Average income down in real terms, survey says
馃摪 source: bbc_business 路 馃捈 business
average income in guernsey fell 12% in real terms over five years, according to the 2023/24 household expenditure survey. gross income hit 拢77,619 per year, up 12% nominally but down when adjusted for inflation.
more than 2,000 people responded. average spending fell 6% in real terms to 拢67,411. after taxes and savings, available money was 拢69,067. 41% had little to no savings. renters in affordable housing spent 33% of gross income on housing, private renters 22%, and mortgaged owners 19%.
helen walton, head of data and analysis, said the data helps keep inflation figures accurate and informs policy.
why it matters: real income decline in guernsey signals reduced purchasing power, potentially slowing consumer activity and local economic growth.
source: bbc_business
sentiment: -0.30 路 impact: 0.30