The data presents a comparison of the average annual income in different European countries in the years 2008 and 2018.
Overall, four countries experienced an increase in annual income (Austria, Belgium, Luxembourg, and Poland), one country (Netherlands) did not change, and 3 countries saw a decrease in their annual income (Greece, Italy, and the United Kingdom). It is remarkable that the most significant growth was in Poland, and the most notable decline was in Greece.
Of the four countries that experienced income growth, the largest increase was seen in Poland. This country registered a 22% rise between 2008 and 2018 (from 18,000 to 22,000 US$). This meant that it was no longer the lowest-income country in the sample of eight countries. Luxembourg also recorded strong growth – 17% and remained the country with the highest annual income among those considered (30,000 US$ in 2008 and 35,000 US$ in 2018). Further, a growth in annual income can be seen in Belgium and Austria, which grew by 15% and 13%, respectively.
The Netherlands was the only country that has not seen growth in annual income in mentioned period of time. In each year, the income was 29,000 US$, which causes the annual income to drop from the second to the third.
Greece, Italy, and United Kingdom experienced a decline in their income numbers. The greatest decrease was observed in Greece, which saw a 13% reduction (from 23,000 to 20,000 US$), making it the country with the lowest annual income in 2018. Italy also experienced a decrease in annual income, albeit not as great as Greece (12% compared to 13%). Finally, United Kingdom saw a modest decrease (4%) in annual income from 28,000 to 27,000 US$.