OECD Household Income Grows Slightly In The Third Quarter Of 2020 Despite GDP Rebound
Real household income per capita, which provides a better picture of changes in people’s economic well-being, rose by only 0.6% in the OECD area in the third quarter of 2020, despite a sharp 9.1% rise in real GDP per capita. Reduced growth in household income for the OECD area as a whole was largely due to marked decreases in income levels in the United States (-4.2%) and Canada (-3.6%). In most OECD countries, however, the rebound of real GDP per capita in the third quarter of 2020 helped lift household income.
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The strong growth in household income in Italy (6.4%), the United Kingdom (5.1%), Germany (4.3%) and France (3.5%) followed consecutive falls in the first and second quarters of 2020 in all four countries. The third quarter increases in income reflected, to a certain extent, the strong growth in GDP per capita in France (18.4%), Italy (16.1%), the United Kingdom (15.9%) and Germany (8.5%).