Cyprus Cyprus vs Portugal Portugal development indicators, 2024

Indicator
Cyprus
Cyprus, Value
Portugal
Portugal, Value
Cyprus
Cyprus, Rank
Portugal
Portugal, Rank
Cyprus Cyprus as % of
Portugal Portugal
Current account balance (% of GDP) -8.39 2.17 100 40
Exports of goods and services (% of GDP) 96.7 46.5 7 44 208 %
GDP per capita (current US$) 38,654 28,844 32 45 134 %
GDP per capita, PPP (current international US$) 61,240 50,617 29 41 121 %
Imports of goods and services (% of GDP) 93.1 44.7 10 61 208 %
Inflation, consumer prices (annual %) 1.8 2.42 117 99 74.5 %
Net migration 8,138 20,648 48 37 39.4 %
Population, total 1,358,282 10,701,636 157 89 12.7 %

Demography and Health

In terms of demography, Cyprus has a population of approximately 1.4 million, significantly smaller than Portugal's 10.7 million, which places Cyprus at 95th globally compared to Portugal's 35th. The birth rate in Cyprus stands at 10.8 births per 1,000 people, higher than Portugal's 8.1, ranking Cyprus 7th while Portugal ranks 59th. Cyprus also has a better crude death rate at 7.1 per 1,000 people, in contrast to Portugal's 11.2, which puts Cyprus at 75th and Portugal at 38th. Life expectancy is slightly lower in Cyprus at 81.6 years compared to Portugal's 82.3 years. Notably, the under-five mortality rate is 3.5 per 1,000 live births in Cyprus, while Portugal has a marginally better statistic at 3.2, ranking both countries relatively well in this regard. However, the suicide mortality rate in Cyprus is 3 per 100,000, much lower than Portugal's 11.5, indicating better mental health outcomes in Cyprus, where they rank 27th versus Portugal's 15th. Moreover, Cyprus shows a 2.5% prevalence of undernourishment, similar to Portugal's 2.5%, indicating that both countries have effective food security measures. Lastly, Cyprus has a higher ratio of physicians per 1,000 people (3.6) compared to Portugal (5.8), indicating better access to healthcare services despite having fewer medical professionals per capita.

Economy

Economically, Cyprus demonstrates promising metrics, with a GDP per capita of $38,654 compared to Portugal's $28,844, placing Cyprus at 45th globally versus Portugal's 65th. In terms of purchasing power parity (PPP), Cyprus again leads with $61,240 against Portugal's $50,617. Regarding inflation, Cyprus has a lower consumer price inflation rate of 1.8% compared to Portugal's 2.4%, indicating better price stability. Despite a high dependency on trade, with exports at 96.7% of GDP and imports at 93.1%, Cyprus ranks strikingly higher in these economic indicators as opposed to Portugal, which sits at 80th for exports (46.5% of GDP) and 85th for imports (44.7% of GDP). However, Cyprus' current account balance of -8.4% indicates a larger economic challenge than Portugal's 2.2%. The level of research and development expenditure as a percentage of GDP is notably lower in Cyprus at 0.7% compared to Portugal's 1.7%, indicating a potential area for economic growth.

Trade and Investment

Cyprus and Portugal differ significantly in trade dynamics. Cyprus's high ratio of exports and imports to GDP illustrates an economy that is highly globalized, vital for its small population and market size. In particular, Cyprus's exports of goods and services constitute 96.7% of its GDP, far surpassing Portugal's 46.5%. Furthermore, high-technology exports are disproportionately higher in Portugal at around $4.2 billion compared to Cyprus's $107.3 million, which may indicate a more diverse technological manufacturing base in Portugal. The logistics performance index rates Cyprus at 2.8 compared to Portugal’s superior score of 3.6, pointing to better infrastructure and efficiency in trade and transportation networks in Portugal.

Governance and Institutions

Governance indicators show that Cyprus has challenges, holding a rank of 60th for control of corruption with a score of 0.3, while Portugal ranks better at 45th with a score of 0.7. However, when it comes to government effectiveness, Cyprus scores 0.7 and ranks 52nd, slightly below Portugal's score of 1.0 and 44th rank. The political stability index also reveals that Cyprus has a score of 0.4 compared to Portugal's superior 0.7, indicating less stability and resilience to violence and terrorism in Cyprus. Regulatory quality is similar between the two countries, both scoring 0.8, although Cyprus ranks 52nd while Portugal is 55th. Regarding the rule of law, Cyprus performs lower with a score of 0.6 and 56th rank against Portugal's score of 1.1 and 41st rank. These governance indicators suggest that while both countries demonstrate institutional resilience, Portugal shows a stronger governance framework.

Infrastructure and Technology

In terms of infrastructure, Cyprus is behind Portugal. The logistics performance index, which measures the quality of trade and transport-related infrastructure, ranks Cyprus at 2.8, while Portugal ranks higher at 3.6. This suggests that Portugal has better-designed logistical structures which can benefit its trade activities. Moreover, individuals using the internet in Cyprus are at 91.2%, outperforming Portugal's 85.8%, signaling greater digital inclusion in Cyprus. This indicates a potentially more tech-savvy population that could leverage new technologies for economic development.

Environment and Sustainability

When considering environmental factors, Cyprus faces greater water stress, with a level of 32.1% freshwater withdrawal compared to Portugal's 12.3%. This indicates that Cyprus may be more vulnerable to environmental fluctuations. However, Cyprus is making strides in renewable energy consumption with 15.6% of total final energy consumption coming from renewable sources compared to Portugal's impressive 32.3%. The total greenhouse gas emissions per capita are higher in Cyprus at 7.7 t CO2e compared to Portugal's 5.0, highlighting a significant area for improvement in sustainability efforts, especially considering global emphasis on reducing carbon footprints.