In individual consumption, Luxembourg is ahead followed by Norway, Switzerland, Germany, Austria, Denmark, the UK and Belgium
In 2019, Luxembourg recorded the highest level of Gross Domestic Product (GDP) per capita in 37 European states followed by Ireland, Switzerland, Norway and Iceland, as statistics by Eurostat reveal. The table above shows in the left-hand part the countries’ volume indices of GDP per capita.
While GDP is mainly an indicator of the level of economic activity, Actual Individual Consumption (AIC) is an alternative indicator better adapted to describe the material welfare of households. The right-hand part of Table above shows the countries’ volume indices of AIC per capita. Generally, levels of AIC per capita are more homogeneous than GDP but still there are substantial differences across the EU Member States.
Table 2 shows the same statistics in a different depection.
Table 3 shows countries’ price levels to the right, with the EU-27 average at 100, for AIC only. It also shows the exchange rates applied in the calculation of the price level indices (see methodology described in Data sources). In the following, the discussion is restricted to the price levels of AIC, since this is closer to the concept of price levels that people are familiar with than a price level indicator based on GDP.
Luxembourg has the highest price levels among the Member States, 47% above the EU-27 average. However, the EFTA countries Switzerland , Iceland and Norway have higher price levels, at 70%, 63% and 57% above the EU-27 average, respectively. The EU Member States Denmark, Ireland, Sweden and Finland have price levels more than 20% above the EU-27 average. The United Kingdom has a price level 23% above that average. The Netherlands, Austria, Belgium, France, Germany and Italy are the other EU Member States with price levels above the EU-27 average.
(09.07.2020, USA: 07.09.2020)