Prague is the Seventh Richest Region of the EU

Published: 08.04.2019 Related countries:  Canada Canada, Czech Republic Czech Republic

Prague's outstanding economic performance rivals that of the wealthiest EU regions.

European statistical authority Eurostat published a ranking of the EU regions based on their economic performance. The Czech Republic received the seventh place, one rank above Slovak capital Bratislava. London occupies the top places.Eurostat compared all the 281 EU regions based on their individual GDP per capita’s level, using the average value for the whole EU as a reference point.

Prague attained 187 percent, followed by Bratislava with 179 percent of the EU’s average GDP per capita. The same statistics for 2016 put Bratislava ahead of Prague.

According to the data, the richest EU region is the Inner London – West, reaching 626 percent, followed by Luxembourg with 253 percent.
Prague outperformed regions like Bavaria, Vienna or Stockholm. The statistics is based on GDP per capita in purchasing power parity, which factors in local prices of goods and services. Eurostat highlighted the occasionally significant effects of commute on the data.

The wealthiest EU regions based on GDP per capita (PPP) in 2017:
(the 2016 ranking is in brackets)
1.    Inner London – West 626 % (1)
2.    Luxembourg 253 % (2)
3.    Southern Ireland 220 % (3)
4.    Hamburg 202 % (4 – 5)
5.    Brussels 196 % (4 – 5)
6.    Eastern & Midland Ireland 189 %
7.    Prague 187 % (7)
8.    Bratislava 179 % (6)
9.    Upper Bavaria 177 % (8)
10.   Île-de-France 176 % (9)

Three quarters of the EU population live in regions where the GDP per capita is above 75 percent of the EU average.

Among the worst performing regions were parts of Romania and Bulgaria. For instance, in the Bulgarian region called “Northwest”, GDP per capita is below the two thirds threshold of the EU average.

Data on the economic performance of individual countries is one of the criteria for deciding the amounts of the EU funds financial subventions for the member states.