saw an increase in the index, although less significant than in the previous quarter: from 2.1% in the second quarter, disposable income rose by just 0.2% in the third quarter, with GDP per capita in riyals falling for the second time over straight. a fourth.

On the other side of the Atlantic, the United States and Canada saw declines in household disposable income, with US households losing 0.3% in real terms (despite real GDP per capita growth of 1%), while Canadian households recorded their third loss over the past year. respectively, 0.5%. %.

See also  Europe sleeps while China accelerates to the top spot in the auto sector