đ Average Salary Rankings in Europe: Which Countries Pay the Highest?
Taking purchasing power standards (PPS) into account, average annual full-time salaries across Europe reveal significant differences, even after adjustment for living costs. Euronews Business dives into the latest Eurostat data to uncover salary trends in 2023.
đ¶ Key Highlights
EU Average Salary: âŹ37,863 (adjusted for full-time work).
Highest Nominal Salary: Luxembourg - âŹ81,064.
Lowest Nominal Salary: Bulgaria - âŹ13,503.
Narrowed Gaps with PPS: Ratio of highest to lowest decreases from 6:1 to 2.5:1 after adjustment.
đ° Top Performers in Nominal Salaries
These countries exceeded âŹ50,000 annually:
âïž Luxembourg (âŹ81,064)
âïž Denmark (âŹ67,604)
âïž Ireland (âŹ58,679)
âïž Belgium (âŹ57,989)
âïž Austria (âŹ54,508)
âïž Germany (âŹ50,988)
Other above-average performers include Finland, Sweden, and France.
đ Lowest Nominal Salaries
Countries with salaries below âŹ20,000:
Bulgaria (âŹ13,503)
Hungary (âŹ16,895)
Greece (âŹ17,013)
Romania (âŹ17,739)
Poland (âŹ18,054)
Slovakia (âŹ19,001)
Italy (âŹ32,500) and Spain (âŹ32,500) also fall below the EU average.
đ Salaries Adjusted for PPS
PPS provides a fairer comparison by accounting for living costs.
Highest PPS Salary: Luxembourg (âŹ53,745).
Lowest PPS Salary: Greece (âŹ20,525).
Countries above âŹ45,000 PPS:
âïž Luxembourg, Belgium, Denmark, Germany, and Austria.
âïž Ireland (âŹ41,581) and France (âŹ39,110) also outpace the EU average.
đ Trends from 2022 to 2023
General Growth: EU salaries rose by 6% (âŹ2,225 increase).
Biggest Growth: Romania, Hungary, Poland, Latvia, and Croatia (>15%).
Minimal Growth: Malta, Greece, Italy (<âŹ1,000 increase).
Decline: Sweden (-âŹ1,817 due to currency exchange).
đ Key Takeaways
Western and Northern Europe lead in salaries but face narrowing advantages in PPS-adjusted rankings.
Eastern Europe shows improvements in PPS but lags in absolute terms.