The average income and living standards of Singaporeans in the 2017-2018 period have improved compared to the period from 2012-2013 (Photo: AFP/VNA) Hanoi (VNA) – The average income and living standards of Singaporeans in the 2017-2018 period have improved compared to the period from 2012-2013, according to the latest Household Expenditure Survey conducted by Singapore Department of Statistics (SingStat).
The year-long survey is carried out once every five years. The latest one started in October 2017 and concluded in September 2018.
The incomes of resident households in Singapore have been rising faster than their spending compared to five years ago, according to the survey which was released on July 31.
Resident households’ average monthly household income from all sources was 11,780 SGD, up from 10,470 SGD in 2012-2013 when the survey was last conducted.
This was an increase of 2.4 percent per annum in nominal terms, or 2.2 percent a year in real terms after factoring in inflation.
In terms of expenditure, households spent an average of 4,910 SGD a month on goods and services, compared with 4,720 SGD in the previous survey conducted five years ago. This translates into an increase of 0.8 percent per annum.
SingStat said that across income groups and housing types, income growth generally outpaced expenditure growth, except for households in the lowest 20 percent income group.
These families were the only group whose expenditure growth of 3 percent per annum outpaced income growth in nominal terms, which was 2.8 percent a year, the press release said.
The survey also indicated improvements in standards of living, as well as technological and lifestyle changes, with a high ownership of consumer durables among all resident households here. The ownership of consumer durables, such as television sets, washing machines and mobile phones, was "near universal" at between 96 and 98 percent in 2017/18.
The home ownership rate stayed at a high 89 percent, with the rate among the lowest 20 percent income group raising to 85 percent compared to 82 percent five years ago.-VNA
VNA
