Shocking: Budapest is one of the poorest Central European capitals
Hungary would need 900 years to reach the purchasing power level of Vienna, Austria’s capital, according to a survey conducted by Eurostat, the EU’s statistical office. Among the capitals of the post-Communist Central and Eastern Europen region, Budapest is the second poorest, following Zagreb. Meanwhile, Bucharest developed significantly between 2013 and 2021, preceding even Vienna.
Hungary and Budapest among the poorest in the EU
According to Eurostat’s latest survey, in 2021, the “net primary income per inhabitant was 20,700 purchasing power standard (PPS), up from 19,500 PPS in 2020” in the EU. The wealthiest NUTS 2 (nomenclature of territorial units for statistics) regions are in Germany (Oberbayern being the wealthiest in the EU), France, Belgium and the Netherlands. The poorest are in Eastern Europe, including Hungary’s Northeastern, Croatia’s Eastern regions and several Romanian and Bulgarian territories.
“The use of data in PPS, rather than in euro, takes into account the price level differences between countries. One PPS can buy the same amount of goods and services in each country, regardless of local price differences”, the Eurostat wrote.
According to 24.hu, Budapest’s result in the statistics is disappointing especially if we compare it with Bucharest. Only Zagreb is poorer than Budapest among the post-Communist countries of the region. However, the statistics are not entirely comparable because Slovenia’s and Bulgaria’s capitals are not regions. If they were alone in the statistics without their presumably lower-income surroundings, they would probably score better.
Bucharest’s development is impressive
Budapest’s lagging behind the other capitals is spectacular in the 2013-2021 period. The Hungarian capital could not precede any of the region’s capitals even though the difference between Budapest and Vienna, Warsaw or Bratislava (Pozsony) decreased. However, the enrichment of Sofia (and its region) and Prague was quicker than Budapest’s. Moreover, Bucharest emerged from the last but one position to the top.
Therefore, 444.hu wrote that Hungary needed more than 900 years to precede Vienna. Budapest needs “only” 30 years, but it’s important to note that the Austrian capital is Austria’s second poorest NUTS 2 region. Meanwhile, Budapest is Hungary’s wealthiest.
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Featured image: depositphotos.com
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