Cyprus vs Greece development indicators, 2024

Demography and Health

In terms of demographics, Cyprus has a population of approximately 1.4 million, while Greece's population is significantly larger at about 10.4 million. The birth rate in Cyprus stands at 10.8 per 1,000 people, which is notably higher than Greece's 6.8. Conversely, Cyprus also has a lower death rate at 7.1 per 1,000 people compared to Greece's 12.2. Both countries enjoy a similar life expectancy, with Cyprus at 81.6 years and Greece at 81.5 years. When it comes to child mortality, Cyprus performs slightly better, with a rate of 3.5 per 1,000 live births versus Greece's 3.7. Migration patterns indicate a positive net migration in Cyprus (8,138) while Greece experiences a negative net migration (-122,772). Furthermore, Cyprus has a lower poverty headcount ratio at 13.9% compared to Greece's 18.8% and shows similar levels of food security with a prevalence of undernourishment at 2.5% for both countries.

Economy

The economic landscape reveals that Cyprus has a much higher GDP per capita, valued at $38,654, compared to Greece's $24,752. Adjusting for purchasing power parity (PPP), Cyprus again leads with $61,240 against Greece's $44,074. Exports of goods and services constitute an impressive 96.7% of Cyprus's GDP, dwarfing Greece's 42%. Import levels also suggest a strong economy in Cyprus with imports at 93.1% of GDP compared to Greece's 47.3%. Inflation rates are lower in Cyprus at 1.8% versus Greece's 2.7% as of 2024. However, both countries face challenges in their current account balances, with Cyprus at -8.4% and Greece at -6.4% of GDP.

Trade and Investment

Cyprus's attractive export figures suggest strong international competitiveness, positioning it at 16th in the world ranking for the ratio of exports to GDP. The investment landscape is influenced by the notable differences in research and development expenditures, where Cyprus invests 0.7% of GDP compared to Greece's 1.5%. This may indicate a more robust innovation environment in Greece, which could support long-term economic growth. Cyprus ranks favorably for patent applications with 1 versus Greece's 394, suggesting lesser innovation or business activity in comparison.

Governance and Institutions

Cyprus performs better in governance metrics, including control of corruption at 0.3, while Greece trails with 0.1. In terms of government effectiveness, Cyprus scores 0.7 compared to Greece's 0.1, indicating more efficient bureaucratic processes. Political stability is also in favor of Cyprus (0.4) versus Greece (0.2). The regulatory quality is another area where Cyprus excels, scoring 0.8 against Greece's 0.6 and enforcing a stronger judiciary as indicated by its rule of law score of 0.6 compared to Greece's 0.2.

Infrastructure and Technology

In the realm of infrastructure, Cyprus ranks at 27 on the logistics performance index with a score of 2.8, while Greece has a significantly stronger position at 11 with a score of 3.7. Internet usage is another important metric, with a higher penetration rate in Cyprus at 91.2% compared to Greece's 85%, indicating a more connected populace potentially benefiting from digital platforms for economic activities.

Environment and Sustainability

When assessing environmental statistics, Cyprus consumes 15.6% of its energy from renewable sources, a notably lower figure compared to Greece's 21.5%. However, Cyprus has a higher level of water stress at 32.1% compared to Greece's 20.7%, indicating potential challenges regarding water resource management. On the emissions front, Cyprus emits 7.7 tons of CO2e per capita, while Greece has a marginally lower emission rate of 6.7 tons, suggesting a slightly better performance in terms of carbon footprint. Both countries are striving toward sustainability, but Cyprus may need to initiate stronger policies to manage its environmental challenges effectively.