Trade: Eurostat: Romania cheapest in the EU for food and non-alcoholic drinks in 2023

Romania had the lowest prices for food and non-alcoholic drinks in 2023, followed by Poland and Slovakia, show the data published, on Friday by the National Institute for Statistics (INS).According to INS, which relies on the Eurostat data, Romania was in 2023 the cheapest state in the EU for ‘ food and non-alcoholic drinks ‘ (75%) followed by Poland and Slovakia (82%) while at the other end was Luxembourg (125%) and Denmark (123%).In 2023, consumer goods and services in final consumption will cost €100 at the EU level and €145 in Denmark and €59 in Bulgaria, respectively. The lowest level of prices for consumer goods and services included in household final consumption in the Member States was recorded in Bulgaria, at 41% below the EU average, followed by Romania (39% below the EU average).   In 2023, among the EU member states, the highest level of prices for final consumption for households was recorded in Denmark (45% over the EU average), followed by Ireland (37% over EU average), Luxembourg (34% over EU average) and Finland (24% over EU average).At the same time, Bulgaria records the lowest level of prices for ‚ alcoholic drinks and tobacco’ (69%),”Clothing and footwear’ (82%) and ‘Maintenance of the dwelling, water, electricity, gas and other fuels’ (38%), followed by Poland for ‘ Alcoholic beverages and tobacco’ (77%) and Croatia for ‘ Maintenance of the dwelling, water, electricity, gas and other fuels’ (44%).In exchange, Denmark has the highest level of prices for products in the groups” clothing and footwear’ (130%) and ‘ dwelling maintenance, water, electricity, gas and other fuels’ (189%) and Ireland is the most expensive country in the EU for products in the category ‘ alcoholic beverages and tobacco’ (208%).Romania also has the lowest price level among EU countries for 'Furnishings, household equipment and routine household maintenance' (72%), followed by Bulgaria (74%), while Bulgaria remains the cheapest for 'Transport' (71%) and 'Accommodation and restaurant services' (52%), while Romania has the lowest price level for 'Recreation and culture' (64%).   Denmark is the most expensive country in the EU for `Furnishings, household equipment and routine household maintenance’ (125%), ` Transport” (126%), `Recreation and Culture” (137%), as well as accommodation and restaurant services (152%).Romania's GDP per capita volume index, calculated on a PPP per capita basis, stands at 78% of the EU average, followed by Poland and Hungary at 77%. The lowest Gross Domestic Product per capita in 2023 was recorded by Bulgaria, with 36% below the EU average, and the highest level was recorded by Luxembourg, which exceeded the EU average by 137%. ***The European Comparison Programme (ECP) was initiated in the 1970s as part of the International Comparison Programme (ICP) and aims to compare in real terms the level and structure of Gross Domestic Product (GDP).   'In order to make comparisons of gross domestic product, GDP components and price levels, for the European Union as a whole and for each Member State, purchasing power parities (PPPs) are calculated, which eliminate the effects of differences in price levels between countries. Thus, when Member States' data on the components of GDP are converted into a common currency using PPPs, then these data are valued at the same price level and reflect only the differences in the volume of goods and services purchased by the countries being compared. The European Comparison Programme (ECP) involves European Union (EU) member states, European Free Trade Association member countries (Iceland, Norway and Switzerland), candidate countries (Albania, Bosnia and Herzegovina, Northern Macedonia, Montenegro, Serbia, Turkey), and the results of the ECP are calculated and disseminated by the Statistical Office of the European Union (Eurostat) twice a year, in June and December', says the NSI.   Data on purchasing power in Romania relative to EU countries were calculated by Eurostat in December 2024, both on the basis of consumer prices collected by participating countries for a common classification of comparable goods and services, selected as representative of consumption patterns in the 36 European countries, and on the basis of data on expenditure components of GDP and other basic information transmitted in accordance with Regulation (EC) No 1445/2007.   The data regarding purchasing power in Romania by comparison to the EU countries were calculated by Eurostat in December 2024, both on the basis of consumption prices collected by he countries participating for a common classification of comparable goods and services, selected as representative of consumption patters in the 36 European countries, and on the basis of data on expenditure components of GDP and other basic information transmitted in accordance with Regulation (EC) No 1445/2007.