Austria Austria vs Italy Italy development indicators, 2024

Indicator
Austria
Austria, Value
Italy
Italy, Value
Austria
Austria, Rank
Italy
Italy, Rank
Austria Austria as % of
Italy Italy
Current account balance (% of GDP) 2.42 1.13 36 45 215 %
Exports of goods and services (% of GDP) 56.9 32.7 31 77 174 %
Foreign direct investment, net inflows (% of GDP) 1.78 0.918 62 74 194 %
GDP per capita (current US$) 56,833 40,226 15 28 141 %
GDP per capita, PPP (current international US$) 71,618 60,847 20 30 118 %
Imports of goods and services (% of GDP) 53.6 30.4 48 96 176 %
Inflation, consumer prices (annual %) 2.94 0.982 82 141 299 %
Net migration 8,813 95,246 47 19 9.25 %
Population, total 9,178,482 58,986,023 98 25 15.6 %

Demography and Health

Austria and Italy differ in various demographic and health metrics. In terms of birth rate, Austria has a higher figure at 8.5 per 1,000 people compared to Italy's 6.4, ranking 50th globally against Italy's 81st. However, Austria's death rate is also lower at 9.8 compared to Italy's 11.2, with Austria ranked 54th and Italy 38th. Life expectancy is slightly lower in Austria at 81.5 years, compared to Italy's 83.7 years, where Italy ranks 2nd globally, indicating better health outcomes. In pediatric health, the mortality rate for under-5s is marginally higher in Austria (3.1) than in Italy (2.8). Austria has a higher prevalence of undernourishment at 2.5%, equal to Italy but is ranked higher in terms of health system performance, as indicated by higher domestic general government health expenditure per capita ($6,178 vs. $3,708) and a higher number of physicians per 1,000 people (5.5 vs. 4.2).

Economy

Austria exhibits a stronger economic performance when compared to Italy. The GDP per capita for Austria stands at $56,833, significantly higher than Italy's $40,226, with Austria ranking 19th in the world versus Italy's 42nd. Moreover, Austria's GDP per capita on a purchasing power parity (PPP) basis is also higher at $71,618 compared to $60,847 for Italy. However, Italy's inflation rate of 1% is significantly lower than Austria's 2.9%. In terms of net migration, Austria sees a significantly smaller influx (8,813) compared to Italy (95,246), suggesting a growing or younger population in Italy, which may influence its future workforce.

Trade and Investment

Austria shows considerable strength in international trade, with exports constituting 56.9% of its GDP, significantly higher than Italy's 32.7%. The ranking reflects Austria's position at 66th globally, while Italy ranks 106th. High-technology exports also favor Austria, amounting to $27.3 billion against Italy's $52.2 billion, indicating technological competitiveness in the market. In foreign direct investment (FDI), Austria's net inflows are around 1.8% of GDP, which is better than Italy's 0.9%. Despite being stronger in overall trade, the current account balance for Austria remains robust at 2.4% of GDP compared to Italy's 1.1%, demonstrating Austria's stable economic environment.

Governance and Institutions

The governance indicators show that Austria is performing better than Italy across various dimensions. Austria's control of corruption is higher at 1.1, versus Italy's 0.6, reflecting a more transparent environment. Similarly, government effectiveness is rated at 1.3 in Austria compared to Italy's 0.6. Regulatory quality and the rule of law are also favorable towards Austria, with rankings of 1.4 and 1.7, respectively, compared to Italy's 0.6 and 0.4. Political instability metrics indicate Austria's relative strength (0.7) compared to Italy (0.6), reflecting a more stable political environment conducive to governance and policy stability.

Infrastructure and Technology

Austria holds a slight edge in logistics performance, with a logistics performance index of 3.9 compared to Italy's 3.8, indicating a marginally better trade and transport-related infrastructure, essential for a thriving economy. Additionally, Austria's emphasis on research and development (3.2% of GDP) reflects its commitment to technological advancements compared to Italy's mere 1.4%. Furthermore, the patent applications filed per resident also indicate a more innovative environment in Austria (1,872) versus Italy (10,281).

Environment and Sustainability

In environmental and sustainability metrics, Austria leads in renewable energy consumption, using 36% of its total final energy consumption compared to Italy's 17.5%. This showcases Austria's commitment to sustainable practices. Moreover, Austria's freshwater usage is significantly efficient, with only 8.7% water stress compared to Italy's 29.6%, indicating better resource management. Greenhouse gas emissions per capita are lower in Austria with 8 t CO2e, contrasting with Italy's 6.3 t CO2e, further underscoring Austria’s environmentally friendly approach.