Austria vs Hungary development indicators, 2024

Indicator	Austria, Value	Hungary, Value	Austria, Rank	Hungary, Rank	Austria as % of Hungary
Current account balance (% of GDP)	2.42	2.28	36	37	106 %
Exports of goods and services (% of GDP)	56.9	74.7	31	17	76.2 %
Foreign direct investment, net inflows (% of GDP)	1.78	-14.7	62	107
GDP per capita (current US$)	56,833	23,311	15	54	244 %
GDP per capita, PPP (current international US$)	71,618	47,636	20	47	150 %
Imports of goods and services (% of GDP)	53.6	69.1	48	23	77.6 %
Individuals using the Internet (% of population)	94.9	91.5	4	6	104 %
Inflation, consumer prices (annual %)	2.94	3.7	82	58	79.3 %
Net migration	8,813	16,223	47	41	54.3 %
Population, total	9,178,482	9,562,314	98	96	96 %

Demography and Health

In terms of demographic indicators, Austria and Hungary exhibit different trends concerning birth and death rates. As of 2023, Austria's crude birth rate stands at 8.5 per 1,000 people, while Hungary has a slightly higher rate of 9.1, ranking both countries at 50th and 38th respectively. However, Austria's death rate, at 9.8 per 1,000 people, is significantly lower than Hungary's 13.4, which places Austria at 54th and Hungary at 19th in this regard. Overall, these figures suggest that Austria has a healthier demographic profile, reflected in its higher life expectancy of 81.5 years compared to Hungary's 76.8 years.

Looking at health, Austria also performs better with a lower under-5 mortality rate of 3.1 per 1,000 live births, compared to Hungary's 3.8. This reinforces Austria's status as having a more robust healthcare system. Additionally, Austria invests more in health, with 10.9% of GDP allocated to health expenditures, as opposed to Hungary's 6.4%. These metrics overall underline Austria's better health outcomes and resources.

Economy

The economic landscape of Austria and Hungary showcases stark disparities, particularly evident in GDP metrics. For 2024, Austria's GDP per capita is notably high at $56,833, positioning it 19th globally, whereas Hungary's GDP per capita sits at $23,311, ranked 84th. Furthermore, in terms of GDP measured by Purchasing Power Parity (PPP), Austria also leads with $71,618 compared to Hungary's $47,636, both ranking at 17th and 72nd respectively.

Inflation rates, a crucial economic indicator, show Austria at a lower annual rate of 2.9% versus Hungary's 3.7% in 2024, signaling more stable economic conditions in Austria. This stability can contribute to enhanced investor confidence and economic growth.

Trade and Investment

In the realm of trade, Hungary sees a significantly higher proportion of goods and services exports relative to its GDP at 74.7%, ranking 44th, compared to Austria's 56.9% which ranks 66th. However, Austria's high-technology exports amount to $27.3 billion, surpassing Hungary's $24.4 billion, ranking them at 26th and 29th respectively. This could suggest that while Hungary relies more heavily on trade, Austria is specializing in more lucrative, high-technology sectors.

Foreign direct investment (FDI) reveals a contrasting picture. Austria experiences a net inflow of FDI at 1.8% of GDP, in a positive light, while Hungary faces a negative inflow of -14.7%, indicating challenges in attracting foreign investment. This adds to Hungary's investment vulnerability compared to Austria’s stronger economic appeal.

Governance and Institutions

Governance structures in Austria and Hungary reflect significant differences in institutional effectiveness. In 2023, Austria scored 1.3 on the Government Effectiveness index compared to Hungary’s 0.4, indicating a more functional government capable of implementing policies effectively. On the same measures, Austria scores well on Control of Corruption (1.1) against a negative score for Hungary, highlighting concerns about governance integrity in Hungary.

Further emphasizing these governance challenges, Austria outranks Hungary in Rule of Law and Regulatory Quality, scoring 1.7 and 1.4 respectively compared to Hungary's 0.4 and 0.3. The political stability indices show both countries at 0.7, pointing to a similar level of political risk but not enough to mitigate the governance quality disparities between them.

Infrastructure and Technology

Infrastructure development presents another area where Austria demonstrates superiority. The Logistics Performance Index rates Austria at 3.9, reflecting high-quality transport and trade-related infrastructure, while Hungary lags at 3.1. This suggests that Austria has a competitive edge in logistics, crucial for efficient trade and economic growth.

Furthermore, concerning technological engagement, Austria shows greater internet penetration, with 94.9% of its population using the internet versus Hungary at 91.5%. This technological readiness can facilitate better communication, business operations, and access to information, contributing positively to development.

Environment and Sustainability

In terms of sustainability, Austria performs favorably with renewable energy consumption accounting for 36% of its total final energy needs, placing it 6th globally, while Hungary lags far behind at 15.3%, ranked 22nd. This indicates Austria's commitment to sustainable energy practices versus Hungary's reliance on non-renewable sources. Both countries have a similar prevalence of undernourishment at 2.5%, yet it is Austria's lower greenhouse gas emissions per capita (8 t CO2e versus Hungary's 6.4 t CO2e) that further emphasizes its stronger environmental performance.

Water stress levels reveal Austria's management capabilities with only 8.7% of freshwater resources withdrawn, slightly higher than Hungary's 8.1%, suggesting that both countries are taking measures to manage freshwater resources effectively. However, Austria maintains a more proactive stance on renewable energy, positioning itself better in the global sustainability context.