Cyprus Cyprus vs Sweden Sweden development indicators, 2024

Indicator
Cyprus
Cyprus, Value
Sweden
Sweden, Value
Cyprus
Cyprus, Rank
Sweden
Sweden, Rank
Cyprus Cyprus as % of
Sweden Sweden
Current account balance (% of GDP) -8.39 7.42 100 13
Exports of goods and services (% of GDP) 96.7 54.6 7 34 177 %
GDP per capita (current US$) 38,654 57,723 32 14 67 %
GDP per capita, PPP (current international US$) 61,240 71,030 29 23 86.2 %
Imports of goods and services (% of GDP) 93.1 50.2 10 56 185 %
Inflation, consumer prices (annual %) 1.8 2.84 117 88 63.5 %
Net migration 8,138 50,115 48 24 16.2 %
Population, total 1,358,282 10,569,709 157 92 12.9 %

Demography and Health

Cyprus has a higher crude birth rate compared to Sweden, with 10.8 births per 1,000 people against Sweden's 9.5, ranking 7th globally compared to Sweden’s 28th. However, Cyprus also has a lower death rate of 7.1 compared to Sweden's 9.0, indicating a healthier population overall. Life expectancy in Cyprus is 81.6 years, somewhat lower than Sweden's 83.3 years. Meanwhile, the under-5 mortality rate in Cyprus stands at 3.5 per 1,000 live births, while in Sweden it's better at 2.5. Both countries have a prevalence of undernourishment at 2.5%, reflecting a similar standard of food security. However, Cyprus grapples with higher rates of suicide mortality with 3 deaths per 100,000 people compared to Sweden's 13.8, suggesting differing public health challenges.

Economy

When analyzing economic data, Cyprus shows a GDP per capita of $38,654 (45th rank) compared to Sweden's $57,723 (18th rank), illustrating a significant disparity in wealth. In terms of purchasing power parity, Cyprus also lags with $61,240 compared to Sweden's $71,030. Nevertheless, Cyprus enjoys a high percentage of exports of goods and services, constituting 96.7% of its GDP, compared to Sweden’s 54.6% which ranks 16th vs. Sweden's 70th. Cyprus’s inflation rate is lower at 1.8%, whereas Sweden features a higher consumer price inflation of 2.8%. The unemployment rate in Cyprus at 5.8% is comparatively lower than Sweden's 7.6%, reflecting favorable labor market conditions in Cyprus at this time.

Trade and Investment

In terms of trade, Cyprus demonstrates a robust export economy with a high goods and services export percentage, while also showing high levels of imports (93.1% of GDP). Sweden, despite lower export figures, has a more balanced approach with a healthier import figure of 50.2%. Cyprus is also notable for its limited high-technology exports at $107.3 million, contrasting sharply with Sweden's massive $25.2 billion. Investment in research and development as a percentage of GDP is significantly lower in Cyprus at 0.7%, compared to Sweden's leading figure of 3.4%, which indicates Sweden's emphasis on innovation and technology-driven economic growth.

Governance and Institutions

In governance metrics, Cyprus shows significant room for improvement, particularly in controlling corruption, with a score of 0.3 against Sweden's excellent 2.0, marking notable differences in institutional effectiveness. Government effectiveness scores also reflect this trend, with Cyprus at 0.7 and Sweden at 1.6. In terms of political stability, Cyprus ranks lower than Sweden, which suggests a more secure political climate in Sweden. The rule of law and regulatory quality further illustrate these discrepancies, with Cyprus scoring 0.6 and 0.8, respectively, while Sweden ranks much better at 1.6 and 1.7.

Infrastructure and Technology

Cyprus’s logistics performance index, which measures trade and transport infrastructure, stands at 2.8, indicating challenges compared to Sweden’s higher score of 4.2. This disparity can hinder Cyprus’s trade efficiency, considering its reliance on exports. Internet usage shows promise in Cyprus with 91.2% of the population online, but still trails behind Sweden’s 95.7%, reflecting a marginal technological gap. The number of patent applications in Cyprus (1) is remarkably low compared to Sweden's 1,771, suggesting a disparity in innovation output.

Environment and Sustainability

Cyprus appears less sustainable compared to Sweden; for instance, 15.6% of Cyprus's total final energy consumption comes from renewable sources, whereas Sweden leads with an impressive 57.9%. Furthermore, Cyprus's per capita greenhouse gas emissions are higher at 7.7 tons of CO2, in contrast to Sweden's 4.7 tons, indicating less effective environmental policies. The level of water stress shows a concerning figure for Cyprus, with withdrawals at 32.1%, compared to Sweden's more sustainable level of 3.6%. This paints a picture of environmental challenges that Cyprus must navigate amid a growing economy.