Household gross disposable income is estimated to have increased by 8% in the third quarter of 2024, compared with last year‘s corresponding quarter. Disposable income per capita amounted to little under 1.6 million ISK in the quarter and is estimated to have increased by 6.2% compared with the third quarter of 2023. Due to inflation rate, the purchasing power of household disposable income per capita in the third quarter of 2024 increased by 0.3% compared with last year’s corresponding quarter, but the consumer price index increased by 5.9% during the same period.
The total income of the household sector increased by 8% in the third quarter of 2024 compared with the third quarter of the previous year. The largest increase was in wages and salaries which are estimated to have increased by 6.8% from last year’s corresponding quarter. It is estimated that property income increased by 11.8% during the same period, but income from interests increased by 35.6%.
Social benefits, covering social benefits and pensions paid, increased by 14.5% in the quarter. The largest change was in pensions which increased by 12.3%.
Total expenditure of the household sector increased by 8.1% in the third quarter of 2024 compared with the third quarter of the previous year. Taxes on income are estimated to have increased by 6% and net social contributions by 5.1% from last year’s corresponding quarter.
Property expenditure is estimated to have increased by 5.4% in the third quarter of 2024 compared with last year’s corresponding quarter where interest payments increased by 6.2% during the same period.
Figures have been updated in accordance with revised quarterly population estimation method.
These are preliminary figures and thus Statistics Iceland will publish revised figures when exhaustive information is available, e.g. tax returns from corporations and individuals.