Austria Austria vs Romania Romania development indicators, 2024

Indicator
Austria
Austria, Value
Romania
Romania, Value
Austria
Austria, Rank
Romania
Romania, Rank
Austria Austria as % of
Romania Romania
Current account balance (% of GDP) 2.42 -8.36 36 99
Exports of goods and services (% of GDP) 56.9 35.6 31 70 160 %
Foreign direct investment, net inflows (% of GDP) 1.78 1.92 62 57 92.9 %
GDP per capita (current US$) 56,833 20,072 15 57 283 %
GDP per capita, PPP (current international US$) 71,618 48,712 20 45 147 %
Imports of goods and services (% of GDP) 53.6 41.7 48 67 129 %
Inflation, consumer prices (annual %) 2.94 5.72 82 35 51.3 %
Net migration 8,813 -28,466 47 182
Population, total 9,178,482 19,069,340 98 66 48.1 %

Demography and Health

Austria has a slightly higher birth rate (8.5 per 1,000 people) compared to Romania (8 per 1,000 people), indicating a more dynamic population growth. However, Romania stands out with a lower death rate (12.7 per 1,000) compared to Austria’s 9.8, which suggests relatively healthier living conditions in Romania. Austria enjoys a significantly higher life expectancy at 81.5 years compared to Romania’s 76.6 years, reflecting a better standard of healthcare and living conditions. The under-five mortality rate is markedly lower in Austria at 3.1 per 1,000 live births, while Romania’s figure is more concerning at 6.6, marking a challenge in child health and nutrition. Interestingly, both countries share the same prevalence of undernourishment at 2.5% of the population.

Economy

Austrian GDP per capita stands at an impressive $56,833, far outpacing Romania's $20,072. This stark difference reflects Austria's more developed economic environment. In terms of purchasing power parity, Austria again leads with $71,618 compared to Romania's $48,712. The two nations show similar inflation rates, with Austria at 2.9% and Romania at 5.7%, indicating relatively stable economic conditions in Austria. The research and development expenditure (% of GDP) in Austria is substantially higher at 3.2%, which promotes competitive advantage in innovation, compared to Romania’s paltry 0.5%. Both countries have similar total unemployment rates, with Austria at 5.3% and Romania at 5.6%, indicating comparable labor market challenges.

Trade and Investment

Austria has a much higher percentage of exports of goods and services contributing to GDP at 56.9% compared to Romania's 35.6%. On the other hand, the imports of goods and services also reflect a similar story with Austria at 53.6% and Romania at 41.7%. High-technology exports indicate Austria’s advanced manufacturing capabilities, with $27.3 billion in high-tech exports as opposed to Romania’s $9.7 billion. Despite this, foreign direct investment (FDI) inflows are comparable, with Austria at 1.8% of GDP and Romania slightly higher at 1.9%, suggesting an attractive investment environment in both countries.

Governance and Institutions

Austria showcases a stronger governance structure with a Control of Corruption index of 1.1 compared to Romania’s 0, indicating significantly greater integrity in public sector operations. Austria also excels in Government Effectiveness with a score of 1.3 versus Romania’s -0.1, highlighting better quality of public services in Austria. The Rule of Law score reflects Austria's strong legal system at 1.7 compared to Romania’s 0.4. Political stability is another advantage for Austria, having a score of 0.7 against Romania’s 0.4. However, military expenditure is higher in Romania at $5.6 billion compared to Austria's $4.4 billion, possibly reflecting different security postures.

Infrastructure and Technology

In terms of logistical performance, Austria has a noteworthy score of 3.9 for trade and transport-related infrastructure, marking it as one of the top performers, while Romania lags behind at 2.9. The higher level of infrastructure development in Austria likely supports its robust economy and trade capabilities. Additionally, Austria's higher patent applications per capita (1,872) compared to Romania's (772) serves as a testament to its focus on innovation and technological advancement.

Environment and Sustainability

Austria shows a commitment to sustainability with 36% of its total final energy consumption sourced from renewable energy, compared to Romania’s 23.6%. Both countries exhibit a comparable level of water stress, with Austria at 8.7% and Romania at 7.4%, suggesting that both are managing their freshwater resources relatively well. On the greenhouse gas emissions front, Austria emits 8 tons of CO2e per capita, while Romania's emissions are lower at 5.6 tons per capita, indicating a slightly less carbon-intensive economy in Romania.