Türkiye is the cheapest country in Europe, Turkstat reports

The Turkish Statistical Institute (TurkStat) reported on Tuesday that Türkiye was recorded as the cheapest country in Europe at the end of 2023, with a price level index of 39, according to the results of the European Comparison Program (ECP) for 2023.

According to the report, Türkiye’s price level index, which reflects the purchasing power of national currencies based on exchange rates, rose by 3 points in 2023, reaching 39. This means goods that cost €100 ($108.24 based on the average 2023 exchange rate) in Europe can be purchased for €39 ($42.21) in Türkiye.

Gross domestic product (GDP) per capita index

Türkiye’s gross domestic product (GDP) per capita index, based on purchasing power parity (PPP), was recorded at 72 in 2023, marking a 3-point increase from 2022.

This measure reflects economic output per person, adjusted for purchasing power parity to account for price differences between countries.

Among the 36 countries included in the comparison:

• Türkiye ranked 28th, standing 28% below the E.U. average of 100.
• Luxembourg topped the list with an index of 237, 137% above the EU-27 average.
• Albania and Bosnia and Herzegovina shared the last spot with an index of 36, 64% below the EU-27 average.

Actual individual consumption (AIC)

Actual individual consumption (AIC), a measure of goods and services consumed by individuals and a key indicator of material well-being, climbed by 4 points in 2023, reaching 84.

Among the 36 countries in the comparison:

• Türkiye ranked 22nd, 16% below the EU-27 average.
• Luxembourg led the ranking with 136, 36% above the EU-27 average.
• Albania recorded the lowest index at 41, 59% below the EU-27 average.

The European Comparison Program includes 27 E.U. member states, 3 European Free Trade Association (EFTA) countries—Switzerland, Iceland, and Norway—and 6 candidate countries, including Türkiye, North Macedonia, and Montenegro.