Belgium Belgium vs Cyprus Cyprus development indicators, 2024

Indicator
Belgium
Belgium, Value
Cyprus
Cyprus, Value
Belgium
Belgium, Rank
Cyprus
Cyprus, Rank
Belgium Belgium as % of
Cyprus Cyprus
Current account balance (% of GDP) -0.855 -8.39 61 100 10.2 %
Exports of goods and services (% of GDP) 79.2 96.7 13 7 81.9 %
GDP per capita (current US$) 55,955 38,654 16 32 145 %
GDP per capita, PPP (current international US$) 72,126 61,240 19 29 118 %
Imports of goods and services (% of GDP) 79.2 93.1 12 10 85.1 %
Inflation, consumer prices (annual %) 3.14 1.8 76 117 175 %
Net migration 36,243 8,138 30 48 445 %
Population, total 11,876,844 1,358,282 81 157 874 %

Demography and Health

Belgium and Cyprus exhibit distinct demographic characteristics and health statistics. As of 2023, Belgium has a crude birth rate of 9.4 per 1,000 people compared to Cyprus's higher rate of 10.8, indicating a more populous growth trend in Cyprus. However, Belgium's crude death rate stands at 9.4 per 1,000, which is significantly higher than Cyprus's 7.1, suggesting better overall health outcomes in Cyprus. Life expectancy at birth is also slightly higher in Belgium at 82.4 years compared to Cyprus's 81.6 years. Both nations maintain a low prevalence of undernourishment at 2.5%. Notably, Belgium has a higher suicide mortality rate of 18.4 per 100,000 population, while Cyprus reports a much lower rate of 3, reflecting differing mental health issues.

Economy

Belgium boasts a higher GDP per capita at $55,955 in 2024 compared to Cyprus's $38,654, reflecting a more robust economy overall. In terms of purchasing power parity, Belgium again leads with $72,126 versus Cyprus's $61,240. However, Belgium's current account balance is marginally better, at -0.9% of GDP compared to Cyprus's -8.4%. Inflation rates show Belgium at 3.1% while Cyprus has a lower rate of 1.8%, potentially indicating better price stability in Cyprus. High-technology exports are notably more robust in Belgium, amounting to $50.6 billion compared to Cyprus's modest $107.3 million, suggesting a more advanced technological sector in Belgium.

Trade and Investment

When considering trade, Belgium's exports of goods and services constitute 79.2% of its GDP, contrasted with Cyprus's significantly higher percentage of 96.7%, indicating that Cyprus's economy is more reliant on trade. Import levels are similarly high, with Belgium at 79.2% and Cyprus at 93.1%. However, the investment climate in Belgium may be bolstered by higher research and development expenditures, which stand at 3.4% of GDP compared to Cyprus’s low 0.7%, suggesting Belgium prioritizes innovation and technological advancements much more.

Governance and Institutions

In governance, Belgium ranks better in several indices. The control of corruption index shows Belgium at 1.3, compared to Cyprus's 0.3. Additionally, the government effectiveness rating is 1.0 for Belgium versus 0.7 for Cyprus. Both nations score the same on political stability and absence of violence/terrorism, but Belgium excels in rule of law (1.3) compared to Cyprus (0.6). This indicates that Belgium has a relatively stronger institutional framework and a more stable governance environment compared to Cyprus.

Infrastructure and Technology

Belgium outperforms Cyprus in terms of infrastructure, particularly in logistics performance, scoring 4.1 compared to Cyprus's 2.8. Additionally, the percentage of individuals using the Internet in Belgium is significantly higher at 94.6% compared to Cyprus's 91.2%, highlighting Belgium’s superior technology adoption and digital infrastructure. Furthermore, Belgium’s higher number of patent applications (799) indicates a more innovative environment conducive to technological advancements.

Environment and Sustainability

In environmental sustainability, Belgium consumes 11.7% of its total energy from renewable sources, while Cyprus leads slightly with 15.6%. However, Belgium faces higher levels of total greenhouse gas emissions per capita at 9 t CO2e compared to Cyprus's 7.7 t CO2e. Moreover, Belgium's level of water stress is notably higher, with 51.9% freshwater withdrawal compared to Cyprus's 32.1%, suggesting that Belgium may face greater challenges in sustainable resource management. This could be indicative of differing approaches to environmental policy and resource allocation.