🌍 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.
💶 Key Highlights
EU Average Salary: €37,863 (adjusted for full-time work).
Highest Nominal Salary: Luxembourg - €81,064.
Lowest Nominal Salary: Bulgaria - €13,503.
Narrowed Gaps with PPS: Ratio of highest to lowest decreases from 6:1 to 2.5:1 after adjustment.
💰 Top Performers in Nominal Salaries
These countries exceeded €50,000 annually:
✔️ Luxembourg (€81,064)
✔️ Denmark (€67,604)
✔️ Ireland (€58,679)
✔️ Belgium (€57,989)
✔️ Austria (€54,508)
✔️ Germany (€50,988)
Other above-average performers include Finland, Sweden, and France.
📉 Lowest Nominal Salaries
Countries with salaries below €20,000:
Bulgaria (€13,503)
Hungary (€16,895)
Greece (€17,013)
Romania (€17,739)
Poland (€18,054)
Slovakia (€19,001)
Italy (€32,500) and Spain (€32,500) also fall below the EU average.
📊 Salaries Adjusted for PPS
PPS provides a fairer comparison by accounting for living costs.
Highest PPS Salary: Luxembourg (€53,745).
Lowest PPS Salary: Greece (€20,525).
Countries above €45,000 PPS:
✔️ Luxembourg, Belgium, Denmark, Germany, and Austria.
✔️ Ireland (€41,581) and France (€39,110) also outpace the EU average.
📈 Trends from 2022 to 2023
General Growth: EU salaries rose by 6% (€2,225 increase).
Biggest Growth: Romania, Hungary, Poland, Latvia, and Croatia (>15%).
Minimal Growth: Malta, Greece, Italy (<€1,000 increase).
Decline: Sweden (-€1,817 due to currency exchange).
🌟 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.