Maltese citizens will have 33 per cent less to spend this Christmas when compared to the average citizen in the EU according to a new study published in Brussels yesterday.
The recently compiled data by 'GfK GeoMarketing, an international consultancy firm, shows that the average net income of a Maltese citizen this year will stand around €8.668 or more than €4,000 less than the average EU citizen.
The study, GfK Purchasing Power In Europe 2008 calculates the average income of EU citizens based on all declared income by EU citizens including state subsidies such as unemployment benefits, child support and pension payouts.
Although the EU average income this year stands at almost €13.000, there are great differences between citizens of different member states particularly between the "old" and the "new" even though the latest "big-bang" accession is almost four and a half years old.
Malta ranks quite well when compared to the other new member states and is only surpassed by Cyprus and Slovenia with regards to the average purchasing power.
However, other EU citizens are by far much wealthier than the average Maltese.
For example, the average Luxembourger, the wealthiest citizen in the EU, earns on average more than three times than his Maltese counterpart. The Irish, Danes, Austrians, French and British earn more than twice.
On the other hand, the average Maltese citizen is in a much better situation than a Romanian or Bulgarian citizen, who are currently the worst off in the EU.
The recently compiled data by 'GfK GeoMarketing, an international consultancy firm, shows that the average net income of a Maltese citizen this year will stand around €8.668 or more than €4,000 less than the average EU citizen.
The study, GfK Purchasing Power In Europe 2008 calculates the average income of EU citizens based on all declared income by EU citizens including state subsidies such as unemployment benefits, child support and pension payouts.
Although the EU average income this year stands at almost €13.000, there are great differences between citizens of different member states particularly between the "old" and the "new" even though the latest "big-bang" accession is almost four and a half years old.
Malta ranks quite well when compared to the other new member states and is only surpassed by Cyprus and Slovenia with regards to the average purchasing power.
However, other EU citizens are by far much wealthier than the average Maltese.
For example, the average Luxembourger, the wealthiest citizen in the EU, earns on average more than three times than his Maltese counterpart. The Irish, Danes, Austrians, French and British earn more than twice.
On the other hand, the average Maltese citizen is in a much better situation than a Romanian or Bulgarian citizen, who are currently the worst off in the EU.