Cyprus Cyprus vs Spain Spain development indicators, 2024

Indicator
Cyprus
Cyprus, Value
Spain
Spain, Value
Cyprus
Cyprus, Rank
Spain
Spain, Rank
Cyprus Cyprus as % of
Spain Spain
Current account balance (% of GDP) -8.39 3.03 100 32
Exports of goods and services (% of GDP) 96.7 37.3 7 66 259 %
GDP per capita (current US$) 38,654 35,297 32 34 110 %
GDP per capita, PPP (current international US$) 61,240 56,926 29 32 108 %
Imports of goods and services (% of GDP) 93.1 33 10 87 282 %
Inflation, consumer prices (annual %) 1.8 2.77 117 90 64.9 %
Net migration 8,138 111,674 48 18 7.29 %
Population, total 1,358,282 48,807,137 157 32 2.78 %

Demography and Health

In terms of demography, Cyprus has a birth rate of 10.8 per 1,000 people, significantly higher than Spain's 6.7, ranking Cyprus at 7th globally while Spain stands at 79th. The death rate in Cyprus is lower at 7.1 compared to Spain's 9, indicating a healthier population at a rank of 75th for Cyprus and 66th for Spain. Life expectancy at birth is slightly lower in Cyprus at 81.6 years than in Spain, which boasts an impressive 83.9 years, placing it 1st globally. The under-5 mortality rate in Cyprus is 3.5, compared to 3.1 in Spain, reflecting comparable child health outcomes. Cyprus also faces net migration of 8,138 people, while Spain experiences significantly higher net migration with 111,674, reflecting its larger population and attractiveness as a destination.

Economy

Cyprus's economy shows robust performance, with exports of goods and services constituting 96.7% of GDP, ranked 16th, vastly outpacing Spain's 37.3% and its rank of 98th. The GDP per capita stands at $38,654 in Cyprus compared to Spain's $35,297, giving Cyprus a rank of 45th versus Spain’s 51st. These figures indicate a more affluent economy per person in Cyprus. In terms of inflation, Cyprus has a lower annual rate of 1.8% compared to Spain’s 2.8%, contributing to economic stability. However, Cyprus faces a challenging current account balance at -8.4% compared to Spain's positive 3%.

Trade and Investment

Cyprus is highly integrated into global trade, with its imports of goods and services also constituting 93.1% of GDP, ranking 17th, compared to Spain's 33% and a ranking of 103rd. Cyprus's high-technology exports total $107.3 million, which is considerably lower than Spain's robust $25.8 billion reflecting Spain's more diversified export base. Investment in research and development in Cyprus is relatively limited at 0.7% of GDP, against Spain's 1.4%, indicating a gap in innovation and technology investment that could impact future economic growth.

Governance and Institutions

Cyprus has demonstrated reasonable governance metrics, with a control of corruption score of 0.3 and an effectiveness score of 0.7, ranking 60th and 52nd respectively. Spain, while marginally better in these metrics with scores of 0.6 for corruption and 0.8 for effectiveness, ranks slightly ahead in global standings. Political stability in Cyprus, with a score of 0.4, is stronger compared to Spain’s 0.3, suggesting that Cyprus may have a slightly better environment for investment and growth. Rule of law is somewhat weaker in Cyprus at 0.6 compared to Spain at 0.8, emphasizing the need for robust legal frameworks in Cyprus.

Infrastructure and Technology

In terms of infrastructure, Cyprus has a logistics performance index of 2.8, which is lower than Spain’s 3.8 ranking, indicating better trade and transport-related infrastructure in Spain. The usage of the Internet in Cyprus is relatively high at 91.2% of the population, though still behind Spain’s 95.4%, reflecting Cyprus's well-developed digital infrastructure but also highlighting a room for improvement regarding access to technology.

Environment and Sustainability

On environmental sustainability, Cyprus has a lower renewable energy consumption rate at 15.6% compared to Spain's 19%. In terms of water stress, Cyprus shows better management, with freshwater withdrawal at 32.1% of available resources, ranking it 6th globally, while Spain ranks 3rd with a 43.3% withdrawal rate. Greenhouse gas emissions per capita in Cyprus are 7.7 tons CO2e, higher than Spain’s 5.9 tons, signaling a need for Cyprus to focus more on reducing its carbon footprint. These environmental indicators reflect differing priorities in resource management and sustainability strategies between the two countries.