Real household income increases in most countries in the first quarter of 2024

Real household income per capita in the OECD rose by 0.9% in the first quarter of 2024, compared with 0.3% in the previous quarter, while real GDP per capita grew by 0.3% (Figure 1).

All G7 economies experienced an increase in real household income per capita in Q1 2024. Italy saw the strongest increase (3.4%), driven by a rise in compensation of employees and social transfers in kind, reversing the decline in the previous quarter. Germany also experienced a large increase in real household income per capita compared with the previous quarter (1.4% versus 0.1%), partly driven by a rise in compensation of employees, while real GDP per capita¹ picked up (0.2%) compared with the previous quarter (minus 0.6%). Canada saw an increase in real household income per capita (0.6%), a rebound from Q4 2023 (minus 0.5%), while real GDP per capita fell for the fourth consecutive quarter (minus 0.2%). France registered growth in real household income per capita (0.6%), supported mainly by an increase in basic pension benefits to keep pace with inflation. The United Kingdom and the United States saw milder increases in real household income per capita (of 0.3% and 0.2%, respectively).

Most other OECD countries also recorded rises in real household income per capita in Q1 2024. Poland saw the largest increase (10.2%), mainly driven by increases in compensation of employees, social benefits other than social transfers in kind, and property income. The latter more than tripled in Poland since the end of 2021, mainly due to increased interest receipts in view of higher interest rates. The largest contraction in real household income per capita was recorded in Greece (minus 1.9%), although real GDP per capita grew (0.9%).

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