Czechia Czechia vs Hungary Hungary development indicators, 2024

Indicator
Czechia
Czechia, Value
Hungary
Hungary, Value
Czechia
Czechia, Rank
Hungary
Hungary, Rank
Czechia Czechia as % of
Hungary Hungary
Current account balance (% of GDP) 1.75 2.28 43 37 77 %
Exports of goods and services (% of GDP) 69.2 74.7 25 17 92.7 %
Foreign direct investment, net inflows (% of GDP) 3.78 -14.7 31 107
GDP per capita (current US$) 31,707 23,311 40 54 136 %
GDP per capita, PPP (current international US$) 56,806 47,636 33 47 119 %
Imports of goods and services (% of GDP) 62.7 69.1 31 23 90.7 %
Inflation, consumer prices (annual %) 2.44 3.7 98 58 65.8 %
Net migration -86,169 16,223 198 41
Population, total 10,882,164 9,562,314 86 96 114 %

Demography and Health

Czechia has a slightly lower birth rate than Hungary, with a crude birth rate of 8.4 compared to Hungary's 9.1. This reflects a trend seen in many developed nations, where birth rates are declining. However, Czechia has a significantly lower death rate of 10.4 per 1,000 people versus Hungary's 13.4, indicating a healthier population. Life expectancy at birth is also higher in Czechia at 79.9 years compared to Hungary's 76.8 years. Moreover, Czechia fares better in infant mortality, recording a rate of 2.6 deaths per 1,000 live births, whereas Hungary's rate stands at 3.8. This difference suggests better healthcare quality and child health outcomes in Czechia. Additionally, net migration in Czechia is negative, with a loss of 86,169 people, while Hungary has a positive influx of 16,223 people, which may influence demographic changes.

Economy

Czechia's GDP per capita is significantly higher at $31,707 compared to Hungary's $23,311, indicating a stronger economic performance on a per-person basis. When adjusting for purchasing power parity (PPP), Czechia again leads with $56,806 versus Hungary's $47,636. The inflation rate in Czechia is also lower at 2.4% compared to Hungary's 3.7%, reflecting a more stable economic environment. However, both countries have a high reliance on exports, with Czechia's exports accounting for 69.2% of GDP and Hungary's at 74.7%. This dependence may expose both economies to global market fluctuations. Additionally, Czechia has a lower unemployment rate at 2.6% compared to Hungary's 4.1%, signaling a tighter job market in Czechia.

Trade and Investment

In terms of foreign direct investment, Czechia has net inflows of 3.8% of GDP, while Hungary experiences a troubling outflow of -14.7%. This indicates Czechia as a more attractive destination for investors. Furthermore, current account balances reveal a modest surplus for Czechia at 1.8% of GDP against Hungary's 2.3%, implying that while Hungary has a larger surplus, it does not match the overall investment climate of Czechia. The logistics performance index scores are quite similar, with Czechia at 3.0 and Hungary at 3.1, showing comparable trade and transport infrastructure quality.

Governance and Institutions

Czechia ranks better on governance indicators, with a control of corruption score of 0.8, significantly higher than Hungary's score of -0. This suggests more effective governance and lower corruption levels in Czechia. Similarly, Government Effectiveness is rated at 1.1 for Czechia, compared to Hungary’s score of 0.4, indicating better public services and policy implementation in Czechia. Moreover, measures of political stability and the absence of violence indicate Czechia's stronger position with a score of 1.0, whereas Hungary has a lower score of 0.7. Regulatory quality and rule of law also favor Czechia, ranking better than Hungary, which points to a more conducive environment for businesses and civic engagements.

Infrastructure and Technology

Both countries show commitment to technological innovation, with Czechia producing more patent applications (541) than Hungary (433). Additionally, Czechia invests more in research and development as a percentage of GDP (2%) compared to Hungary's 1.4%. This focus on innovation is critical for future economic growth and competitiveness. The quality of trade and transport infrastructure, as indicated by the logistics performance index, is comparable, with Czechia at 3.0 against Hungary’s 3.1. However, the investment in education and the health sector shows that Czechia is focusing on leveraging technology better for public welfare and economic growth.

Environment and Sustainability

In terms of renewable energy consumption, Czechia leads with 17.2% of total final energy consumption, while Hungary lags behind at 15.3%. This indicates a stronger commitment to sustainable energy sources in Czechia. However, Czechia has a higher per capita greenhouse gas emission at 10.5 tons of CO2e compared to Hungary's 6.4 tons. This highlights the necessity for both countries to enhance their environmental policies. Water stress levels are also different, with Czechia withdrawing 20.5% of available freshwater resources, indicating higher pressures on its freshwater systems compared to Hungary's lower figure of 8.1%. Overall, both countries face challenges regarding environmental sustainability, but Czechia appears to have a stronger focus on renewable energy initiatives.