Turkey ranked as most affordable country in Europe for consumer goods and services

The Turkish Statistical Institute (TurkStat) has released its 2023 data on purchasing power parity (PPP), positioning Turkey as the most affordable country in Europe in terms of the price levels of consumer goods and services. The index, which scored Turkey at 42, places it at the bottom of the list among 36 European countries surveyed, indicating lower consumer prices compared to other nations.

The comparison included 27 EU member states, three European Free Trade Association (EFTA) countries (Switzerland, Iceland, and Norway), five candidate countries (Turkey, North Macedonia, Montenegro, Serbia, and Albania), and one potential candidate country (Bosnia and Herzegovina).

Among the countries compared, Switzerland topped the list with the highest price level index for consumer goods and services at 174, followed by Iceland, Denmark, Ireland, and Luxembourg. Just above Turkey, the countries with the lowest price indices included North Macedonia, Bosnia-Herzegovina, Bulgaria, and Romania, highlighting a significant variation in living costs across Europe.

Personal transport equipment 

A closer look at Turkey’s sub-index for personal transport equipment stands at 143, indicating that prices are above the average of EU countries. In contrast, consumer electronics in Turkey are relatively more expensive with an index of 69, showcasing higher prices compared to other sub-groups.

However, Turkey presents a stark contrast in the clothing sector, where it achieved the lowest index score of 30 among the 36 countries surveyed. This makes Turkey the most economical country for clothing within the group. Additionally, the index for restaurants and hotels in Turkey is quite competitive at 57, further illustrating the country's affordability in these areas. (HA/VK)