The lowest value of GDP per capita in 2023 was recorded by Bulgaria, which is placed at 36% below the EU average.
The highest level of GDP per capita in the European Union – 137% above the EU average – was reported by Luxembourg. This is partly explained by the fact that a large number of foreign citizens represent a high share of the country’s total labor force and thus contribute to Luxembourg’s GDP, while they are not part of the resident population.
The price level indices show how many units of the same currency are needed to purchase an identical volume of goods and services in different countries, for each group of goods and services. In 2023, for the consumer goods and services included in final consumption, EUR100 are paid at EU level, EUR145 (the highest value) in Denmark and EUR59 (the lowest value) in Bulgaria.
In 2023, among the EU Member States, the lowest price level for the consumer goods and services included in household final consumption was recorded in Bulgaria (41% below the EU average), followed by Romania (39% below the EU average).
In 2023, among the EU Member States, the highest price level for household final consumption was reported in Denmark (45% above the EU average), followed by Ireland (37% above the EU average), Luxembourg (34% above the EU average) and Finland (24% above the EU average).
According to the Eurostat press release, Romania is the cheapest Member State for the “Food and non-alcoholic beverages” group (75%), followed by Poland and Slovakia (82%), while Luxembourg has the highest price level for this group of products (125%), followed by Denmark (123%).
Bulgaria has the lowest price level for the “Alcoholic beverages and tobacco” (69%), “Clothing and footwear” (82%) and “Housing, water, electricity, gas and other fuels” (38%) groups, followed by Poland, for “Alcoholic beverages and tobacco” (77%), and Croatia, for “Housing, water, electricity, gas and other fuels” (44%).
Denmark has the highest price level for the products included in the “Clothing and footwear” (130%) and “Housing, water, electricity, gas and other fuels” (189%) groups, and Ireland is the most expensive EU country in terms of the products of the “Alcoholic beverages and tobacco” group (208%).
Among the EU countries, Romania has the lowest price level for “Household furnishings, equipment and maintenance” (72%), followed by Bulgaria (74%). Bulgaria is the cheapest EU Member State in terms of “Transport” (71%) and “Hotels and restaurants” (52%), and
Romania has the lowest price level for the “Recreation and culture” group (64%). Denmark has the highest price level for “Household furnishings, equipment and maintenance” (125%), “Transport” (126%), “Recreation and culture” (137%) and “Hotels and restaurants” (152%) among the EU Member States.
In order to compare the GDP, its component expenditures and the price levels, for the European Union as a whole and for each Member State, the Purchasing Power Parities (PPPs) are calculated, representing the indicators that eliminate the effects of the differences in price levels between countries. Thus, when the data of the Member States related to the GDP components are converted to a common currency using the PPPs, these data are assessed at the same price level and reflect only the differences in the volume of goods and services purchased by the countries that are being compared. The EU Member States, the European Free Trade Association countries (Iceland, Norway and Switzerland) and the candidate countries (Albania, Bosnia and Herzegovina, Montenegro, North Macedonia, Serbia, Turkey) participate in the European Comparison Program (ECP).