Real household income in the OECD area increased in the second quarter for the fourth consecutive quarter but in Italy it decreased
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The real per capita income of families in the OECD area increased on average by 0.5% in the second quarter of 2023, recording the fourth consecutive quarter of growth but in Italy it decreased by 0.3%: this is what the same organization reports international for development and economic cooperation. In the OECD area the figure rose by 0.5% in the second quarter of 2023 while real GDP per inhabitant grew by 0.4%. Among the G7 economies, real household income per inhabitant grew in all countries for which data are available, except for Italy (-0.3%). Real GDP per inhabitant was also negative (-0.3%).
Incomes increased in 11 countries while ten recorded a decline
Of the 21 countries for which data is available, eleven recorded an increase in income in the second quarter, while ten recorded a decline. Among the G7 economies, real income per capita increased in all countries for which data are available (Japan is missing), with the exception of Italy, which recorded -0.3% after +3% in the first quarter . Canada recorded the largest income increase in the G7, with +1.2% (after -2%), followed by the United Kingdom (+0.9% after -0.3%). In the USA, growth was 0.5% (after +2.3%), as in Germany (after -0.4%), while in France the increase was 0.1% (after -0.4%). %).
Hungary tops for growth in real income per capita
Among other OECD countries, Hungary recorded the highest growth in real income per capita in the second quarter (+3%) thanks to easing inflationary pressures. On the opposite front, Poland, which recorded the greatest contraction in incomes (-3.4%), also combined with a decline in real GDP per capita (-1.3%). As the OECD specifies, real income per capita and real GDP per capita in the area have recorded an upward trend since the second quarter of 2022. The two indicators had divergent trends during the Covid-19 pandemic, while now they are evolving in tandem. The upward trend from the second quarter of 2022 was led by the United States, the United Kingdom and France. As for the trend in GDP per capita, the OECD average growth of 0.4% is accelerating compared to +0.2% in the first quarter. In the G7, real GDP per capita increased by 0.3% in the second quarter, after +0.4% in the first quarter. The best data among the seven big ones is the prerogative of Japan, with an increase in GDP per capita of 1.1% after +1%. The United States (as in the first quarter) and France (after -0.1%) follow with +0.4%. Germany records -0.1% after -0.4%, Italy -0.3% after +0.7%, the UK is at zero in both quarters, while Canada records -0.4% after 0%.
OECD appeal to strengthen skills on the labor market
Today the OECD also presented the 2023 edition of the OECD Skills Outlook 2023 in which it underlined that a “strengthening of skills” is now “essential” to “accompany the ecological transition and benefit from the possibilities offered by Artificial Intelligence (AI)”. “Skills play a crucial role in building strong, fair and long-lasting economies and societies, but the skills needs of our economies and societies evolve” warns OECD Secretary General Mathias Cormann, adding: “So that everyone can contribute to development and economic growth by benefiting, in particular, from the opportunities created by ecological and digital transformations, public leaders must improve the alignment of education and training on the skills the labor market needs. This – specifies the head of the OECD – is essential to help workers face the important consequences of these transformations on the labor market”.
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2023-11-06 11:37:30
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