Over the past five years, real household disposable income (HDI) growth averaged 0.3% p.a. HDI growth was 1.5% in the first quarter of 2020, but declined by 15.5% y/y (-51% q/q ann) in the second quarter of 2020. For 2020 as whole, real HDI declined by 4.5% y/y. The weak growth numbers in 2020, resulted form the lockdown measures due to Covid-19, although HDI growth already started to lose momentum in mid-2018. During 2017 and early 2018, real HDI growth still averaged 2.7% p.a., but by mid-2018 and during 2019, this growth averaged only 0.9% p.a. Real HDI growth is forecast to rise by 2.8% y/y in 2021, accelerating to 3.6% y/y in 2022.respective periods, taxes on income and wealth averaged 11.4% and 13.5%.
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