Austria Austria vs Cyprus Cyprus development indicators, 2024

Indicator
Austria
Austria, Value
Cyprus
Cyprus, Value
Austria
Austria, Rank
Cyprus
Cyprus, Rank
Austria Austria as % of
Cyprus Cyprus
Current account balance (% of GDP) 2.42 -8.39 36 100
Exports of goods and services (% of GDP) 56.9 96.7 31 7 58.9 %
GDP per capita (current US$) 56,833 38,654 15 32 147 %
GDP per capita, PPP (current international US$) 71,618 61,240 20 29 117 %
Imports of goods and services (% of GDP) 53.6 93.1 48 10 57.6 %
Inflation, consumer prices (annual %) 2.94 1.8 82 117 163 %
Net migration 8,813 8,138 47 48 108 %
Population, total 9,178,482 1,358,282 98 157 676 %

Demography and Health

Austria and Cyprus have notable differences in demographic indicators. As of 2023, Austria has a crude birth rate of 8.5 per 1,000 people, while Cyprus has a higher rate of 10.8, ranking 7th globally compared to Austria's 50th rank. In terms of death rates, Austria's is significantly higher at 9.8 per 1,000 compared to Cyprus's 7.1, indicating a healthier demographic profile in Cyprus. Life expectancy is similar, with Austria at 81.5 years and Cyprus slightly higher at 81.6 years, both ranking within the top 35 countries. However, Austria has a lower under-5 mortality rate at 3.1 compared to Cyprus's 3.5. Overall, Austria exhibits a more advanced health investment, with higher general government health expenditure per capita, reflecting better health system support.

Economy

When examining economic factors, Austria has a GDP per capita of $56,833, significantly higher than Cyprus's $38,654. Adjusted for purchasing power, Austria still outperforms Cyprus with a GDP per capita of $71,618 compared to $61,240. However, Cyprus leads in terms of exports of goods and services, contributing 96.7% of its GDP, far surpassing Austria's 56.9%. This high export reliance may indicate a more specialized economy in Cyprus. Inflation rates also diverge, with Austria at 2.9% and Cyprus notably lower at 1.8%. Overall, while Cyprus shows great export strength, Austria maintains a stronger overall economic profile with higher income levels.

Trade and Investment

In 2024, Austria is positioned less favorably in terms of trade as it ranks significantly lower than Cyprus in exports and imports relative to GDP, with Austria at 66th for exports and 67th for imports, while Cyprus ranks 16th and 17th respectively. Austria's high-tech exports amount to $27.3 billion, showcasing innovation, while Cyprus's weariness in high-tech exports (only $107.3 million) might suggest a dependency on traditional sectors. Furthermore, the current account balance reflects Austria's strength with a positive balance of 2.4% of GDP while Cyprus struggles with a -8.4% balance, which could raise concerns over financial stability.

Governance and Institutions

In terms of governance, Austria outperforms Cyprus across multiple indicators. Austria's control of corruption is rated at 1.1 while Cyprus is at 0.3, indicating a stronger legal framework and government accountability in Austria. Furthermore, Austria ranks higher in government effectiveness with 1.3 compared to Cyprus's 0.7, reflecting greater institutional capacity. Similarly, Austria excels in the rule of law (rank 11) compared to Cyprus (rank 56). Political stability is also greater in Austria (ranking 32) than in Cyprus (ranking 68), suggesting a safer and more stable political climate conducive to investment and societal well-being.

Infrastructure and Technology

Austria has a higher logistics performance index at 3.9, reflecting better trade and transport-related infrastructure compared to Cyprus at 2.8. This advantage enhances Austria's trade efficiency and competitiveness. Furthermore, Austria leads in research and development expenditure at 3.2% of GDP versus Cyprus's low 0.7%, indicating a commitment to innovation and technological advancement. On the patent applications front, Austria's 1,872 applications demonstrate a strong innovation landscape compared to Cyprus's meager 1 application. These factors underscore Austria's edge in infrastructure and technological investment.

Environment and Sustainability

Both countries need to address environmental sustainability, although Austria shows stronger performance in several areas. Austria consumes 36% of its total final energy from renewable sources, which is substantially higher than Cyprus's 15.6%, placing Austria at a rank of 6 compared to Cyprus's 21. In terms of greenhouse gas emissions, Austria's per capita emissions are 8 tons CO2e, while Cyprus's are slightly lower at 7.7 tons CO2e. However, Cyprus faces significant water stress, withdrawing 32.1% of its available freshwater resources, ranking 6th, while Austria stands at a more sustainable 8.7%. Overall, Austria demonstrates a more robust commitment to environmental sustainability compared to Cyprus.