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Growth and economic well-being

Real household income falls slightly after four quarters of growth

Real household income per capita in the OECD fell by 0.2% in the third quarter of 2023, while real GDP per capita grew by 0.3%. The decrease in real household income per capita ended four consecutive quarters of growth starting in Q3 2022.

Despite this overall decrease, 11 OECD countries registered an increase in real household income per capita in Q3 2023. Hungary saw the greatest increase (5.5%), due to strong growth in remuneration of employees, income from self-employment and property income. Of the 21 OECD countries for which data was available, the other 10 saw decreases. Spain experienced the largest contraction (-2.1%), driven by an increase in taxes on income and wealth.

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