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In 2021, among the EU member states, the lowest price level for the consumer goods and services included in household final consumption was reported by Romania (45% below the EU average), followed by Bulgaria (44% below the EU average) and Poland (40% below the EU average), according to data published on Friday by the National Institute of Statistics (INS).
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 2021, for the consumer goods and services included in final consumption, 100 euro are paid at EU level, 144 euro in Ireland and 55 euro in Romania, told Agerpres.
In 2021, among the EU member states, the highest price level for household final consumption was reported in Ireland (44% above the EU average), followed by Denmark (43% above the EU average), Luxembourg (36% above the EU average) and Sweden (30% above the EU average).
In terms of the price level indices for the main groups of goods and services, Romania is the cheapest member state for the "Food and non-alcoholic beverages" group (70%), while Luxembourg has the highest price level for this group of products (125%).
Bulgaria has the lowest price level for the "Alcoholic beverages and tobacco" (65%), "Clothing and footwear" (77%) and "Housing, water, electricity, gas and other fuels" (36%) groups, followed by Poland, for "Alcoholic beverages and tobacco' (72%) and 'Housing, water, electricity, gas and other fuels" (38%).
Denmark has the highest price level for the products included in the "Clothing and footwear" group (133%), and Ireland is the most expensive EU country in terms of the products of the "Alcoholic beverages and tobacco" (208%) and "Housing, water, electricity, gas and other fuels" (194%) groups.
Among the EU countries, Romania has the lowest price level for the "Recreation and culture" group (63%), as well as for the "Transport" group (69%), alongside Bulgaria.
Bulgaria is still the cheapest EU member state in terms of household furnishings and equipment (68%), as well as in terms of hotels and restaurants (46%).
On the other hand, Luxembourg has the highest price level for "Household furnishings, equipment and maintenance" (126%) among the EU member states. As far as the "Transport" group is concerned, Denmark and Sweden are the most expensive countries in the EU (128%). Denmark stands out from the group of EU member states as the most expensive country in the "Recreation and culture" group (141%) and the "Hotels and restaurants" group (154%).
In terms of the volume indices of Gross Domestic Product per capita, calculated against the Purchasing Power Parity (PPP), Romania, together with five other member states (Poland, Portugal, Hungary, Latvia and Croatia), reports values that are between 70%-80% relative to the European Union average.
The lowest value of GDP per capita in 2021 was recorded by Bulgaria, which is placed at 43% below the EU average, while the highest level of GDP per capita in the European Union - 168% 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 labour force and thus contribute to Luxembourg's GDP, while they are not part of the resident population.
The European Comparison Programme (ECP) was initiated in the 1970s as a component of the International Comparison Programme (ICP) and its aim is to compare the Gross Domestic Product (GDP) in real terms - level and structure.
