Belgium Belgium vs Finland Finland development indicators, 2024

Indicator
Belgium
Belgium, Value
Finland
Finland, Value
Belgium
Belgium, Rank
Finland
Finland, Rank
Belgium Belgium as % of
Finland Finland
Current account balance (% of GDP) -0.855 0.31 61 50
Exports of goods and services (% of GDP) 79.2 41.6 13 59 191 %
Foreign direct investment, net inflows (% of GDP) -5.35 0.661 104 81
GDP per capita (current US$) 55,955 53,189 16 21 105 %
GDP per capita, PPP (current international US$) 72,126 64,091 19 27 113 %
Imports of goods and services (% of GDP) 79.2 40.9 12 70 194 %
Inflation, consumer prices (annual %) 3.14 1.57 76 125 201 %
Net migration 36,243 26,894 30 32 135 %
Population, total 11,876,844 5,637,214 81 116 211 %

Demography and Health

Belgium and Finland present distinct demographic profiles and health outcomes. In terms of birth rates, Belgium's rate stands at 9.4 per 1,000 people, which ranks it 32nd globally, compared to Finland's lower rate of 7.8, placing it 68th. However, Finland has a higher crude death rate at 11 per 1,000 people, ranking 41st, compared to Belgium's 9.4, which ranks 64th. Life expectancy is marginally higher in Belgium at 82.4 years (18th rank) versus Finland's 81.7 years (30th rank). Finland performs better regarding child mortality, with a under-5 mortality rate of 2.3 per 1,000 live births (72nd), compared to Belgium's 3.6 (38th). Both countries exhibit similar poverty and undernourishment ratios, with Belgium at 12.3% and 2.5%, respectively, and Finland at 12.2% and 2.5%.

Economy

In the economic domain, Belgium outperforms Finland in GDP per capita, with Belgium at $55,955 (21st) and Finland at $53,189 (28th). When adjusted for purchasing power parity, Belgium's GDP per capita still leads at $72,126 (16th) compared to Finland's $64,091 (30th). Belgium also has a more robust export economy, with exports of goods and services constituting 79.2% of GDP (39th), whereas Finland's figure is substantially lower at 41.6% (90th). Furthermore, Belgium's inflation rate is higher at 3.1% (69th) compared to Finland's 1.6% (101st). Both countries invest significantly in research and development, with Belgium slightly leading at 3.4% of GDP compared to Finland's 3%, showcasing their commitment to innovation.

Trade and Investment

Trade and investment metrics reflect a more challenging landscape for Belgium. It has a negative foreign direct investment net inflow of -5.4% of GDP, placing it at the bottom ranks (95th), while Finland enjoys a positive inflow of 0.7% (87th). Belgium further faces a current account deficit of -0.9% of GDP (62nd), in contrast to Finland's current account surplus at 0.3% (52nd). This indicates a more balanced economic engagement for Finland compared to Belgium.

Governance and Institutions

In terms of governance and institutional quality, Finland excels across various metrics. It ranks higher in control of corruption (2.2, 6th) than Belgium (1.3, 27th) and also leads in government effectiveness (1.7, 8th) versus Belgium's lower score (1.0, 40th). Finland's regulatory quality (1.8, 10th) significantly outperforms Belgium's (1.2, 41st), indicating a more robust and efficient regulatory environment. The rule of law is similarly stronger in Finland (2.0, 2nd) as opposed to Belgium (1.3, 29th). Political stability is higher in Finland as well (0.7, 36th) than in Belgium (0.4, 69th), reflecting a more favorable governance landscape for citizens.

Infrastructure and Technology

Infrastructure and technology in both countries rate fairly high. Belgium's logistics performance index is at 4.1 (5th), while Finland ranks closely with 4.2 (2nd), suggesting both countries have efficient logistical systems in place. However, Belgium has notably more patent applications by residents (799, 11th) when compared to Finland (1557, 8th), reflecting a vibrant and innovative tech sector in Belgium. Internet usage is high in both nations, with Belgium at 94.6% (19th) and Finland at 93.5% (24th), underscoring strong digital connectivity.

Environment and Sustainability

When considering environmental sustainability, Finland significantly outdoes Belgium in renewable energy consumption, with 50.2% of its total final energy consumption stemming from renewable sources (2nd rank) compared to Belgium's much lower 11.7% (26th). In terms of greenhouse gas emissions, Finland’s per capita emissions are also lower at 7.8 tons (39th) relative to Belgium's 9 tons (25th). However, Belgium faces greater water stress, with a 51.9% freshwater withdrawal rate, ranking 2nd, while Finland maintains a much healthier 7.1%, with a 20th rank. This comparison highlights Finland’s strengths in sustainable practices, contrasted with Belgium's burgeoning challenges in environmental management.