This Monday, the OECD (Organization for Economic Cooperation and Development) released data for the first quarter of 2024. They reported that incomes in OECD countries were on the rise. They said that
The real income of households per capita in the OECD increased by 0.9% in the first quarter of 2024, which compares with the increase of 0.3% recorded in the previous quarter.
While there are 38 countries in the OECD, the recent report includes data for only 21 of these nations. Poland also stood out as a significant performer among those with available data. They said about Poland:
Poland saw the largest increase (10.2%), mainly due to increases in compensation paid to workers, social benefits and property income.
While the overall trend was positive not all countries did good. In particular Greece: it was the exact opposite to that of Poland. In Greece, the real income of households decreased the most. It decreased by 1.9% per capita. So, what of Portugal?
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Well, Portugal did particularly well in the first quarter of 2024. It showed a rise of 6.7% surpassing the OECD average by far. This means that the incomes of Portuguese families increase significantly in these months.
The end of 2023 was not good for Portugal as it showed a decline of 0.6% per capita. Therefore, the start of 2024 has been a positive beginning for the country.
If we take a look at the G7 countries, the first quarter of 2024 has been good for all. All countries saw an increase in real household income per capita. In the G7 countries, Italy did exceptionally well. It recovered from the 0.5% drop seen in the previous quarter as its household income increased by 3.4%.
Germany also benefited from the first quarter of 2024. Here is what the OECD said about Germany:
Germany also recorded a large increase in real household income per capita compared to the previous quarter (1.4% against 0.1%), partly as a result of the increase in compensation paid to workers, with Gross Domestic Product per capita also increasing.
