Data / Rankings / Inflation, GDP deflator / EU countries

EU countries by inflation, GDP deflator

Hungary had the highest inflation, GDP deflator of 27 EU countries in 2023, at 15%. Denmark had the lowest, at -2.1%. The median was 6.9%. Source: the World Bank.

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Highest15Hungary
Lowest-2.1Denmark
Median6.927 EU countries

Map of EU countries, 2023

Austria: 7.2 %Belgium: 5.5 %Bulgaria: 8 %Cyprus: 5.6 %Czechia: 8.6 %Germany: 6.7 %Denmark: -2.1 %Estonia: 8.6 %Spain: 6.2 %Finland: 3.9 %France: 5 %Greece: 6.3 %Croatia: 12.9 %Hungary: 15 %Ireland: 3.4 %Italy: 6.3 %Lithuania: 10 %Luxembourg: 6.9 %Latvia: 10.7 %Malta: 5.2 %Netherlands: 6.3 %Poland: 9.9 %Portugal: 7.5 %Romania: 12.4 %Sweden: 5.8 %Slovenia: 10 %Slovakia: 10 %
  • Under 0
  • 0 to 6.3
  • 6.3 to 8.6
  • 8.6 and over
%, 2023. Red areas are below zero and blue areas above it. Source: World Bank, Inflation, GDP deflator (annual %) (NY.GDP.DEFL.KD.ZG). Boundaries: Natural Earth (public domain).

All EU countries, 2023

Hungary: 15 %Hungary15Croatia: 12.9 %Croatia12.9Romania: 12.4 %Romania12.4Latvia: 10.7 %Latvia10.7Slovakia: 10 %Slovakia10Slovenia: 10 %Slovenia10Lithuania: 10 %Lithuania10Poland: 9.9 %Poland9.9Estonia: 8.6 %Estonia8.6Czechia: 8.6 %Czechia8.6Bulgaria: 8 %Bulgaria8Portugal: 7.5 %Portugal7.5Austria: 7.2 %Austria7.2Luxembourg: 6.9 %Luxembourg6.9Germany: 6.7 %Germany6.7Netherlands: 6.3 %Netherlands6.3Greece: 6.3 %Greece6.3Italy: 6.3 %Italy6.3Spain: 6.2 %Spain6.2Sweden: 5.8 %Sweden5.8Cyprus: 5.6 %Cyprus5.6Belgium: 5.5 %Belgium5.5Malta: 5.2 %Malta5.2France: 5 %France5Finland: 3.9 %Finland3.9Ireland: 3.4 %Ireland3.4Denmark: -2.1 %Denmark-2.1Hungary: 15 %Hungary15Croatia: 12.9 %Croatia12.9Romania: 12.4 %Romania12.4Latvia: 10.7 %Latvia10.7Slovakia: 10 %Slovakia10Slovenia: 10 %Slovenia10Lithuania: 10 %Lithuania10Poland: 9.9 %Poland9.9Estonia: 8.6 %Estonia8.6Czechia: 8.6 %Czechia8.6Bulgaria: 8 %Bulgaria8Portugal: 7.5 %Portugal7.5Austria: 7.2 %Austria7.2Luxembourg: 6.9 %Luxembourg6.9Germany: 6.7 %Germany6.7Netherlands: 6.3 %Netherlands6.3Greece: 6.3 %Greece6.3Italy: 6.3 %Italy6.3Spain: 6.2 %Spain6.2Sweden: 5.8 %Sweden5.8Cyprus: 5.6 %Cyprus5.6Belgium: 5.5 %Belgium5.5Malta: 5.2 %Malta5.2France: 5 %France5Finland: 3.9 %Finland3.9Ireland: 3.4 %Ireland3.4Denmark: -2.1 %Denmark-2.1
%. Source: World Bank, Inflation, GDP deflator (annual %) (NY.GDP.DEFL.KD.ZG). Retrieved 2026-10-18.

Full ranking

RankEU countries2023 (%)Change on 2022
1Hungary15+1 pts
2Croatia12.9+4.9 pts
3Romania12.4+0.3 pts
4Latvia10.7+1 pts
5Slovakia10+2.7 pts
6Slovenia10+3.5 pts
7Lithuania10-5.5 pts
8Poland9.9-0.8 pts
9Estonia8.6-8.2 pts
10Czechia8.6-0.1 pts
11Bulgaria8-7.9 pts
12Portugal7.5+2.2 pts
13Austria7.2+2.2 pts
14Luxembourg6.9+0.7 pts
15Germany6.7+0.3 pts
16Netherlands6.3+0.1 pts
17Greece6.3-0 pts
18Italy6.3+2.8 pts
19Spain6.2+1.6 pts
20Sweden5.8-0.2 pts
21Cyprus5.6-0.6 pts
22Belgium5.5-1.2 pts
23Malta5.2+0.1 pts
24France5+2 pts
25Finland3.9-2.3 pts
26Ireland3.4-4.6 pts
27Denmark-2.1-12.5 pts

Other periods

About this ranking

Annual percentage change in the GDP implicit deflator, the ratio of GDP at current prices to GDP at constant prices in national currency. It measures price change across the whole economy. World Bank national accounts data, compiled from national statistical offices and central banks and from OECD national accounts files.

