Bulgaria's Consumption and GDP Per Capita Among Lowest in EU for 2023

Business » FINANCE | June 21, 2024, Friday // 09:00
Bulgaria: Bulgaria's Consumption and GDP Per Capita Among Lowest in EU for 2023 @novinite.com

In 2023, Bulgarian households remained among the lowest in the EU for consumption of goods and services. According to Eurostat's latest data, Bulgaria's "actual individual consumption" (AIC) was 27% below the EU average, placing it at 73% of the European level. In contrast, Luxembourg's AIC was 38% above the EU average, reaching 138%.

AIC per capita, expressed in purchasing power standards (PPS), varied from 70% in Hungary to 138% in Luxembourg. AIC measures household material well-being by including all goods and services used by households, regardless of whether they are paid for directly by households, the government, or non-profit organizations. Eurostat's data is based on revised purchasing power parity and the latest GDP per capita data for each EU member state.

Last year, nine member states had AIC levels above the EU average, while the remaining 18 were at or below this average. The highest AIC per capita levels were in Luxembourg (31% above the EU average), Germany (18% above), and Austria and the Netherlands (both 17% above). Belgium, Denmark, France, Finland, and Sweden also had AIC levels between 7% and 15% above the EU average, with Italy matching the average.

In other member countries, AIC per capita was below the European average. Bulgaria held the penultimate position with AIC at 73% of the EU average, outperforming only Hungary, where AIC was 30% below the average (70% of the European level).

Bulgaria also ranked last in the Eurostat GDP per capita comparison, measured by PPS. This indicator eliminates price level differences between countries, allowing one PPS unit to buy the same amount of goods and services across all EU member states. Bulgaria's GDP per capita was 36% below the European average. Luxembourg led this ranking with 139% above the EU average, followed by Ireland (111% above) and the Netherlands (30% above). At the lower end, Greece (33% below) and Latvia (29% below) had the lowest GDP per capita aside from Bulgaria.

We need your support so Novinite.com can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: AIC, EU, Bulgaria

Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria