Estonia ranks 17th in EU in living standards
According to Eurostat's initial forecasts, Estonia will be the 17th richest country in the EU in terms of purchasing power parity (PPP) in 2022 and Estonians' standard of living will be 13 percent below the EU average.
The preliminary estimate from Eurostat indicates that Estonia's gross domestic product (GDP) per capita at current prices will be 87 percent of the EU average in 2022, down from 89 percent in 2021.
Lithuania, the Czech Republic, Slovenia and Cyprus have a higher standard of living than Estonia, while Spain, Portugal and Greece are at positions below Estonia.
In arithmetic terms, Luxembourg (261% of the EU average) and Ireland (234%) show the highest purchasing power.
Bulgaria, Slovakia and Greece show the lowest.
Eurostat attributes Luxembourg's high purchasing power to the employment of non-residents who contribute to the economy but are not counted as residents, resulting in a greater GDP per capita.
In the case of Ireland, its GDP is boosted by the presence of the headquarters of a large number of multinational corporations, whose revenues are included in the country's GDP despite the fact that they are received by the actual owners of the companies, who may not reside in Ireland.
In June, Eurostat will publish final and calibrated data.
Follow ERR News on Facebook and Twitter and never miss an update!
Editor: Mait Ots, Kristina Kersa