Real incomes in OECD countries recovered to 2021 levels

Real disposable household income per capita in the countries of the Organization for Economic Cooperation and Development (OECD; unites developed countries) increased by 0.9% in the first quarter of 2023 compared to October-December last year, follows from updated data from the institute. This was the highest value since the first quarter of 2021. Then the growth was 4.9%. The indicator has been in the positive zone for the third quarter in a row: in July-September it increased by 0.5%, in October-November – by 0.2%. The economies of the OECD countries grew in January-March by 0.3%.

The strongest growth in real disposable income was demonstrated by Austria (by 2.31%), Italy (by 3.3%) and Poland (by 3.5%). Countries show an increase after a significant decline a quarter earlier. In October-January, real incomes in Austria, Italy and Poland decreased by 10.23%, 3.6% and 2.83% respectively. The OECD highlights the strong growth of the indicator in the United States. US household real disposable income per capita rose 1.7% after falling 0.3% in October-December.