Gross Domestic Product (GDP) per capita index based on purchasing power parity in Turkey for 2019 was 61, Turkish Statistical Institute said in a statement on Thursday.

Purchasing power parities (PPPs) are currency conversion rates that are applied in order to convert economic indicators from national currency to an artificial common currency which equalizes the purchasing power of different national currencies and enables meaningful volume comparisons between countries.

According to the preliminary results of the European Comparison Program for 2019 gross domestic product (GDP) per capita index based on purchasing power parity in Turkey was 61 whilst the average for 27 European Union (EU) countries was 100 and Turkey's GDP per capita index was 39% below the EU average.

The country groups included in the comparison were the 27 member states of European Union, 3 European Free Trade Association (EFTA) countries (Switzerland, Iceland and Norway), 5 candidate countries (Turkey, North Macedonia, Montenegro, Serbia and Albania), 1 potential candidate country (Bosnia and Herzegovina) and United Kingdom.

Among 37 countries involved in the comparison, the country with the highest index of GDP per capita was Luxembourg with 261 and the country with the lowest index of GDP per capita was Albania with 31. Luxembourg had GDP per capita being 161% above the EU-27 average whereas Albania 69% below the EU-27 average.

The actual individual consumption (AIC) per capita in Turkey was 68 in 2019

While GDP per capita is mainly an indicator of the level of economic activity, actual individual consumption (AIC) per capita is an alternative indicator better adapted to describe the material welfare situation of households. AIC consists of goods and services actually paid or purchased by consumers as well as provided freely by government, or by non-profit organizations (education, health care etc.).

AIC per capita in Turkey was 68 whereas the average of 27 EU member countries as 100 and 32% below the EU-average. Among the 37 countries included in the comparison, Luxembourg had the highest actual individual consumption per capita with 135, while Albania had the lowest with 40.

The price level index for actual individual consumption in Turkey was 40

Price level index is an indicator of purchasing power of national currencies according to currency conversion rates. If a country's price level index is higher than 100, the country is concerned relatively "expensive" to the average of compared country group and if it is lower than 100 then it is relatively "cheap" against the same compared group.

According to the preliminary results for 2019, price level index for AIC was 40 for Turkey. This figure represents that the same basket of goods and services purchased for the cost of 100 Euros in total of 27 European Union countries, could be purchased for 40 Euros in Turkey. (ILKHA)