Real household income grew in 2024 in most OECD countries

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Real household income per capita in the OECD increased by 0.5% in the fourth quarter of 2024, compared with 0.2% in the previous quarter, while real GDP per capita grew by 0.4% (Figure 1). In 2024 as a whole, real household income per capita grew 1.8% in the OECD, slightly up from 1.7% in 2023 (Figure 2).

Despite an overall increase in Q4 2024, the picture was mixed across OECD countries. Of the 19 countries for which data is available, 9 recorded an increase, 7 recorded a decrease, and 3 saw no change. Among G7 economies, real household income per capita grew in only two countries, while the rest either contracted or saw no growth. The United Kingdom saw an increase (1.5%), driven mainly by remuneration of employees and social benefits,¹ while real GDP per capita fell slightly (-0.1%). The United States saw milder growth in real household income per capita (0.3%), also driven primarily by remuneration of employees, while real GDP per capita rose by 0.5%. Italy observed a fall (-0.6%), partly due to a decrease in net property income and an increase in social contributions, while GDP grew slightly (0.1%). Germany recorded declines in both real household income per capita and real GDP per capita (-0.5% and -0.2%, respectively). Canada and France saw growth in real household income per capita come to a halt (from 1.4% and 0.9%,² respectively, in the previous quarter, to 0.0% in Q4 2024).

For 2024 as a whole, all but two countries observed growth. Portugal saw the largest increase (6.7%), driven mainly by remuneration of employees and a decrease in taxes paid. Australia observed the largest decline (-1.8%), although improved from the record fall in 2023 (-5.1%) driven mainly by higher interest and tax payments. The annual rise in real household income per capita as observed in most countries came as inflation slowed compared with the previous year.

Notes

1. Known as ‘compensation of employees’ and ‘social benefits other than social transfers in kind’, respectively, in the national accounts
2. Nominal data on household (and non-profit institutions serving households) disposable income originated from INSEE’s Quarterly National Accounts.

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