Austria Austria vs Greece Greece development indicators, 2024

Indicator
Austria
Austria, Value
Greece
Greece, Value
Austria
Austria, Rank
Greece
Greece, Rank
Austria Austria as % of
Greece Greece
Current account balance (% of GDP) 2.42 -6.38 36 95
Exports of goods and services (% of GDP) 56.9 42 31 54 136 %
Foreign direct investment, net inflows (% of GDP) 1.78 2.51 62 47 71.1 %
GDP per capita (current US$) 56,833 24,752 15 49 230 %
GDP per capita, PPP (current international US$) 71,618 44,074 20 50 162 %
Imports of goods and services (% of GDP) 53.6 47.3 48 59 113 %
Inflation, consumer prices (annual %) 2.94 2.74 82 93 107 %
Net migration 8,813 -122,772 47 202
Population, total 9,178,482 10,388,805 98 93 88.3 %

Demography and Health

Austria has a crude birth rate of 8.5 per 1,000 people compared to Greece’s 6.8, reflecting a moderately higher level of population growth. However, the death rate in Austria is also lower at 9.8 per 1,000 compared to Greece's 12.2, aligning with Austria's higher rankings in overall health. The life expectancy for both countries is the same at 81.5 years, but Austria excels in child health with a lower under-5 mortality rate of 3.1 per 1,000 live births compared to Greece's 3.7. Net migration is a significant factor; Austria records net inflows of 8,813, while Greece experiences significant outflows at -122,772. The poverty headcount ratio indicates that Austria has a lower poverty rate of 14.8% compared to Greece's 18.8%. Both countries exhibit a similar prevalence of undernourishment at 2.5%. Furthermore, Austria allocates significantly more for health, spending $6,178 per capita compared to Greece's $1,784.

Economy

Austria remains economically stronger than Greece, illustrated by a GDP per capita of $56,833 as opposed to Greece’s $24,752. Using Purchasing Power Parity (PPP), Austria’s GDP per capita is $71,618 compared to Greece’s $44,074, demonstrating a greater standard of living and wealth distribution. Austria shows a higher dependence on exports, which consist of 56.9% of its GDP compared to Greece’s 42%. This highlights Austria's integration into the global economy. Conversely, Greece has a higher foreign direct investment (FDI) inflow percentage at 2.5% of GDP, compared to Austria's 1.8%, indicating a stronger investment attraction potential.

Trade and Investment

Austria's imports constitute 53.6% of GDP while Greece's imports represent 47.3%, showing a more robust trade environment in Austria. In logistics performance, Austria stands higher at 3.9 out of 5, while Greece scores 3.7, pointing towards better trade and transport infrastructure in Austria. The current account balance reflects Austria's economic health with a surplus of 2.4% GDP against Greece's significant deficit of -6.4%, indicating that Austria is more balanced in its trading activities and investments.

Governance and Institutions

Austria exhibits stronger governance indicators compared to Greece. Its control of corruption score is 1.1, while Greece stands at a low 0.1, suggesting more effective measures against corruption. Government effectiveness also leans in favor of Austria at 1.3 compared to Greece's 0.1, indicating better governance. In terms of political stability, Austria scores 0.7 against Greece's significantly lower score of 0.2, underscoring Austria’s belonging to a more stable political landscape. Austria has a better regulatory quality score of 1.4 compared to Greece's 0.6, reflecting stronger institutional frameworks.

Infrastructure and Technology

Austria's investments in research and development are considerably higher at 3.2% compared to Greece's 1.5%, showcasing Austria’s commitment to innovation and technological advancement. This is further evidenced by a higher ranking in patent applications, where Austria stands out with 1,872 applications against Greece's 394. Austria's logistics performance index also highlights its sophisticated trade and infrastructure capabilities, resulting in a well-connected economy.

Environment and Sustainability

Austria is more proactive in renewable energy consumption, utilizing 36% of its total final energy compared to Greece's 21.5%. This commitment to sustainability is further supported by lower greenhouse gas emissions, with Austria producing 8 tons of CO2 per capita compared to Greece’s 6.7 tons. In water security, Austria's level of water stress is notably lower at 8.7% compared to Greece's significant stress level of 20.7%, indicating a better management of water resources. These factors illustrate Austria’s stronger adherence to sustainable practices and environmental management compared to Greece.