RIGA -- The Baltic states aren't just catching up with Western European spending power 's in some instances they have already exceeded it, according to a new survey.
In several regions of Central and Eastern Europe, people are wealthier than their Western European neighbors, according to research company GfK. In the Baltic capital cities, the residents now have more disposable income than those of Italy's poorest communities.
However, in a country comparison, the new EU member states are still lagging behind.
European consumers have a total of around 8,000 billion euros to spend from their household net income. This corresponds to an average purchasing power, or disposable income, of around 11,998 euros per capita across the 40 countries surveyed. This figure includes state payments such as unemployment benefit, child support allowance and pensions.
With an average purchasing power of 27,521 euros in Switzerland and Liechtenstein and 27,395 euros in Luxembourg, these three countries are still Europe's most affluent areas.
Latvia's purchasing power has improved, moving up four places in the purchasing power ranking and the country is now in 25th place. Similarly, its Baltic neighbors Estonia and Lithuania have all climbed up the rankings.
Furthermore, in the capital cities of the Baltic states, purchasing power is above the national average - in Vilnius by almost 30 percent and in Riga by around 25%. Residents here have more money than those of Agerola, the Italian municipality with the weakest purchasing power, which is almost two thirds below the national average.
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