Guangdong’s per capita disposable income rose 4.4% YoY in Q1-Q3, 2024

The average disposable income of residents in Guangdong for the first three quarters of 2024 reached 41,037 yuan, according to the data released by the Survey Office of the National Bureau of Statistics in Guangdong on October 19, reflecting a year-on-year growth of 4.4%. When adjusted for inflation, the real growth stood at 4.2%, indicating a positive economic trend despite slight rises in living costs.

Photo: Nanfang Plus

Meanwhile, Guangdong's diversified income structure suggests a strengthening economy where various sectors contribute to financial stability. Income sources showed overall growth across four main categories. In Q1-Q3, the average wage income was 27,631 yuan, growing by 4.5%. Additionally, net operating income rose to 5,356 yuan (up 6.2%), net property income to 5,227 yuan (up 1.3%), and net transfer income to 2,823 yuan (up 5.0%).

Breaking this down by urban and rural demographics, urban residents reported an average disposable income of 49,247 yuan, marking a 3.9% increase, while rural residents saw a more robust growth of 6.3%, with their per capita income at 21,141 yuan. This 2.4 percentage point advantage for rural income growth underscores the improving economic conditions in rural areas, driven by government initiatives and investments.

In terms of consumption, the average expenditure per capita reached 26,773 yuan, with a year-on-year increase of 5.1%. Urban residents spent an average of 30,841 yuan (up 5.0%), while rural residents spent 16,912 yuan (up 5.2%). All major categories of consumption demonstrated positive growth, with notable increases in spending on other goods and services, which rose by 11.2%. Healthcare, food and beverages, and clothing also saw substantial gains, with growth rates of 9.5%, 8.1%, and 8.0% respectively.

Photo: Nanfang Plus

The Consumer Price Index (CPI) in Guangdong saw a slight increase of 0.1% year-on-year in Q1-Q3, a decline of 0.5 percentage points compared to the previous year. The core CPI, excluding food and energy, also rose by 0.1%, indicating moderate inflation pressures.

Monthly CPI trends revealed fluctuations between -1.0% and 1.1%, reflecting seasonal effects and external factors like weather conditions and holiday spending. Overall, the CPI variations remained relatively stable.

On the industrial side, the Producer Price Index (PPI) experienced a year-on-year decline of 1.6%, widening from the previous year's drop. Meanwhile, the Industrial Purchasing Price Index (PPI) fell by 1.3%, but the rate of decline has narrowed compared to last year.

Guangdong's economic indicators for the first three quarters of 2024 demonstrate a resilient and growing economy, characterized by rising disposable incomes and consumption, particularly in rural areas.

(cnbayarea.org.cn & GDToday)