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EUROSTAT: Albania with the lowest income and purchasing power in Europe

2023-12-14 12:00:54Biznes SHKRUAR NGA REDAKSIA VOX

EUROSTAT: Albania with the lowest income and purchasing power in Europe

The latest updated Eurostat data shows that the country continued to be last in Europe, both for income per capita relative to the size of the economy and for income relative to purchasing power, with the latter being an indicator of the material well-being of families.

Although the economy is growing faster than the region, Albanian families and individuals are still poorer than other neighboring countries, especially when measured by income according to purchasing power. Per capita income in relation to Gross Domestic Product (GDP) was 34% of the European Union average. Although increasing by three percentage points compared to last year, Albania is still the last in Europe (data for Kosovo are not reported).

The highest level in the region is in Montenegro, with 50% of the European average, followed by Serbia with 44%, North Macedonia with 42% and Bosnia and Herzegovina with 35%.

Apart from Bosnia, the difference in income with other countries in the region has deepened, indicating a more stable development of the neighboring countries, which have managed to improve the well-being of their citizens at a faster rate.

Even the other indicator, that of individual consumption per capita, which measures income according to purchasing power, or the well-being of a family, places Albania at the bottom, together with Bosnia and Herzegovina.

This indicator is for Albania as much as 41% of the European average. Bosnia-Herzegovina has worsened, where the ratio is the same as Albania at 41%, from 42% that was in the first update. The record is held by Montenegro with 63%, Serbia with 53%, North Macedonia with 50%.

According to Eurostat, current individual consumption refers to all goods and services currently consumed by households. Although GDP per capita is an important and widely used indicator of the level of economic well-being of countries, consumption per capita may be more useful for comparing the relative well-being of consumers in different countries, explains INSTAT.

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In 2022, the levels of current individual consumption (AIC) in the European Union had significant differences. Used as a measure of the material well-being of households, AIC per capita expressed in purchasing power standards (PPS) ranged from 69% to 138% of the EU average across EU countries.

As in previous years, Luxembourg recorded the highest level of AIC per capita in the EU at 38% above the EU average, followed by Austria and Germany (both 18% above), the Netherlands (16% above ) and Belgium (15% higher). ). In 2022, nine EU countries recorded AIC per capita above the EU average.

The lowest levels of AIC per capita were recorded in Bulgaria (31% below the EU average), Hungary (29% below), Croatia and Latvia (both 24%) and Slovakia (23% below).

Over the past three years, AIC per capita relative to the EU average has changed in most EU countries. Between 2020 and 2022, AIC levels increased in 18 EU countries, most notably in Bulgaria (69% of the EU average in 2022 compared to 60% in 2020), Croatia (76% from 69% ), Romania (86% from 81%), and Ireland (94% from 89%).

On the other hand, in seven EU countries there was a decrease in the levels of current individual consumption.

The largest decreases were recorded in Denmark (110% in 2022 vs. 121% in 2020), Germany (118% vs. 124%) and Finland (109% vs. 114%). Luxembourg and Ireland still have the highest GDP per capita in 2022

In 2022, as in 2020 and 2021, Luxembourg and Ireland recorded the highest level of GDP per capita expressed in PPS in the EU, at 156% and 135% above the EU average.

The data show substantial differences between EU countries in terms of GDP per capita, used to measure economic activity. After Luxembourg and Ireland, Denmark (36% above the EU average), the Netherlands (30% above), Austria (24% above) and Belgium (20% above) top the list with a GDP per capita more than 20% above average.

In contrast, Bulgaria (38% below the EU average), Greece (33% below) and Slovakia (29% below) recorded the lowest GDP per capita.


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