Slovakia is the seventh cheapest country within the European Union (EU), as the price levels for consumer goods and services in the Union are 45 percent higher than in Slovakia, according an analysis from Poštová banka which was drawn up on the basis of Eurostat data for 2017. Within the EU as a whole, Bulgaria is the cheapest country, with the overall price level being on average 30 percent lower than in Slovakia. Regarding the individual Visegrad Four/V4 countries (the Czech Republic, Hungary, Poland) , the most significant price difference is between Slovakia and Poland, with the latter having average prices for goods and services 19 percent lower than in Slovakia. "People pay less also in Hungary - by ten percent, whereas the Czechs have a comparable price level to Slovakia," said Poštová banka analyst Lucia Dovalová.
People tend to pay the most for goods and services in northern European countries. "The price tags of goods and services in Denmark are twice as high as Slovak ones. A similar price level is also found in Norway, while in Switzerland we would pay 130 percent more in the stores. Iceland is the most expensive country, as the prices are 140 percent higher there," said Dovalová, adding that Sweden, Finland, Ireland and Britain are also among the most expensive EU countries when compared to Slovakia. In terms of holidays, Bulgaria is again the cheapest country for Slovaks. "Spending a holiday in this destination, we would pay on average 40 percent less for hotels and restaurants than in Slovakia. The most expensive hotels and restaurants are in Iceland, Switzerland, Norway and also in Denmark, as the prices are twice as high as Slovak ones," said the analyst.
