Eurostat has just published the 2021 GPD growth report. According to the report, almost all European regions have managed to grow in terms of real GDP, and many grew big on Purchasing Power.
When it comes to Central-Eastern Europe and Hungary, we can see that Budapest has a stong presence not only within the country, but in the entire region. So much so, that by 2021, the Hungarian capital managed to exceed both Vienna (Austria) and Berlin (Germany) in terms of living standards. Eurostat uses PPS (Purchasing Power Standard) to comapre price levels within the European Union. PPS is a fictitious currency, with which you can buy the same amount of goods. This is needed, because with its help it’s easier to compare how much can you shop from an average salary in each country or region.
According to these PPS values, living standards in Eastern Europe continue to grow quickly, with Prague, Warsaw, Bucarest and Budapest all being listed among the top 15 places. This means that even though salaries are generally lower in Eastern Europe, with the lower consumer prices, people can actually live better than in many Western-European cities.