Finland vs Italy development indicators, 2024

Demography and Health

Finland has a birth rate of 7.8 per 1,000 people, which is higher than Italy's 6.4, placing Finland 68th and Italy 81st globally. Both countries have similar death rates, with Finland at 11 per 1,000 people and Italy at 11.2 per 1,000, ranking 41st and 38th respectively. Finland's life expectancy at birth stands at 81.7 years, while Italy boasts a higher life expectancy of 83.7 years, ranking 2nd globally. In terms of infant health, Finland has a mortality rate under five of 2.3 per 1,000 live births compared to Italy's 2.8, ranking Finland 72nd and Italy 62nd. Interestingly, both countries report a prevalence of undernourishment at 2.5% of the population. Finland's net migration stands at 26,894, compared to Italy's 95,246, illustrating Italy's role as a destination for migrants.

Economy

Finland exhibits a GDP per capita of $53,189, significantly higher than Italy's $40,226, ranking Finland 28th compared to Italy's 42nd. In terms of purchasing power parity (PPP), Finland also leads with $64,091 versus Italy's $60,847. The total exports of goods and services as a percentage of GDP are 41.6% for Finland, significantly higher than Italy's 32.7%. Finland's economy shows a slightly tighter import balance at 40.9% of GDP compared to Italy's 30.4%. Inflation is relatively low in both countries, with Finland at 1.6% and Italy at 1%. Finland's research and development expenditure is particularly high at 3% of GDP, while Italy lags at 1.4%.

Trade and Investment

Finland's high-technology exports total $5.3 billion, a stark contrast to Italy's $52.2 billion, which ranks better at 15th globally. Foreign direct investment inflows as a percentage of GDP are similar, with Finland at 0.7% and Italy at 0.9%. Finland and Italy rank 90th and 106th respectively for exports of goods and services as a percentage of GDP. The current account balance shows Finland at 0.3% of GDP versus Italy's 1.1%, indicating Italy has a stronger current account surplus.

Governance and Institutions

Finland performs notably well in governance indicators, ranking high in areas such as control of corruption (2.2), government effectiveness (1.7), and regulatory quality (1.8). Italy's scores reflect challenges, with significantly lower values in these areas, 0.6 for control of corruption and government effectiveness and 0.6 for regulatory quality. Finland ranks 2nd in the world for the rule of law, compared to Italy's 69th rank, indicating stronger legal frameworks and enforcement in Finland. Political stability is a challenge for both, with Finland achieving a score of 0.7, above Italy's 0.6, indicating relatively better stability.

Infrastructure and Technology

Finland excels in infrastructure, reflected in the logistics performance index, ranking 2nd globally at 4.2 for its quality of trade and transport-related infrastructure, compared to Italy's lower score of 3.8, placing it 8th. The percentage of individuals using the Internet stands at a robust 93.5% in Finland, outperforming Italy's 87%, showcasing Finland's strong connectivity and technology adoption among its population.

Environment and Sustainability

Finland stands out with a remarkable 50.2% of its total energy consumption derived from renewable sources, ranking 2nd globally, while Italy achieves only 17.5%. However, in terms of water stress, Finland performs well with only 7.1% of freshwater resources withdrawn, whereas Italy experiences greater pressure at 29.6%. Finland's total greenhouse gas emissions are higher per capita at 7.8 t CO2e, compared to Italy's 6.3 t CO2e, indicating room for improvement in Finland's emissions management.