Real household income per capita across the OECD was up 0.2% in Q3 2022 – the first quarterly increase since the beginning of 2021.
Among G7 countries (ex-Japan, for which data were not yet available), France, Germany and Italy recorded growth in quarterly real household income, while Canada (-0.5%) and the United Kingdom (-0.6%) continued to see falls. (Outside the G7, Austria saw the highest growth at +10.1%.) Real GDP per capita grew or was flat in all G7 countries except for the UK (-0.4%).
Of the 21 OECD countries with available data, real per capita household income has now surpassed pre-COVID-19 pandemic levels in all but six (Czech Republic, Denmark, Finland, Portugal, Spain, and the UK). Among G7 countries, the strongest recovery has been in Canada (+4.1%), compared with -3.9% for the UK.