Austria Austria vs Finland Finland development indicators, 2024

Indicator
Austria
Austria, Value
Finland
Finland, Value
Austria
Austria, Rank
Finland
Finland, Rank
Austria Austria as % of
Finland Finland
Current account balance (% of GDP) 2.42 0.31 36 50 781 %
Exports of goods and services (% of GDP) 56.9 41.6 31 59 137 %
Foreign direct investment, net inflows (% of GDP) 1.78 0.661 62 81 270 %
GDP per capita (current US$) 56,833 53,189 15 21 107 %
GDP per capita, PPP (current international US$) 71,618 64,091 20 27 112 %
Imports of goods and services (% of GDP) 53.6 40.9 48 70 131 %
Inflation, consumer prices (annual %) 2.94 1.57 82 125 188 %
Net migration 8,813 26,894 47 32 32.8 %
Population, total 9,178,482 5,637,214 98 116 163 %

Demography and Health

Austria has a crude birth rate of 8.5 per 1,000 people, ranking 50th globally, while Finland has a slightly lower rate of 7.8, placing it at 68th. The death rate, however, tells a different story, with Austria at 9.8 per 1,000 (54th) compared to Finland's 11 (41st). In terms of life expectancy, Austria scores at 81.5 years (34th), slightly trailing Finland's 81.7 years (30th). Austria has a higher under-5 mortality rate at 3.1 per 1,000 live births (56th) compared to Finland's 2.3 (72nd). Both countries report a 2.5% prevalence of undernourishment in their populations, suggesting similar levels of food security. Net migration is notably higher in Austria at 8,813 individuals (68th) compared to Finland's 26,894 (50th), reflecting Austria's attractiveness as a destination for migrants. Austria also spends more on domestic general government health expenditure per capita, at $6,178 (10th), while Finland's expenditure is $4,943 (20th).

Economy

Austria's GDP per capita stands at $56,833 (19th) compared to Finland's $53,189 (28th), indicating a slightly stronger economic output per individual. When considering purchasing power parity (PPP), Austria maintains an advantage with $71,618 (17th) against Finland's $64,091 (30th). However, inflation is higher in Austria at 2.9% (73rd), while Finland enjoys a lower rate of 1.6% (101st). Both countries exhibit notable differences in exports and imports as a percentage of GDP, with Austria exporting 56.9% (66th) and importing 53.6% (67th) of GDP. In contrast, Finland's figures are 41.6% (90th) for exports and 40.9% (92nd) for imports, indicating Austria’s greater integration into global trade.

Trade and Investment

Austria excels in high-technology exports, earning $27.3 billion (26th) compared to Finland's $5.3 billion (49th), suggesting a more advanced industrial sector in Austria. Foreign direct investment (FDI) inflows are also higher in Austria at 1.8% of GDP (79th) versus Finland’s 0.7% (87th). Yet, the current account balance favors Austria with 2.4% of GDP (33rd) compared to Finland’s 0.3% (52nd), implying a stronger trade surplus in the Austrian economy.

Governance and Institutions

In governance metrics, Finland performs strongly in the control of corruption with a score of 2.2 (6th) compared to Austria's 1.1 (33rd), denoting more effective measures against corruption. Furthermore, Finland demonstrates better government effectiveness (1.7, 8th) and regulatory quality (1.8, 10th) than Austria, scoring 1.3 (23rd) and 1.4 (26th) respectively. The rule of law is stronger in Finland (2nd) than in Austria (11th) reflecting a more reliable legal system. Unemployment rates also reflect the economies' robustness, with Austria at 5.3% (50th) and Finland at a higher 7.2% (20th), indicating more challenges in the latter's labor market.

Infrastructure and Technology

When evaluating infrastructure, Finland outranks Austria in the logistics performance index, scoring 4.2 (2nd) compared to Austria's 3.9 (7th), indicating superior trade and transport-related infrastructure. Research and development expenditure as a percentage of GDP is also competitive: Austria at 3.2% (6th) versus Finland's 3% (10th), showing both nations place a significant emphasis on innovation, although Austria has a slight edge.

Environment and Sustainability

Finland has a higher renewable energy consumption rate at 50.2% (2nd) compared to Austria's 36% (6th), indicating a stronger commitment to sustainable energy sources. However, both countries face similar levels of water stress, with Austria at 8.7% (17th) and Finland at 7.1% (20th), still indicating a sustainable approach to water resources. Greenhouse gas emissions per capita are marginally lower in Finland at 7.8 tons (39th) versus Austria at 8 tons (38th), reflecting both countries’ efforts toward environmental accountability.