Expressed in purchasing power standards (PPS), an artificial currency that technically represents how much the same monetary value can get you in different countries, the results of a Eurostat study show that Luxembourg is 45 PPS above the European average (100PPS). Germany (124 PPS) and Denmark (122 PPS) complete the podium.
Actual individual consumption refers to all products and services households use. This includes health and education services, and shows the relative welfare of households, Eurostat explains on its website.
Despite having the highest actual individual consumption in the EU, the grand duchy saw its score decrease by 7% in one year, going from 152% to 145%. Romania with 80% of the EU average saw the biggest year-on-year increase of AIC.
Luxembourg has by far the highest GPD per capita with 163 PPS too--followed by Ireland, which is 9PPS above the EU average. This, however, is highly likely thanks to the 211,698 cross-border workers that travel into the grand duchy every day and contribute to GPD despite not being counted as residents.
Luxembourg’s statistics bureau had, however, recently predicted that the country’s GPD would increase more slowly (3.5%) over 2022, whereas it had bounced up by 7% in 2020.