SINGAPORE - Households at all income levels expenditure rose 4.4 per cent a year on average over the five year period between 2008 and 2013.
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The following is the press statement from Singapore's Department of Statistics:
Average Monthly Household Expenditure and Income Increased, With Income Growth Outpacing Expenditure Growth
In 2012/13, Singapore resident households spent an average of $4,720 a month on goods and services, higher than the $3,810 in 2007/08. Average monthly household income from all sources also rose, from $8,110 in 2007/08 to $10,500 in 2012/13.
On both an overall and per household member basis, household income rose faster than household expenditure over this period.
These are the key findings from the Singapore Department of Statistics' Household Expenditure Survey (HES) which was conducted from October 2012 to September 2013.
The report on "Report on the Household Expenditure Survey 2012/13" is available online on the Department's website at http://www.singstat.gov.sg.
Household Income from All Sources Rose for All Income Groups, with the Lowest Quintile Experiencing the Fastest Growth
Average monthly household income from all sources rose by 5.3 per cent per annum in nominal terms between 2007/08 and 2012/13.
Households across all income groups experienced income growth over this period.
Those in the lowest to middle income quintiles saw their income increase by 6.1 to 6.6 per cent per annum, faster than the income growth of households in the top two quintiles.
Notably, households in the lowest 20% also experienced significantly faster income growth between 2007/08 and 2012/13 than in the earlier 5-year period from 2002/03 to 2007/08.
Across house types, households living in HDB flats experienced higher annual income growth (5.2 per cent) between 2007/08 and 2012/13, compared to those in condominiums and other apartments (3.6 per cent) and landed properties (4.2 per cent).
Employment income accounted for 79 per cent of total household income from all sources in 2012/13, with business income and income from non-work sources 1 contributing 11 per cent and 10 per cent respectively.
Household Expenditure Increased More Slowly than Income
Compared to the increase in average household income between 2007/08 and 2012/13, average household expenditure rose by a lower 4.4 per cent per annum.
Similarly, on a per household member basis, average household expenditure increased more slowly than income, by 4.6 per cent and 6.2 per cent respectively.