Finland vs Greece development indicators, 2024

Demography and Health

In terms of demographics, Finland has a crude birth rate of 7.8 per 1,000 people, which is higher than Greece's 6.8, placing Finland at rank 68 compared to Greece's 77. The death rate in Finland is 11 per 1,000 people, also lower than Greece's 12.2, ranking Finland at 41 while Greece ranks at 29. Life expectancy at birth is slightly higher in Finland at 81.7 years compared to Greece's 81.5 years. Furthermore, Finland has a significantly lower under-5 mortality rate at 2.3 per 1,000 live births versus Greece's 3.7. The net migration figure for Finland is positive at 26,894 residents compared to Greece's negative net migration of -122,772, indicating challenges in retaining or attracting population.

Economy

Economically, Finland boasts a GDP per capita of $53,189, substantially higher than Greece's $24,752, thereby ranking Finland at 28 and Greece at 76. Adjusted for purchasing power, GDP per capita is also favorable for Finland at $64,091 compared to Greece's $44,074. In terms of inflation, Finland recorded a low rate of 1.6% compared to Greece's 2.7% in 2024. The unemployment rate is significantly lower in Finland at 7.2% compared to Greece's 11%. Additionally, Finland's foreign direct investment net inflows as a percentage of GDP are lower at 0.7% than Greece's more favorable 2.5%. However, Finland has a smaller import percentage of GDP at 40.9% relative to Greece's higher 47.3%.

Trade and Investment

In trade, both countries have substantial export percentages of GDP; Finland at 41.6% and Greece at 42%, ranking Finland at 90 and Greece at 89. However, Finland imports slightly fewer goods and services, which constitutes 40.9% of its GDP compared to Greece's 47.3%. Finland's current account balance is slightly positive at 0.3% of GDP, whereas Greece struggles with a current account deficit of -6.4%. In terms of research and development expenditure, Finland invests 3% of its GDP, which is significantly higher than Greece’s 1.5%.

Governance and Institutions

Finland excels in governance and institutions, scoring significantly higher in measures of political stability, government effectiveness, and rule of law. Finland's Control of Corruption score is 2.2, placing it at rank 6, while Greece scores a mere 0.1, ranking it at 70. In terms of government effectiveness, Finland scores 1.7 (rank 8) compared to Greece's 0.1 (rank 75). Furthermore, Finland demonstrates strong regulatory quality at 1.8 (ranked 10), while Greece struggles at 0.6 (ranked 66). Finland's rule of law score is 2, placing it at rank 2, contrasting strongly with Greece's rank of 78 and score of 0.2.

Infrastructure and Technology

When it comes to infrastructure and technology, Finland shows a higher logistics performance index (4.2) compared to Greece's 3.7, indicating superior quality in trade and transport-related infrastructure. The percentage of individuals using the Internet is also higher in Finland at 93.5% versus Greece’s 85%, demonstrating Finland's advancement in digital access and technology.

Environment and Sustainability

In terms of environmental sustainability, Finland is a leader in renewable energy consumption, with 50.2% of its total final energy consumption coming from renewable sources, compared to Greece’s much lower 21.5%. Finland faces relatively low water stress, withdrawing only 7.1% of its available freshwater resources, while Greece faces a much greater challenge at 20.7%. Furthermore, Finland's annual greenhouse gas emissions per capita are 7.8 tons of CO2 equivalent, in stark contrast to Greece's 6.7 tons, indicating Finland's greater environmental challenge in terms of carbon footprint.