Chart of the Day: Income growth moderates

From 2.9% in 2011 to 2.2% in 2012.

The Manpower Research and Statistics Department of the Ministry of Manpower reported:

Income growth moderated in 2012, amid the weaker economic conditions. The median monthly income from work (including employer CPF contributions) of full-time employed residents rose by 7.1% over the year to $3,480 in 2012, down from the growth of 8.3% in 2011.

Accounting for inflation using the Consumer Price Index (CPI) for all items, the real median income growth moderated to 2.2% in 2012 from 2.9% in 2011. The CPI for all items includes imputed rentals on owner-occupied accommodation, which do not involve actual expenditures.

When adjusted using CPI excluding the imputed rentals, the growth in real median income (including employer CPF contributions) was 3.3% in 2012, compared with 3.9% in 2011.