Austria Austria vs Sweden Sweden development indicators, 2024

Indicator
Austria
Austria, Value
Sweden
Sweden, Value
Austria
Austria, Rank
Sweden
Sweden, Rank
Austria Austria as % of
Sweden Sweden
Current account balance (% of GDP) 2.42 7.42 36 13 32.7 %
Exports of goods and services (% of GDP) 56.9 54.6 31 34 104 %
Foreign direct investment, net inflows (% of GDP) 1.78 4.37 62 22 40.8 %
GDP per capita (current US$) 56,833 57,723 15 14 98.5 %
GDP per capita, PPP (current international US$) 71,618 71,030 20 23 101 %
Imports of goods and services (% of GDP) 53.6 50.2 48 56 107 %
Inflation, consumer prices (annual %) 2.94 2.84 82 88 104 %
Net migration 8,813 50,115 47 24 17.6 %
Population, total 9,178,482 10,569,709 98 92 86.8 %

Demography and Health

In 2023, Austria had a birth rate of 8.5 per 1,000 people compared to Sweden's 9.5, resulting in Austria ranking 50th and Sweden 28th globally. The death rate in Austria was higher at 9.8 per 1,000 people, placing it 54th, while Sweden's was 9, ranking 66th. Life expectancy at birth in Austria was 81.5 years, which is significantly lower than Sweden's 83.3 years, with Austria ranking 34th and Sweden 5th. Additionally, Austria's under-5 mortality rate stood at 3.1 per 1,000 live births (56th rank), whereas Sweden fared better at 2.5, ranking 67th. Both countries recorded a prevalence of undernourishment at 2.5% of the population, reflecting a commendable level of food security.

Economy

As of 2024, Austria's GDP per capita was $56,833, slightly lower than Sweden’s at $57,723, positioning Austria 19th and Sweden 18th in the world. Both countries achieved similar GDP per capita on a purchasing power parity basis, with Austria at $71,618 (17th rank) and Sweden at $71,030 (18th rank). However, the Inflation rate was marginally higher in Austria at 2.9% versus Sweden's 2.8%. In terms of foreign direct investment (FDI), Sweden outperformed Austria with net inflows of 4.4% of GDP compared to Austria's 1.8%, placing them 32nd and 79th respectively. Despite this, Austria's current account balance of 2.4% of GDP was better than Sweden's 7.4%, where they ranked 33rd and 15th respectively.

Trade and Investment

Austria's exports of goods and services constituted 56.9% of its GDP in 2024, surpassing Sweden's 54.6%, ranking at 66th and 70th respectively. Conversely, Austria’s imports accounted for 53.6% of GDP compared to Sweden’s lower figure of 50.2%. High-technology exports saw Austria generating $27.3 billion (26th importance), while Sweden produced $25.2 billion (28th importance), showcasing both countries' capabilities in tech-related trade. Moreover, Austria showed less appeal for foreign direct investment compared to Sweden, indicating a potential area for growth in attracting investors.

Governance and Institutions

In the realm of governance, Sweden generally performed better across various indicators. Austria's control of corruption was rated at 1.1, placing it 33rd, while Sweden had a higher score of 2, ranking 9th. Likewise, Sweden's government effectiveness score of 1.6 outshone Austria’s 1.3, reflecting a higher level of bureaucratic competency. Political stability was also greater in Sweden, with a score of 0.8 compared to Austria's 0.7. Regarding regulatory quality, Sweden's score of 1.7 (14th rank) again surpassed Austria's 1.4 (26th rank), emphasizing a more favorable regulatory environment in Sweden.

Infrastructure and Technology

When it comes to logistics performance, Austria scored 3.9 in 2022, which placed it 7th for trade and transport-related infrastructure quality. In comparison, Sweden achieved a slightly higher score of 4.2, ranking 2nd. The disparity in logistics performance underscores the effectiveness of Sweden's supply chain and transport systems. Furthermore, Austria and Sweden both have robust patent application rates, recorded at 1,872 and 1,771 respectively, showcasing a strong emphasis on innovation and research.

Environment and Sustainability

Austria leads in renewable energy consumption, with 36% of its total final energy consumption derived from renewable sources, ranking 6th globally, while Sweden is at a higher level of 57.9%, taking the 1st position. In terms of greenhouse gas emissions, Austria had emissions of 8 tons of CO2e per capita, which is significantly higher than Sweden's 4.7 tons, reflecting a greater environmental burden in Austria. Additionally, Austria reported a level of water stress at 8.7%, indicating a moderate level of concern over freshwater resources, whereas Sweden's level of water stress stood at a healthier 3.6%. Both countries demonstrated a commitment to sustainability; however, Sweden's more advanced measures in renewable energy and lower greenhouse gas emissions reveal further progress in environmental policy.