The EU has recorded a significant gap between wage growth and expenses.

Household spending in the European Union rose by 1% in 2023

According to Eurostat, household expenditures in the EU countries increased by 0.5% in 2023, which is significantly lower than the previous year when the figure rose by 5.7%.

The report states that spending on restaurants and hotels increased by 4.6%, on transport by 4.3%, and on recreation and culture by 3%. At the same time, expenditures on furniture, household appliances, and home maintenance decreased by 4.9%. There was also a reduction in spending on food and non-alcoholic beverages (-3.7%), as well as on alcohol and tobacco products (-2.2%).

The report also indicates that the average salary in the EU in 2023 was 37.9 thousand euros per year, which is 6.5% more than the previous year (35.6 thousand). The highest salaries were recorded in Luxembourg (81.1 thousand euros), Denmark (67.6 thousand euros), and Ireland (58.7 thousand euros), while the lowest were in Bulgaria (13.5 thousand euros), Hungary (16.9 thousand euros), and Greece (17 thousand euros).