Slovakia is the seventh cheapest country within the European Union (EU), as price levels for consumer goods and services in the European Union are 45 percent higher than in Slovakia. Poštová Banka found this out based on the Eurostat data for 2017. In addition to the 28 EU-member states, the Eurostat survey included data from three European Free Trade Association (EFTA) countries (Iceland, Norway and Switzerland).
Within the EU as a whole, Bulgaria is the cheapest country, with an overall price level of 30-percent lower on average than in Slovakia.
“Nevertheless, Slovakia is still among the cheapest countries in the EU,” said Lucia Dovalová, Poštová Banka analyst, as cited by the TASR newswire.
Lower prices for consumer goods and services than in Slovakia are also found in other Visegrad Four (V4) countries (the Czech Republic, Hungary, Poland), in Lithuania and Croatia, she added.
Regarding individual V4 countries, the most significant price difference is between Slovakia and Poland, where prices for goods and services are 19 percent lower than in Slovakia on average.
“People pay less in Hungary as well - 10 percent, whereas the Czechs have a comparable price level to Slovakia,” said added Dovalová.
People pay the most for goods and services in northern European countries.
“The price tags of goods and services in Denmark are twice as high as in Slovakia,” said Dovalová. “A similar price level [to Denmark’s] is found in Norway, while in Switzerland we would pay 130 percent more in stores. Iceland is the most expensive country, as prices are 140-percent higher there.”
Sweden, Finland, Ireland and Britain are also among the most expensive EU countries.
In terms of holidays, Bulgaria is again the cheapest country for Slovaks.
“Spending a holiday at this destination, we would pay 40 percent less on average for hotels and restaurants than in Slovakia,” said Dovalová. “The most expensive hotels and restaurants are found in Iceland, Switzerland, Norway and also in Denmark, as prices are twice as high as the Slovak ones there.”