Austria vs Slovakia development indicators, 2024

Indicator	Austria, Value	Slovakia, Value	Austria, Rank	Slovakia, Rank	Austria as % of Slovakia
Current account balance (% of GDP)	2.42	-2.75	36	80
Exports of goods and services (% of GDP)	56.9	85.2	31	9	66.8 %
Foreign direct investment, net inflows (% of GDP)	1.78	2.53	62	46	70.6 %
GDP per capita (current US$)	56,833	26,148	15	46	217 %
GDP per capita, PPP (current international US$)	71,618	47,181	20	49	152 %
Imports of goods and services (% of GDP)	53.6	85	48	11	63.1 %
Individuals using the Internet (% of population)	94.9	89.8	4	7	106 %
Inflation, consumer prices (annual %)	2.94	2.76	82	92	107 %
Net migration	8,813	-21,027	47	170
Population, total	9,178,482	5,422,069	98	119	169 %

Demography and Health

Austria and Slovakia exhibit distinct demographic characteristics. As of 2023, Austria has a crude birth rate of 8.5 per 1,000 people, slightly lower than Slovakia's 9, placing Austria at 50th and Slovakia at 40th in global rankings. The crude death rate in Austria is 9.8 per 1,000 people, which is slightly lower than Slovakia's 10, resulting in Austria ranked 54th compared to Slovakia at 51st. Life expectancy at birth shows a significant difference, with Austria at 81.5 years, ranking 34th globally, while Slovakia's life expectancy is 78 years, positioned at 57th. There are also visible differences in child mortality, where Austria's under-5 mortality rate stands at 3.1 per 1,000 live births, markedly better than Slovakia's rate of 6.1, ranking Austria at 56th and Slovakia at 6th. The prevalence of undernourishment is another concern, with Austria at just 2.5% of the population affected compared to Slovakia's 3.6%. These figures highlight Austria's relatively better health metrics.

Economy

Economically, Austria shows stronger indicators than Slovakia. The GDP per capita in 2024 is projected at $56,833 for Austria, significantly higher than Slovakia's $26,148, ranking Austria 19th globally compared to Slovakia's 73rd. In terms of purchasing power parity (PPP), Austria also leads with a GDP per capita of $71,618 against Slovakia's $47,181, again reflecting better economic health. Both nations have relatively similar inflation rates, with Austria at 2.9% and Slovakia at 2.8% for 2024. However, in terms of exports, Austria's goods and services account for 56.9% of GDP, while Slovakia leads with a striking 85.2%. Conversely, for imports, Slovakia's figure at 85% indicates a more import-reliant economy compared to Austria's 53.6%. Regarding research and development expenditure as a percentage of GDP, Austria invests 3.2% against Slovakia's mere 1%, indicating a stronger commitment to innovation and economic development in Austria.

Trade and Investment

In the realm of trade and investment, Slovakia has a notable advantage in exports, with 85.2% of its GDP stemming from the exports of goods and services compared to Austria's 56.9%. Conversely, Austria's imports, at 53.6% of GDP, reveal a more balanced trade structure than Slovakia's 85%. Foreign direct investment (FDI) inflows are also higher in Slovakia at 2.5% of GDP compared to Austria's 1.8%. The current account balance, however, favors Austria with a surplus of 2.4%, while Slovakia shows a deficit of -2.7%. High-technology exports reflect Austria's strength in innovation, accounting for $27.3 billion as opposed to Slovakia's $10.1 billion. These statistical themes highlight Slovakia's robust export potential but also indicate some economic vulnerabilities.

Governance and Institutions

Austria exhibits stronger governance indicators compared to Slovakia across several metrics. In the 2023 Control of Corruption index, Austria scores 1.1 against Slovakia's 0.3, indicating better performance in fighting corruption. Meanwhile, Government Effectiveness is rated at 1.3 for Austria and a mere 0.2 for Slovakia. The Rule of Law also reveals sharp contrasts, with Austria at 1.7 and Slovakia at 0.6. Political Stability, however, remains relatively close, with Austria scoring 0.7 and Slovakia 0.6. Regulatory Quality further emphasizes Austria’s lead with a score of 1.4, as opposed to Slovakia's 0.6. These governance metrics serve to illustrate Austria's stronger institutional framework.

Infrastructure and Technology

Infrastructure and technology in Austria also showcase a comparative advantage over Slovakia. The Logistics Performance Index reflects Austria's quality of trade and transport-related infrastructure at 3.9, ranking it 7th globally, while Slovakia's score of 3.3 places it at 20th. Furthermore, the proportion of individuals using the Internet stands at a commendable 94.9% in Austria compared to Slovakia's 89.8%. Patent application metrics favor Austria, with 1,872 applications versus Slovakia's 146, indicating a stronger capacity for innovation and technological advancement. Overall, Austria's well-developed infrastructure supports its economic activities more efficiently than in Slovakia.

Environment and Sustainability

Environmental indicators highlight differences in sustainability practices between Austria and Slovakia. Austria leads in renewable energy consumption, utilizing 36% of its total final energy consumption from renewable sources, while Slovakia uses only 17.9%. Notably, Austria has a more significant engagement in reducing greenhouse gas emissions, with total emissions per capita at 8 tons of CO2e, marginally better than Slovakia’s 8.3 tons. In terms of water resource management, Austria's level of water stress is marked at 8.7%, compared to Slovakia's more favorable 2.4%. These figures indicate Austria’s proactive approach towards environmental sustainability, alongside a commitment to renewable energy sources and efficient resource management.