Belgium Belgium vs Hungary Hungary development indicators, 2024

Indicator
Belgium
Belgium, Value
Hungary
Hungary, Value
Belgium
Belgium, Rank
Hungary
Hungary, Rank
Belgium Belgium as % of
Hungary Hungary
Current account balance (% of GDP) -0.855 2.28 61 37
Exports of goods and services (% of GDP) 79.2 74.7 13 17 106 %
Foreign direct investment, net inflows (% of GDP) -5.35 -14.7 104 107 36.4 %
GDP per capita (current US$) 55,955 23,311 16 54 240 %
GDP per capita, PPP (current international US$) 72,126 47,636 19 47 151 %
Imports of goods and services (% of GDP) 79.2 69.1 12 23 115 %
Inflation, consumer prices (annual %) 3.14 3.7 76 58 84.9 %
Net migration 36,243 16,223 30 41 223 %
Population, total 11,876,844 9,562,314 81 96 124 %

Demography and Health

In terms of demography, Belgium has a birth rate of 9.4 per 1,000 people, slightly higher than Hungary's 9.1, placing them at ranks 32 and 38 respectively. However, looking at death rates, Belgium's rate is 9.4 per 1,000, significantly lower than Hungary's 13.4, ranking Belgium at 64 and Hungary at a better 19. When it comes to life expectancy, Belgium again excels with an average of 82.4 years compared to Hungary's 76.8 years, reflecting a rank of 18 for Belgium against 65 for Hungary. Moreover, Belgium has a lower under-5 mortality rate (3.6) compared to Hungary’s (3.8), indicating better health outcomes for children. Notably, both countries have a prevalence of undernourishment at 2.5%, demonstrating similar levels of food security.

Economy

The economic indicators present a stark contrast between Belgium and Hungary. Belgium boasts a GDP per capita of $55,955, significantly higher than Hungary's $23,311, leading to respective ranks of 21 and 84. Additionally, in purchasing power parity (PPP), Belgium shows a considerable advantage with $72,126 compared to Hungary's $47,636 (ranked 16 versus 72). Belgium's consumer price inflation stands at 3.1%, which is better than Hungary's 3.7%, making Belgium rank 69 while Hungary is at 59. Notably, Belgium's research and development expenditure as a percentage of GDP is also far superior at 3.4% compared to just 1.4% for Hungary, underlining Belgium's commitment to innovation and growth. However, both countries face issues with foreign direct investment (FDI) inflows, with Belgium experiencing net outflows of -5.4% compared to Hungary's worse -14.7%. This may indicate challenges in attracting and retaining investment despite Belgium's stronger economic fundamentals.

Trade and Investment

Regarding trade performance, Belgium leads with exports constituting 79.2% of its GDP, compared to Hungary's 74.7%, placing Belgium at rank 39 and Hungary at 44. Interestingly, both countries have equal import percentages (79.2% for Belgium and 69.1% for Hungary). Belgium's high-technology exports are valued at $50.6 billion, far surpassing Hungary's $24.4 billion, illustrating Belgium's role in advanced manufacturing and technology sectors. The logistics performance index, evaluating trade and transport infrastructure, places Belgium higher at 4.1, against Hungary's 3.1, indicating Belgium's superior infrastructure quality.

Governance and Institutions

Evaluating governance, Belgium consistently ranks higher than Hungary across multiple indicators. Belgium has a control of corruption score of 1.3, while Hungary stands at -0, reflecting significant issues in corruption governance in Hungary. Furthermore, Belgium's government effectiveness score of 1 contrasts with Hungary's 0.4, indicating more competent administrative functions in Belgium. Political stability indices also showcase Belgium at 0.4 versus Hungary's 0.7, implying more risks associated with governance in Belgium compared to Hungary, even if it is less stable overall. However, Belgium holds better ranks in regulatory quality (1.2) and rule of law (1.3) compared to Hungary’s lower scores, showing a generally stronger legal framework. Unemployment rates are slightly higher in Belgium at 5.5% compared to Hungary's 4.1%.

Infrastructure and Technology

Infrastructure and technology development highlight Belgium's advanced status. The logistics performance index shows Belgium with a score of 4.1 in trade and transport-related infrastructure, indicating high-quality logistics systems, while Hungary lags behind at 3.1. Moreover, Belgium's commitment to high-technology exports ($50.6 billion) points to robust technological capabilities compared to Hungary's $24.4 billion. Also, in terms of patent applications, Belgium led in 2021 with 799 patents over Hungary's 433, underlining a stronger emphasis on innovation and intellectual property.

Environment and Sustainability

In terms of environmental performance, Belgium has a lower renewable energy consumption percentage (11.7%) compared to Hungary (15.3%), hinting at Hungary's greater reliance on renewable sources. However, Belgium has higher greenhouse gas emissions per capita (9 tCO2e/capita) compared to Hungary's 6.4 tCO2e/capita, suggesting challenges in Belgium's environmental sustainability efforts. Additionally, Belgium faces serious freshwater stress, withdrawing 51.9% of available resources compared to Hungary's much lower 8.1%. This discrepancy indicates a need for Belgium to address water resource management, especially in the context of sustainability and long-term environmental strategies.