Real household income per capita in the OECD increased by 0.2% in the third quarter of 2024, while real GDP per capita grew by 0.3%, both unchanged from the previous quarter (Figure 1).
Most OECD countries experienced an increase in real household income per capita in Q3 2024. Of the 19 countries for which data is available, 12 recorded an increase, 6 recorded a decrease, and 1 saw no change. Among G7 economies, real household income per capita grew in all except the United Kingdom. Canada saw the largest increase (1.1%), while real GDP per capita contracted for the sixth consecutive quarter. Germany rebounded from a contraction in the previous quarter, recording growth in both real household income per capita (0.9%) and real GDP per capita (0.1%), the former driven in part by a rise in property income. France saw growth in real household income per capita (0.7%) for the fifth consecutive quarter, mainly due to remuneration of employees,1 while real GDP per capita rose by 0.3%. Italy and the United States observed milder growth in real household income per capita, at 0.4% and 0.1%, respectively. By contrast, the United Kingdom observed a fall (-0.1%) as taxes increased at a higher rate than remuneration of employees, accompanied by a similar decline in real GDP per capita (-0.2%).
Among other OECD countries, Spain saw the largest increase in real household income per capita in Q3 2024 (2.2%), driven in part by strong increases in property income, while real GDP per capita increased more modestly (0.6%). As a share of household disposable income, property income in Spain climbed from 6.6% to 10.4% between Q4 2019 and Q3 2024, while government social benefit payments2 declined from their Q2 2020 peak (during the onset of the COVID-19 pandemic), and remuneration of employees remained steady. This rising share of property income in the income composition can also be observed elsewhere in Europe, most notably in Greece and France, where it was the fastest growing component of disposable income3 between Q4 2019 and Q3 2024 (Figure 2). The largest fall in real household income per capita was observed in Denmark (-1.8%) in Q3 2024, driven mainly by contractions in property income and income from self-employment4, while real GDP per capita increased (0.8%).
Notes
- Known as ‘compensation of employees’ in the national accounts.
- Known as ‘social benefits other than social transfers in kind’ in the national accounts.
- The major components of disposable income receivable by households are gross operating surplus and mixed income, compensation of employees, property income, social benefits other than social transfers in kind, and other current transfers.
- Known as ‘gross operating surplus and mixed income’ in the national accounts.
Methodology
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