Household income growth remained modest in the third quarter of 2024, according to new data from the Organization for Economic Cooperation and Development (OECD).
Overall, real household income on a per capita basis rose by 0.2% in the third quarter, the OECD said in a report Tuesday. Twelve of the 19 countries with available data saw an increase, six recorded a decrease and one was unchanged.
Within the G7, Canada recorded the largest increase in household income, up 1.1% in the quarter, even as real GDP per capita declined for the sixth consecutive quarter, the OECD said.
Across the OECD, real GDP per capita grew by 0.3% in the third quarter, it noted.
The U.K. was the only G7 economy to see real incomes decline, as real GDP slipped in the quarter and tax increases outpaced employee compensation growth, the Paris-based group said.
Outside of the G7, Spain generated the largest increase in real household income per capita, up 2.2% in the third quarter, “driven in part by strong increases in property income,” alongside real GDP growth.
“As a share of household disposable income, property income in Spain climbed from 6.6% to 10.4%,” between the fourth quarter of 2019 and the third quarter of 2024, the OECD said, noting that this trend is evident elsewhere in Europe too, including France and Greece.
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