Finland Finland vs Luxembourg Luxembourg development indicators, 2024

Indicator
Finland
Finland, Value
Luxembourg
Luxembourg, Value
Finland
Finland, Rank
Luxembourg
Luxembourg, Rank
Finland Finland as % of
Luxembourg Luxembourg
Current account balance (% of GDP) 0.31 13.8 50 7 2.25 %
Exports of goods and services (% of GDP) 41.6 216 59 1 19.3 %
GDP per capita (current US$) 53,189 137,517 21 2 38.7 %
GDP per capita, PPP (current international US$) 64,091 150,772 27 1 42.5 %
Imports of goods and services (% of GDP) 40.9 183 70 1 22.4 %
Inflation, consumer prices (annual %) 1.57 2.05 125 112 76.3 %
Net migration 26,894 5,677 32 53 474 %
Population, total 5,637,214 677,717 116 167 832 %

Demography and Health

Finland has a crude birth rate of 7.8 per 1,000 people, while Luxembourg has a higher birth rate of 9.5, ranking 68th and 28th globally respectively. In contrast, the crude death rate in Finland stands at 11 per 1,000 people, significantly higher than Luxembourg’s 6.6, with ranks of 41st and 80th. Life expectancy in Finland is 81.7 years compared to Luxembourg’s 83.4 years, placing Finland 30th and Luxembourg 4th. Both countries have the same under-5 mortality rate of 2.3 per 1,000 live births, both ranking 72nd. Finland's net migration stands at 26,894, with a rank of 50, while Luxembourg has a net migration of 5,677, ranked 78th. Prevalence of undernourishment is consistent in both countries at 2.5% of the population.

Economy

Finland's GDP per capita is $53,189, which is significantly lower than Luxembourg’s $137,517, placing them 28th and 1st globally. When adjusted for purchasing power parity (PPP), Finland still lags behind, with a GDP per capita of $64,091 compared to Luxembourg’s $150,772, placing Finland 30th and Luxembourg 1st. The exports of goods and services as a percentage of GDP reveal Finland at 41.6%, ranked 90th, while Luxembourg shows a staggering 216%, securing a 4th place rank. Finland has higher imports of goods and services at 40.9% of GDP, ranking 92nd versus Luxembourg’s 183% and 3rd place. Finland’s inflation rate is lower at 1.6% compared to Luxembourg's 2.1%, with ranks of 101st and 92nd respectively. Furthermore, both countries show relatively low unemployment rates, with Finland at 7.2% (20th) and Luxembourg at 5.2% (51st).

Trade and Investment

Finland's high-technology exports amount to $5.3 billion, whereas Luxembourg’s are significantly lower at $801.2 million, ranking Finland 49th and Luxembourg 79th. Finland’s current account balance stands at 0.3% of GDP, placing it 52nd in the global context, while Luxembourg leads with 13.8% in the 1st position. The logistics performance index for Finland reflects a superior quality of trade and transport-related infrastructure, rated at 4.2 (2nd), in comparison to Luxembourg’s 3.6 (13th).

Governance and Institutions

Finland demonstrates strong governance indicators, with a control of corruption score of 2.2 (6th) against Luxembourg's 1.9 (11th). Government effectiveness is robust in both, with Finland's score at 1.7 (8th) compared to Luxembourg’s 1.9 (5th). The rule of law also places Finland in a commendable position with a score of 2 (2nd) while Luxembourg ranks 8th at 1.8. In terms of regulatory quality, Finland stands at 1.8 (10th) against Luxembourg’s 1.9 (1st). However, Finland exhibits political stability with a score of 0.7 (36th) compared to Luxembourg’s higher score of 1.1 (3rd).

Infrastructure and Technology

Finland’s infrastructure overtakes that of Luxembourg in several areas, particularly in the logistics performance index, where it scores 4.2 compared to 3.6. Furthermore, Finland dedicates 3% of its GDP to research and development expenditures, which is significantly higher than Luxembourg's 1%. This commitment to innovation likely contributes to Finland’s higher number of patent applications by residents at 1,557, placing it 8th globally, while Luxembourg is positioned 20th with just 112 applications.

Environment and Sustainability

Finland leads in renewable energy consumption, with 50.2% of its total final energy needs met by renewable sources, ranking it 2nd globally compared to Luxembourg's 20.5% (13th). Finland's total greenhouse gas emissions per capita stand at 7.8 tons CO2e, while Luxembourg’s are higher at 11.8 tons, with ranks of 39th and 4th respectively. The level of water stress in Finland indicates that only 7.1% of freshwater resources are withdrawn, showing better water resource management compared to Luxembourg's 4%, which ranks the countries 20th and 22nd respectively. Both countries have low prevalence rates of undernourishment, showing commitment to food security.