Thursday, January 7, 2010
Price level in Sweden more than 20 percent higher than EU-27
As in the preceding two years, Luxembourg, Ireland and the Netherlands had the highest and Bulgaria the lowest Gross Domestic Product (GDP) per inhabitant among EU Member States in 2008. Actual Individual Consumption (AIC) per inhabitant was highest in Luxembourg, the United Kingdom and the Netherlands, while in Bulgaria, AIC was just 30 percent of Luxembourg's level. The highest price levels in the EU were found in Denmark.
Relative volumes of GDP per capita
Austria, Denmark, Sweden, Finland, the United Kingdom, Germany and Belgium all come out within a narrow range. This means that the ranking of these countries should be interpreted carefully. If GDP per inhabitant is taken as an indicator of the standard of living, it is clear that at least Belgium, Germany, the United Kingdom and Finland, with volume indices ranging from
115 to 117, for all practical purposes are at the same level.
Comparative price levels in Europe
In 2008, Denmark is by far the most expensive EU Member State, and indeed the most expensive country in Europe, along with Norway. Other countries with price levels more than 20 percent higher than the EU27 average include Switzerland, Ireland, Luxembourg and Finland, as well as Iceland and Sweden. Belgium and France have price levels between 10 and 20 percent above the average, while Austria, Italy, the Netherlands, Germany, the United Kingdom, Spain, Greece and Cyprus all come out within plus or minus 10 percent of the average.