Cyprus Cyprus vs Finland Finland development indicators, 2024

Indicator
Cyprus
Cyprus, Value
Finland
Finland, Value
Cyprus
Cyprus, Rank
Finland
Finland, Rank
Cyprus Cyprus as % of
Finland Finland
Current account balance (% of GDP) -8.39 0.31 100 50
Exports of goods and services (% of GDP) 96.7 41.6 7 59 233 %
GDP per capita (current US$) 38,654 53,189 32 21 72.7 %
GDP per capita, PPP (current international US$) 61,240 64,091 29 27 95.6 %
Imports of goods and services (% of GDP) 93.1 40.9 10 70 228 %
Inflation, consumer prices (annual %) 1.8 1.57 117 125 115 %
Net migration 8,138 26,894 48 32 30.3 %
Population, total 1,358,282 5,637,214 157 116 24.1 %

Demography and Health

Cyprus and Finland exhibit different demographic characteristics and health metrics. In 2023, Cyprus has a crude birth rate of 10.8 per 1,000 people, significantly higher than Finland's 7.8, ranking 7th compared to Finland's 68th position. Conversely, the crude death rate in Cyprus is lower at 7.1 per 1,000 people, compared to Finland's 11 per 1,000, placing Cyprus 75th in comparison to Finland's 41st. Life expectancy at birth is similar for both nations, with Cyprus at 81.6 years and Finland at 81.7 years. The under-5 mortality rate is higher in Cyprus, at 3.5 per 1,000 live births versus 2.3 in Finland. Both countries have a prevalence of undernourishment at 2.5%, reflecting good food security levels. The health expenditure as a percentage of GDP shows Cyprus at 8.9%, lower than Finland's 9.7%, indicating that Finland invests more in health. However, Cyprus performs well with 3.6 physicians per 1,000 people compared to Finland's 4.4, while Cyprus has a lower suicide mortality rate of 3 per 100,000 population compared to Finland's 14.6.

Economy

Economically, Cyprus maintains a GDP per capita of $38,654, which is lower than Finland's $53,189, ranking 45th for Cyprus and 28th for Finland. In terms of purchasing power parity (PPP), Cyprus has a marginally lower GDP per capita at $61,240 compared to Finland's $64,091. The share of exports of goods and services in GDP is impressively high for Cyprus at 96.7%, ranking 16th globally, while Finland stands at 41.6%, ranking 90th. Imports also reflect a similar trend, with Cyprus at 93.1% and Finland at 40.9%. Both countries experience low inflation rates, with Cyprus at 1.8% and Finland slightly lower at 1.6%. Cyprus faces a current account deficit of 8.4% of GDP while Finland enjoys a surplus of 0.3%. Overall, while Cyprus has a robust export-driven economy, Finland exhibits stronger overall economic indicators.

Trade and Investment

In terms of trade and investment, Cyprus shows an impressive positioning with high exports relative to its GDP but faces a substantial current account deficit. Furthermore, high-technology exports in Cyprus total $107.3 million, significantly lower than Finland’s $5.3 billion, reflecting a competitive edge in technology in Finland. Cyprus ranks 81st for high-technology exports compared to Finland's 49th rank. Moreover, foreign investment might be encouraged by the favorable trade conditions in Cyprus; however, the imbalance in current account suggests vulnerabilities that may need addressing.

Governance and Institutions

Governance in Finland appears more stable and effective compared to Cyprus. Finland's control of corruption index is 2.2, significant higher than Cyprus's 0.3. Additionally, the government effectiveness metric shows Finland at 1.7, much better than Cyprus’s 0.7, indicating stronger institutional performance. The rule of law and regulatory quality indices demonstrate similar trends, with Finland scoring 2 and 1.8 respectively against Cyprus's 0.6 and 0.8. Political stability is also greater in Finland with a score of 0.7 compared to Cyprus's 0.4. The military expenditure underscores the defense priorities, with Cyprus spending $566.9 million versus Finland’s $7.3 billion, suggesting Finland's focus on greater security needs.

Infrastructure and Technology

Finland excels in infrastructure and technology compared to Cyprus. The logistics performance index reflects a rating of 4.2 for Finland versus 2.8 for Cyprus, indicating superior infrastructure quality and efficiency in trade and transport related services in Finland. Both countries have high internet penetration, with Cyprus at 91.2% and Finland at 93.5%, indicating strong digital engagement among citizens. However, Cyprus's low research and development expenditure at 0.7% of GDP compared to Finland’s 3% signals challenges in innovation and technology advancement.

Environment and Sustainability

Finland demonstrates a stronger commitment to sustainability and environmental protection compared to Cyprus. Renewable energy consumption in Finland stands at 50.2%, a clear indicator of its emphasis on green energy policies, while Cyprus lags at 15.6%. Finland also faces significantly lower water stress, with 7.1% of available freshwater resources affected, compared to Cyprus's high level of 32.1%. Both countries have similar greenhouse gas emissions per capita at around 7.7 to 7.8 tons CO2e, suggesting balanced environmental impacts. Finland’s emphasis on sustainability is likely influenced by its comprehensive policies on environmental protection and energy transition toward renewable sources.