Recently, the data released by Guangdong survey team of the State Bureau of statistics showed that in the first half of 2021, the per capita disposable income of Guangdong residents was 23604 yuan, with a year-on-year growth (if not specifically stated below, both of them were nominal growth over the same period) of 13.6%, with the actual growth of 13.5% after deducting price factors, and an average growth of 7.8% in two years.
Experts believe that with the overall recovery of economy, the income of residents also increases, which can play an important role in activating the consumption market and promoting the economic cycle.
The average disposable income of rural residents increased by 9.1% in two years
From the perspective of urban and rural areas, the total urban and rural growth rate continue to be high: according to the permanent residence, the per capita disposable income of urban residents is 28897 yuan, an increase of 12.8%, the actual growth rate is 12.5% after deducting the price factors, and the average growth rate in two years is 7.2%; The per capita disposable income of rural residents was 11490 yuan, up 16.1%, the actual growth rate was 17.2% after deducting price factors, and the average growth rate in two years was 9.1%.
From the source of income, the per capita wage income of Guangdong residents is 16012 yuan, an increase of 13.8%, accounting for 67.8% of disposable income; The net income of per capita operation was 2796 yuan, up 16.3%, accounting for 11.8%; The net income of per capita property was 3228 yuan, up 15.8%, accounting for 13.7%; Net income per capita transfer was 1568 yuan, an increase of 3.7%, accounting for 6.6%.
As income rebounds, consumption will return to temperature. In the first half of 2021, Guangdong residents’ per capita consumption expenditure was 15241 yuan, an increase of 16.2% year-on-year, and an average growth of 4.8% in two years. According to the permanent residence, the per capita living expenditure of urban residents is 17748 yuan, up 14.9%, and the average growth rate in two years is 3.7%; The per capita consumption expenditure of rural residents is 9505 yuan, up 20.8%, and the average growth in two years is 8.1%.
According to the consumption category, eight categories of consumption have grown in an all-round way. Among them, the expenditure on education, culture, entertainment, other goods and services and clothing consumption increased 78.2%, 54.2% and 30.6% respectively; The expenditure on health care, household goods and services, transportation and communication, food, tobacco and alcohol and residential consumption increased by 18.0%, 11.6%, 10.5%, 11.1% and 8.1% respectively.
Price growth narrowed 4.4 percentage points from the same period last year
From the price perspective, the increase of consumer prices in the first half of the year showed a trend of obvious narrowing, which also made the sense of acquisition brought by income increase more colorful.
The data show that in the first half of 2021, the CPI of Guangdong Province rose 0.1% over the previous year, and the increase was 4.4 percentage points lower than that of the same period last year. Core CPI, excluding food and energy prices, rose 0.2 percent, a 0.5 percentage point increase from the same period last year.
From the monthly price trend, in the first half of 2021, CPI’s price rose and fell between -0.6% and 1.2% on month basis, with a narrow fluctuation range compared with the same period of last year (-1.8% – 2.2%). In the first half of 2021, the price of eight categories of goods (services) that constitute CPI “rose, 1, 3 decreased” in the first half of 2021.
In terms of PPI, the first half of the year rose 1.7 percent year on year, and the difference was 2.4 percentage points compared with a year-on-year decline of 0.7 percent. The price index of industrial producers’ purchase price (IPI) rose 4.8% year on year, and the difference was 7.1 percentage points compared with the same period of last year, which was 2.3%.