Cyprus Cyprus vs Hungary Hungary development indicators, 2024

Indicator
Cyprus
Cyprus, Value
Hungary
Hungary, Value
Cyprus
Cyprus, Rank
Hungary
Hungary, Rank
Cyprus Cyprus as % of
Hungary Hungary
Current account balance (% of GDP) -8.39 2.28 100 37
Exports of goods and services (% of GDP) 96.7 74.7 7 17 130 %
GDP per capita (current US$) 38,654 23,311 32 54 166 %
GDP per capita, PPP (current international US$) 61,240 47,636 29 47 129 %
Imports of goods and services (% of GDP) 93.1 69.1 10 23 135 %
Inflation, consumer prices (annual %) 1.8 3.7 117 58 48.6 %
Net migration 8,138 16,223 48 41 50.2 %
Population, total 1,358,282 9,562,314 157 96 14.2 %

Demography and Health

In terms of demographic indicators, Cyprus boasts a higher birth rate at 10.8 per 1,000 people compared to Hungary's 9.1, placing Cyprus at rank 7 while Hungary is ranked 38. A lower death rate also favors Cyprus with 7.1 against Hungary's 13.4, where Cyprus is ranked 75th and Hungary 19th. The life expectancy at birth stands significantly higher in Cyprus at 81.6 years, whereas Hungary lags behind at 76.8 years, ranking 31st compared to Hungary's 65th. The mortality rate for children under five years is slightly better in Cyprus at 3.5 per 1,000 live births, compared to Hungary's 3.8, placing Cyprus at rank 42 and Hungary at 28. Cyprus shows promising healthcare statistics as reflected in its domestic general government health expenditure per capita (PPP) at $3,857, while Hungary spends $2,103. Additionally, Cyprus has a higher number of physicians per 1,000 people at 3.6, compared to Hungary's 3.3. Cyprus experiences a lower suicide mortality rate at 3 per 100,000 population compared to Hungary's 16.4, underscoring its relative health stability.

Economy

The economic landscape in Cyprus is characterized by a significantly higher GDP per capita of $38,654 relative to Hungary's $23,311, placing Cyprus at rank 45 and Hungary at 84. In terms of purchasing power parity (PPP), Cyprus leads with $61,240 against Hungary's $47,636, reflecting a more robust overall standard of living. Cyprus also is notable for its high exports of goods and services which reach 96.7% of GDP, while Hungary's stands at 74.7%. Cyprus benefits from lower inflation at 1.8%, compared to Hungary's 3.7%, ranking significantly better in this aspect at 98 compared to Hungary's 59. Cyprus faces a challenging current account balance at -8.4%, whereas Hungary reports a positive balance of 2.3%. The unemployment rate is higher in Cyprus at 5.8% versus Hungary's 4.1%, which may indicate economic pressures.

Trade and Investment

Cyprus's position on international trade is robust with a high percentage of exports relative to its GDP (96.7%) and significant imports at 93.1%. In comparison, Hungary has lower figures of 74.7% for exports and 69.1% for imports. High-technology exports reveal a contrast, where Cyprus exported $107.3 million, while Hungary saw a substantial $24.4 billion. However, Cyprus ranks higher globally for logistics performance with a score of 2.8, compared to Hungary's 3.1, indicating a favorable environment for trade and transport surrounding these economic metrics. Cyprus's regulatory quality is superior with a rating of 0.8 compared to Hungary's 0.3.

Governance and Institutions

In the realm of governance, Cyprus has a Control of Corruption score of 0.3, indicating a moderate level of corruption control compared to Hungary's slightly worse score of 0. Corruption measurement varies, with Cyprus ranked 60 and Hungary at 76. Government effectiveness rates Cyprus 52nd with a score of 0.7 against Hungary's 70th position and score of 0.4. The rule of law also reflects a slight edge for Cyprus at 0.6 (rank 56) compared to Hungary at 0.4 (rank 65). Political stability and the absence of violence show Cyprus at a score of 0.4 (rank 68) and Hungary at 0.7 (rank 31), emphasizing an area of concern for Cyprus.

Infrastructure and Technology

Infrastructure and technology development in Cyprus may benefit from its logistics performance index of 2.8, trending positively in comparison to Hungary's index of 3.1, ranking both nations in the upper echelons of their respective categories. Research and development expenditure as a percentage of GDP stands lower in Cyprus at 0.7% as opposed to Hungary's 1.4%, revealing an area where Hungary invests more in future technology and innovation. Patent applications by residents show a stark difference, with Cyprus filing only 1 patent compared to Hungary's 433, indicating substantial strength in innovation and application processes for Hungary.

Environment and Sustainability

In environmental metrics, both Cyprus and Hungary possess similar renewable energy consumption at 15.6% and 15.3% respectively. However, Cyprus is more concerning in terms of water stress, with a level of 32.1% indicating that a significant proportion of freshwater resources are being withdrawn, ranking it at rank 6 relative to Hungary's more sustainable 8.1% (rank 18). Moreover, greenhouse gas emissions per capita show Cyprus at 7.7 tons of CO2e, against Hungary's 6.4 tons, indicating higher individual contributions to environmental degradation from Cyprus. These environmental challenges necessitate sustained efforts towards sustainability to protect their natural resources.