Incomes in Spain the lowest in Europe since 2019: down from €25,180 to €23,450

Puerta del Sol Square, Madrid, Spain

Spaniards are falling behind the standard of living of the rest of the European economies: they have lost the most wealth per person – €1,700- since 2019, according to data available until 2021, and already occupy the 18th place in the continental standard of living ranking. If in 2018 Spain stood at 91.2% of the EU average gross national income per capita, by in 2021 this had dropped to 83.4%, according to the newspaper El Economista.

Thus, the loss between 2019 and 2021 – with data updated in December by the European statistical office, Eurostat – means that real GDP will fall from €25,180 in 2019, the year prior to the pandemic and the first full year of the Sánchez era, to €23,450. This indicates an economy in contraction, as just over five years ago, in 2017, it had reached €24,430.

Since 2019, the Eurozone as a whole has lost, on average, just over €400 per capita. A loss similar to that of Germany, while the Italians have lost just over €500 per capita and the French just over €700. Alongside them and in stark contrast is the case of Ireland, since in the island country there has been a spectacular increase from €53,400 per capita in 2017 to €70,530 in 2021.

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The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.