IRISH PEOPLE ARE slightly poorer than the European Union average, new data from the continent’s statistics office released this week shows.
The research measures Actual Individual Consumption, which is an indication of the material welfare of households.
Ireland comes in three points below the EU average level, leading a trio of fellow bailout countries in Italy, Cyprus and Spain.
The richest country in Europe is Luxembourg, which comes in 38 points above average. This, however, may be slightly skewed by the fact that a large number of those who work in Luxembourg commute there from neighbouring countries.
The second highest level of consumption was in Germany, 25 points above average. Austria, Sweden and Denmark round out the top five, while our near neighbours in the UK beat us by two places.
AIC measures goods and services consumed by individuals, irrespective of whether they are paid for by people themselves, the Government or by non-profit organisations.
The poorest country in the EU is Bulgaria, with a consumption rate of less than half the EU average. No country in the bottom three, which was rounded out by Romania and Croatia, came within 50% of Germany’s wealth.