Covers investment goods and exports too, so it differs from consumer price inflation (inflation_annual_average). It turns negative when export prices fall, as in oil exporters in 2015 and 2020.

Every value in the ranking comes from the same publisher and the same period, so the EU countries are compared on one definition. Equal values share a rank.

How to cite

World Bank, World Development Indicators. Inflation, GDP deflator (annual %) (NY.GDP.DEFL.KD.ZG). https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG. Retrieved 2026-10-18. Licensed under CC BY 4.0.

Citation styles

The publisher is the author. Invokely is named only as the place the figures were read, where a style asks for it.

APA 7

World Bank. (2026). Inflation, GDP deflator (annual %) (NY.GDP.DEFL.KD.ZG) (EU countries by inflation, GDP deflator, 2023) [Data set]. Retrieved October 18, 2026, from https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG

MLA 9

Inflation, GDP deflator (annual %) (NY.GDP.DEFL.KD.ZG), EU countries by inflation, GDP deflator, 2023. World Bank, 8 Oct. 2026, https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG. Invokely, https://invokely.ai/rankings/gdp-deflator-inflation/eu-countries?period=2023. Accessed 18 Oct. 2026.

Chicago (author-date)

World Bank. 2026. Inflation, GDP deflator (annual %) (NY.GDP.DEFL.KD.ZG). EU countries by inflation, GDP deflator, 2023. Dataset. Accessed October 18, 2026. https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG. Also distributed by Invokely, https://invokely.ai/rankings/gdp-deflator-inflation/eu-countries?period=2023.

Harvard

World Bank (2026) Inflation, GDP deflator (annual %) (NY.GDP.DEFL.KD.ZG), EU countries by inflation, GDP deflator, 2023 [Dataset]. Available at: https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG, via Invokely: https://invokely.ai/rankings/gdp-deflator-inflation/eu-countries?period=2023 (Accessed: 18 October 2026).

BibTeX
@misc{world_eu_countries_by_inflation_2023,
  author = {{World Bank}},
  title = {{Inflation, GDP deflator (annual \%) (NY.GDP.DEFL.KD.ZG): EU countries by inflation, GDP deflator, 2023}},
  year = {2026},
  howpublished = {Data set},
  url = {https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG},
  urldate = {2026-10-18},
  note = {Accessed via Invokely, https://invokely.ai/rankings/gdp-deflator-inflation/eu-countries?period=2023. Publisher attribution: World Bank, World Development Indicators. Inflation, GDP deflator (annual \%) (NY.GDP.DEFL.KD.ZG). https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG. Retrieved 2026-10-18. Licensed under CC BY 4.0.},
}
RIS
TY  - DATA
AU  - World Bank
TI  - Inflation, GDP deflator (annual %) (NY.GDP.DEFL.KD.ZG): EU countries by inflation, GDP deflator, 2023
PY  - 2026
DA  - 2026/10/08
PB  - World Bank
DB  - Invokely
UR  - https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG
L2  - https://invokely.ai/rankings/gdp-deflator-inflation/eu-countries?period=2023
Y2  - 2026/10/18
N1  - Accessed via Invokely, https://invokely.ai/rankings/gdp-deflator-inflation/eu-countries?period=2023.
N1  - Publisher attribution: World Bank, World Development Indicators. Inflation, GDP deflator (annual %) (NY.GDP.DEFL.KD.ZG). https://data.worldbank.org/indicator/NY.GDP.DEFL.KD.ZG. Retrieved 2026-10-18. Licensed under CC BY 4.0.
ER  -
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Questions

Which EU country has the highest inflation, GDP deflator?

Hungary, with 15% in 2023, according to the World Bank.

Which EU country has the lowest inflation, GDP deflator?

Denmark, with -2.1% in 2023.

Where does this ranking come from?

Every value comes from one source and one period, so the places are comparable: World Bank, Inflation, GDP deflator (annual %) (NY.GDP.DEFL.KD.ZG). Retrieved 2026-10-18.

Inflation, GDP deflator: other rankings

EU countries: more rankings