Finland Finland vs Hungary Hungary development indicators, 2024

Indicator
Finland
Finland, Value
Hungary
Hungary, Value
Finland
Finland, Rank
Hungary
Hungary, Rank
Finland Finland as % of
Hungary Hungary
Current account balance (% of GDP) 0.31 2.28 50 37 13.6 %
Exports of goods and services (% of GDP) 41.6 74.7 59 17 55.7 %
Foreign direct investment, net inflows (% of GDP) 0.661 -14.7 81 107
GDP per capita (current US$) 53,189 23,311 21 54 228 %
GDP per capita, PPP (current international US$) 64,091 47,636 27 47 135 %
Imports of goods and services (% of GDP) 40.9 69.1 70 23 59.2 %
Inflation, consumer prices (annual %) 1.57 3.7 125 58 42.3 %
Net migration 26,894 16,223 32 41 166 %
Population, total 5,637,214 9,562,314 116 96 59 %

Demography and Health

Finland's birth rate stands at 7.8 per 1,000 people, lower than Hungary's 9.1, placing Finland at rank 68 globally compared to Hungary's rank of 38. In terms of death rates, Finland has a rate of 11 per 1,000 people which is better than Hungary's 13.4, ranking 41st compared to Hungary's 19th. Life expectancy is notably higher in Finland at 81.7 years versus Hungary's 76.8 years, emphasizing the more favorable health outcomes in Finland. Furthermore, the under-5 mortality rate shows Finland with a rate of 2.3 per 1,000 live births, significantly lower than Hungary's 3.8 per 1,000. In health expenditures, Finland invests substantially more per capita, approximately $4,943 compared to Hungary's $2,103.

Economy

Finland's GDP per capita stands at $53,189, significantly higher than Hungary's $23,311. When adjusted for purchasing power parity (PPP), Finland's GDP per capita is $64,091, compared to Hungary's $47,636, which indicates a stronger economic standing and a higher quality of life in Finland. Finland has lower inflation at 1.6% compared to Hungary's 3.7%, demonstrating a more stable economic environment. However, Finland's foreign direct investment (FDI) is low with 0.7%, while Hungary experiences substantial outflows at -14.7%. Overall, Finland maintains a better economic status despite facing challenges in FDI.

Trade and Investment

Exports as a percentage of GDP are substantially lower in Finland at 41.6% compared to Hungary's 74.7%, with Finland ranked 90th and Hungary 44th globally. Similarly, Finland's imports also reflect a lower percentage of GDP at 40.9% compared to Hungary's 69.1%, placing Finland at rank 92 and Hungary at 47. This shows a greater reliance on external trade for Hungary. Finland's performance in high-technology exports is notable at $5.3 billion, while Hungary leads in total value with $24.4 billion, yet Finland retains a higher global ranking for high-tech innovations.

Governance and Institutions

Governance in Finland is characterized by high effectiveness, with a score of 1.7 in government effectiveness compared to Hungary's 0.4, placing Finland at rank 8 and Hungary at 70. The country's rule of law is also strong at a score of 2 and ranked 2nd, while Hungary struggles with a score of 0.4 and ranks at 65. Finland's regulatory quality is rated at 1.8, far exceeding Hungary's low score of 0.3, ranking Finland 10th globally. Control of corruption is similarly higher in Finland (2.2) compared to Hungary's score of 0, showcasing a significant disparity in political integrity.

Infrastructure and Technology

Finland excels in logistics performance with a score of 4.2, ranking 2nd worldwide for trade and transport-related infrastructure, while Hungary scores lower at 3.1 and ranks 22nd. The strong infrastructure in Finland supports effective trade and transportation, essential for economic competitiveness. Additionally, Finland shows greater investment in research and development (R&D) at 3% of GDP compared to Hungary's 1.4%, ranking Finland 10th versus Hungary's 34th, indicating a commitment to innovation and technological advancement.

Environment and Sustainability

Finland leads in renewable energy consumption with 50.2% of total final energy consumption derived from renewable sources, ranking 2nd globally, while Hungary lags significantly at 15.3% in 22nd place. Water stress levels in Finland are comparatively favorable with 7.1%, lower than Hungary’s 8.1%. Finland's total greenhouse gas emissions per capita stand at 7.8 tons, which is higher than Hungary's 6.4 tons, indicating different environmental strategies and challenges. The lower prevalence of undernourishment in both countries (2.5%) highlights a positive aspect of food security, reflecting effective policies in place in both nations.