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Real household incomes in Europe increased, but with large differences between countries

2026-02-06 07:49:00, Ekonomi CNA

Real household incomes in Europe increased, but with large differences between

Real household income per person in the European Union has increased by an average of 17% during the decade 2014–2024, while since the period before the COVID-19 pandemic the increase has reached around 7%, according to Eurostat data analyzed by Euronews Business.

The pandemic caused a sharp slowdown in 2020, with some countries even recording declines in income, but the following years brought a gradual recovery. However, the growth has not been uniform across Europe.

Eastern Europe leads post-pandemic growth

Over the period 2019–2024, Croatia recorded the highest growth in real household income per person at 26%, followed by Malta (24%), Hungary (20%), Romania (19%) and Poland (16%). Most of these countries are outside the eurozone, which also reflects the impact of national currencies.

In contrast, the Nordic countries recorded the lowest growth: Sweden (1%), Finland (2%) and Denmark (3%), partly due to the stronger increase in unemployment during the COVID-19 crisis.

Even the EU's largest economies remained below the European average. France and Spain recorded growth of 6%, while Germany and Italy only 4%.

Strong growth in 10 years, but not in the eurozone

In the period 2014–2024, the highest growth was recorded in Romania with 76%, followed by Turkey (68%), Hungary and Malta (55%), Croatia (51%), Bulgaria (45%) and Poland (42%). According to Eurostat, real GDP growth in the euro area has been weaker than in the EU over the past two decades.

Where are the highest incomes?

In terms of purchasing power standards (PPS), Luxembourg leads with 41,552 PPS per person, followed by Germany, Austria, the Netherlands and Switzerland. Meanwhile, Bulgaria remains the country with the lowest household income per person, at 7,802 PPS.

Experts point out that, although many Eastern European countries are gradually catching up with the EU average, the gap in real income levels still remains large across the continent./ CNA





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