UK consumers would have the highest cost of living and Poles the lowest in an enlarged EU, a German government report showed yesterday
Published:
12 May 2004 y., Wednesday
It compared prices in each capital city.The cost of living in the UK is 28 percent higher than in Germany, Europe's biggest economy, the Wiesbaden-based Federal Statistics Office said.
Polish consumers paid about 28 percent less than Germans.
The statistics office said price differences in the EU would increase significantly with the accession of 10 new member states.
The 10 mainly eastern European nations that are joining the EU on Saturday are counting on low operating costs and salaries that are a fifth of western levels to lure more foreign investment and help them compete.
Companies such as Volkswagen, Europe's biggest car maker, and Tesco, the UK's biggest grocer, have poured a combined $114 billion (R761.8 billion) into the region in the past 15 years. The Czech Republic has the second-lowest cost of living of the accession countries, with prices about 27 percent below those in Germany, while Cyprus and Slovenia are the most expensive.Among the current member states, Germany had the lowest cost of living after Luxembourg, Spain and Portugal, the report showed. Denmark, Sweden, Finland and Ireland were among the most expensive, after the UK.Electricity, natural gas and heating oil account for 9.2 percent of the price index with petrol and diesel accounting for for another 6.6 percent. Entertainment and recreation make up 4.9 percent and restaurant costs weigh in with 4.8 percent. The cost-of-living indices do not include taxes, property or rents.
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