Real median household income grew 2.6% in 2016: Department of Statistics

Growth was a moderation from 2015’s 4.9%, report notes.

Lokman Hakim

Real median household income grew 2.6% in 2016: Department of Statistics

The median monthly household income grew by 2.1% in nominal terms from S$8,666 in 2015 to S$8,846 in 2016, according to Singapore’s Department of Statistics. In real terms, this translated to a growth of 2.6%. Over the five years from 2011 to 2016, the median monthly income in real terms grew by 3.2% annually or 16.9% cumulatively.

In 2016, households across all income groups continued to see growth in their income, though at a slower rate than in 2015. Real growth in average household income per household member ranged from 0.2% to 4.3%. From 2011 to 2016, households from the top decile experienced the slowest growth at 2.7% annually in real terms. Households in other income groups grew between 3.5% to 4.2% annually.

The Gini coefficient, which measures income inequality, also dropped to 0.458 from 0.463 in 2015, the lowest in a decade. The Gini coefficient is measured from 0 to 1 with 0 being total income equality and 1 being total income inequality.

After adjusting for Government transfers and taxes, the Gini coefficient in 2016 fell from 0.458 to 0.402, reflecting the redistributive effect of Government transfers.

Source: Department of Statistics


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