Estonia vs Greece development indicators, 2024

Indicator	Estonia, Value	Greece, Value	Estonia, Rank	Greece, Rank	Estonia as % of Greece
Current account balance (% of GDP)	-1.15	-6.38	64	95	18 %
Exports of goods and services (% of GDP)	76.3	42	15	54	182 %
Foreign direct investment, net inflows (% of GDP)	-8.18	2.51	105	47
GDP per capita (current US$)	31,170	24,752	41	49	126 %
GDP per capita, PPP (current international US$)	49,334	44,074	44	50	112 %
Imports of goods and services (% of GDP)	75.7	47.3	15	59	160 %
Inflation, consumer prices (annual %)	3.52	2.74	62	93	128 %
Net migration	-7,742	-122,772	147	202	6.31 %
Population, total	1,371,986	10,388,805	155	93	13.2 %

Demography and Health

Estonia has a crude birth rate of 8 per 1,000 people, which is slightly higher than Greece's rate of 6.8, reflecting different demographic trends. The death rate in Estonia stands at 11.7 per 1,000 people, slightly lower than Greece's 12.2. In terms of life expectancy, Estonia's average is 78.5 years, while Greece enjoys a higher expectancy of 81.5 years. Estonia reports a lower under-5 mortality rate of 2.1 per 1,000 live births compared to Greece's 3.7. Notably, Estonia has a prevalence of undernourishment at 2.5%, equal to Greece, suggesting comparable food security. However, the suicide mortality rate in Estonia is concerning at 14.9 per 100,000 population, significantly higher than Greece's 4.7, indicating potential mental health issues needing attention. The availability of healthcare professionals is another factor, with Estonia having 3.4 physicians per 1,000 people compared to Greece's 6.4.

Economy

Estonia’s GDP per capita is recorded at $31,170, more robust than Greece's $24,752, illustrating a stronger economic output per person. In terms of purchasing power parity, Estonia also ranks higher with $49,334 against Greece's $44,074. The percentage of GDP derived from exports stands at a remarkable 76.3% for Estonia, compared to Greece's 42%, highlighting Estonia's export-oriented economy. Conversely, Estonia's imports as a percentage of GDP are also high at 75.7%, suggesting a balanced but high level of trade activity, while Greece’s is lower at 47.3%. Inflation rates are relatively comparable with Estonia at 3.5% and Greece at 2.7%. Finally, Estonia’s unemployment rate at 6.4% suggests a healthier labor market versus Greece, which faces a higher unemployment rate at 11%.

Trade and Investment

Estonia's net foreign direct investment inflows as a percentage of GDP are concerningly negative at -8.2%, starkly contrasting with Greece's positive inflow of 2.5%. This indicates potential challenges in attracting foreign capital in Estonia. However, Estonia maintains a better current account balance at -1.1% of GDP relative to Greece's -6.4%. Estonia's trade structure showcases a high level of exports, indicating a significant dependence on global markets. Despite facing challenges with investment inflow, Estonia's strong export orientation can help drive economic growth, whereas Greece is trying to improve its standing after years of economic instability.

Governance and Institutions

Estonia exhibits comparatively strong governance metrics, with a Control of Corruption score of 1.5, significantly higher than Greece's 0.1. Government effectiveness is also markedly better in Estonia, rated at 1.3 against Greece's 0.1. In terms of political stability and the absence of violence or terrorism, Estonia scores 0.7, while Greece scores lower at 0.2. Regulatory quality is another area where Estonia excels, with a score of 1.4 compared to Greece's 0.6, indicating a more favorable environment for business and governance. The rule of law in Estonia is rated at 1.4, whereas Greece trails at 0.2, suggesting more established legal frameworks in Estonia.

Infrastructure and Technology

In terms of technological adoption, Estonia leads with 93.2% of its population using the internet compared to 85% in Greece, indicating a more digitally connected society. The logistics performance index reveals Estonia's trade and infrastructure quality at 3.5, while Greece scores slightly higher at 3.7. This suggests that both countries have developed logistics infrastructures but may need further investment to remain competitive globally. Estonia's high patent application rate (25 per 1 million residents) indicates a vibrant innovation landscape, while Greece’s 394 applications demonstrate a different type of innovation capacity, potentially reflecting its larger population.

Environment and Sustainability

Estonia has significantly advanced in renewable energy consumption, with 38% of its energy coming from renewable sources compared to Greece's 21.5%. Additionally, Estonia faces relatively lower water stress levels, utilizing only 10.8% of its available freshwater resources compared to Greece's higher usage of 20.7%. However, Estonia's total greenhouse gas emissions per capita stand at 10.5 tons of CO2e, which is substantially higher than Greece's 6.7 tons, indicating a greater environmental impact per person. This may point to the necessity for Estonia to enhance its sustainability practices, particularly in emissions reduction, while both countries navigate their environmental challenges. Overall, Estonia sets a positive example in renewable energy implementation, while Greece is also making strides towards sustainability but faces different environmental pressures.