Population Income in the European Union and Situation in Latvia

At individual's level, income is an essential factor influencing different dimensions of the life. Objective of this study is to determine differences in population income within the European Union. The method of comparison was used to analyze the situation of population income in Latvia and the EU during the years 2005-2013. There are remarkable differences in terms of the population income in the EU countries, and the income in Latvia is one of the lowest in the EU. The population income can also be seen as the effect of economic activity in the country. The results of research show very varied competitiveness of nations that can sufficiently determine the social and economic development of the EU member states, including Latvia.