Slovakia catches up on Western Europe

Economists point out that Slovakia stopped catching up with Western European living standards during the last decade. GDP per capita in purchasing power parity terms has fallen from 78% of the EU average in 2014 to 71% in 2022. But in nominal terms, the catch-up continues―Slovak labor costs rose from 38% to 55% of the EU average in 2015-24, and even GDP per capita rose from 53% to 60%. At least when travelling abroad, this makes Slovaks feel increasingly wealthy.

(Lehuta)