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Austria Fifth Richest Country in EU

Published: December 13, 2011; 17:02 · (Vindobona)

GDP per capita in the Member States ranged from 44% to 271% of the EU27 average in 2010. Austria´s figure amounts to 126%.

Austria Fifth Richest Country in EU / Picture: © Vindobona.org

In 2010, the Gross Domestic Product (GDP) per capita in Luxembourg1, expressed in purchasing power standards2 (PPS), was more than two and a half times the EU27 average, while the Netherlands recorded a level one third above the average. Ireland, Denmark, Austria and Sweden were between 20% and 30% above the EU27 average, while Belgium, Germany and Finland were between 15% and 20% above average.

Austria´s GDP thus is 126% of the average. As a result, Austria is the fifth richest country by EU standards. Last year, Austria has been on rank four. Denmark overtook Austria last year.

The United Kingdom and France registered GDP per capita around 10% above the EU27 average, while Italy, Spain and Cyprus were around the average.

Greece, Slovenia, Malta, Portugal and the Czech Republic were between 10% and 20% lower than the EU27 average, while Slovakia was around 25% below. Hungary, Estonia, Poland, Lithuania and Latvia were between 35% and 50% lower, while Romania and Bulgaria were around 55% below the EU27 average.

These data for 2010, 2009 and 2008, published3 by Eurostat, the statistical office of the European Union, are based on revised4 purchasing power parities, and the latest GDP and population figures. They cover the 27 EU Member States, three EFTA Member States, four EU Candidate Countries and three Western Balkan countries.

While GDP per capita is often used as an indicator of countries' level of welfare, it is not the only such indicator. An alternative welfare indicator, better adapted to reflect the situation of households, is Actual Individual Consumption (AIC) per capita5. Generally, levels of AIC per capita are more homogeneous than those of GDP but still there are substantial differences across the Member States. In 2010, AIC per capita expressed in PPS ranged between 50% above the EU27 average in Luxembourg and nearly 60% below average in Bulgaria.