Finland vs Romania development indicators, 2024

Indicator	Finland, Value	Romania, Value	Finland, Rank	Romania, Rank	Finland as % of Romania
Current account balance (% of GDP)	0.31	-8.36	50	99
Exports of goods and services (% of GDP)	41.6	35.6	59	70	117 %
Foreign direct investment, net inflows (% of GDP)	0.661	1.92	81	57	34.4 %
GDP per capita (current US$)	53,189	20,072	21	57	265 %
GDP per capita, PPP (current international US$)	64,091	48,712	27	45	132 %
Imports of goods and services (% of GDP)	40.9	41.7	70	67	98.1 %
Inflation, consumer prices (annual %)	1.57	5.72	125	35	27.4 %
Net migration	26,894	-28,466	32	182
Population, total	5,637,214	19,069,340	116	66	29.6 %

Demography and Health

In terms of demography, Finland has a total population of 5.6 million, significantly smaller than Romania's 19.1 million. The birth rate is relatively similar, with Finland at 7.8 and Romania at 8 per 1,000 people. However, Finland has a lower death rate of 11 compared to Romania's 12.7. The life expectancy in Finland is considerably higher at 81.7 years than Romania's 76.6 years, indicating a better overall health environment. Finland also shows lower under-5 mortality rates at 2.3 per 1,000 live births, while Romania's figure is much higher at 6.6. Furthermore, Finland has a lower poverty headcount ratio at 12.2% compared to Romania’s 21.1%, suggesting better living conditions. Both countries report a prevalence of undernourishment at 2.5%.

Economy

Economically, Finland outperforms Romania in GDP per capita, with $53,189 compared to Romania's $20,072. When adjusted for purchasing power parity, Finland's GDP per capita is $64,091, substantially higher than Romania's $48,712. Finland's economy is also more stable, demonstrated by lower consumer price inflation at 1.6%, in contrast to Romania's 5.7%. In terms of high-technology exports, Finland recorded $5.3 billion, whereas Romania achieved $9.7 billion, indicating a specific competitive advantage in high-tech sectors for Romania. The foreign direct investment (FDI) inflow as a percentage of GDP is lower in Finland at 0.7%, while Romania has 1.9%, reflecting more active foreign investment engagement.

Trade and Investment

In terms of trade, Finland's exports of goods and services amount to 41.6% of its GDP, whereas Romania's figure stands at 35.6%. Both countries have high import levels, with Finland at 40.9% of GDP and Romania at 41.7%, indicating robust trade activities in both economies. The current account balance shows Finland with a slight surplus at 0.3%, while Romania faces a deficit of -8.4%, indicating varying degrees of international financial stability. The logistics performance index reveals Finland at 4.2, significantly higher than Romania's 2.9, highlighting Finland’s superior trade and transport infrastructure quality.

Governance and Institutions

In governance indicators, Finland ranks significantly better than Romania. The control of corruption score is 2.2 in Finland compared to 0 in Romania, indicating far lower corruption levels. The effectiveness of government is similarly higher in Finland at 1.7, whereas Romania's score is -0.1. Moreover, Finland showcases stability with a political stability score of 0.7 against Romania's 0.4. Governance quality is reflected further in the regulatory quality measure, with Finland at 1.8 and Romania at 0.3. Finland’s rule of law score of 2 contrasts sharply with Romania's 0.4, indicating a more robust legal framework and institutional integrity.

Infrastructure and Technology

Finland exhibits a strong logistics performance index, rated at 4.2, indicating high-quality trade and transport-related infrastructure. In comparison, Romania's 2.9 suggests significant room for improvement. The technological landscape is further depicted by the number of patent applications, which are higher per capita in Finland with 1,557 applications, compared to Romania's 772, showcasing Finland’s emphasis on innovation and intellectual property.

Environment and Sustainability

Finland leads in renewable energy consumption, with 50.2% of its total energy coming from renewable sources compared to Romania's 23.6%. Finland also demonstrates a more manageable level of water stress, withdrawing only 7.1% of its available freshwater compared to Romania’s 7.4%. In terms of greenhouse gas emissions, Finland produces 7.8 tons of CO2 equivalent per capita, which is higher than Romania's 5.6 tons, showing that there is further room for Finland to improve its environmental impact despite its advanced policies. The commitment to research and development in Finland, at 3% of GDP, greatly surpasses Romania's 0.5%, indicating a stronger focus on sustainability and technological advancement in the long term.