Bulgaria and Hungary at Bottom in EU's GDP Ranking

Eurostat's recent data release for 2022 spotlights the profound economic contrasts existing within the European Union, shedding light on the stark disparities between affluent and struggling nations.

Luxembourg and Ireland continue to dominate with the highest gross domestic product (GDP) per capita, soaring at 156% and 135% respectively above the EU average. In stark contrast, Bulgaria faces a concerning position, showcasing a GDP per capita 38% below the EU average. Greece and Slovakia also fall behind, reporting figures below the average by 33% and 29% respectively.

The meticulous examination of GDP and consumption per capita illuminates significant variations in economic activity across EU member states. Beyond Luxembourg and Ireland's lead, Denmark, the Netherlands, Austria, and Belgium emerge with GDP per capita figures surpassing 20% above the EU average.

Digging deeper into individual well-being metrics, the analysis of actual individual consumption (AIP) per capita reveals Bulgaria and Hungary to exhibit the lowest levels within the EU. Close behind are Croatia, Latvia, and Slovakia, portraying a challenging economic landscape for these nations.

Luxembourg continues to set the standard with AIP per capita sitting comfortably at 38% above the EU average. Bulgaria, however, lags significantly at 31% below the average. Notably, Bulgaria has shown improvement in AIP levels compared to previous years, a trend mirrored in Croatia, Romania, and Ireland.

Conversely, several EU countries, including Denmark, Germany, and Finland, have witnessed a decline in AIP levels, signifying a shift in economic dynamics.

The comprehensive Eurostat report also extends its analysis to non-EU countries such as Norway, Iceland, Switzerland, Turkey, and Western Balkan nations, illustrating varying GDP and AIP levels relative to the EU average.

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