South Korea: South Korea's average household income rose for the seventh straight quarter in the first quarter of this year, mainly driven by income from higher wages, government data showed Thursday. The average income of households increased by 4.5 percent on-year to 5.35 million won (US$3,865) per month in the January-March period, according to the data from Statistics Korea.

According to Yonhap News Agency, the growth rate accelerated from the previous quarter's 3.8 percent on-year growth. Income earned through wages rose by 3.7 percent on-year during the cited period to an average of 3.41 million won per month. Furthermore, the monthly average income from business operations increased by 3 percent on-year to 902,000 won, and transfer income backed by state support rose by 7.5 percent on-year to 879,000 won.

The agency highlighted that income earned through wages, along with a rise in business and transfer income, has contributed to the overall increase in household income. The real household income, adjusted for inflation, climbed 2.3 percent in the first quarter on a yearly basis, slightly down from a 3.6 percent on-year growth in the previous quarter.

Monthly household spending rose by 1.4 percent on-year to 2.95 million won in the first quarter as people spent more on housing, food, and entertainment, the agency reported.